Derivative Instruments (Tables)

12 Months Ended

Dec. 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 December 31, 2023:

	Notional Amount		Strike			Effective Date	Maturity Date
Interest Rate Derivative:
CDOR Swap - Burlington Loan (1)	$	15,675,000		4.02	%	September 27, 2022	September 20, 2025
CDOR Swap - Cambridge Loan (1)	$	15,044,683		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
Foreign Currency Hedges:
CAD Put (6)	$	200,000,000		1.39	%	December 22, 2023	December 20, 2024

(1)Notional amounts are denominated in CAD and have 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.

(6)Notional amount is denominated in CAD and $95 million CAD was designated for hedge accounting.

The following table summarizes the terms of our derivative financial instruments as of December 31, 2022:

	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 22, 2025

(1)Notional amounts are denominated in CAD and have been designated as a cash flow hedge.

Summary of Derivatives Financial Instruments in Statement of Consolidated Balance Sheet

The following table presents a gross presentation of the fair value of our derivatives financial instruments as well as their classification on our consolidated balance sheets as of December 31, 2023 and 2022:

	Asset/Liability Derivatives Fair Value
	December 31, 2023		December 31, 2022
Interest Rate Derivative:
Other assets	$	2,920,664	$	126,864
Accounts payable and accrued liabilities	$	1,760,292	$	—
Foreign Currency Hedges:
Other assets	$	1,074,185	$	—

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 Year Ended December 31,					Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the Year Ended December 31,
Type	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Interest Rate Swaps	$	1,118,835		$	132,705	Interest Expense	$	(1,141,365	)	$	(5,841	)
Interest Rate Caps		994,111			—	Interest Expense		(326,789	)		—
Foreign Currency Option		(174,712	)		—	N/A		—			—
	$	1,938,234		$	132,705		$	(1,468,154	)	$	(5,841	)