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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 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) |  | $ | 132,350,000 |  |  |  | 1.3273 |  |  | July 5, 2023 |  | April 12, 2024
Denominated in CAD (1) (2) |  | $ | 30,000,000 |  |  |  | 1.3782 |  |  | November 16, 2023 |  | January 16, 2024
(1) Notional amounts shown are denominated in CAD. (2) On January 16, 2024 we rolled this hedge without any cash settlement, effectively extending the maturity date to February 15, 2024 at a strike rate of 1.3781. Additionally, on February 16, 2024 we further rolled this hedge without any cash settlement at a strike rate of 1.3781. This hedge ultimately matured on March 7, 2024 whereby we owed and paid approximately $0.5 million at settlement. 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.
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 December 31, 2023 and 2022:
|  | Asset/Liability Derivatives |
|  | Fair Value |
Balance Sheet Location |  | December 31, 2023 |  |  | December 31, 2022 |
Interest Rate Derivatives |  |  |  |  |  |
Other assets |  | $ | 3,485,281 |  |  | $ | 9,681,298 |
Accounts payable and accrued liabilities |  | $ | — |  |  | $ | — |
Foreign Currency Hedges |  |  |  |  |  |
Other assets |  | $ | — |  |  | $ | 6,971,265 |
Accounts payable and accrued liabilities |  | $ | (985,412 | ) |  | $ | (1,776,371 | )
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations | The following tables present 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 Year Ended December 31, |
Type | 2023 |  |  | 2022 |  |  |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Interest Rate Swaps | $ | - |  |  | $ | (2,793 | ) |  | Interest expense |  | $ | 50,587 |  |  | $ | (304,670 | ) |  | $ | (3,818,917 | )
Interest Rate Caps |  | 409,990 |  |  |  | 4,480,001 |  |  | Interest expense |  |  | 3,952,972 |  |  |  | (139,888 | ) |  |  | (473,148 | )
Foreign Currency Forwards |  | (1,065,910 | ) |  |  | 3,354,899 |  |  | N/A |  |  | — |  |  |  | — |  |  |  | — |
| $ | (655,920 | ) |  | $ | 7,832,107 |  |  |  |  | $ | 4,003,559 |  |  | $ | (444,558 | ) |  | $ | (4,292,065 | )

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