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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 (in thousands):
|  | Notional Amount |  |  | Strike |  |  | Effective Date or Date Assumed |  |  | Maturity Date |
Interest Rate Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SOFR Cap (1) |  | $ | 100,000 |  |  |  | 1.50 | % |  |  | May 1, 2024 |  |  |  | May 1, 2025 |
SOFR Cap (1) |  | $ | 100,000 |  |  |  | 2.00 | % |  |  | July 1, 2024 |  |  |  | July 1, 2025 |
SOFR Cap |  | $ | 100,200 |  |  |  | 1.25 | % |  |  | December 30, 2024 |  |  |  | July 1, 2025 |
SOFR Cap |  | $ | 100,000 |  |  |  | 4.75 | % |  |  | December 1, 2022 |  |  |  | December 1, 2025 |
SOFR Cap (2) |  | $ | 200,000 |  |  |  | 5.50 | % |  |  | December 2, 2024 |  |  |  | December 1, 2026 |
CORRA Swap (3) |  | $ | 73,918 |  |  |  | 3.93 | % |  |  | March 7, 2024 |  |  |  | March 7, 2027 |
Foreign Currency Forwards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CAD Forward (3) |  | $ | 2,800 |  |  |  | 1.4412 |  |  |  | December 30, 2024 |  |  |  | February 27, 2025 |
CAD Forward (3) |  | $ | 136,746 |  |  |  | 1.3648 |  |  |  | April 12, 2024 |  |  |  | April 11, 2025 |
CAD Forward (3) |  | $ | 3,300 |  |  |  | 1.4363 |  |  |  | December 30, 2024 |  |  |  | May 27, 2025 |
CAD Forward (3) |  | $ | 3,500 |  |  |  | 1.4312 |  |  |  | December 30, 2024 |  |  |  | August 27, 2025 |
CAD Forward (3) |  | $ | 3,300 |  |  |  | 1.4261 |  |  |  | December 30, 2024 |  |  |  | November 28, 2025 |
(1) | We deferred payment on this SOFR cap until its maturity.
(2) | We deferred payment on this SOFR cap until January 2, 2025, at which point, monthly payments became due on the first of each month until the date of its maturity.
(3) | Notional amounts shown are denominated in CAD.
The following table summarizes the terms of our derivative financial instruments as of December 31, 2023 (in thousands):
|  | Notional Amount |  |  | Strike |  |  | Effective Date or Date Assumed |  | Maturity Date
Interest Rate Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
SOFR Cap |  | $ | 125,000 |  |  |  | 2.00 | % |  | June 1, 2022 |  | June 28, 2024
SOFR Cap |  | $ | 100,000 |  |  |  | 4.75 | % |  | December 1, 2022 |  | December 2, 2024
SOFR Cap |  | $ | 100,000 |  |  |  | 4.75 | % |  | December 1, 2022 |  | December 2, 2024
SOFR Cap |  | $ | 100,000 |  |  |  | 4.75 | % |  | December 1, 2022 |  | December 1, 2025
Foreign Currency Forwards: |  |  |  |  |  |  |  |  |  |  |  |
CAD Forward (1) |  | $ | 30,000 |  |  |  | 1.3782 |  |  | November 16, 2023 |  | January 16, 2024
CAD Forward (1) |  | $ | 132,350 |  |  |  | 1.3273 |  |  | July 5, 2023 |  | April 12, 2024
(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, 2024 and 2023 (in thousands):
|  | Asset/Liability Derivatives Fair Value |
Balance Sheet Location |  | December 31, 2024 |  |  | December 31, 2023 |
Interest Rate Derivatives |  |  |  |  |  |  |  |
Other assets |  | $ | 1,523 |  |  | $ | 3,485 |
Accounts payable and accrued liabilities (1) |  | $ | 6,591 | (1) |  | $ | — |
Foreign Currency Hedges |  |  |  |  |  |  |  |
Other assets |  | $ | 4,667 |  |  | $ | — |
Accounts payable and accrued liabilities |  | $ | 39 |  |  | $ | 985 |
(1) | Included herein is approximately $8.2 million in deferred payments on certain of our SOFR interest rate caps, as well as the fair value of the related SOFR interest rate cap, along with the fair value of our CORRA swap.
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 (in thousands):
|  | 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 |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
Interest Rate Swaps |  | $ | (1,011 | ) |  | $ | — |  |  |  | Interest expense |  |  | $ | 247 |  |  | $ | 51 |  |  | $ | (305 | )
Interest Rate Caps |  |  | 294 |  |  |  | 410 |  |  |  | Interest expense |  |  |  | 1,642 |  |  |  | 3,953 |  |  |  | (140 | )
CAD Foreign Currency Forwards |  |  | 3,617 |  |  |  | (1,066 | ) |  |  | N/A |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 2,900 |  |  | $ | (656 | ) |  |  |  |  |  | $ | 1,889 |  |  | $ | 4,004 |  |  | $ | (445 | )

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