LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2020

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of June 30, 2020, the Company’s outstanding indebtedness, at face value, was as follows:

	Face		Maturity	Interest
	Value Debt		Date	Rate
Credit Facility (1)	$	162,845,349	May 2023		30-day LIBOR plus 1.35% - 1.95%
Mortgage Note Payable (originated with Wells Fargo) (2)		30,000,000	October 2034		4.330%
Mortgage Note Payable (originated with Wells Fargo) (3)		23,536,432	April 2021		3.170%
3.875% Convertible Senior Notes due 2025		62,468,000	April 2025		3.875%
Total Long-Term Face Value Debt	$	278,849,781

⁽¹⁾ Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100 million of the outstanding principal balance.

⁽²⁾ 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.

⁽³⁾ Secured by the Company’s income property leased to Wells Fargo Raleigh. 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

	June 30, 2020				December 31, 2019
			Due Within				Due Within
	Total		One Year		Total		One Year
Credit Facility	$	162,845,350	$	—	$	159,845,349	$	—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—		30,000,000		—
Mortgage Note Payable (originated with Wells Fargo)		23,536,432		23,536,432		23,884,373		—
4.500% Convertible Senior Notes, net of discount		—		—		74,706,078		75,000,000
3.875% Convertible Senior Notes, net of discount		55,676,641		—		—		—
Loan Costs, net of accumulated amortization		(1,275,048)		—		(1,217,497)		—
Total Long-Term Debt	$	270,783,375	$	23,536,432	$	287,218,303	$	75,000,000

Schedule of payments applicable to reduction of principal amounts

Year Ending December 31,	Amount
Remainder of 2020	$	—
2021		23,536,432
2022		—
2023		162,845,349
2024		—
2025 and thereafter		92,468,000
Total Long-Term Debt - Face Value	$	278,849,781

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of June 30, 2020 consisted of the following:

	Total
Current Face Amount	$	278,849,781
Unamortized Discount on Convertible Debt		(6,791,358)
Loan Costs, net of accumulated amortization		(1,275,048)
Total Long-Term Debt	$	270,783,375

Schedule of interest expense on debt

	Three Months Ended				Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
	($000's)		($000's)		($000's)		($000's)
Interest Expense	$	2,123	$	2,598	$	4,922	$	5,084
Amortization of Loan Costs		74		107		223		213
Amortization of Discount on Convertible Notes		256		337		760		668
Total Interest Expense	$	2,453	$	3,042	$	5,905	$	5,965
Total Interest Paid	$	2,496	$	1,636	$	5,636	$	5,067