| Summary of Derivative Financial Instruments |
The following table summarizes the terms of our derivative financial instruments as of September 30, 2020:
|
|
|
Notional
Amount |
|
|
Strike |
|
|
Effective Date |
|
Maturity Date |
|
Interest Rate Swaps: |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIBOR Swap |
|
$ |
235,000,000 |
|
|
|
1.79 |
% |
|
June 15, 2019 |
|
February 15, 2022 |
|
Interest Rate Cap: |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIBOR Cap |
|
$ |
80,000,000 |
|
|
|
0.50 |
% |
|
August 3, 2020 |
|
August 2, 2021 |
|
CDOR Cap |
|
|
99,300,000 |
|
(1) |
|
3.00 |
% |
|
October 11, 2018 |
|
October 15, 2021 |
|
CDOR Cap |
|
|
1,000,000 |
|
(1) |
|
3.00 |
% |
|
March 28, 2019 |
|
October 15, 2021 |
|
CDOR Cap |
|
|
11,700,000 |
|
(1) |
|
3.00 |
% |
|
May 28, 2019 |
|
October 15, 2021 |
|
Foreign Currency Forward: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominated in CAD |
|
$ |
95,000,000 |
|
(1) |
|
1.334 |
|
|
February 10, 2020 |
|
February 10, 2021 |
|
(1) |
Notional amounts shown are denominated in CAD. |
The following table summarizes the terms of our derivative financial instruments as of December 31, 2019:
|
|
|
Notional
Amount |
|
|
Strike |
|
|
Effective Date |
|
Maturity Date |
|
|
Interest Rate Swaps: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIBOR Swap |
|
$ |
85,512,000 |
|
|
|
2.61 |
% |
|
January 24, 2019 |
|
August 1, 2020(3) |
|
|
LIBOR Swap |
|
|
235,000,000 |
|
|
|
1.79 |
% |
|
June 15, 2019 |
|
February 15, 2022 |
|
|
Interest Rate Cap: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CDOR Cap |
|
$ |
99,300,000 |
|
(1) |
|
3.00 |
% |
|
October 11, 2018 |
|
October 15, 2021 |
|
|
CDOR Cap |
|
|
1,000,000 |
|
(1) |
|
3.00 |
% |
|
March 28, 2019 |
|
October 15, 2021 |
|
|
CDOR Cap |
|
|
11,700,000 |
|
(1) |
|
3.00 |
% |
|
May 28, 2019 |
|
October 15, 2021 |
|
|
Foreign Currency Option: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominated in CAD |
|
$ |
95,000,000 |
|
(1) |
|
1.323 |
|
|
December 9, 2019 |
|
February 10, 2020(2) |
|
|
(1) |
Notional amount shown is denominated in CAD. |
|
(2) |
We settled this forward on February 10, 2020, receiving a net settlement of approximately $0.5 million and simultaneously entered into another $95 million CAD foreign currency forward with a maturity date of February 10, 2021. |
|
(3) |
On August 3, 2020, we entered into a LIBOR interest rate cap for a notional amount of $80 million which caps LIBOR at 0.5% through August 2, 2021. |
|
| 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, 2020 and December 31, 2019:
|
|
|
Asset/Liability Derivatives |
|
|
|
|
Fair Value |
|
|
Balance Sheet Location |
|
September 30,
2020 |
|
|
December 31,
2019 |
|
|
Interest Rate Swaps |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
5,286,666 |
|
|
$ |
1,695,140 |
|
|
Interest Rate Caps |
|
|
|
|
|
|
|
|
|
Other assets |
|
$ |
— |
|
|
$ |
28,847 |
|
|
Foreign Currency Hedges |
|
|
|
|
|
|
|
|
|
Other assets |
|
$ |
— |
|
|
$ |
— |
|
|
Accounts payable and accrued liabilities |
|
|
149,200 |
|
|
|
1,425,632 |
|
|