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Debt (Details) - USD ($)
6 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Mortgage level debt $ 16,623,546 $ 3,211,004
Revolving credit facility 67,469,056 54,000,000
Total Principal 84,335,108 57,246,062
Unamortized deferred financing costs (242,506) (35,058)
Total Debt 84,092,602 57,211,004
Revolving Credit Facility [Member]    
Revolving credit facility [1] $ 67,469,056 54,000,000
Interest Rate, description [1],[2] LIBOR+170bps  
Maturity Date [1] Sep. 30, 2023  
Vision Bank [Member]    
Mortgage level debt [3] $ 1,490,882 1,522,672
Interest Rate [3] 4.00%  
Maturity Date [3] Sep. 30, 2036  
First Oklahoma Bank [Member]    
Mortgage level debt [4] $ 371,120 378,005
Interest Rate [4] 4.50%  
Maturity Date [4] Dec. 31, 2037  
Vision Bank - 2018 [Member]    
Mortgage level debt [5] $ 884,739 900,385
Interest Rate [5] 5.00%  
Maturity Date [5] Jan. 31, 2038  
Seller Financing [Member]    
Mortgage level debt [6] $ 445,000 445,000
Interest Rate [6] 6.00%  
Maturity Date [6] Jan. 31, 2025  
First Oklahoma Bank - April 2020 [Member]    
Mortgage level debt [7] $ 4,522,311
Interest Rate [7] 4.25%  
Interest Rate, description which resets in November 2026 to the greater of Prime or 4.25%.  
Maturity Date [7] Apr. 30, 2040  
First Oklahoma Bank- June 2020 [Member]    
Mortgage level debt [8] $ 9,152,000
Interest Rate [8] 4.25%  
Maturity Date [8] Jun. 30, 2040  
[1] On September 27, 2019, the Company entered into a credit agreement (as amended, the "Credit Agreement") with People's United Bank, National Association, individually and as administrative agent, BMO Capital Markets Corp., as syndication agent, and certain other lenders. The Credit Agreement provides for revolving commitments in an aggregate principal amount of $100.0 million with an accordion feature ("the Accordion Feature") that permits the Company to borrow up to an additional $100.0 million for an aggregate total of $200.0 million, subject to customary terms and conditions, and a maturity date of September 27, 2023. On January 30, 2020, the Company amended the Credit Agreement in order to exercise a portion of the Accordion Feature to increase the maximum amount available under the Credit Facility to $150.0 million, subject to the borrowing base properties identified therein remaining unencumbered and subject to an enforceable lease. In May 2020, the Company determined that it had overdrawn its Credit Facility by approximately $5.1 million. The Company satisfied such amount with a portion of the proceeds from the First Oklahoma Bank-June 2020 secured mortgage financing. On June 25, 2020, the Company further amended the Credit Agreement to revise, among other items, certain definitions and borrowing base calculations to increase available capacity, as well as the restrictive covenant pertaining to Consolidated Tangible Net Worth (as defined in such amendment). The interest rates applicable to loans under the Credit Facility are, at our option, equal to either a base rate plus a margin ranging from 0.7% to 1.4% per annum or LIBOR plus a margin ranging from 1.7% to 2.4% per annum, each based on a consolidated leverage ratio. In addition, the Company will pay, for the period through and including the calendar quarter ended March 31, 2020, an unused facility fee on the revolving commitments under the Credit Facility of 0.75% per annum for the first $100 million and 0.25% per annum for the portion of revolving commitments exceeding $100.0 million, and for the period thereafter, an unused facility fee of 0.25% per annum for the aggregate unused revolving commitments, with both periods utilizing calculations of daily unused commitments under the Credit Facility. During the three and six months ended June 30, 2020, the Company incurred $0.1 million and $0.2 million, respectively, of unused fees related to the Credit Facility. The Company's ability to borrow under the Credit Facility is subject to ongoing compliance with a number of customary affirmative and negative covenants. As of June 30, 2020, the Company was in compliance with all of the Credit Facility's debt covenants.
[2] As of June 30, 2020, the one-month LIBOR rate was 0.16%.
[3] Five properties are collateralized under this loan as of June 30, 2020 with Mr. Spodek as the guarantor. On September 8, 2021 and every five years thereafter, the interest rate will reset at a variable annual rate of Wall Street Journal Prime Rate ("Prime") + 0.5%.
[4] The loan is collateralized by first mortgage liens on four properties and a personal guarantee of payment by Mr. Spodek. Interest rate resets on December 31, 2022 to Prime + 0.25%.
[5] The loan is collateralized by first mortgage liens on one property and a personal guarantee of payment by Mr. Spodek. Interest rate resets on January 31, 2023 to Prime + 0.5%.
[6] In connection with the acquisition of a property, we obtained seller financing secured by the property in the amount of $0.4 million requiring five annual payments of principal and interest of $105,661 with the first installment due on January 2, 2021 based on a 6.0% interest rate per annum through January 2, 2025.
[7] In connection with the purchase of a 13-building portfolio, the Company obtained $4.5 million of mortgage financing, at a fixed interest rate of 4.25% with interest only for the first 18 months, which resets in November 2026 to the greater of Prime or 4.25%. The financing matures in April 2040.
[8] The loan is collateralized by first mortgage liens on 22 properties. Interest rates resets in January 2027 to the greater of Prime or 4.25%. The financing matures in June 2040.