v3.8.0.1
INTEREST RATE SWAP DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments [Table Text Block]
The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of September 30, 2017. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks:
 
 
 
September 30, 2017
 
 
 
 
 
 
 
 
Derivative
 
Number of
 
 
Notional Amount
 
 
Reference Rate as
 
Weighted Average
 
 
Weighted Average
Instruments
 
Instruments
 
 
(i)
 
 
of 6/30/2016
 
Fixed Pay Rate
 
 
Remaining Term
Interest Rate
 
 
2
 
 
$
10,665,000
 
 
One-month LIBOR + applicable spread/Fixed at 4.05%-4.34%
 
 
4.21
%
 
7.5 years
Swap Derivatives
 
(i)
The notional amount of the Company’s swaps decrease each month to correspond to the outstanding principal balance on the related mortgage. The minimum notional amount (outstanding principal balance at the maturity date) as of September 30, 2017 was $9,083,700.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table sets forth the fair value of the Company’s derivative instruments as well as their classification in the Condensed Consolidated Balance Sheets as of September 30, 2017.
 
 
 
 
 
September 30, 2017
 
 
 
 
 
Number of
 
 
 
 
Derivative Instrument
 
Balance Sheet Location
 
Instruments
 
 
Fair Value
 
Interest Rate Swaps
 
Liability – Interest rate swap derivatives, at fair value
 
 
2
 
 
$
(100,006)