v3.8.0.1
INTEREST RATE SWAP DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2018
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 March 31, 2018:
  
 
 
March 31, 2018
 
 
 
 
 
 
 
 
 
Derivative
Instruments
 
Number of
Instruments
 
Notional Amount
(i)
 
Reference Rate (ii)
 
Weighted Average
Fixed Pay Rate
 
Weighted Average
Remaining Term
 
Interest Rate
Swap Derivatives
 
 
2
 
$
10,575,000
 
One-month LIBOR + applicable spread/Fixed at 4.05%-4.34%
 
 
4.16
%
 
7.0 years
 
 
 
(i)
The notional amount of the Company’s swaps decreases 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 March 31, 2018 was $9,083,700.
 
(ii)
The reference rate was June 30, 2017 for two interest rate swaps.
 
 
The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of December 31, 2017:
 
 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
Derivative
Instruments
 
Number of
Instruments
 
Notional Amount
(i)
 
Reference Rate 
as of 
June 30, 2016
 
Weighted Average
Fixed Pay Rate
 
Weighted Average
Remaining Term
 
Interest Rate
Swap Derivatives
 
 
2
 
$
10,620,000
 
One-month LIBOR + applicable spread/Fixed at 4.05%-4.34%
 
 
4.21
%
 
7.2 years
 
 
 
(i)
The notional amount of the Company’s swaps decreases 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 December 31, 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 (Level 2 measurement), as well as their classification in the condensed consolidated balance sheet as of March 31, 2018:
 
Derivative Instrument
 
Balance Sheet Location
 
Number of
Instruments
 
Fair Value
 
Interest Rate Swaps
 
Asset – Interest rate swap derivatives, at fair value
 
 
2
 
$
230,934
 
 
The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the condensed consolidated balance sheet as of December 31, 2017:
 
Derivative Instrument
 
Balance Sheet Location
 
Number of
Instruments
 
Fair Value
 
Interest Rate Swaps
 
Asset – Interest rate swap derivatives, at fair value
 
 
2
 
$
7,899