Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following: 

	March 31, 2016
	Total			Due Within One Year
Credit Facility	$	42,050,000		$	—
Mortgage Note Payable (originated with UBS)		7,300,000			—
Mortgage Note Payable (originated with BOA)		23,100,000			—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000			—
4.50% Convertible Senior Notes due 2020, net of discount		70,033,267			—
Loan Costs, net of accumulated amortization		(1,684,468	)		—
Total Long-Term Debt	$	170,798,799		$	—

Summary of Payments Applicable to Reduction of Principal Amounts

Payments applicable to reduction of principal amounts will be required as follows:

Year Ending December 31,	Amount
Remainder of 2016	$	—
2017		—
2018		49,350,000
2019		—
2020		75,000,000
2021		—
Thereafter		53,100,000
Total Long-Term Debt - Face Value	$	177,450,000

Summary of Carrying Value of Long-Term Debt

The carrying value of long-term debt as of March 31, 2016 consisted of the following:

	Total
Current Face Amount	$	177,450,000
Unamortized Discount on Convertible Debt		(4,966,733	)
Loan Costs, net of accumulated amortization		(1,684,468	)
Total Long-Term Debt	$	170,798,799