Notes Receivable (Tables)

3 Months Ended

Mar. 31, 2020

Notes Receivable

Schedule of notes receivable

($ in thousands)		Principal Outstanding as of				Maturity
Loan	Payment Terms	March 31, 2020		December 31, 2019		Date
Mortgage Note (1)	Principal & interest due at maturity	$	1,806	$	1,804	1/15/2017
Mortgage Note (2)	Principal & interest due at maturity		228		234	12/7/2028
Mortgage Note (2)	Principal due at maturity & interest due monthly		2,145		2,145	3/16/2022
Mortgage Note (3)	Principal & interest due at maturity		-		62	3/1/2020
Line of Credit	Principal & interest due at maturity		-		369	3/1/2020
Total outstanding principal			4,179		4,614
Interest receivable (net prepaid interest)			556		565
Provision for interest receivable			(457)		(412)
Total notes and interest receivable		$	4,278	$	4,767

(1)In January 2016 the maturity date of the note was extended from January 15, 2016 to January 15, 2017 with the year 1 interest received at the time of the extension and principal and remaining interest due at maturity.  On July 28, 2017 the Company notified the borrower of default on the Promissory Note. In December 2019, the Company began the process of selling the underlying collateralized property to settle the principal and accrued interest.

(2)The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The notes include mortgages on two additional properties in Colorado that include repurchase options for the properties at a fixed price that are exercisable between the third and fifth anniversary of the notes by the borrower.

(3)This note was repaid in full during the three months ended March 31, 2020.