Debt (Tables)

3 Months Ended

Mar. 31, 2019

The Company’s outstanding debt is summarized as follows:

Encumbered Property	March 31, 2019			December 31, 2018			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			46,905,000			5.06	%	2/23/2028
Courtyard Freddie Mac mortgage loan ⁽³⁾		63,200,000			63,200,000			4.86	%	9/1/2028
Utah Bridge Loan ⁽⁴⁾		12,195,108			12,195,108			6.50	%	4/30/2020
Courtyard Initial Bridge Loan ⁽⁵⁾		27,000,000			27,000,000			6.50	%	8/31/2019
Courtyard Delayed Draw Commitment ⁽⁵⁾		5,600,187			3,619,820			6.50	%	8/31/2019
Debt issuance costs, net		(2,254,500	)		(2,184,030	)
Total debt	$	205,645,795		$	203,735,898

⁽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 the three senior housing 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⁾ The variable rate reflected in the table was the rate in effect as of March 31, 2019.

⁽⁵⁾

The variable rate reflected in the table was the rate in effect as of March 31, 2019. 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 March 31, 2019:

2019	$	32,600,187		⁽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		207,900,295
Non-revolving debt issuance costs, net		(2,254,500	)
Total	$	205,645,795

⁽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 has been reflected in the above table, assuming that the outstanding principal is paid off at the maturity of the loan. As described above, the proceeds from certain events and proceeds from the issuance of equity interests in us generally will be required to be applied to the then outstanding loan balance.