Debt (Tables)

12 Months Ended

Dec. 31, 2018

The Company’s outstanding debt is summarized as follows:

Encumbered Property	December 31, 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
Courtyard Freddie Mac mortgage loan ⁽³⁾		63,200,000			—			4.86	%	9/1/2028
Utah Bridge Loan ⁽⁴⁾		12,195,108			—			6.51	%	4/30/2020
Courtyard Initial Bridge Loan ⁽⁵⁾		27,000,000			—			6.53	%	8/31/2019
Courtyard Delayed Draw Commitment ⁽⁵⁾		3,619,820			—			6.51	%	8/31/2019
Debt issuance costs, net		(2,184,030	)		(700,362	)
Total debt	$	203,735,898		$	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 December 31, 2018. On February 23, 2019, we elected to exercise an option available to us under the current loan agreement to extend the maturity date six months to August 23, 2019. On March 29, 2019, we amended the loan agreement to further extend the loan maturity date to April 30, 2020. Please see Note 11 – Subsequent Events for additional detail.

⁽⁵⁾

Variable rate debt with interest only payments due monthly. The variable rate reflected in the table was the rate in effect as of December 31, 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 December 31, 2018:

2019	$	30,619,820		⁽¹⁾
2020		12,723,052		⁽²⁾
2021		679,120
2022		1,011,295
2023		1,680,592
2024 and thereafter		159,206,049
Total payments		205,919,928
Non-revolving debt issuance costs, net		(2,184,030	)
Total	$	203,735,898

⁽¹⁾	The Courtyard Bridge Loans mature on August 31, 2019, but may be extended to April 30, 2020 upon the payment of a fee equal to 0.50% of the outstanding principal balance of the Courtyard Bridge Loans at the time of such extension and certain other customary terms and conditions are met.

⁽²⁾

The Utah Bridge Loan was scheduled to mature on February 23, 2019, but was extended, based on its terms to August 23, 2019 upon the payment of a fee equal to 0.50% of the outstanding principal balance of the loan at the time of the extension. On March 29, 2019, we amended the Utah Bridge Loan to further extend the loan maturity date to April 30, 2020.