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Debt - Schedule of Summarized Real Estate Secured Debt (Detail) - USD ($)

6 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Debt Instrument Carrying Amount

$ 1,044,652,021

Debt issuance costs, net

(3,960,674)

Total debt

1,040,604,660

$ 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

$ 3,879,382

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

$ (3,960,674)

(4,493,824)

Discount on secured debt, net

(86,687)

(93,147)

Fixed Rate Secured Debt | KeyBank CMBS Loan

Debt Instrument [Line Items]

Debt Instrument Carrying Amount

^[4]

$ 91,916,790

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]

$ 51,154,561

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

6.99%

Senior notes maturity date

Mar. 17, 2026

Credit Facility Revolver | USD

Debt Instrument [Line Items]

Debt Instrument Carrying Amount

$ 353,201,288

368,201,288

Interest rate

7.04%

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

^[7]

5.28%

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, and Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts.
[7]	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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