Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following: 

	June 30, 2016
	Total			Due Within One Year
Credit Facility	$	—		$	—
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			—
Mortgage Note Payable (originated with Wells Fargo)		25,000,000
4.50% Convertible Senior Notes due 2020, net of discount		70,311,211			—
Loan Costs, net of accumulated amortization		(1,823,833	)		—
Total Long-Term Debt	$	153,887,378		$	—

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		7,300,000
2019		—
2020		75,000,000
2021		25,000,000
Thereafter		53,100,000
Total Long-Term Debt - Face Value	$	160,400,000

Summary of Carrying Value of Long-Term Debt

The carrying value of long-term debt as of June 30, 2016 consisted of the following:

	Total
Current Face Amount	$	160,400,000
Unamortized Discount on Convertible Debt		(4,688,789	)
Loan Costs, net of accumulated amortization		(1,823,833	)
Total Long-Term Debt	$	153,887,378