XML 51 R42.htm IDEA: XBRL DOCUMENT v3.23.3
MORTGAGE NOTES PAYABLE (Line of Credit) (Details) - Line of Credit
9 Months Ended
Apr. 14, 2023
Oct. 29, 2021
USD ($)
Oct. 31, 2020
USD ($)
Jul. 31, 2014
USD ($)
Sep. 30, 2023
property
Jul. 31, 2017
USD ($)
Line of Credit            
Maximum borrowings   $ 25,000,000   $ 25,000,000    
Maximum borrowings during modification period   $ 17,000,000        
Term of debt   3 years   3 years    
Additional applicable margin rate       2.50%    
Amount of refinancing costs   $ 179,000        
Line of credit extension period     1 year      
Extension fees paid     $ 37,500     $ 128,000
Number of properties in which borrowing amount collateralized | property         23  
Debt yield         8.50%  
Current covenants            
Line of Credit            
Leverage ratio   65.00%        
Tangible net worth   $ 200,000,000        
Debt yield   9.50%        
Debt service coverage ratio   1.60        
Revised covenants in place until September 30, 2022            
Line of Credit            
Leverage ratio   70.00%        
Tangible net worth   $ 175,000,000        
Debt yield   8.50%     9.50%  
Debt service coverage ratio   1.35        
Revised Covenants in place until December 31, 2022            
Line of Credit            
Debt yield   9.00%        
Federal Funds Rate            
Line of Credit            
Variable interest rate spread       0.50%    
SOFR            
Line of Credit            
Variable interest rate spread 10.00%          
LIBOR [Member]            
Line of Credit            
Variable interest rate spread   3.00%   1.00%    
Minimum            
Line of Credit            
Pledged interest ownership percentage         49.00%  
Maximum            
Line of Credit            
Pledged interest ownership percentage         100.00%