| Summary of Derivative Financial Instruments |
The following table summarizes the terms of our derivative financial instruments as of September 30, 2025 (dollars in thousands):
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Notional
Amount |
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|
Strike |
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|
Effective Date or
Date Assumed |
|
Maturity Date |
Foreign Currency Forwards: |
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CAD Forward (1) |
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$ |
3,300 |
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|
1.4261 |
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December 30, 2024 |
|
November 28, 2025 |
CAD Forward (1) |
|
$ |
3,200 |
|
|
|
1.4217 |
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February 28, 2025 |
|
February 27, 2026 |
CAD Forward (1) |
|
$ |
3,300 |
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|
1.3600 |
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May 29, 2025 |
|
May 27, 2026 |
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(1)Notional amounts shown are denominated in CAD. The following table summarizes the terms of our derivative financial instruments as of December 31, 2024 (dollars in thousands):
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Notional
Amount |
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|
Strike |
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|
Effective Date or
Date Assumed |
|
Maturity Date |
Interest Rate Derivatives: |
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|
SOFR Cap (1) |
|
$ |
100,000 |
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|
|
1.50 |
% |
|
May 1, 2024 |
|
May 1, 2025 |
SOFR Cap (1) |
|
$ |
100,000 |
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|
|
2.00 |
% |
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July 1, 2024 |
|
July 1, 2025 |
SOFR Cap |
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$ |
100,200 |
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|
1.25 |
% |
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December 30, 2024 |
|
July 1, 2025 |
SOFR Cap |
|
$ |
100,000 |
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|
|
4.75 |
% |
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December 1, 2022 |
|
December 1, 2025 |
SOFR Cap (2) |
|
$ |
200,000 |
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|
|
5.50 |
% |
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December 2, 2024 |
|
December 1, 2026 |
CORRA Swap (3) |
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$ |
73,918 |
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|
3.93 |
% |
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March 7, 2024 |
|
March 7, 2027 |
Foreign Currency Forwards: |
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CAD Forward (3) |
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$ |
2,800 |
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|
1.4412 |
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December 30, 2024 |
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February 27, 2025 |
CAD Forward (3) |
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$ |
136,746 |
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|
1.3648 |
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April 12, 2024 |
|
April 11, 2025 |
CAD Forward (3) |
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$ |
3,300 |
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|
|
1.4363 |
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December 30, 2024 |
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May 27, 2025 |
CAD Forward (3) |
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$ |
3,500 |
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|
1.4312 |
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December 30, 2024 |
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August 27, 2025 |
CAD Forward (3) |
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$ |
3,300 |
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|
1.4261 |
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December 30, 2024 |
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November 28, 2025 |
(1)We initially 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.
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| 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, 2025 and December 31, 2024 (in thousands):
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Asset/Liability Derivatives |
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Fair Value |
Balance Sheet Location |
|
September 30,
2025 |
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December 31,
2024 |
|
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Interest Rate Derivatives |
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Other assets |
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$ |
— |
|
|
$ |
1,523 |
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Accounts payable and accrued liabilities |
|
$ |
— |
|
|
$ |
6,591 |
|
(1) |
Foreign Currency Hedges |
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Other assets |
|
$ |
32 |
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$ |
4,667 |
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Accounts payable and accrued liabilities |
|
$ |
123 |
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$ |
39 |
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(1) Included herein is approximately $8.2 million in deferred payments on certain of our SOFR interest rate caps as of December 31, 2024, as well as the fair value of the related SOFR interest rate caps, along with the value of our CORRA swap.
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| 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):
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Gain (loss) recognized in OCI
for the three months
ended September 30, |
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Location of amounts
reclassified from OCI
into income |
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Gain (loss) reclassified from
OCI for the three months
ended September 30, |
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Type |
2025 |
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|
2024 |
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|
2025 |
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|
2024 |
|
Interest Rate Swaps |
$ |
— |
|
|
$ |
(1,133 |
) |
|
Interest expense |
|
$ |
— |
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|
$ |
87 |
|
Interest Rate Caps |
|
— |
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|
(322 |
) |
|
Interest expense |
|
|
— |
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|
81 |
|
Foreign Currency Forwards |
|
— |
|
|
|
(538 |
) |
|
N/A |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
(1,993 |
) |
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|
$ |
— |
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$ |
168 |
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Gain (loss) recognized in OCI
for the nine months
ended September 30, |
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Location of amounts
reclassified from OCI
into income |
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Gain (loss) reclassified from
OCI for the nine months
ended September 30, |
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Location of gain/(loss) associated with missed forecast transaction |
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Amount of Gain or (Loss) Recognized in Income on Derivative (Reclassifications of Missed Forecasted Transactions) for the nine months ended September 30, |
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Type |
2025 |
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2024 |
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2025 |
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2024 |
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2025 |
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|
2024 |
|
Interest Rate Swaps |
$ |
(148 |
) |
|
$ |
(1,181 |
) |
|
Interest expense |
|
$ |
(226 |
) |
|
$ |
273 |
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Other income/
(expense) |
|
$ |
(1,192 |
) |
|
$ |
— |
|
Interest Rate Caps |
|
(35 |
) |
|
|
313 |
|
|
Interest expense |
|
|
(185 |
) |
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|
1,799 |
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Other income/
(expense) |
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|
(186 |
) |
|
|
— |
|
Foreign Currency Forwards |
|
(498 |
) |
|
|
1,322 |
|
|
N/A |
|
|
— |
|
|
|
— |
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N/A |
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|
— |
|
|
|
— |
|
|
$ |
(681 |
) |
|
$ |
454 |
|
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|
$ |
(411 |
) |
|
$ |
2,072 |
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|
$ |
(1,378 |
) |
|
$ |
— |
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