Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Financial Instruments

The following table summarizes the terms of our derivative financial instruments as of March 31, 2023:

	Notional Amount	Strike	Effective Date	Maturity Date
Interest Rate Derivative:
CDOR Swap - Burlington Loan (1)	$16,500,000	4.02%	September 27, 2022	September 20, 2025
CDOR Swap - Cambridge Loan (1)	$15,500,000	3.84%	December 20, 2022	December 20, 2025
CDOR Swap - North York Loan (1)	$25,000,000	3.79%	January 31, 2023	January 31, 2026

Notional amount is denominated in CAD and has been designated as a cash flow hedge.

Summary of Derivative Financial Instruments in Statement of Consolidated Balance Sheet

The following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets:

	Asset/Liability Derivatives Fair Value
	March 31, 2023		December 31, 2022
Interest Rate Swap
Other assets, net	$	—	$	126,864
Accounts payable and accrued liabilities	$	31,489	$	—

Summary of Effects of Derivative Financial Instruments on Consolidated Statements of Operations

The following table presents the effects of our derivative financial instruments on our consolidated statements of operations for the periods presented:

	Gain (loss) recognized in OCI for the three months ended March 31,					Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the three months ended March 31,
Type	2023			2022			2023			2022
Interest Rate Swaps	$	(73,165	)	$	—	Interest Expense	$	(85,360	)	$	—
	$	(73,165	)	$	—		$	(85,360	)	$	—