Debt (Tables)

6 Months Ended

Jun. 30, 2021

The Company’s outstanding debt is summarized as follows:

Loan	June 30, 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⁾		46,101,744			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			1.00	%	5/14/2022
Debt issuance costs, net		(1,490,080	)		(1,724,792	)
Total debt	$	204,828,214		$	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 June 30, 2021.

⁽⁵⁾

Represents the aggregate of four unsecured promissory notes under the Paycheck Protection Program (the “PPP”). During the three months ended June 30, 2021 our applications for forgiveness for all of the PPP loans were accepted and we recognized approximately $2.0 million in debt forgiveness and the related accrued interest in other income in our accompanying consolidated statements of operations.

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 June 30, 2021:

2021	$	403,809
2022		44,731,340
2023		1,048,841
2024		54,713,629
2025		1,799,440
2026 and thereafter		103,621,235
Total payments		206,318,294
Debt issuance costs, net		(1,490,080	)
Total	$	204,828,214