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Unsecured Lines of Credit (Tables)

3 Months Ended

Mar. 31, 2018

Unsecured Lines of Credit [Member]

Summary of Unsecured Lines of Credit

The following represents the unsecured lines of credit (“LOC”) at March 31, 2018 and December 31, 2017:

Unsecured Lines of Credit		Outstanding on March 31, 2018				Total Commitment				Maturity		Variable / Fixed		Reset Frequency		Period End Rate
Bankers Trust		$	50,000,000			$	50,000,000			May 2019		Variable ⁽¹⁾		Monthly			4.69	%
Bankers Trust operating			-				10,000,000			May 2019		Variable ⁽¹⁾		Monthly			4.93	%
Total unsecured lines of credit		$	50,000,000			$	60,000,000

⁽¹⁾	The variable rate is indexed to LIBOR plus an applicable margin.

Unsecured Lines of Credit		Outstanding on December 31, 2017				Total Commitment				Maturity		Variable / Fixed		Reset Frequency		Period End Rate
Bankers Trust		$	50,000,000			$	50,000,000			May 2019		Variable ⁽²⁾		Monthly			4.38	%
Bankers Trust operating			-				10,000,000			May 2019		Variable⁽²⁾		Monthly			4.62	%
Total unsecured lines of credit		$	50,000,000			$	60,000,000

⁽²⁾	The variable rate is indexed to LIBOR plus an applicable margin.