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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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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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