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Unsecured Lines of Credit (Tables)

3 Months Ended

Mar. 31, 2020

Unsecured Lines of Credit [Member]

Summary of Unsecured Lines of Credit

The following tables summarize the unsecured lines of credit (“LOC”) as of March 31, 2020 and December 31, 2019:

Unsecured Lines of Credit		Outstanding as of March 31, 2020				Total Commitment				Commitment Maturity		Variable / Fixed		Reset Frequency		Period End Rate
Bankers Trust non-operating		$	12,540,000			$	50,000,000			June 2021		Variable ⁽¹⁾		Monthly			3.86	%
Bankers Trust operating			-				10,000,000			June 2021		Variable ⁽¹⁾		Monthly			4.61	%
Total unsecured lines of credit		$	12,540,000			$	60,000,000

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

Unsecured Lines of Credit		Outstanding as of December 31, 2019				Total Commitment				Commitment Maturity		Variable / Fixed		Reset Frequency		Period End Rate
Bankers Trust non-operating		$	13,200,000			$	50,000,000			June 2021		Variable ⁽²⁾		Monthly			4.19	%
Bankers Trust operating			-				10,000,000			June 2021		Variable⁽²⁾		Monthly			4.94	%
Total unsecured lines of credit		$	13,200,000			$	60,000,000

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