Notes Payable, net (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Summary of Notes Payable

The following is a summary of the Company’s notes payable, in thousands:

Property/Facility	Payment (1)	Maturity Date	Rate		June 30, 2020		December 31, 2019
Richardson Heights (2)	P&I	July 1, 2041	4.61	%	$	16,956	$	17,260
Cooper Street (2)	P&I	July 1, 2041	4.61	%	7,316		7,435
Bent Tree Green (2)	P&I	July 1, 2041	4.61	%	7,316		7,435
Mitchelldale (2)	P&I	July 1, 2041	4.61	%	11,083		11,263
Hartman SPE LLC (3)	IO	October 9, 2020	1.96	%	259,000		259,000
Hartman XXI	IO	October 31, 2021	10.00	%	8,200		4,400
					309,871		306,793
Less: unamortized deferred loan costs					(3,247)		(3,754)
					$	306,624	$	303,039

(1) Principal and interest (P&I) or interest only (IO).  

(2) Each promissory note contains a call option wherein the holder of the promissory note may declare the outstanding balance due and payable on either July 1, 2024, July 1, 2029, July 1, 2034, or July 1, 2039.  

(3) Options to extend for three 1-year terms; first notice due between August 9, 2020 and September 9, 2020. Debt yield requirement is 12.5% or greater.

Summary of Deferred Loan Costs

The Company's loan costs are amortized using the straight-line method over the terms of the loans, which approximates the interest method.  Costs which have been deferred consist of the following, in thousands:

	June 30, 2020		December 31, 2019
Deferred loan costs	$	5,272	$	7,155
Less:  deferred loan cost accumulated amortization	(2,025)		(3,401)
Total cost, net of accumulated amortization	$	3,247	$	3,754