Quarterly report pursuant to Section 13 or 15(d)

Notes Payable Related to Acquisitions (Tables)

v3.4.0.3
Notes Payable Related to Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2016
Debt Instrument [Line Items]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
A detail of the impact of adopting ASU 2015-03 on the Company’s Notes Payable Related to Acquisitions, net of unamortized discount balances, as of March 31, 2016 and December 31, 2015, is as follows
 
 
 
March 31, 2016
 
December 31, 2015
 
Notes payable related to acquisitions, gross
 
$
55,791,614
 
$
23,788,065
 
Less: Unamortized debt discount (deferred financing costs)
 
 
(1,302,730)
 
 
(302,892)
 
Notes payable related to acquisitions, net
 
$
54,488,884
 
$
23,485,173
 
Schedule of Debt [Table Text Block]
A rollforward of the unamortized debt discount balance as of March 31, 2016 is as follows:
 
Balance as of January 1, 2016, net
 
$
302,892
 
Additions – Plano financing
 
 
53,280
 
Additions – Cantor financing
 
 
1,036,799
 
Write-off of Plano financing costs (a)
 
 
(53,280)
 
Debt discount amortization expense
 
 
(36,961)
 
Balance as of March 31, 2016, net
 
$
1,302,730
 
 
(a)
As disclosed in Note 3 – “Property Portfolio,” the Plano loan was refinanced with proceeds from the Cantor loan (discussed below) and accordingly the Plano related deferred financing costs were written off during the three months ended March 31, 2016 into the “Interest Expense” line item in the accompanying Consolidated Statements of Operations.
Cantor Loan [Member]  
Debt Instrument [Line Items]  
Schedule of Maturities of Long-term Debt [Table Text Block]
As of March 31, 2016, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows:
 
2016
 
$
-
 
2017
 
 
-
 
2018
 
 
-
 
2019
 
 
-
 
2020
 
 
-
 
Thereafter
 
 
32,097,400
 
Total
 
$
32,097,400
 
West Mifflin Note Payable [Member]  
Debt Instrument [Line Items]  
Schedule of Maturities of Long-term Debt [Table Text Block]
As of March 31, 2016, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows:
 
2016
 
$
-
 
2017
 
 
-
 
2018
 
 
22,044
 
2019
 
 
136,007
 
2020
 
 
7,219,449
 
Total
 
$
7,377,500
 
Asheville Note Payable [Member]  
Debt Instrument [Line Items]  
Schedule of Maturities of Long-term Debt [Table Text Block]
As of March 31, 2016, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows:
 
2016
 
$
39,673
 
2017
 
 
1,609,382
 
Total
 
$
1,649,055
 
Omaha Note Payable [Member]  
Debt Instrument [Line Items]  
Schedule of Maturities of Long-term Debt [Table Text Block]
As of March 31, 2016, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows:
 
2016
 
$
244,518
 
2017
 
 
14,423,141
 
Total
 
$
14,667,659