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INTEREST RATE SWAP DERIVATIVES
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
INTEREST RATE SWAP DERIVATIVES INTEREST RATE SWAP DERIVATIVES
The Company, through its limited liability company subsidiaries, has entered into interest rate swap agreements with amortizing notional amounts relating to four of its mortgage notes payable and assumed eight additional swap agreements in conjunction with the Merger. During the year ended December 31, 2020, the Company terminated three swap agreements and classified one swap agreement to liabilities related to real estate investments assets held for sale. The reclassified swap agreement corresponds to a mortgage note payable reclassified to mortgage note payable related to a real estate investments asset held for sale as of December 31, 2020. 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.
The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of December 31, 2020 and 2019.
December 31, 2020December 31, 2019
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		8$36,617,164 
One-month LIBOR + applicable spread/Fixed at 3.13%-5.16%
3.35 %2.2 years12 $48,215,139 
One-month LIBOR + applicable spread/Fixed at 2.76%-5.16%
3.87 %2.9 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, 2020 and 2019 were $34,989,063 and $45,514,229, respectively.
(ii)The reference rate was as of December 31, 2020.
(iii)The reference rate was as of December 31, 2019.
The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the consolidated balance sheets:
December 31, 2020December 31, 2019
Derivative InstrumentBalance Sheet LocationNumber of
Instruments		Fair ValueNumber of
Instruments		Fair Value
Interest Rate SwapsAsset - Interest rate swap derivatives, at fair value (*)—$— 5 $34,567 
Interest Rate SwapsLiability - Interest rate swap derivatives, at fair value (*)8$(1,743,889)7 $(1,021,724)
(*)    The fair value of the five interest rate swap derivative assets and three interest rate derivative liabilities assumed from the Merger was $34,567 and $(51,514), respectively, as of December 31, 2019.
The change in fair value of a derivative instrument that is not designated as a cash flow hedge for financial accounting purposes is recorded as interest expense in the consolidated statements of operations. None of the Company’s derivatives at December 31, 2020 or 2019 were designated as hedging instruments; therefore, the net unrealized losses recognized on interest rate swaps of $770,898 and $820,496, respectively, were recorded as increases in interest expense for year ended December 31, 2020 and 2019, respectively (see Note 7).