DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2024

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of interest rate swaps

The following table summarizes the Trust’s interest rate swaps as of September 30, 2024, 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	$	6,203	3.15%	November 1, 2029
November 1, 2019	$	4,316	3.28%	November 1, 2029
January 10, 2020	$	2,818	3.39%	January 10, 2030
December 2, 2020	$	11,725	2.91%	December 2, 2027
July 1, 2021	$	24,491	2.99%	July 1, 2031
November 10, 2021	$	27,026	3.54%	August 1, 2029
December 1, 2021	$	10,286	3.32%	December 1, 2031
August 15, 2022	$	1,408	3.07%	June 15, 2030
August 15, 2022	$	2,729	3.07%	June 15, 2030
August 15, 2022	$	1,524	2.94%	June 15, 2030
August 15, 2022	$	4,032	2.94%	June 15, 2030
May 10, 2023	$	4,546	2.79%	June 10, 2030
April 15, 2024	$	9,682	3.57%	May 15, 2032
April 15, 2024	$	3,780	3.57%	May 15, 2032
April 15, 2024	$	13,447	3.57%	May 15, 2032

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, 2024	December 31, 2023		September 30, 2024		December 31, 2023
Interest rate swaps	15	12	$	128,013	$	103,246

Schedule of the estimated fair value of derivatives

Derivatives designated as	September 30, 2024			December 31, 2023
cash flow hedges:	Balance Sheet Location		Fair Value	Balance Sheet Location		Fair Value
Interest rate swaps	Other assets, net	$	10,890	Other assets, net	$	11,362

Schedule of the effect of the derivatives

			Location of Gain
		Amount of Gain	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
		2024			2024
Interest rate swaps	$	4,896	Interest expense	$	(1,038)
		2023			2023
Interest rate swaps	$	(2,339)	Interest expense	$	(1,017)

The following table presents the effect of the Trust’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income for the nine months ended September 30, 2024 and 2023:

			Location of Gain
		Amount of Gain	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
		2024			2024
Interest rate swaps		$ 471			($ 3,109)
		2023			2023
Interest rate swaps	$	(1,984)	Interest expense	$	(2,698)