Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Recurring Assets and Liabilities Measured at Fair Value

The following table represents our assets and liabilities measured at fair value and the basis for that measurement (our interest rate caps and interest rate SWAP are the only assets or liabilities measured at fair value on a recurring basis and there were no non-recurring asset and liability fair value measurements as of March 31, 2019 and December 31, 2018, respectively):

	Level 1			Level 2			Level 3
December 31, 2018
Interest Rate Caps ⁽¹⁾	$	—		$	94,697		$	—
Interest Rate Swap ⁽²⁾	$	—		$	(984,677	)	$	—
Mortgage loans ⁽³⁾	$	—		$	(357,279,949	)	$	—
Unsecured notes ⁽⁴⁾	$	(25,390,000	)	$	—		$	—
March 31, 2019
Interest Rate Caps ⁽¹⁾	$	—		$	22,110		$	—
Interest Rate Swap ⁽²⁾	$	—		$	(1,400,789	)	$	—
Mortgage loans ⁽³⁾	$	—		$	(360,347,278	)	$	—
Unsecured notes ⁽⁴⁾	$	(25,744,000	)	$	—		$	—

(1)	Interest rate caps, which cap the 1-month LIBOR rates between 2.5% and 3.25%.

(2)	Interest rate swap, which takes the Loan Rate and swaps it for a fixed interest rate of 5.237%; notional amounts of the swap approximate the declining balance of the loan.

(3)	Mortgage loans are reflected at outstanding principal balance, net of deferred financing costs on our Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018.

(4)	Unsecured notes are recorded at outstanding principal balance, net of deferred financing costs on our Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018.

Schedule of Minimum Future Lease Payments Receivable

A schedule of minimum future lease payments receivable for the remaining nine and twelve-month periods is as follows:

For the remaining nine months ending December 31, 2019	$	1,153,709
December 31, 2020		1,483,574
December 31, 2021		1,426,049
December 31, 2022		1,253,067
December 31, 2023		660,847
December 31, 2024 and thereafter		3,339,242
Total	$	9,316,488