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Unsecured Lines of Credit (Tables)

9 Months Ended

Sep. 30, 2018

Unsecured Lines of Credit [Member]

Summary of Unsecured Lines of Credit

The following tables summarize the unsecured lines of credit (“LOC”) at September 30, 2018 and December 31, 2017:

Unsecured Lines of Credit		Outstanding on September 30, 2018				Total Commitment				Maturity		Variable / Fixed		Reset Frequency		Period End Rate
Bankers Trust non-operating		$	28,465,600			$	50,000,000			June 2020		Variable ⁽¹⁾		Monthly			5.12	%
Bankers Trust operating			-				10,000,000			June 2020		Variable ⁽¹⁾		Monthly			5.37	%
Total unsecured lines of credit		$	28,465,600			$	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 non-operating		$	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.