| Schedule of interest rate swaps |
The following table summarizes the Trust’s interest rate swaps as of June 30, 2025, which effectively convert one month floating rate LIBOR or 30-day average SOFR to a fixed rate: | | | | | | | | | | | Fixed | | | Effective Date | | Notional | | Interest Rate | | Maturity Date | November 1, 2019 | $ | 6,036 | | 3.15% | | November 1, 2029 | November 1, 2019 | $ | 4,201 | | 3.28% | | November 1, 2029 | January 10, 2020 | $ | 2,746 | | 3.39% | | January 10, 2030 | December 2, 2020 | $ | 11,439 | | 2.91% | | December 2, 2027 | July 1, 2021 | $ | 23,962 | | 2.99% | | July 1, 2031 | November 10, 2021 | $ | 26,572 | | 3.54% | | August 1, 2029 | December 1, 2021 | $ | 10,051 | | 3.32% | | December 1, 2031 | August 15, 2022 | $ | 1,372 | | 3.07% | | June 15, 2030 | August 15, 2022 | $ | 2,657 | | 3.07% | | June 15, 2030 | August 15, 2022 | $ | 1,483 | | 2.94% | | June 15, 2030 | August 15, 2022 | $ | 3,925 | | 2.94% | | June 15, 2030 | May 10, 2023 | $ | 4,458 | | 2.79% | | June 10, 2030 | April 15, 2024 | $ | 9,427 | | 3.57% | | May 15, 2032 | April 15, 2024 | $ | 3,680 | | 3.57% | | May 15, 2032 | April 15, 2024 | $ | 13,093 | | 3.57% | | May 15, 2032 |
The following table summarizes the Trust’s interest rate swaps that were designated as cash flow hedges of interest rate risk: | | | | | | | | | | | Number of Instruments | | Notional | Interest Rate Derivatives | | June 30, 2025 | | December 31, 2024 | | June 30, 2025 | | December 31, 2024 | Interest rate swaps | | 15 | | 15 | $ | 125,102 | $ | 127,050 |
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| Schedule of the effect of the derivatives |
The following table presents the effect of the Trust’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income for the three months ended June 30, 2025 and 2024: | | | | | | | | | | | Location of Gain | | | | | | | Reclassified from | | | Derivatives in | | | | Accumulated other | | Amount of Gain (Loss) | Cash Flow Hedging | | Total Comprehensive | | Comprehensive Income | | Reclassified from | Relationships | | (Loss) Income | | (AOCI) into Income | | AOCI into Income | | | 2025 | | | | 2025 | Interest rate swaps | $ | (1,456) | | Interest expense | $ | (782) | | | 2024 | | | | 2024 | Interest rate swaps | $ | 427 | | Interest expense | $ | (163) |
The following table presents the effect of the Trust’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income for the six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | Location of Gain | | | | | | | Reclassified from | | | Derivatives in | | | | Accumulated other | | Amount of Gain (Loss) | Cash Flow Hedging | | Total Comprehensive | | Comprehensive Income | | Reclassified from | Relationships | | (Loss) Income | | (AOCI) into Income | | AOCI into Income | | | 2025 | | | | 2025 | Interest rate swaps | $ | (4,238) | | Interest expense | $ | (1,571) | | | 2024 | | | | 2024 | Interest rate swaps | $ | (1,090) | | Interest expense | $ | (2,153) |
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