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Derivative Instruments (Tables)

6 Months Ended

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)Notional 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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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.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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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.

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