Debt (Tables)

9 Months Ended

Sep. 30, 2018

The Company’s outstanding debt is summarized as follows:

Encumbered Property	September 30, 2018			December 31, 2017			Interest Rate			Maturity Date
Fayetteville JPM mortgage loan ⁽¹⁾	$	29,500,000		$	29,500,000			4.20	%	7/1/2024
Tallahassee Nationwide mortgage loan ⁽¹⁾		23,500,000			23,500,000			3.84	%	10/1/2024
Utah Freddie Mac mortgage loans ⁽²⁾		46,905,000			—			5.06	%	2/23/2028
Portland Freddie Mac mortgage loan ⁽³⁾		63,200,000			—			4.86	%	9/1/2028
Utah Bridge Loan ⁽⁴⁾		14,351,864			—			6.22	%	2/23/2019
Portland Initial Bridge Loan ⁽⁵⁾		27,000,000			—			6.25	%	8/31/2019
Debt issuance costs, net		(2,345,183	)		(700,362	)
Total debt	$	202,111,681		$	52,299,638

⁽¹⁾ Fixed rate debt with interest only payments due monthly and the principal balance due upon maturity.

⁽²⁾ Represents the aggregate of three separate mortgage loans for three properties acquired in Utah. Fixed rate debt with interest only payments due monthly for the first two years, then principal and interest on a 30-year amortization schedule thereafter.

⁽³⁾ Fixed rate debt with interest only payments due monthly for the first four years, then principal and interest on a 30-year amortization schedule thereafter.

⁽⁴⁾ Variable rate debt with interest only payments due monthly. The variable rate reflected in the table was the rate in effect as of September 30, 2018. The loan may be extended six months from the maturity date upon the payment of a fee equal to 0.50% of the outstanding principal balance of the loan at the time of such extension and certain other terms are met, such as there has not been an event of default.

⁽⁵⁾ Variable rate debt with interest only payments due monthly. The variable rate reflected in the table was the rate in effect as of September 30, 2018. The loan may be extended eight months from the maturity date upon the payment of a fee equal to 0.50% of the outstanding principal balance of the loan at the time of such extension and certain other terms are met, such as there has not been an event of default.

Future Principal Payment Requirements on Outstanding Secured Debt

The following table presents the future principal payment requirements on outstanding secured and unsecured debt as of September 30, 2018:

2018	$	—
2019		41,351,864
2020		527,944
2021		679,120
2022		1,011,295
2023 and thereafter		160,886,641
Total payments		204,456,864
Non-revolving debt issuance costs, net		(2,345,183	)
Total	$	202,111,681