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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2023:
|  | Notional Amount |  |  | Strike |  |  | Effective Date or Date Assumed |  | Maturity Date
Interest Rate Derivatives: |  |  |  |  |  |  |  |  |  |
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) (2) |  | $ | 134,361,000 |  |  |  | 1.3436 |  |  | April 12, 2023 |  | July 6, 2023
Denominated in CAD (1) |  | $ | 137,680,000 |  |  |  | 1.3768 |  |  | October 12, 2022 |  | October 12, 2023
(1) No tional amounts shown are denominated in CAD. (2) On July 5, 2023, we settled this foreign currency forward and paid approximately USD $1.2 million, and simultaneously entered into a new approximately $132.4 million CAD currency forward with a settlement date of April 12, 2024. 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
Notional amount shown is denominated in CAD.
Schedule of Fair Value of Derivative Financial Instruments and Classification In Consolidated Balance Sheets | The following table presents a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of June 30, 2023 and December 31, 2022:
|  | Asset/Liability Derivatives |
|  | Fair Value |
Balance Sheet Location |  | June 30, 2023 |  |  | December 31, 2022 |
Interest Rate Derivatives |  |  |  |  |  |
Other assets |  | $ | 7,570,707 |  |  | $ | 9,681,298 |
Foreign Currency Hedges |  |  |  |  |  |
Other assets |  | $ | - |  |  | $ | 6,971,265 |
Accounts payable and accrued liabilities |  | $ | (5,461,388 | ) |  | $ | (1,776,371 | )
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations | The following tables presents the effect of our derivative financial instruments on our consolidated statements of operations for the periods presented:
| Gain (loss) recognized in OCI |  |  | Location of amounts reclassified from OCI into income |  | Gain (loss) reclassified from accumulated other comprehensive income |
| For the three months ended June 30, |
Type | 2023 |  |  | 2022 |  |  |  |  | 2023 |  |  | 2022 |
Interest Rate Swaps | $ | - |  |  | $ | - |  |  | Interest expense |  | $ | 5,041 |  |  | $ | 47,175 |
Interest Rate Caps |  | 1,896,831 |  |  |  | 1,252,638 |  |  | Interest expense |  |  | 1,341,755 |  |  |  | (204,782 | )
Foreign Currency Forwards |  | (962,245 | ) |  |  | 1,512,677 |  |  | N/A |  |  | - |  |  |  | - |
| $ | 934,586 |  |  | $ | 2,765,315 |  |  |  |  | $ | 1,346,796 |  |  | $ | (157,607 | )
| Gain (loss) recognized in OCI |  |  | Location of amounts reclassified from OCI into income |  | Gain (loss) reclassified from accumulated other comprehensive income |
| For the six months ended June 30, |
Type | 2023 |  |  | 2022 |  |  |  |  | 2023 |  |  | 2022 |
Interest Rate Swaps | $ | - |  |  | $ | (2,793 | ) |  | Interest expense |  | $ | 50,587 |  |  | $ | (398,931 | )
Interest Rate Caps |  | 1,370,513 |  |  |  | 1,252,596 |  |  | Interest expense |  |  | 2,263,231 |  |  |  | (278,579 | )
Foreign Currency Forwards |  | (1,053,861 | ) |  |  | 678,241 |  |  | N/A |  |  | - |  |  |  | - |
| $ | 316,652 |  |  | $ | 1,928,044 |  |  |  |  | $ | 2,313,818 |  |  | $ | (677,510 | )

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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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