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INTEREST RATE SWAP DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Notional Amounts of Derivative Instruments | The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of December 31, 2019 and 2018.
|  | December 31, 2019 |  | December 31, 2018
Derivative Instruments |  | Number of Instruments |  | Notional Amount (i) |  | Reference Rate (ii) |  | Weighted Average Fixed Pay Rate |  | Weighted Average Remaining Term |  | Number of Instruments |  | Notional Amount (i) |  | Reference Rate (iii) |  | Weighted Average Fixed Pay Rate |  | Weighted Average Remaining Term
Interest Rate Swap Derivatives |  | 12 |  | $ | 48,215,139 |  |  | One-month LIBOR + applicable spread/Fixed at 1.21%-5.16% |  | 3.87 | % |  | 2.9 years |  | 4 |  |  | $ | 27,346,400 |  |  | One-month LIBOR + applicable spread/Fixed at 4.05%-5.16% |  | 4.73 | % |  | 5.1 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 amounts (outstanding principal balance at the maturity date) as of December 31, 2019 and 2018 were $45,514,229 and $24,936,799, respectively.
(ii) | The reference rate was December 31, 2019.
(iii) | The reference rate was December 31, 2018.
Fair Value of Derivative Instruments | The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the consolidated balance sheets:
|  |  |  | December 31, 2019 |  | December 31, 2018
Derivative Instrument |  | Balance Sheet Location |  | Number of Instruments |  | Fair Value |  | Number of Instruments |  | Fair Value
Interest Rate Swaps |  | Asset - Interest rate swap derivatives, at fair value (*) |  | 5 |  | $ | 34,567 |  |  | 2 |  |  | $ | 151,215 |
Interest Rate Swaps |  | Liability - Interest rate swap derivatives, at fair value (*) |  | 7 |  | $ | (1,021,724 | ) |  | 2 |  |  | $ | (300,929 | )
(*) | The fair value of the five interest rate swap derivative assets and three interest rate derivative liabilities acquired from REIT I were $34,567 and $(51,514), respectively, as of December 31, 2019.

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