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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024:


	Notional Amount		Strike			Effective Date	Maturity Date
Interest Rate Derivatives:
CORRA Swap - Burlington Loan (1)	$	15,180,000		4.02	%	September 27, 2022	September 20, 2025
CORRA Swap - Cambridge Loan (1)	$	14,036,610		3.52	%	April 30, 2024	December 22, 2025
CORRA Swap - North York Loan (1)	$	24,333,333		3.79	%	January 31, 2023	February 2, 2026
SOFR Swap - Huntington Credit Facility V (2)	$	38,000,000		0.50	%	September 3, 2024	November 28, 2025
SOFR Swap - Huntington Credit Facility VI (2)	$	22,000,000		0.50	%	September 3, 2024	November 28, 2025
CDOR Swap - Bank of Montreal Loan (1)	$	21,625,000		4.47	%	May 4, 2023	May 4, 2026
CORRA Swap - Ontario Loan (3)	$	125,504,000		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 Hedge:
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 partially designated for hedge accounting.

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 Derivatives:
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 Hedge:
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 partially designated for hedge accounting.

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 September 30, 2024 and December 31, 2023:


	Asset/Liability Derivatives Fair Value
	September 30, 2024		December 31, 2023
Interest Rate Hedges:
Other assets	$	3,599,183	$	2,920,664
Accounts payable and accrued liabilities	$	2,783,709	$	1,760,292
Foreign Currency Hedges:
Other assets	$	242,954	$	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 September 30,					Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the three months ended September 30,				Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Type	2024			2023			2024		2023			2024		2023
Interest Rate Swaps	$	(1,263,331	)	$	1,029,762	Interest Expense	$	316,876	$	405,788	Interest Expense	$	—	$	—
Interest Rate Caps		—			330,495	Interest Expense		87,957		139,992	Interest Expense		—		—
Foreign Currency Put		(321,975	)		—	N/A		—		—	N/A		—		—
	$	(1,585,306	)	$	1,360,257		$	404,833	$	545,780		$	—	$	—


	Gain (loss) recognized in OCI for the nine months ended September 30,					Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the nine months ended September 30,				Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Type	2024			2023			2024		2023			2024		2023
Interest Rate Swaps	$	211,651		$	2,940,703	Interest Expense	$	1,085,868	$	729,105	Interest Expense	$	2,530	$	—
Interest Rate Caps		—			994,111	Interest Expense		261,957		238,832	Interest Expense		—		—
Foreign Currency Put		(310,063	)		—	N/A		—		—	N/A		—		—
	$	(98,412	)	$	3,934,814		$	1,347,825	$	967,937		$	2,530	$	—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details