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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022:
|  | Notional Amount |  |  | Strike |  |  | Effective Date or Date Assumed |  | Maturity Date
Interest Rate Derivatives: |  |  |  |  |  |  |  |  |  |
SOFR Cap |  | $ | 125,000,000 |  |  |  | 1.75 | % |  | June 1, 2022 |  | June 30, 2023
SOFR Cap |  | $ | 125,000,000 |  |  |  | 2.00 | % |  | June 1, 2022 |  | June 28, 2024
SOFR Cap |  | $ | 100,000,000 |  |  |  | 4.75 | % |  | December 1, 2022 |  | December 1, 2025
SOFR Cap |  | $ | 100,000,000 |  |  |  | 4.75 | % |  | December 1, 2022 |  | December 2, 2024
SOFR Cap |  | $ | 100,000,000 |  |  |  | 4.75 | % |  | December 1, 2022 |  | December 2, 2024
Foreign Currency Forwards: |  |  |  |  |  |  |  |  |  |
Denominated in CAD (1) |  | $ | 125,925,000 |  |  | 1.2593 |  |  | April 12, 2021 |  | April 12, 2023
Denominated in CAD (1) |  | $ | 137,680,000 |  |  |  | 1.3768 |  |  | October 12, 2022 |  | October 12, 2023
(1) Notional amounts shown are denominated in CAD. The following table summarizes the terms of our derivative financial instruments as of December 31, 2021:
|  | Notional Amount |  |  | Strike |  |  | Effective Date or Date Assumed |  | Maturity Date
Interest Rate Swap: |  |  |  |  |  |  |  |  |  |
LIBOR Swap |  | $ | 235,000,000 |  |  |  | 1.79 | % |  | June 15, 2019 |  | February 15, 2022
Foreign Currency Forwards: |  |  |  |  |  |  |  |  |  |
Denominated in CAD (1) |  | $ | 125,925,000 |  |  | 1.2593 |  |  | April 12, 2021 |  | April 12, 2023
Denominated in CAD (1) |  | $ | 122,020,000 |  |  | 1.2202 |  |  | May 6, 2021 |  | April 12, 2022
(1) Notional amounts shown are denominated in CAD
Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets | The following table presents the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of December 31, 2022 and 2021:
|  | Asset/Liability Derivatives |
|  | Fair Value |
Balance Sheet Location |  | December 31, 2022 |  |  | December 31, 2021 |
Interest Rate Derivatives |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  |  | $ | 490,341 |
Other assets |  | $ | 9,681,298 |  |  | $ | — |
Foreign Currency Hedges |  |  |  |  |  |
Other assets |  | $ | 6,971,265 |  |  | $ | 4,261,100 |
Accounts payable and accrued liabilities |  | $ | (1,776,371 | ) |  | $ | — |
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations | The following table presents the effect 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 | 2022 |  |  | 2021 |  |  |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Interest Rate Swaps | $ | (2,793 | ) |  | $ | (124,163 | ) |  | Interest expense |  | $ | (304,670 | ) |  | $ | (3,818,917 | ) |  | $ | (3,557,950 | )
Interest Rate Caps |  | 4,480,001 |  |  |  | (955 | ) |  | Interest expense |  |  | (139,888 | ) |  |  | (473,148 | ) |  |  | (371,051 | )
Foreign Currency Forwards |  | 3,354,899 |  |  |  | (394,417 | ) |  | N/A |  |  | — |  |  |  | — |  |  |  | — |
| $ | 7,832,107 |  |  | $ | (519,535 | ) |  |  |  | $ | (444,558 | ) |  | $ | (4,292,065 | ) |  | $ | (3,929,001 | )

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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