Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024:

	Notional Amount		Strike			Effective Date	Maturity Date
Interest Rate Derivative:
CDOR Swap - Burlington Loan (1)	$	15,510,000		4.02	%	September 27, 2022	September 20, 2025
CDOR Swap - Cambridge Loan (1)	$	14,893,733		3.83	%	December 20, 2022	December 22, 2025
CDOR Swap - North York Loan (1)	$	24,833,333		3.79	%	January 31, 2023	February 2, 2026
SOFR Swap - Huntington Credit Facility III (2)	$	38,000,000		2.92	%	March 1, 2024	November 28, 2025
SOFR Swap - Huntington Credit Facility IV (2)	$	22,000,000		2.92	%	March 1, 2024	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		1.10	%	September 28, 2023	November 28, 2025
Foreign Currency Hedges:
CAD Put (5)	$	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 amounts are denominated in USD and have 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 is denominated in USD and we have elected not to apply hedge accounting.

(5)Notional amount is denominated in CAD and was designated for hedge accounting as of March 31, 2024.

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		1.10	%	September 28, 2023	November 28, 2025
Foreign Currency Hedges:
CAD Put (5)	$	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 amounts are denominated in USD and have 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 is denominated in USD and we have elected not to apply hedge accounting.

(5)Notional amount is denominated in CAD and was designated for hedge accounting as of December 31, 2023.

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 March 31, 2024 and December 31, 2023:

	Asset/Liability Derivatives Fair Value
	March 31, 2024		December 31, 2023
Interest Rate Derivative:
Other assets	$	4,742,749	$	2,920,664
Accounts payable and accrued liabilities	$	662,208	$	1,760,292
Foreign Currency Hedges:
Other assets	$	1,123,995	$	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 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	2024		2023				2024			2023
Interest Rate Swaps	$	1,256,901	$	(73,165	)	Interest Expense	$	(392,559	)	$	(85,360	)
Interest Rate Caps		—		—		Interest Expense		(87,000	)		—
Foreign Currency Option		21,170		—		N/A		—			—
	$	1,278,071	$	(73,165	)		$	(479,559	)	$	(85,360	)