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Derivative Instruments (Tables)

12 Months Ended

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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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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