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Derivative Instruments (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2023 | 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 September 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) |  | $ | 132,350,000 |  |  |  | 1.3273 |  |  | July 5, 2023 |  |  | April 12, 2024 |
Denominated in CAD (1) |  | $ | 137,680,000 |  |  |  | 1.3768 |  |  | October 12, 2022 |  |  | October 12, 2023 (2) |
(1) | Notional amounts shown are denominated in CAD.
(2) | On October 11, 2023, we rolled this hedge without any cash settlement, effectively extending the maturity date to November 9, 2023 at a strike rate of 1.3766, and notional of $137,664,000 CAD. On November 9, 2023, we rolled this hedge without any cash settlement, effectively extending the maturity date to November 16, 2023 at a strike rate of 1.3767, and notional of $137,669,000 CAD.
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 amount shown is denominated in CAD.
| 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 a gross presentation of the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of September 30, 2023 and December 31, 2022:
|  | Asset/Liability Derivatives Fair Value |
Balance Sheet Location |  | September 30, 2023 |  |  | December 31, 2022 |
Interest Rate Derivatives |  |  |  |  |  |  |  |
Other assets |  | $ | 6,418,387 |  |  | $ | 9,681,298 |
Foreign Currency Hedges |  |  |  |  |  |  |  |
Other assets |  | $ | 2,202,304 |  |  | $ | 6,971,265 |
Accounts payable and accrued liabilities |  | $ | (1,394,714 | ) |  | $ | (1,776,371 | )
| 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 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 September 30, |
Type |  | 2023 |  |  | 2022 |  |  |  |  | 2023 |  |  | 2022 |
Interest rate swaps |  |  | — |  |  |  | — |  |  | Interest expense |  |  | — |  |  |  | 47,320 |
Interest rate caps |  |  | 162,303 |  |  |  | 2,591,329 |  |  | Interest expense |  |  | 801,790 |  |  |  | (306,370 | )
Foreign currency forwards |  |  | 1,243,128 |  |  |  | 3,474,253 |  |  | N/A |  |  | — |  |  |  | — |
|  | $ | 1,405,431 |  |  | $ | 6,065,582 |  |  |  |  | $ | 801,790 |  |  | $ | (259,050 | )
|  | Gain (loss) recognized in OCI |  |  | Location of amounts reclassified from OCI into income |  | Gain (loss) reclassified from accumulated other comprehensive income |
|  | For the nine months ended September 30, |
Type |  | 2023 |  |  | 2022 |  |  |  |  | 2023 |  |  | 2022 |
Interest rate swaps |  |  | — |  |  |  | (2,793 | ) |  | Interest expense |  |  | 50,587 |  |  |  | (351,611 | )
Interest rate caps |  |  | 1,532,815 |  |  |  | 3,843,967 |  |  | Interest expense |  |  | 3,065,021 |  |  |  | (569,925 | )
Foreign currency forwards |  |  | 189,267 |  |  |  | 4,152,494 |  |  | N/A |  |  | — |  |  |  | — |
|  | $ | 1,722,082 |  |  | $ | 7,993,668 |  |  |  |  | $ | 3,115,608 |  |  | $ | (921,536 | )
| 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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