XML 65 R52.htm IDEA: XBRL DOCUMENT v3.24.1
Debt - Schedule of Summarized Real Estate Secured Debt (Detail) - USD ($)
 12 Months Ended
Nov. 16, 2023
Dec. 31, 2023
Mar. 07, 2024
Dec. 31, 2022
Debt Instrument [Line Items]        
Debt Instrument Carrying Amount   $ 1,091,787,168 $ 1,097,447,335  
Debt issuance costs, net   (4,305,607)    
Total debt   1,087,401,334   $ 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
Ladera Office Loan        
Debt Instrument [Line Items]        
Debt Instrument Carrying Amount   $ 3,832,774   3,925,448
Interest rate   4.29%    
Senior notes maturity date   Nov. 01, 2026    
Fixed Rate Secured Debt        
Debt Instrument [Line Items]        
Discount on secured debt, net   $ (80,227)   (93,147)
Debt issuance costs, net   (4,305,607)   (4,493,824)
Fixed Rate Secured Debt | KeyBank CMBS Loan        
Debt Instrument [Line Items]        
Debt Instrument Carrying Amount [4]   $ 91,041,968   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]   $ 50,750,997   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   7.08%    
Senior notes maturity date   Mar. 17, 2026    
Credit Facility Revolver | USD        
Debt Instrument [Line Items]        
Debt Instrument Carrying Amount   $ 318,688,429   368,201,288
Interest rate   7.13%    
Senior notes maturity date   Mar. 17, 2024    
2032 Private Placement Notes        
Debt Instrument [Line Items]        
Debt Instrument Carrying Amount [7]   $ 150,000,000   150,000,000
Interest rate [7]   5.28%    
Senior notes maturity date [7]   Apr. 19, 2032    
2028 Canadian Term Loan        
Debt Instrument [Line Items]        
Debt Instrument Carrying Amount [3]   $ 82,973,000   $ 0
Interest rate 6.41% 6.41% [3]    
Senior notes maturity date Dec. 01, 2028 Dec. 01, 2028 [3]    
[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 (the “SST IV CMBS 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 is denominated in Canadian dollars and the proceeds from the loan were approximately CAD $16.3 million. The interest only loan was prepayable at any time without penalty. 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.