LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2019

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of March 31, 2019, the Company’s outstanding indebtedness, at face value, was as follows:

	Face		Maturity	Interest
	Value Debt		Date	Rate
Credit Facility	$	79,845,349	September 2021		30 ‑day LIBOR plus 1.50%  -2.20%
Mortgage Note Payable (originated with Wells Fargo) (1)		30,000,000	October 2034		4.330%
Mortgage Note Payable (originated with Wells Fargo) (2)		24,387,497	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	$	209,232,846

(1)Secured by the Company’s interest in six income properties. The mortgage loan carries a fixed rate of 4.33% per annum during the first ten years of the term, and requires payments of interest only during the first ten years of the loan. After the tenth anniversary of the effective date of the loan, the cash flows, as defined in the related loan agreement, generated by the underlying six income properties must be used to pay down the principal balance of the loan until paid off or until the loan matures. The loan is fully pre-payable after the tenth anniversary of the effective date of the loan.

(2)Secured by the Company’s income property leased to Wells Fargo located in Raleigh, North Carolina. The mortgage loan has a 5-year term with two years interest only, and interest and a 25-year amortization for the balance of the term.  The mortgage loan bears a variable rate of interest based on the 30-day LIBOR plus a rate of 190 basis points. The interest rate for this mortgage loan has been fixed through the use of an interest rate swap that fixed the rate at 3.17%.  The mortgage loan can be prepaid at any time subject to the termination of the interest rate swap. Amortization of the principal balance began in May 2018.

Schedule of components of long-term debt

Long-term debt as of March 31, 2019 and December 31, 2018 consisted of the following: 

	March 31, 2019				December 31, 2018
			Due Within				Due Within
	Total		One Year		Total		One Year
Credit Facility	$	79,845,349	$	—	$	120,745,579	$	—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—		30,000,000		—
Mortgage Note Payable (originated with Wells Fargo)		24,387,497		—		24,557,468		—
4.50% Convertible Senior Notes due 2020, net of discount		73,679,991		—		73,348,731		—
Loan Costs, net of accumulated amortization		(921,125)		—		(1,026,967)		—
Total Long-Term Debt	$	206,991,712	$	—	$	247,624,811	$	—

Schedule of payments applicable to reduction of principal amounts

Year Ending December 31,	Amount
Remainder of 2019	$	—
2020		75,000,000
2021		104,232,846
2022		—
2023		—
2024		—
Thereafter		30,000,000
Total Long-Term Debt - Face Value	$	209,232,846

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of March 31, 2019 consisted of the following:

	Total
Current Face Amount	$	209,232,846
Unamortized Discount on Convertible Debt		(1,320,009)
Loan Costs, net of accumulated amortization		(921,125)
Total Long-Term Debt	$	206,991,712

Schedule of interest expense on debt

	Three Months Ended
	March 31, 2019		March 31, 2018
	($000's)		($000's)
Interest Expense	$	2,486	$	2,100
Amortization of Loan Costs		106		150
Amortization of Discount on Convertible Notes		331		311
Total Interest Expense	$	2,923	$	2,561
Total Interest Paid	$	3,431	$	2,899