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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Schedule of Recurring Assets and Liabilities Measured at Fair Value

The following table represents our assets and liabilities measured at fair value and the basis for that measurement (our interest rate cap is the only asset or liability measured at fair value on a recurring basis and there were no non-recurring asset and liability fair value measurements as of March 31, 2018 and December 31, 2017, respectively):

		Level 1				Level 2				Level 3
December 31, 2017
Interest Rate Cap (1)		$	—			$	5,213			$	—
Mortgage loans (2)		$	—			$	(292,368,370	)		$	—
March 31, 2018
Interest Rate Cap (1)		$	—			$	17,942			$	—
Mortgage loans (2)		$	—			$	(352,396,367	)		$	—
Unsecured notes (3)		$	(26,000,000	)		$	—			$	—

(1) Interest rate cap, which caps a 1-month LIBOR rate at 2.5%.

(2) Mortgage loans are reflected at outstanding principal balance, net of deferred financing costs on our Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017.

(3) Unsecured notes are recorded at outstanding principal balance, net of deferred financing costs on our Consolidated Balance Sheets as of March 31, 2018.

Schedule of Minimum Future Lease Payments Receivable

A schedule of minimum future lease payments receivable for the remaining nine and twelve-month lease periods is as follows:

For the remaining nine months ending:  December 31, 2018		$	1,040,432
December 31, 2019			997,511
December 31, 2020			991,550
December 31, 2021			928,223
December 31, 2022			810,364
December 31, 2023 and thereafter			4,266,894
Total		$	9,034,974

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- References

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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- Definition

Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737

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