Debt (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Summarized Real Estate Secured Debt

Our debt is summarized as follows:


Loan	December 31, 2022			December 31, 2021			Interest Rate			Maturity Date
KeyBank CMBS Loan(1)	$	92,784,412		$	94,459,583			3.89	%	8/1/2026
KeyBank Florida CMBS Loan(2)		51,555,279			52,000,000			4.65	%	5/1/2027
Midland North Carolina CMBS Loan(3)		—			45,758,741
CMBS Loan(4)		104,000,000			104,000,000			5.00	%	2/1/2029
SST IV CMBS Loan (5)		40,500,000			40,500,000			3.56	%	2/1/2030
SST IV TCF Loan(6)		—			40,782,500
Credit Facility Term Loan - USD (7)		250,000,000			250,000,000			6.00	%	3/17/2026
Credit Facility Revolver - USD (7)		368,201,288			233,201,288			6.05	%	3/17/2024
2032 Private Placement Notes (7)		150,000,000			—			4.53	%	4/19/2032
Oakville III BMO Loan (8) (9)		11,992,500			12,795,250			6.99	%	5/16/2024
Ladera Office Loan		3,925,448			4,014,185			4.29	%	11/1/2026
Premium (discount) on secured debt, net		(93,147	)		234,604
Debt issuance costs, net		(4,493,824	)		(3,879,296	)
Total debt	$	1,068,371,956		$	873,866,855

(1)

This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts.

(2)

This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts.

(3)

This fixed rate loan previously encumbered 11 properties (Asheville I, Arden, Asheville II, Hendersonville I, Asheville III, Asheville IV, Asheville V, Asheville VI, Asheville VII, Asheville VIII, and Hendersonville II) with monthly interest only payments until September 2019, at which time both interest and principal payments became due monthly. This loan was fully defeased on May 19, 2022 for approximately $47.9 million, inclusive of loan defeasance costs. In connection with this loan defeasance, we recorded a net loss on extinguishment of debt of approximately $2.4 million.

(4)

This fixed rate, interest only loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.

(5)

On March 17, 2021, in connection with the SST IV Merger, we assumed a $40.5 million fixed rate CMBS financing with KeyBank as the initial lender pursuant to a mortgage loan (the “SST IV CMBS Loan”). This fixed rate loan encumbers seven properties owned by us (Jensen Beach, Texas City, Riverside, Las Vegas IV, Puyallup, Las Vegas V, and Plant City). The separate assets of these encumbered properties are not available to pay our
other debt. The loan has a maturity date of February 1, 2030. Monthly payments due under the loan agreement (the “SST IV CMBS Loan Agreement”) are interest only, with the full principal amount becoming due and payable on the maturity date.

(6)

On March 17, 2021, in connection with the SST IV Merger, we assumed a term loan with TCF National Bank, a national banking association (“TCF”), as lead arranger and administrative agent for up to $40.8 million (the “SST IV TCF Loan”). The SST IV TCF Loan was secured by a first mortgage on each of the Ocoee Property, the Ardrey Kell Property, the Surprise Property, the Escondido Property, and the Punta Gorda Property (the “SST IV TCF Properties”). This loan was fully paid off on April 28, 2022 in the amount of $40.8 million. There were no prepayment penalties for this pay off.

(7)

For additional information regarding this loan, see below

(8)

On April 15, 2021, we purchased the Oakville III Property. We partially financed the Oakville III property acquisition with a loan from Bank of Montreal (the “Oakville III BMO Loan”), which is secured by a first lien on the Oakville III property. The loan is denominated in Canadian dollars and the proceeds from the loan were approximately CAD $16.3 million. The interest only loan is prepayable at any time without penalty, and bears interest at a rate of 2.25% + CDOR.

(9)

The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.

Future Principal Payment Requirements on Outstanding Debt

The following table presents the future principal payment requirements on outstanding debt as of December 31, 2022:


2023	$	2,639,404
2024		382,928,683
2025		2,869,187
2026		341,916,098
2027		48,105,555
2028 and thereafter		294,500,000
Total payments		1,072,958,927
Premium on secured debt, net		(93,147	)
Debt issuance costs, net		(4,493,824	)
Total	$	1,068,371,956