Debt (Tables)

3 Months Ended

Mar. 31, 2021

The Company’s outstanding debt is summarized as follows:

Encumbered Property	March 31, 2021			December 31, 2020			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
Freddie Mac Utah loans ⁽²⁾		46,274,756			46,397,936			5.06	%	2/23/2028
Freddie Mac Courtyard loan ⁽³⁾		63,200,000			63,200,000			4.86	%	9/1/2028
KeyBank Utah Bridge Loan ⁽⁴⁾		5,035,595			5,035,595			4.25	%	4/30/2022
KeyBank Courtyard Initial Bridge Loan ⁽⁴⁾		27,000,000			27,000,000			4.25	%	4/30/2022
KeyBank Courtyard Delayed Draw Commitment ⁽⁴⁾		11,980,955			11,980,955			4.25	%	4/30/2022
PPP Loans⁽⁵⁾		1,950,000			1,950,000			1.00	%	5/14/2022
Debt issuance costs, net		(1,606,390	)		(1,724,792	)
Total debt	$	206,834,916		$	206,839,694

⁽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, 2021.

⁽⁵⁾

Represents the aggregate of four unsecured promissory notes under the Paycheck Protection Program (the “PPP”). These loans are fixed rate debt with no payments due until the end of the deferral period in September 2021, then principal and interest due monthly thereafter with the remaining principal and interest balances due on May 14, 2022 for one of the loans and May 15, 2022 for the other three loans with respect to any portion of such loan which is not forgiven pursuant to the terms of the CARES Act. We have applied for forgiveness for the PPP Loans, however there is no guarantee these loans will be forgiven.

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, 2021:

2021	$	766,352
2022		46,455,835
2023		1,048,841
2024		54,713,629
2025		1,799,440
2026 and thereafter		103,657,209
Total payments		208,441,306
Non-revolving debt issuance costs, net		(1,606,390	)
Total	$	206,834,916