Note 5 - Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	Outstanding Mortgage Notes Payable
Encumbered Properties	December 31, 2019		Interest Rate	Payment	Maturity
Hilton Garden Inn Blacksburg Joint Venture	$	10,500	4.31 %	Interest Only, Principal paid at Maturity	June 2020
92 - Pack Mortgage Loan (1)		810,370	One-month LIBOR plus 2.14%	Interest Only, Principal paid at Maturity	Nov 2021, subject to three, one year extension rights
92 - Pack Senior Mezzanine Loan		93,146	One-month LIBOR plus 5.60%	Interest Only, Principal paid at Maturity	Nov 2021, subject to three, one year extension rights
92 - Pack Junior Mezzanine Loan		65,202	One-month LIBOR plus 8.50%	Interest Only, Principal paid at Maturity	Nov 2021, subject to three, one year extension rights
Additional Grace Mortgage Loan -20 properties in Grace Portfolio and one additional property		232,000	4.96 %	Interest Only, Principal paid at Maturity	October 2020
Term Loan -23 properties		261,948	One-month LIBOR plus 3.00%	Interest Only, Principal paid at Maturity	May 2020, subject to three, one year extension rights
Total Mortgage Notes Payable	$	1,473,166
Less: Deferred Financing, Net	$	13,113
Plus: Premium on Variable Interest-Only Bond	$	1,388
Total Mortgage Notes Payable, Net	$	1,461,441

	Outstanding Mortgage Notes Payable
Encumbered Properties	December 31, 2018		Interest Rate	Payment	Maturity
Baltimore Courtyard & Providence Courtyard	$	45,500	4.30 %	Interest Only, Principal paid at Maturity	April 2019
Hilton Garden Inn Blacksburg Joint Venture		10,500	4.31 %	Interest Only, Principal paid at Maturity	June 2020
87 - Pack Mortgage Loan - 87 properties in Grace Portfolio		805,000	One-month LIBOR plus 2.56%	Interest Only, Principal paid at Maturity	May 2019, subject to three, one year extension rights
87 - Pack Mezzanine Loan - 87 properties in Grace Portfolio		110,000	One-month LIBOR plus 6.50%	Interest Only, Principal paid at Maturity	May 2019, subject to three, one year extension rights
Additional Grace Mortgage Loan - 20 properties in Grace Portfolio and one additional property		232,000	4.96 %	Interest Only, Principal paid at Maturity	October 2020
Term Loan -28 properties		310,000	One-month LIBOR plus 3.00%	Interest Only, Principal paid at Maturity	May 2019, subject to three, one year extension rights
Total Mortgage Notes Payable	$	1,513,000
Less: Deferred Financing, Net	$	5,491
Total Mortgage Notes Payable, Net	$	1,507,509