LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2017

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of June 30, 2017, the Company’s outstanding indebtedness, at face value, was as follows:

	Face		Maturity	Interest
	Value Debt		Date	Rate
Credit Facility	$	36,000,000	August 2018		30 ‑day LIBOR plus 1.35%  -2.25%
Mortgage Note Payable (originated with UBS)		7,300,000	February 2018		3.655%
Mortgage Note Payable (originated with Wells Fargo)		30,000,000	October 2034		4.330%
Mortgage Note Payable (originated with Wells Fargo)		25,000,000	April 2021		30 ‑day LIBOR plus 1.90%
4.50% Convertible Senior Notes due 2020, net of discount		75,000,000	March 2020		4.500%
Total Long-Term Face Value Debt	$	173,300,000

Schedule of components of long-term debt

	June 30, 2017					December 31, 2016
			Due Within					Due Within
	Total		One Year			Total		One Year
Credit Facility	$	36,000,000	$	—		$	34,300,000	$	—
Mortgage Note Payable (originated with UBS)		7,300,000		7,300,000	(1)		7,300,000		—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—			30,000,000		—
Mortgage Note Payable (originated with Wells Fargo)		25,000,000		—			25,000,000		—
4.50% Convertible Senior Notes due 2020, net of discount		71,468,409		—			70,880,581		—
Loan Costs, net of accumulated amortization		(1,058,488)		—			(1,235,380)		—
Total Long-Term Debt	$	168,709,921	$	7,300,000		$	166,245,201	$	—

⁽¹⁾ The maturity schedule below reflects $43.3 million due in 2018 while the amount due within one year above totals $7.3 million. The difference of $36.0 million is for the Credit Facility which matures on August 1, 2018, which is more than one year from the balance sheet date of June 30, 2017.

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of June 30, 2017 will be required as follows:

Year Ending December 31,	Amount
2018		43,300,000
2019		—
2020		75,000,000
2021		25,000,000
2022		—
Thereafter		30,000,000
Total Long-Term Debt - Face Value	$	173,300,000

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of June 30, 2017 consisted of the following:

	Total
Current Face Amount	$	173,300,000
Unamortized Discount on Convertible Debt		(3,531,591)
Loan Costs, net of accumulated amortization		(1,058,488)
Total Long-Term Debt	$	168,709,921