Accounts Payable, Accrued Expenses and Other Liabilities

6 Months Ended

Jun. 30, 2020

Payables and Accruals [Abstract]

Accounts Payable, Accrued Expenses and Other Liabilities

8. Accounts Payable, Accrued Expenses and Other Liabilities

The following table summarizes the components of accounts payable, accrued expenses and other liabilities as of June 30, 2020 and December 31, 2019:

	June 30, 2020		December 31, 2019
Subscriptions received in advance	$	—	$	70,000
Real estate taxes payable		635,934		391,519
Accounts payable and accrued expenses		1,973,701		1,222,942
Prepaid rent		244,513		637,233
Accrued interest expense		317,913		298,884
Tenant security deposits		600,821		620,814
Derivative(1)		784,302		—
Distribution payable		620,886		339,337
Investor redemptions		1,915,082	$	—
Total accounts payable, accrued expenses and other liabilities	$	7,093,152	$	3,580,729

(1) This derivative relates to an interest rate swap on the Two Liberty mortgage loan. The notional amount of the swap is $33,800,000. Two Liberty receives a floating rate of one-month USD LIBOR and pays a fixed rate of 0.7225%.