Debt (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Summarized Real Estate Secured Debt

Our debt is summarized as follows:


Loan	March 31, 2023			December 31, 2022			Interest Rate				Maturity Date
KeyBank CMBS Loan(1)	$	92,342,830		$	92,784,412			3.89	%		8/1/2026
KeyBank Florida CMBS Loan(2)		51,349,523			51,555,279			4.65	%		5/1/2027
CMBS Loan(3)		104,000,000			104,000,000			5.00	%		2/1/2029
SST IV CMBS Loan (4)		40,500,000			40,500,000			3.56	%		2/1/2030
Credit Facility Term Loan - USD		250,000,000			250,000,000			6.57	%		3/17/2026
Credit Facility Revolver - USD		393,201,288			368,201,288			6.62	%		3/17/2024
2032 Private Placement Notes		150,000,000			150,000,000			5.28	%	(5)	4/19/2032
Oakville III BMO Loan (6) (7)		—			11,992,500						5/16/2024
Ladera Office Loan		3,902,079			3,925,448			4.29	%		11/1/2026
Discount on secured debt, net		(89,917	)		(93,147	)
Debt issuance costs, net		(4,196,704	)		(4,493,824	)
Total debt	$	1,081,009,099		$	1,068,371,956

(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, 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.

(4)

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.

(5)

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.

(6)

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.

(7)

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 March 31, 2023:


2023	$	1,968,696
2024		395,936,183
2025		2,869,187
2026		341,916,098
2027		48,105,556
2028 and thereafter		294,500,000
Total payments		1,085,295,720
Discount on secured debt		(89,917	)
Debt issuance costs, net		(4,196,704	)
Total	$	1,081,009,099