Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025:

	Notional Amount		Strike			Effective Date	Maturity Date
Interest Rate Derivatives:
CORRA Swap - Four Property Loan (1)	$	63,606,449		3.03	%	January 9, 2025	January 10, 2028
SOFR Swap - Huntington Credit Facility(2)	$	87,076,757		2.89	%	March 4, 2025	November 30, 2027
Foreign Currency Hedge:
CAD Put (3)	$	200,000,000		1.40	%	December 20, 2024	December 19, 2025

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

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

(3)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, 2024:

	Notional Amount		Strike			Effective Date	Maturity Date
Interest Rate Derivatives:
CORRA Swap - Burlington Loan (1)	$	15,015,000		4.02	%	September 27, 2022	September 20, 2025(5)
CORRA Swap - Cambridge Loan (1)	$	13,891,404		3.53	%	April 30, 2024	December 22, 2025(5)
CORRA Swap - North York Loan (1)	$	24,083,333		3.79	%	January 31, 2023	February 2, 2026(5)
SOFR Swap - Huntington Credit Facility(2)	$	107,574,000		2.89	%	November 15, 2024	November 30, 2027
CDOR Swap - Bank of Montreal Loan (1)	$	21,625,000		4.47	%	May 4, 2023	May 4, 2026(5)
CORRA Swap - Ontario Loan (3)	$	124,232,000		4.73	%	June 15, 2023	June 15, 2026(5)
Foreign Currency Hedge:
CAD Put (4)	$	200,000,000		1.40	%	December 20, 2024	December 19, 2025

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

(2)Notional amount is denominated in USD and approximately $87.1 million was 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 CAD and was partially designated for hedge accounting.

(5)These interest rate derivatives were terminated during the first quarter of 2025.

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 June 30, 2025 and December 31, 2024:

	Asset/Liability Derivatives Fair Value
	June 30, 2025		December 31, 2024
Interest Rate Hedges:
Other assets	$	988,313	$	3,219,413
Accounts payable and accrued liabilities	$	628,051	$	2,448,275
Foreign Currency Hedges:
Other assets	$	627,244	$	4,409,134

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 June 30,						Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the three months ended June 30,					Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Type	2025			2024				2025		2024				2025		2024
Interest Rate Swaps	$	(110,434	)	$	216,938		Interest Expense	$	2,519	$	(375,289	)	Interest Expense	$	—	$	(2,530	)
Interest Rate Caps		—			—		Interest Expense		49,516		(87,000	)	Interest Expense		—		—
Foreign Currency Put		(1,034,818	)		(9,257	)	N/A		—		—		N/A		—		—
	$	(1,145,252	)	$	207,681			$	52,035	$	(462,289	)		$	—	$	(2,530	)

	Gain (loss) recognized in OCI for the six months ended June 30,					Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the six months ended June 30,					Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Type	2025			2024			2025		2024				2025			2024
Interest Rate Swaps	$	(1,477,659	)	$	1,470,654	Interest Expense	$	1,340	$	(764,662	)	Interest Expense	$	(305,981	)	$	(2,530	)
Interest Rate Caps		—			—	Interest Expense		124,439		(174,001	)	Interest Expense		110,805			—
Foreign Currency Put		(1,190,074	)		11,913	N/A		—		—		N/A		—			—
	$	(2,667,733	)	$	1,482,567		$	125,779	$	(938,663	)		$	(195,176	)	$	(2,530	)