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v3.23.1

Debt - Schedule of Summarized Real Estate Secured Debt (Detail) - USD ($) | 3 Months Ended |  |
--- | --- | --- | ---
Mar. 31, 2023 | Dec. 31, 2022 | Apr. 19, 2022
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument Carrying Amount |  | $ 1,085,295,720 |  |  |
Debt issuance costs, net |  | (4,196,704) |  |  |
Total debt |  | 1,081,009,099 |  | $ 1,068,371,956 |
SST IV CMBS Loan |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument Carrying Amount | [1] | $ 40,500,000 |  | 40,500,000 |
Interest rate | [1] | 3.56% |  |  |
Senior notes maturity date | [1] | Feb. 01, 2030 |  |  |
Oakville III BMO Loan |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument Carrying Amount | [2],[3] | $ 0 |  | 11,992,500 |
Senior notes maturity date | [2],[3] | May 16, 2024 |  |  |
Ladera Office Loan |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument Carrying Amount |  | $ 3,902,079 |  | 3,925,448 |
Interest rate |  | 4.29% |  |  |
Senior notes maturity date |  | Nov. 01, 2026 |  |  |
Fixed Rate Secured Debt |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt issuance costs, net |  | $ (4,196,704) |  | (4,493,824) |
Discount on secured debt, net |  | (89,917) |  | (93,147) |
Fixed Rate Secured Debt | KeyBank CMBS Loan |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument Carrying Amount | [4] | $ 92,342,830 |  | 92,784,412 |
Debt Instrument Fixed Rate | [4] | 3.89% |  |  |
Senior notes maturity date | [4] | Aug. 01, 2026 |  |  |
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument Carrying Amount | [5] | $ 51,349,523 |  | 51,555,279 |
Debt Instrument Fixed Rate | [5] | 4.65% |  |  |
Senior notes maturity date | [5] | May 01, 2027 |  |  |
Fixed Rate Secured Debt | CMBS Loan |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument Carrying Amount | [6] | $ 104,000,000 |  | 104,000,000 |
Debt Instrument Fixed Rate | [6] | 5.00% |  |  |
Senior notes maturity date | [6] | Feb. 01, 2029 |  |  |
Credit Facility Term Loan | USD |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument Carrying Amount |  | $ 250,000,000 |  | 250,000,000 |
Interest rate |  | 6.57% |  |  |
Senior notes maturity date |  | Mar. 17, 2026 |  |  |
Credit Facility Revolver | USD |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument Carrying Amount |  | $ 393,201,288 |  | 368,201,288 |
Interest rate |  | 6.62% |  |  |
Senior notes maturity date |  | Mar. 17, 2024 |  |  |
2032 Private Placement Notes |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument Carrying Amount |  | $ 150,000,000 |  | $ 150,000,000 |
Interest rate |  | 5.28% | [7] |  | 4.53%
Senior notes maturity date |  | Apr. 19, 2032 |  |  |
[1] | 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 are interest only, with the full principal amount becoming due and payable on the maturity date.
[2] | 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 was secured by a first lien on the Oakville III property. The loan was denominated in Canadian dollars and the proceeds from the loan were approximately $16.3 million CAD. The interest only loan was prepayable at any time without penalty, and bore interest at a rate of 2.25% + CDOR. On March 24, 2023, we fully paid off this loan, including all outstanding accrued interest.
[3] | The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.
[4] | 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.
[5] | 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.
[6] | 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.
[7] | This note accrued interest at a rate of 4.53% for the three months ended March 31, 2023. As of March 31, 2023, a Total Leverage Ratio Event (as defined below) had occurred, and the interest rate on such Note increased to 5.28% prospectively. For additional information regarding this loan, see below.

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