| Schedule of Summarized Real Estate Secured Debt |
The Company’s debt is summarized as follows:
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$ |
94,459,583 |
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$ |
95,000,000 |
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3.89 |
% |
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8/1/2026 |
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KeyBank Florida CMBS Loan (2) |
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52,000,000 |
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52,000,000 |
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4.65 |
% |
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5/1/2027 |
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Midland North Carolina CMBS Loan (3) |
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45,758,741 |
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46,427,994 |
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5.31 |
% |
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8/1/2024 |
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Canadian CitiBank Loan (4)(10)(11) |
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— |
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87,337,110 |
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— |
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235,000,000 |
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104,000,000 |
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104,000,000 |
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5.00 |
% |
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2/1/2029 |
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— |
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85,512,000 |
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— |
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5,712,058 |
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— |
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6,423,863 |
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40,500,000 |
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— |
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3.56 |
% |
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2/1/2030 |
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40,782,500 |
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— |
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3.75 |
% |
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3/30/2023 |
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Credit Facility Term Loan - USD (12) |
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250,000,000 |
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— |
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1.90 |
% |
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3/17/2026 |
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Credit Facility Revolver - USD (12) |
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233,201,288 |
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— |
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1.95 |
% |
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3/17/2024 |
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Oakville III BMO Loan (11) |
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12,795,250 |
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— |
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2.70 |
% |
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5/16/2024 |
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4,014,185 |
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4,099,152 |
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4.29 |
% |
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11/1/2026 |
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Premium on secured debt, net |
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234,604 |
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461,823 |
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(3,879,296 |
) |
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(4,021,767 |
) |
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$ |
873,866,855 |
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$ |
717,952,233 |
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(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 will be due monthly. The separate assets of these encumbered properties are not available to pay our other debts. |
(3) |
This fixed rate loan encumbers 11 self storage 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. |
(4) |
This variable rate loan encumbered 10 of our Canadian properties and the amounts shown above are in USD based on the foreign exchange rate in effect of the dates presented. We purchased interest rate caps that capped CDOR at 3.0% until October 15, 2021. |
(5) |
This variable rate loan encumbered 29 properties (Morrisville, Cary, Raleigh, Vallejo, Xenia, Sidney, Troy, Greenville, Washington Court House, Richmond, Connersville, Port St Lucie, Sacramento, Concord, Oakland, Wellington, Doral, Naples, Baltimore, Aurora, Jones Blvd - Las Vegas, Russell Rd - Las Vegas, Riverside, Stockton, Azusa, Romeoville, Elgin, San Antonio, Kingwood). The separate assets of these encumbered properties were not available to pay our other debts. |
(6) |
This fixed rate 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 variable rate loan encumbered 16 properties (Colorado Springs, Aurora, Phoenix, 3173 Sweeten Creek Rd - Asheville, Elk Grove, Garden Grove, Deaverview Rd - Asheville, Highland Center Blvd - Asheville, Sarasota, Mount Pleasant, Pembroke Pines, Riverview, Eastlake, McKinney, Hualapai Way - Las Vegas, Gilbert). The separate assets of these encumbered properties were not available to pay our other debts. |
(8) |
This loan had an $85.5 million interest rate swap that effectively fixed the interest rate on the Secured Loan at 5.1% until August 1, 2020. To continue hedging our interest rate risk related to this loan, we purchased an interest rate cap on August 3, 2020 with a notional amount of $80 million that effectively capped LIBOR at 0.5% through August 2, 2021. |
(9) |
This variable rate loan bore interest at a rate of 1.95% plus Royal Bank of Canada Prime Rate, which was approximately 2.45% as of December 31, 2020, and in no event would the total interest rate have fallen below 4.65% per annum. The amounts shown above are in USD based on the foreign exchange rate in effect as of December 31, 2020. |
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