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INTEREST RATE SWAP DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amounts of Derivative Instruments
The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of December 31, 2019 and 2018.
 
 
December 31, 2019
 
December 31, 2018
Derivative
Instruments
 
Number
of
Instruments
 
Notional Amount (i)
 
Reference
Rate (ii)
 
Weighted
Average
Fixed
Pay Rate
 
Weighted
Average
Remaining
Term
 
Number
of
Instruments
 
Notional Amount (i)
 
Reference
Rate (iii)
 
Weighted
Average
Fixed
Pay Rate
 
Weighted
Average
Remaining
Term
Interest Rate
Swap Derivatives
 
12
 
$
48,215,139

 
One-month LIBOR + applicable spread/Fixed at 1.21%-5.16%
 
3.87
%
 
2.9 years
 
4

 
$
27,346,400

 
One-month LIBOR + applicable spread/Fixed at 4.05%-5.16%
 
4.73
%
 
5.1 years
(i)
The notional amount of the Company’s swaps decreases each month to correspond to the outstanding principal balance on the related mortgage. The minimum notional amounts (outstanding principal balance at the maturity date) as of December 31, 2019 and 2018 were $45,514,229 and $24,936,799, respectively.
(ii)
The reference rate was December 31, 2019.
(iii)
The reference rate was December 31, 2018.
Fair Value of Derivative Instruments
The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the consolidated balance sheets:
 
 
 
 
December 31, 2019
 
December 31, 2018
Derivative Instrument
 
Balance Sheet Location
 
Number of
Instruments
 
Fair Value
 
Number of
Instruments
 
Fair Value
Interest Rate Swaps
 
Asset - Interest rate swap derivatives, at fair value (*)
 
5
 
$
34,567

 
2

 
$
151,215

Interest Rate Swaps
 
Liability - Interest rate swap derivatives, at fair value (*)
 
7
 
$
(1,021,724
)
 
2

 
$
(300,929
)

(*)
The fair value of the five interest rate swap derivative assets and three interest rate derivative liabilities acquired from REIT I were $34,567 and $(51,514), respectively, as of December 31, 2019.