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Derivative Instruments (Tables)

12 Months Ended

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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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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