Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023:

	Notional Amount		Strike			Effective Date	Maturity Date
Interest Rate Derivative:
CDOR Swap - Burlington Loan (1)	$	15,840,000		4.02	%	September 27, 2022	September 20, 2025
CDOR Swap - Cambridge Loan (1)	$	15,095,000		3.83	%	December 20, 2022	December 22, 2025
CDOR Swap - North York Loan (1)	$	25,000,000		3.79	%	January 31, 2023	February 2, 2026
SOFR Swap - Huntington Credit Facility I (2)	$	38,000,000		4.01	%	April 12, 2023	November 28, 2025
SOFR Swap - Huntington Credit Facility II (2)	$	22,000,000		4.01	%	April 12, 2023	November 28, 2025
CDOR Swap - Bank of Montreal Loan (1)	$	21,625,000		4.47	%	May 4, 2023	May 4, 2026
CDOR Swap - Ontario Loan (3)	$	127,200,000		4.73	%	June 15, 2023	June 15, 2026
SOFR Cap - Huntington Credit Facility (4)	$	47,574,000		2.60	%	April 13, 2023	September 28, 2023
SOFR Cap - Huntington Credit Facility (5)	$	47,574,000		1.10	%	September 28, 2023	November 28, 2025

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

(2)Notional amount is denominated in USD and has been designated as a cash flow hedge.

(3)Notional amount is denominated in CAD and we have elected not to apply hedge accounting.

(4)Notional amount was denominated in USD and was designated as a cash flow hedge. We terminated the cap on September 28, 2023.

(5)Notional amount is denominated in USD and we have elected not to apply hedge accounting.

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
	September 30, 2023		December 31, 2022
Interest Rate Derivatives
Other assets	$	6,842,142	$	126,864

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:

	Location of amounts reclassified from OCI into income
	Gain (loss) recognized in OCI					Gain (loss) reclassified from OCI
	Three Months Ended September 30,
Type	2023		2022			2023		2022
Interest Rate Swaps	$	1,029,762	$	—	Interest Expense	$	405,788	$	—
Interest Rate Caps	$	330,495	$	—	Interest Expense	$	139,992	$	—
	$	1,360,257	$	—		$	545,780	$	—

	Location of amounts reclassified from OCI into income
	Gain (loss) recognized in OCI					Gain (loss) reclassified from OCI
	For the Nine Months Ended September 30,
Type	2023		2022			2023		2022
Interest Rate Swaps	$	2,940,703	$	—	Interest Expense	$	729,105	$	—
Interest Rate Caps	$	994,111	$	—	Interest Expense	$	238,832	$	—
	$	3,934,814	$	—		$	967,937	$	—