XML 63 R27.htm IDEA: XBRL DOCUMENT
v3.23.4

Debt (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2023 | Dec. 31, 2022
Debt Disclosure [Abstract] |  |
Schedule of Summarized Real Estate Secured Debt | Our debt is summarized as follows:
Loan |  | September 30, 2023 |  |  | December 31, 2022 |  |  | Interest Rate |  |  | Maturity Date |
KeyBank CMBS Loan (1) |  | $ | 91,486,449 |  |  | $ | 92,784,412 |  |  |  | 3.89 | % |  |  | 8/1/2026 |
KeyBank Florida CMBS Loan (2) |  |  | 50,957,242 |  |  |  | 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 |  |  |  | 7.01 | % |  |  | 3/17/2026 |
Credit Facility Revolver—USD |  |  | 368,201,288 |  |  |  | 368,201,288 |  |  |  | 7.06 | % |  |  | 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 |  |  | 3,856,433 |  |  |  | 3,925,448 |  |  |  | 4.29 | % |  |  | 11/1/2026 |
Discount on secured debt, net |  |  | (83,457 | ) |  |  | (93,147 | ) |  |  |  |  |  |  |  |
Debt issuance costs, net |  |  | (3,722,077 | ) |  |  | (4,493,824 | ) |  |  |  |  |  |  |  |
Total debt |  | $ | 1,055,195,878 |  |  | $ | 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, and 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) | 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. 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.
| 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 September 30, 2023:
2023 |  | $ | 674,385 |
2024 |  |  | 370,936,183 |
2025 |  |  | 2,869,187 |
2026 |  |  | 341,916,100 |
2027 |  |  | 48,105,557 |
2028 and thereafter |  |  | 294,500,000 |
Total payments |  |  | 1,059,001,412 |
Discount on secured debt |  |  | (83,457 | )
Debt issuance costs, net |  |  | (3,722,077 | )
Total |  | $ | 1,055,195,878 |
| 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 |

X
- Definition Schedule of maturities of debt. + References No definition available. + Details
Name: | stsff_ScheduleOfMaturitiesOfDebtTableTextBlock
Namespace Prefix: | stsff_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration