DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2022

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of interest rate swaps

The following table summarizes the Trust’s interest rate swaps as of September 30, 2022, which effectively convert one month floating rate LIBOR or 30-day average SOFR to a fixed rate:

			Fixed
Effective Date		Notional	Interest Rate	Maturity Date
November 1, 2019	$	6,627	3.15%	November 1, 2029
November 1, 2019	$	4,607	3.28%	November 1, 2029
January 10, 2020	$	3,001	3.39%	January 10, 2030
July 1, 2020	$	4,771	2.79%	June 10, 2030
December 2, 2020	$	12,452	2.91%	December 2, 2027
July 1, 2021	$	25,844	2.99%	July 1, 2031
November 10, 2021	$	28,187	3.54%	August 1, 2029
December 1, 2021	$	10,885	3.32%	December 1, 2031
August 15, 2022	$	1,502	3.07%	June 15, 2030
August 15, 2022	$	2,910	3.07%	June 15, 2030
August 15, 2022	$	1,627	2.94%	June 15, 2030
August 15, 2022	$	4,304	2.94%	June 15, 2030

The following table summarizes the Trust’s interest rate swaps that were designated as cash flow hedges of interest rate risk:

	Number of Instruments			Notional
Interest Rate Derivatives	September 30, 2022	December 31, 2021		September 30, 2022		December 31, 2021
Interest rate swaps	12	12	$	106,717	$	108,734

Schedule of the estimated fair value of derivatives

	Derivatives
Derivatives designated as	September 30, 2022			December 31, 2021
cash flow hedges:	Balance Sheet Location		Fair Value	Balance Sheet Location		Fair Value
Interest rate swaps	Other assets, net	$	14,356	Other assets, net	$	698
Interest rate swaps	Accrued expenses and other liabilities	$	—	Accrued expenses and other liabilities	$	1,648

Schedule of the effect of the derivatives

			Location of Gain
		Amount of (Gain)/Loss	Reclassified from
Derivatives in		Recognized in Other	Accumulated other		Amount of (Gain)/Loss
Cash Flow Hedging		Comprehensive Income	Comprehensive Income		Reclassified from
Relationships		on Derivatives	(AOCI) into Income		AOCI into Income
		2022			2022
Interest rate swaps	$	(4,967)	Interest expense	$	(71)
		2021			2021
Interest rate swaps	$	66	Interest expense	$	199

The following table presents the effect of the Trust’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive loss (income) for the nine months ended September 30, 2022 and 2021:

			Location of Gain
		Amount of (Gain)/Loss	Reclassified from
Derivatives in		Recognized in Other	Accumulated other		Amount of (Gain)/Loss
Cash Flow Hedging		Comprehensive Income	Comprehensive Income		Reclassified from
Relationships		on Derivatives	(AOCI) into Income		AOCI into Income
		2022			2022
Interest rate swaps	$	(15,306)	Interest expense	$	548
		2021			2021
Interest rate swaps	$	(1,473)	Interest expense	$	433