Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'AGREE REALTY CORP | ' | ' |
Entity Central Index Key | '0000917251 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Trading Symbol | 'ADC | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 14,964,396 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $390,768,166 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate Investments | ' | ' |
Land | $162,096,646 | $134,740,784 |
Buildings | 297,464,585 | 240,204,708 |
Less accumulated depreciation | -60,633,824 | -58,508,881 |
Property, Plant and Equipment, Net | 398,927,407 | 316,436,611 |
Property under development | 6,959,174 | 18,980,779 |
Property held for sale | 4,845,504 | 4,537,752 |
Net Real Estate Investments | 410,732,085 | 339,955,142 |
Cash and Cash Equivalents | 14,536,881 | 1,270,027 |
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at December 31, 2013 and 2012, respectively | 3,262,768 | 2,160,055 |
Unamortized Deferred Expenses | ' | ' |
Financing costs, net of accumulated amortization of $7,009,538 and $6,273,113 at December 31, 2013 and 2012, respectively | 2,526,768 | 2,864,314 |
Leasing costs, net of accumulated amortization of $1,425,186 and $1,312,085 at December 31, 2013 and 2012, respectively | 758,037 | 687,828 |
Lease intangibles, net of accumulated amortization of $3,228,506 and $1,594,815 at December 31, 2013 and 2012, respectively | 27,705,499 | 21,342,122 |
Other Assets | 3,219,505 | 1,813,344 |
Total Assets | 462,741,543 | 370,092,832 |
Notes Payable: | ' | ' |
Mortgages Notes Payable | 113,897,759 | 117,376,142 |
Unsecured Revolving Credit Facility | 9,500,000 | 43,530,005 |
Unsecured Term Loan | 35,000,000 | 0 |
Total Notes Payable | 158,397,759 | 160,906,147 |
Dividends and Distributions Payable | 6,243,933 | 4,710,446 |
Deferred Revenue | 1,467,403 | 1,930,783 |
Accrued Interest Payable | 470,862 | 335,416 |
Accounts Payable and Accrued Expense | ' | ' |
Capital expenditures | 144,074 | 122,080 |
Operating | 2,851,612 | 2,015,367 |
Interest Rate Swap | 204,696 | 1,337,998 |
Deferred Income Taxes | 705,000 | 705,000 |
Tenant Deposits | 40,647 | 64,461 |
Total Liabilities | 170,525,986 | 172,127,698 |
Commitments and Contingencies | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock, $.0001 par value, 28,000,000 and 15,850,000 shares authorized, 14,883,314 and 11,436,044 shares issued and outstanding, respectively | 1,488 | 1,144 |
Excess stock, $.0001 par value, 8,000,000 and 4,000,000 shares authorized, 0 shares issued and outstanding, respectively | 0 | 0 |
Preferred Stock Value | ' | ' |
Additional paid-in-capital | 312,974,162 | 217,768,918 |
Deficit | -23,879,151 | -21,166,509 |
Accumulated other comprehensive income (loss) | 471,717 | -1,294,267 |
Total Stockholders' Equity - Agree Realty Corporation | 289,568,216 | 195,309,286 |
Non-controlling interest | 2,647,341 | 2,655,848 |
Total Stockholders' Equity | 292,215,557 | 197,965,134 |
Total Liabilities and Stockholders' Equity | 462,741,543 | 370,092,832 |
Series A Preferred Stock [Member] | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred Stock Value | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts receivable (in dollars) | $35,000 | $35,000 |
Accumulated amortization, deferred finance costs (in dollars) | 7,009,538 | 6,273,113 |
Deferred costs, leasing, accumulated amortization (in dollars) | 1,425,186 | 1,312,085 |
Finite-lived intangible assets, accumulated amortization (in dollars) | $3,228,506 | $1,594,815 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 28,000,000 | 15,850,000 |
Common stock, shares, issued | 14,883,314 | 11,436,044 |
Common stock, shares, outstanding | 14,883,314 | 11,436,044 |
Excess stock, par value (in dollars per share) | $0.00 | $0.00 |
Excess stock, shares authorized | 8,000,000 | 4,000,000 |
Excess stock, shares issued | 0 | 0 |
Excess stock, shares outstanding | 0 | 0 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 4,000,000 | 150,000 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 200,000 | 150,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues | ' | ' | ' |
Minimum rents | $40,895,131 | $32,568,972 | $27,418,946 |
Percentage rents | 36,074 | 24,474 | 30,912 |
Operating cost reimbursement | 2,567,457 | 1,970,927 | 1,768,094 |
Development fee income | 0 | 0 | 894,693 |
Other income | 19,002 | 59,989 | 150,436 |
Total Revenues | 43,517,664 | 34,624,362 | 30,263,081 |
Operating Expenses | ' | ' | ' |
Real estate taxes | 2,035,937 | 1,785,917 | 1,699,180 |
Property operating expenses | 1,192,538 | 967,747 | 1,048,341 |
Land lease payments | 427,900 | 574,300 | 721,300 |
General and administrative | 5,952,433 | 5,681,828 | 5,661,912 |
Depreciation and amortization | 8,489,207 | 6,240,727 | 5,199,624 |
Impairment charge | 0 | 0 | 600,000 |
Total Operating Expenses | 18,098,015 | 15,250,519 | 14,930,357 |
Income from Operations | 25,419,649 | 19,373,843 | 15,332,724 |
Other Income (Expense) | ' | ' | ' |
Interest expense, net | -6,474,727 | -5,134,283 | -3,956,818 |
Gain on extinguishment of debt | 0 | 0 | 2,360,231 |
Income From Continuing Operations | 18,944,922 | 14,239,560 | 13,736,137 |
Discontinued Operations | ' | ' | ' |
Gain on sale of assets from discontinued operations | 946,347 | 2,097,105 | 110,212 |
Income/(loss) from discontinued operations | 298,342 | 2,266,929 | -3,956,812 |
Net Income | 20,189,611 | 18,603,594 | 9,889,537 |
Less Net Income Attributable to Non-Controlling Interest | 515,036 | 554,150 | 338,395 |
Net Income Attributable to Agree Realty Corporation | 19,674,575 | 18,049,444 | 9,551,142 |
Basic Earnings (Loss) Per Share | ' | ' | ' |
Continuing operations (in dollars per share) | $1.41 | $1.25 | $1.38 |
Discontinued operations (in dollars per share) | $0.10 | $0.38 | ($0.39) |
Earnings Per Share, Basic (in dollars per share) | $1.51 | $1.63 | $0.99 |
Diluted Earnings (Loss) Per Share | ' | ' | ' |
Continuing operations (in dollars per share) | $1.40 | $1.24 | $1.37 |
Discontinued operations (in dollars per share) | $0.10 | $0.38 | ($0.38) |
Earnings Per Share, Diluted (in dollars per share) | $1.50 | $1.62 | $0.99 |
Other Comprehensive Income | ' | ' | ' |
Net income | 20,189,611 | 18,603,594 | 9,889,537 |
Other Comprehensive Income (Loss) | 1,812,535 | -708,538 | 163,751 |
Total Comprehensive Income | 22,002,146 | 17,895,056 | 10,053,288 |
Comprehensive Income Attributable to Non-Controlling Interest | -561,587 | -533,311 | -343,979 |
Comprehensive Income Attributable to Agree Realty Corporation | $21,440,559 | $17,361,745 | $9,709,309 |
Weighted Average Number of Common Shares: Outstanding - Basic (in shares) | 13,065,907 | 11,071,318 | 9,637,365 |
Weighted Average Number of Common Shares: Outstanding - Dilutive (in shares) | 13,157,505 | 11,136,910 | 9,681,232 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Balance at Dec. 31, 2010 | ' | $976 | $179,705,353 | ($14,702,252) | ($764,735) | $2,890,934 |
Balance (in shares) at Dec. 31, 2010 | ' | 9,759,014 | ' | ' | ' | ' |
Issuance of restricted stock under the Equity Incentive Plan | ' | 10 | ' | ' | ' | ' |
Issuance of restricted stock under the Equity Incentive Plan (in shares) | ' | 105,050 | ' | ' | ' | ' |
Forfeiture of restricted stock | ' | -1 | ' | ' | ' | ' |
Forfeiture of restricted stock (in shares) | ' | -12,150 | ' | ' | ' | ' |
Vesting of restricted stock | ' | ' | 1,364,280 | ' | ' | ' |
Dividends and distributions declared | ' | ' | ' | -15,767,384 | ' | -556,188 |
Other comprehensive income (loss) - change in fair value of interest rate swap | ' | ' | ' | ' | 158,167 | 5,584 |
Net income | 9,889,537 | ' | ' | 9,551,142 | ' | 338,395 |
Balance at Dec. 31, 2011 | ' | 985 | 181,069,633 | -20,918,494 | -606,568 | 2,678,725 |
Balance (in shares) at Dec. 31, 2011 | ' | 9,851,914 | ' | ' | ' | ' |
Issuance of common stock, net of issuance costs | ' | 150 | 35,042,076 | ' | ' | ' |
Issuance of common stock, net of issuance costs (in shares) | ' | 1,495,000 | ' | ' | ' | ' |
Issuance of restricted stock under the Equity Incentive Plan | ' | 9 | ' | ' | ' | ' |
Issuance of restricted stock under the Equity Incentive Plan (in shares) | ' | 94,850 | ' | ' | ' | ' |
Forfeiture of restricted stock (in shares) | ' | -5,720 | ' | ' | ' | ' |
Vesting of restricted stock | ' | ' | 1,657,209 | ' | ' | ' |
Dividends and distributions declared | ' | ' | ' | -18,297,459 | ' | -556,188 |
Other comprehensive income (loss) - change in fair value of interest rate swap | ' | ' | ' | ' | -687,699 | -20,839 |
Net income | 18,603,594 | ' | ' | 18,049,444 | ' | 554,150 |
Balance at Dec. 31, 2012 | 197,965,134 | 1,144 | 217,768,918 | -21,166,509 | -1,294,267 | 2,655,848 |
Balance (in shares) at Dec. 31, 2012 | ' | 11,436,044 | ' | ' | ' | ' |
Issuance of common stock, net of issuance costs | ' | 337 | 93,392,712 | ' | ' | ' |
Issuance of common stock, net of issuance costs (in shares) | ' | 3,375,000 | ' | ' | ' | ' |
Issuance of restricted stock under the Equity Incentive Plan | ' | 9 | ' | ' | ' | ' |
Issuance of restricted stock under the Equity Incentive Plan (in shares) | ' | 87,950 | ' | ' | ' | ' |
Forfeiture of restricted stock | ' | -2 | ' | ' | ' | ' |
Forfeiture of restricted stock (in shares) | ' | -15,680 | ' | ' | ' | ' |
Vesting of restricted stock | ' | ' | 1,812,532 | ' | ' | ' |
Dividends and distributions declared | ' | ' | ' | -22,387,217 | ' | -570,094 |
Other comprehensive income (loss) - change in fair value of interest rate swap | ' | ' | ' | ' | 1,765,984 | 46,551 |
Net income | 20,189,611 | ' | ' | 19,674,575 | ' | 515,036 |
Balance at Dec. 31, 2013 | $292,215,557 | $1,488 | $312,974,162 | ($23,879,151) | $471,717 | $2,647,341 |
Balance (in shares) at Dec. 31, 2013 | ' | 14,883,314 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Parenthetical] (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends and distributions declared (in dollars per share) | $1.64 | $1.60 | $1.60 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash Flows from Operating Activities | ' | ' | ' |
Net income | $20,189,611 | $18,603,594 | $9,889,537 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Depreciation | 6,996,741 | 5,792,281 | 6,055,225 |
Amortization | 2,483,217 | 1,712,530 | 1,105,087 |
Stock-based compensation | 1,812,532 | 1,657,209 | 1,364,280 |
Impairment charge | 450,000 | 0 | 13,500,000 |
Gain on extinguishment of debt | 0 | 0 | -2,360,231 |
Gain on sale of assets | -946,347 | -2,097,105 | -110,212 |
(Increase) decrease in accounts receivable | -1,102,713 | -1,358,374 | 528,448 |
(Increase) decrease in other assets | -780,069 | -864,294 | 8,072 |
(Decrease) increase in accounts payable | 838,515 | -1,358,147 | 1,951,420 |
Decrease in deferred revenue | -463,380 | -463,380 | -6,951,591 |
Increase (decrease) in accrued interest | 135,446 | -398,779 | 513,041 |
Increase (decrease) in tenant deposits | -23,814 | -19,814 | 3,873 |
Net Cash Provided by Operating Activities | 29,589,739 | 21,205,721 | 25,496,949 |
Cash Flows from Investing Activities | ' | ' | ' |
Acquisition of real estate investments | -75,920,083 | -64,166,390 | -35,657,158 |
Development of real estate investments and other (including capitalized interest of $566,793 in 2013, $149,054 in 2012, and $0 in 2011) | -14,619,386 | -20,349,688 | -1,456,455 |
Payment of leasing costs | -183,310 | -55,960 | -197,259 |
Net proceeds from sale of assets | 5,462,280 | 15,315,728 | 8,058,520 |
Net Cash Used In Investing Activities | -85,260,499 | -69,256,310 | -29,252,352 |
Cash Flows from Financing Activities | ' | ' | ' |
Proceeds from common stock offering, net | 93,393,056 | 35,042,235 | 0 |
Unsecured revolving credit facility borrowings | 106,189,924 | 101,220,945 | 119,244,291 |
Unsecured revolving credit facility repayments | -140,219,929 | -114,134,838 | -91,180,647 |
Mortgage notes payable proceeds | 0 | 48,640,000 | 0 |
Payments of mortgage notes payable | -3,478,383 | -3,164,654 | -4,229,352 |
Term loan payable proceeds | 35,000,000 | 0 | 0 |
Dividends paid | -20,859,476 | -17,663,808 | -16,803,705 |
Limited partners' distributions paid | -566,619 | -556,188 | -594,427 |
Repayments of payables for capital expenditures | -122,080 | -424,321 | -286,078 |
Payments for financing costs | -398,879 | -1,641,418 | -985,297 |
Net Cash Provided by Financing Activities | 68,937,614 | 47,317,953 | 5,164,785 |
Net Increase (Decrease) in Cash and Cash Equivalents | 13,266,854 | -732,636 | 1,409,382 |
Cash and Cash Equivalents, beginning of period | 1,270,027 | 2,002,663 | 593,281 |
Cash and Cash Equivalents, end of period | 14,536,881 | 1,270,027 | 2,002,663 |
Supplemental Disclosure of Cash Flow Information | ' | ' | ' |
Cash paid for interest (net of amounts capitalized) | 6,149,649 | 4,722,042 | 4,458,292 |
Cash paid (refunded) for income tax | -21,543 | 318,289 | 220,202 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ' | ' | ' |
Shares issued under Stock Incentive Plan | 2,401,688 | 2,175,831 | 2,312,056 |
Dividends and limited partners' distributions declared and unpaid | 6,243,933 | 4,710,446 | 4,070,690 |
Forgiveness of mortgage debt | 0 | 9,173,789 | 0 |
Real estate acquisitions financed with debt assumption | $0 | $18,220,528 | $3,403,603 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Interest Capitalized For Real Estate Under Development | $566,793 | $149,054 | $0 |
The_Company
The Company | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. The Company | |
Agree Realty Corporation (the “Company”) is a self-administered, self-managed real estate investment trust (“REIT”), which is primarily engaged in the acquisition and development of properties net leased to industry leading retail tenants. At December 31, 2013, the Company's properties are comprised of 122 net leased retail facilities and nine community shopping centers located in 33 states. Included in the 131 properties was one property held for sale at December 31, 2013. Excluding the property held for sale, at December 31, 2013, approximately 97% of the Company's annual base rental revenues were from national and regional tenants under long-term leases, including approximately 27% from Walgreen Co. (“Walgreen”), 5% from CVS Caremark Corporation (“CVS”), 5% from Kmart Corporation (“Kmart”), a wholly-owned subsidiary of Sears Holdings Corporation, 5% from Wawa, Inc. and 5% from Walmart Stores, Inc. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Significant Accounting Policies [Text Block] | ' | |||||||||||||
2. Summary of Significant Accounting Policies | ||||||||||||||
Principles of Consolidation | ||||||||||||||
The consolidated financial statements of Agree Realty Corporation include the accounts of the Company, its majority-owned partnership, Agree Limited Partnership (the “Operating Partnership”), and its wholly-owned subsidiaries. The Company controlled, as the sole general partner, 97.72% and 97.05% of the Operating Partnership as of December 31, 2013 and 2012, respectively. All material intercompany accounts and transactions are eliminated. | ||||||||||||||
Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||
Reclassifications | ||||||||||||||
The results of operations of properties that have either been disposed of or are classified as held for sale are reported as discontinued operations. As a result of these discontinued operations, certain of the 2012 and 2011 balances have been reclassified to conform to the 2013 presentation. Certain reclassifications of prior period amounts have been made in the financial statements in order to conform to the 2013 presentation. | ||||||||||||||
Fair Values of Financial Instruments | ||||||||||||||
Certain of the Company’s assets and liabilities are disclosed or recorded at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation methods including the market, income and cost approaches. The assumptions used in the application of these valuation methods are developed from the perspective of market participants, pricing the asset or liability. Inputs used in the valuation methods can be either readily observable, market corroborated, or generally unobservable inputs. Whenever possible the Company attempts to utilize valuation methods that maximize the use of observable inputs and minimizes the use of unobservable inputs. Based on the operability of the inputs used in the valuation methods the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Assets and liabilities measured, reported and/or disclosed at fair value will be classified and disclosed in one of the following three categories: | ||||||||||||||
Level 1 – Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||||
Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||||
Level 3 – Unobservable inputs that are not corroborated by market data. | ||||||||||||||
The table below sets forth the Company’s fair value hierarchy for assets and liabilities measured or disclosed at fair value as of December 31, 2013. | ||||||||||||||
Carrying | ||||||||||||||
Asset: | Level 1 | Level 2 | Level 3 | Value | ||||||||||
Interest rate swaps | $ | - | $ | 679,234 | $ | - | $ | 679,234 | ||||||
Carrying | ||||||||||||||
Liability: | Level 1 | Level 2 | Level 3 | Value | ||||||||||
Interest rate swap | $ | - | $ | 204,696 | $ | - | $ | 204,696 | ||||||
Mortgage notes payable | $ | - | $ | - | $ | 108,385,281 | $ | 113,897,758 | ||||||
Unsecured revolving credit facility | $ | - | $ | 9,500,000 | $ | - | $ | 9,500,000 | ||||||
Unsecured term loan | $ | - | $ | - | $ | 32,728,011 | $ | 35,000,000 | ||||||
The table below sets forth the Company’s fair value hierarchy for liabilities measured or disclosed at fair value as of December 31, 2012. | ||||||||||||||
Carrying | ||||||||||||||
Liability: | Level 1 | Level 2 | Level 3 | Value | ||||||||||
Interest rate swaps | $ | - | $ | 1,337,998 | $ | - | $ | 1,337,998 | ||||||
Mortgage notes payable | $ | - | $ | - | $ | 119,581,000 | $ | 117,376,142 | ||||||
Unsecured revolving credit facility | $ | - | $ | 43,530,005 | $ | - | $ | 43,530,005 | ||||||
The carrying amounts of the Company’s short-term financial instruments, which consist of cash, cash equivalents, receivables, and accounts payable, approximate their fair values. The fair value of the interest rate swaps were derived using estimates to settle the interest rate swap agreements, which are based on the net present value of expected future cash flows on each leg of the swap utilizing market-based inputs and discount rates reflecting the risks involved. The fair value of fixed and variable rate mortgages was derived using the present value of future mortgage payments based on estimated current market interest rates of 5.04% and 3.76% at December 31, 2013 and 2012, respectively. The fair value of variable rate debt is estimated to be equal to the face value of the debt because the interest rates are floating and is considered to approximate fair value. | ||||||||||||||
Real Estate Investments – Carrying Value of Assets | ||||||||||||||
Real Estate Investments are stated at cost less accumulated depreciation. All costs related to planning, development and construction of buildings prior to the date they become operational, including interest and real estate taxes during the construction period, are capitalized for financial reporting purposes and recorded as “Property under development” until construction has been completed. | ||||||||||||||
Subsequent to completion of construction, expenditures for property maintenance are charged to operations as incurred, while significant renovations are capitalized. | ||||||||||||||
Depreciation and Amortization | ||||||||||||||
Depreciation expense is computed using the straight-line method and estimated useful lives for buildings and improvements of 20 to 40 years and equipment and fixtures of 5 to 10 years. | ||||||||||||||
Purchase Accounting for Acquisitions of Real Estate | ||||||||||||||
Acquired Real Estate Investments have been accounted for using the purchase method of accounting and accordingly, the results of operations are included in the consolidated statements of operations and comprehensive income from the respective dates of acquisition. The Company allocates the purchase price to (i) land and buildings based on management’s internally prepared estimates of fair value and (ii) identifiable intangible assets or liabilities generally consisting of above- and below-market in-place leases and foregone leasing costs. The Company makes estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques, including management’s analysis of comparable properties in the existing portfolio, to allocate the purchase price to acquired tangible and intangible assets. | ||||||||||||||
The estimated fair value of above-market and below-market in-place leases for acquired properties is recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. | ||||||||||||||
The aggregate fair value of other intangible assets consisting of in-place, at market leases, is estimated based on internally developed methods to determine the respective property values and are included in lease intangibles cost in the consolidated balance sheets. Factors considered by management in their analysis include an estimate of costs to execute similar leases and operating costs saved. | ||||||||||||||
The fair value of intangible assets acquired is amortized to depreciation and amortization on the consolidated statements of operations and comprehensive income over the remaining term of the respective leases. The weighted average amortization period for the lease intangible costs is 19.4 years. | ||||||||||||||
Real Estate Investments – Impairment Evaluation | ||||||||||||||
Management periodically assesses its Real Estate Investments for possible impairment indicating that the carrying value of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of the Company to re-lease or sell properties that are currently vacant or become vacant. Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, with the carrying cost of the individual asset. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds fair value. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. | ||||||||||||||
Accounts Receivable – Tenants | ||||||||||||||
Accounts receivable from tenants are unsecured and reflect primarily reimbursement of specified common area expenses. Amounts outstanding in excess of 30 days are considered past due. The Company determines its allowance for uncollectible accounts based on historical trends, existing economic conditions, and known financial position of its tenants. Tenant accounts receivable are written-off by the Company in the year when receipt is determined to be remote. | ||||||||||||||
Unamortized Deferred Expenses | ||||||||||||||
Deferred expenses are stated net of total accumulated amortization. The nature and treatment of these capitalized costs are as follows: (1) financing costs, consisting of expenditures incurred to obtain long-term financing, are amortized using the straight-line method which approximates the effective interest method over the term of the related loan, (2) leasing costs, are amortized on a straight-line basis over the term of the related lease and (3) lease intangibles, are amortized over the remaining term of the lease acquired. The Company’s amortization expense for deferred expenses was $2,483,217, $1,712,530, and $1,105,087 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
The following table represents estimated future aggregate amortization expense related to deferred expenses as of December 31, 2013. | ||||||||||||||
Year Ending December 31, | ||||||||||||||
2014 | $ | 2,856,168 | ||||||||||||
2015 | 2,551,978 | |||||||||||||
2016 | 2,423,747 | |||||||||||||
2017 | 2,330,506 | |||||||||||||
2018 | 2,198,622 | |||||||||||||
Thereafter | 18,629,283 | |||||||||||||
Total | $ | 30,990,304 | ||||||||||||
Other Assets | ||||||||||||||
The Company records prepaid expenses, deposits, furniture and fixtures, leasehold improvements, acquisition advances and miscellaneous receivables as other assets in the accompanying balance sheets. | ||||||||||||||
Accounts Payable – Capital Expenditures | ||||||||||||||
Included in accounts payable are amounts related to the construction of buildings and improvements. Due to the nature of these expenditures, they are reflected in the statements of cash flows as a non-cash financing activity. | ||||||||||||||
Revenue Recognition | ||||||||||||||
Minimum rental income attributable to leases is recorded on a straight-line basis over the lease term. Certain leases provide for additional percentage rents based on tenants' sales volume. These percentage rents are recognized when determinable by the Company. | ||||||||||||||
Taxes Collected and Remitted to Governmental Authorities | ||||||||||||||
The Company reports taxes, collected from tenants that are to be remitted to governmental authorities, on a net basis and therefore does not include the taxes in revenue. | ||||||||||||||
Operating Cost Reimbursement | ||||||||||||||
Substantially all of the Company's community shopping center leases and various of the net leased properties contain provisions requiring tenants to pay as additional rent a proportionate share of operating expenses such as real estate taxes, repairs and maintenance, and insurance, also referred to as common area maintenance or “CAM” charges. The related revenue from tenant billings for CAM charges is recognized as operating cost reimbursement in the same period the expense is recorded. | ||||||||||||||
Development Fee Income | ||||||||||||||
For contracts where the Company receives fee income for managing a development project and does not retain ownership of the real property developed, the Company uses the percentage of completion accounting method. Under this approach, income is recognized based on the status of the uncompleted contracts and the current estimates of costs to complete. The percentage of completion is determined by the relationship of costs incurred to the total estimated costs of the contract. Provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income. Such revisions are recognized in the period in which they are determined. Claims for additional compensation due to the Company are recognized in contract revenues when realization is probable and the amount can be reliably estimated. | ||||||||||||||
Income Taxes | ||||||||||||||
The Company has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) and related regulations. The Company generally will not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes 100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2013, the Company believes it has qualified as a REIT. Notwithstanding the Company’s qualification for taxation as a REIT, the Company is subject to certain state taxes on its income and real estate. | ||||||||||||||
The Company and its taxable REIT subsidiaries (“TRS”) have made a timely TRS election pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of the Company which occur within its TRS entity are subject to federal and state income taxes (See Note 9). All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to the Company’s TRS. | ||||||||||||||
Dividends | ||||||||||||||
The Company declared dividends of $1.64, $1.60 and $1.60 per share during the years ended December 31, 2013, 2012, and 2011; the dividends have been reflected for federal income tax purposes as follows: | ||||||||||||||
December 31, | 2013 | 2012 | 2011 | |||||||||||
Ordinary income | $ | 1.372 | $ | 1.2 | $ | 1.57 | ||||||||
Return of capital | 0.268 | 0.4 | 0.03 | |||||||||||
Total | $ | 1.64 | $ | 1.6 | $ | 1.6 | ||||||||
The aggregate federal income tax basis of Real Estate Investments is approximately $18.9 million less than the financial statement basis. | ||||||||||||||
Earnings Per Share | ||||||||||||||
Earnings per share have been computed by dividing the net income by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the weighted average common and potential dilutive common shares outstanding in accordance with the treasury stock method. | ||||||||||||||
The following is a reconciliation of the denominator of the basic net earnings per common share computation to the denominator of the diluted net earnings per common share computation for each of the periods presented: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Weighted average number of common shares outstanding | 13,314,989 | 11,321,498 | 9,854,285 | |||||||||||
Unvested restricted stock | 249,082 | 250,180 | 216,920 | |||||||||||
Weighted average number of common shares outstanding used in basic earnings per share | 13,065,907 | 11,071,318 | 9,637,365 | |||||||||||
Weighted average number of common shares outstanding used in basic earnings per share | 13,065,907 | 11,071,318 | 9,637,365 | |||||||||||
Effect of dilutive securities: | ||||||||||||||
Restricted stock | 91,598 | 65,592 | 43,867 | |||||||||||
Weighted average number of common shares outstanding used in diluted earnings per share | 13,157,505 | 11,136,910 | 9,681,232 | |||||||||||
Stock Based Compensation | ||||||||||||||
The Company estimates fair value of restricted stock grants based on the stock price at the date of grant and amortizes those amounts into expense on a straight-line basis or amount vested, if greater, over the appropriate vesting period. | ||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) updated ASC 220 “Comprehensive Income” with ASU 2013-2 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, ASU 2013-2 requires an entity to present, either on the face of the income statement or in the notes to financial statements, significant amounts reclassified out of accumulated other comprehensive income by respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in ASU 2013-2 do not change the current requirements for reporting net income or other comprehensive income in financial statements. For public entities, the amendments in ASU 2013-2 are effective prospectively for reporting periods beginning after December 31, 2012. The adoption of this guidance concerns disclosure only and did not have an impact on our consolidated financial statements. | ||||||||||||||
In July 2013, the FASB updated ASC 815 “Derivatives and Hedging” with ASU 2013-10 “Inclusion of the Fed Funds Effective Swap Rate (of Overnight Index Swap Rate) as a Benchmark Interest rate for Hedge Accounting Purposes.” ASU 2013-10 permits the Overnight Index Swap (“OIS”) Rate, also referred to as the Fed Funds effective Swap Rate, to be used as a U.S. benchmark for hedge accounting purposes, in addition to London Interbank Offered Rate (“LIBOR”) and the interest rate on direct U.S. Treasury obligations. The guidance also removes the restriction on using different benchmarks for similar hedges. ASU 2013-10 is effective prospectively for qualifying new or re-designated hedges entered into on or after July 17, 2013. The adoption of this guidance did not have an impact on our consolidated financial statements. | ||||||||||||||
Property_Acquisitions
Property Acquisitions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Real Estate Disclosure [Text Block] | ' | ||||
3. Property Acquisitions | |||||
During 2013, the Company purchased eighteen retail assets for approximately $74 million with a weighted average capitalization rate of approximately 8.0% to obtain 100% control of the assets. The weighted average capitalization rate for these single tenant net leased properties was calculated by dividing the annual property net operating income by the purchase price. Property net operating income is defined as the straight-line rent for the base term of the lease less any property level expense (if any) that is not recoverable from the tenant. The aggregate acquisitions were allocated as follows: $13.5 million to land, $53.6 million to buildings and improvements, and $6.9 million to lease intangible costs. The acquisitions were substantially all cash purchases and there were no contingent considerations associated with these acquisitions. | |||||
During 2012, the Company purchased 25 retail assets for approximately $82.3 million with a weighted average capitalization rate of 8.6% to obtain 100% control of the assets. The weighted average capitalization rate for these single tenant net leased properties was calculated by dividing the annual property net operating income by the purchase price. Property net operating income is defined as the straight-line rent for the base term of the lease less any property level expense (if any) that is not recoverable from the tenant. The aggregate acquisitions were allocated as follows: $32.7 million to land, $42.5 million to buildings and improvements, and $7.1 million to lease intangible costs. The acquisitions were substantially all cash purchases and there were no contingent considerations associated with these acquisitions. In one acquisition, the Company assumed debt of approximately $9.6 million and in another acquisition the Company assumed debt of approximately $8.6 million. | |||||
Total revenues of $2,860,000 and income before discontinued operations of $142,000 are included in the 2013 consolidated income statement for the aggregate 2013 acquisitions. | |||||
The following pro forma total revenue and income before discontinued operations for the 2013 acquisitions in aggregate, assumes the acquisitions had taken place on January 1, 2013 for the 2013 pro forma information, and on January 1, 2012 for the 2012 pro forma information (in thousands): | |||||
Supplemental pro forma for the year ended December 31, 2013 (1) | |||||
Total revenue | $ | 45,910 | |||
Income before discontinued operations | $ | 19,178 | |||
Supplemental pro forma for the year ended December 31, 2012 (1) | |||||
Total revenue | $ | 38,266 | |||
Income before discontinued operations | $ | 14,311 | |||
-1 | This unaudited pro forma supplemental information does not purport to be indicative of what our operating results would have been had the acquisitions occurred on January 1, 2013 or January 1, 2012 and may not be indicative of future operating results. Various acquisitions were of newly leased or constructed assets and may not have been in service for the full periods shown. | ||||
Impairment_Real_Estate_Investm
Impairment - Real Estate Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Asset Impairment Charges [Text Block] | ' | ||||||||||||||||
4. Impairment - Real Estate Investments | |||||||||||||||||
Management periodically assesses its Real Estate Investments for possible impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of the Company to re-lease or sell properties that are vacant or become vacant. Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. As a result of the Company’s review of Real Estate Investments, including identifiable intangible assets, the Company recognized the following real estate impairments for the year ended December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Continuing operations | $ | - | $ | - | $ | 600,000 | |||||||||||
Discontinued operations | 450,000 | - | 12,900,000 | ||||||||||||||
Total | $ | 450,000 | $ | - | $ | 13,500,000 | |||||||||||
Real Estate Investments measured at fair value due to impairment charges are considered fair value measurements on a non recurring basis. The following table presents the assets and liabilities carried on the balance sheet within the fair value valuation hierarchy (as described above) as of December 31, 2013 and 2011, for which a nonrecurring change in fair value has been recorded during the years ended December 31, 2013 and 2011. | |||||||||||||||||
Quoted prices in | Significant other | Significant | |||||||||||||||
active markets for | observable | unobservable | |||||||||||||||
2013 | Fair Value as of | identical assets | inputs | inputs | Impairment | ||||||||||||
(in thousands) | measurement date | (Level 1) | (Level 2) | (Level 3) | Charge | ||||||||||||
Real Estate Investments | $ | 4,875 | $ | 4,875 | $ | -0- | $ | -0- | $ | 450 | |||||||
Quoted prices in | Significant other | Significant | |||||||||||||||
active markets for | observable | unobservable | |||||||||||||||
2011 | Fair Value as of | identical assets | inputs | inputs | Impairment | ||||||||||||
(in thousands) | measurement date | (Level 1) | (Level 2) | (Level 3) | Charge | ||||||||||||
Real Estate Investments | $ | 19,805 | $ | -0- | $ | 7,100 | $ | 12,705 | $ | 13,500 | |||||||
The loss of $450,000 and $13.5 million represents an impairment charge related to Real Estate Investments which was included in net income during the years ended December 31, 2013 and 2011, respectively. During 2012, the Company recorded no impairment charge related to Real Estate Investments. The fair value of certain Real Estate Investments was calculated differently based on available information. Real Estate Investments considered to be measured based on Level 1 inputs were based on actual sales negotiations and bona fide purchase offers received from third parties. Real Estate Investments considered to be measured based on Level 2 inputs were based on broker opinions of value or analysis of recent comparable sales transactions. Real Estate Investments considered to be measured based on Level 3 inputs were based on an internal valuation model using discounted cash flow analyses and income capitalization using market lease rates and market cap rates. These cash flow projections incorporate assumptions developed from the perspective of market participants valuing the Real Estate Investments. | |||||||||||||||||
Note_and_Mortgages_Payable
Note and Mortgages Payable | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Mortgage Notes Payable Disclosure [Text Block] | ' | |||||||
5. Note and Mortgages Payable | ||||||||
Agree Limited Partnership (the “Operating Partnership”) has in place an $85,000,000 unsecured revolving credit facility (“Credit Facility”), which is guaranteed by the Company. Subject to customary conditions, at the Company’s option, total commitments under the Credit Facility may be increased up to an aggregate of $135,000,000. The Company intends to use borrowings under the Credit Facility for general corporate purposes, including working capital, development and acquisition activities, capital expenditures, repayment of indebtedness or other corporate activities. The Credit Facility matures on October 26, 2015, and may be extended, at the Company’s election, for two one-year terms to October 2017, subject to certain conditions. Borrowings under the Credit Facility bear interest at LIBOR plus a spread of 150 to 215 basis points, or the base rate, depending on the Company’s leverage ratio. As of December 31, 2013, $9,500,000 was outstanding under the Credit Facility bearing a weighted average interest rate of 3.75%, and $75,500,000 was available for borrowing (subject to customary conditions to borrowing). | ||||||||
In September 2013, the Operating Partnership entered into a $35,000,000 seven year unsecured term loan (“Unsecured Term Loan”), which is guaranteed by the Company. The Unsecured Term Loan includes an accordion feature providing the opportunity to borrow up to an additional $35,000,000 under the same loan agreement, subject to customary conditions. The Unsecured Term Loan matures on September 29, 2020. Borrowings under the Unsecured Term Loan bear interest at LIBOR plus a spread of 165 to 225 basis points depending on the Company’s leverage ratio. In conjunction with the closing of the loan, the Company entered into a seven year interest rate swap agreement resulting in a fixed interest rate of 3.85%, based on the current spread. The Company used the proceeds from the Unsecured Term Loan to pay down amounts outstanding under the Credit Facility. | ||||||||
The Credit Facility and Unsecured Term Loan contain customary covenants, including, among others, financial covenants regarding debt levels, total liabilities, tangible net worth, fixed charge coverage, unencumbered borrowing base properties, and permitted investments. The Company was in compliance with the covenant terms at December 31, 2013. | ||||||||
Mortgages payable consisted of the following: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Note payable in monthly installments of interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% with balloon payment due April 4, 2018; collateralized by related real estate and tenants' leases | 25,000,000 | 25,000,000 | ||||||
Note payable in monthly installments of interest only at 3.60% per annum, with balloon payment due January 1, 2023; collateralized by related real estate and tenants' leases | 23,640,000 | 23,640,000 | ||||||
Note payable in monthly principal installments of $50,120 plus interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.62% as of December 31, 2013. A final balloon payment in the amount of $19,744,758 is due on May 14, 2017 unless extended for a two year period at the option of the Company, subject to certain conditions, collateralized by related real estate and tenants’ leases | 22,017,758 | 22,601,978 | ||||||
Note payable in monthly installments of $153,838 including interest at 6.90% per annum, with the final monthly payment due January 2020; collateralized by related real estate and tenants’ leases | 9,149,944 | 10,320,440 | ||||||
Note payable in monthly installments of $91,675 including interest at 6.27% per annum, with a final monthly payment due July 2026; collateralized by related real estate and tenants’ leases | 9,557,942 | 10,042,152 | ||||||
Note payable in monthly installments of $60,097 including interest at 5.08% per annum, with a final balloon payment in the amount of $9,167,573 due June 2014; collateralized by related real estate and tenants’ leases | 9,271,561 | 9,509,011 | ||||||
Note payable in monthly installments of $99,598 including interest at 6.63% per annum, with the final monthly payment due February 2017; collateralized by related real estate and tenants’ leases | 3,405,384 | 4,340,850 | ||||||
Note payable in monthy interest-only installments of $48,467 at 6.56% annum, with a balloon payment in the amount of $8,580,000 due June 11, 2016; collateralized by related real estate and tenants’ leases | 8,580,000 | 8,580,000 | ||||||
Note payable in monthly installments of $23,004 including interest at 6.24% per annum, with the final balloon payment of $2,766,628 due February 2020; collateralized by related real estate and tenant lease | 3,275,170 | 3,341,711 | ||||||
Total | $ | 113,897,759 | $ | 117,376,142 | ||||
The above mortgages payable are collateralized by related real estate with an aggregate net book value of $146,657,000. | ||||||||
The weighted average interest rate for the mortgage notes payable at December 31, 2013 and 2012 was 4.38% and 4.43%, respectively. | ||||||||
The following table presents scheduled principal payments on mortgages and notes payable as of December 31, 2013: | ||||||||
Year Ending December 31, | ||||||||
2014 | $ | 12,730,495 | ||||||
2015 (1) | 13,191,970 | |||||||
2016 | 12,520,195 | |||||||
2017 (2) | 22,489,650 | |||||||
2018 | 27,403,792 | |||||||
Thereafter | 70,061,657 | |||||||
Total debt | $ | 158,397,759 | ||||||
-1 | Scheduled maturities in 2015 include the $9,500,000 outstanding balance under the Credit Facility as of December 31, 2013. The Credit Facility matures on October 26, 2015, and may be extended at the Company’s election, for two one-year terms to October 2017, subject to certain conditions. | |||||||
-2 | Scheduled maturities in 2017 include $19,744,758 which represents the ending balance of a note payable due in 2017. The note matures May 14, 2017 and may be extended, at the Company’s election, for a two-year term to May 2019, subject to certain conditions. | |||||||
In May 2012, the Company assumed a loan in the amount of $9,640,000 in conjunction with the acquisition of a property. The loan matures June 1, 2014 and carries a 5.08% interest rate. | ||||||||
In June 2012, the Company entered into an amendment and restatement of the mortgage loan in the amount of $22,882,778 to provide for an extension of the maturity date to May 14, 2017, with an option to extend for two years to May 14, 2019, subject to certain conditions. Borrowings under the loan bear interest at LIBOR plus a spread of 170 basis points and require monthly principal repayments. Monthly interest payments have been swapped to a fixed rate of 3.744% to June 30, 2013 and 3.62% thereafter until maturity. | ||||||||
In July 2012, the Company assumed a loan in the amount of $8,580,000 in conjunction with the acquisition of property. The loan matures June 2016 and carries a 6.56% interest rate. | ||||||||
In December 2012, the Company entered into a $25,000,000 non-recourse mortgage loan secured by 11 properties. The interest-only loan matures April 4, 2018 and carries an interest rate of LIBOR plus 160 basis points which has been swapped to a fixed rate of 2.49%. In December 2012, the Company also entered into a $23,640,000 non-recourse mortgage loan secured by 12 properties. The interest-only loan matures January 1, 2023 and carries a 3.60% interest rate. | ||||||||
The mortgage loans encumbering the Company’s properties are generally non-recourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. At December 31, 2013, the mortgage debt of $22,017,758 is recourse debt and is secured by a limited guaranty of payment and performance by us for approximately 50% of the loan amount. We have entered into mortgage loans which are secured by multiple properties and contain cross-default and cross-collateralization provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that we default under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan. | ||||||||
The Company was in compliance with covenant terms for all mortgages payable at December 31, 2013. | ||||||||
Dividends_and_Distribution_Pay
Dividends and Distribution Payable | 12 Months Ended | ||
Dec. 31, 2013 | |||
Dividends and Distributions Payable [Abstract] | ' | ||
Dividends and Distributions Payable [Text Block] | ' | ||
6 | Dividends and Distribution Payable | ||
On December 3, 2013, the Company declared a dividend of $.41 per share for the quarter ended December 31, 2013. The holders OP Units were entitled to an equal distribution per OP Unit held as of December 31, 2013. The dividends and distributions payable are recorded as liabilities in the Company's consolidated balance sheet at December 31, 2013. The dividend has been reflected as a reduction of stockholders' equity and the distribution has been reflected as a reduction of the limited partners' non-controlling interest. These amounts were paid on January 3, 2014. | |||
On December 4, 2012, the Company declared a dividend of $.40 per share for the quarter ended December 31, 2012. The holders of limited partnership interest in the Operating Partnership (“OP Units”) were entitled to an equal distribution per OP Unit held as of December 31, 2012. The dividends and distributions payable are recorded as liabilities in the Company's consolidated balance sheet at December 31, 2012. The dividend has been reflected as a reduction of stockholders' equity and the distribution has been reflected as a reduction of the limited partners’ non-controlling interest. These amounts were paid on January 2, 2013. | |||
Deferred_Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Revenue Disclosure [Abstract] | ' |
Deferred Revenue Disclosure [Text Block] | ' |
7. Deferred Revenue | |
In July 2004, the Company’s tenant in a joint venture property located in Boynton Beach, FL repaid $4,000,000 that had been contributed by the Company’s joint venture partner. As a result of this repayment, the Company became the sole member of the limited liability company holding the property. Total assets of the property were approximately $4,000,000. The Company has treated the $4,000,000 as deferred revenue and accordingly, will recognize rental income over the term of the related leases. | |
The remaining deferred revenue of approximately $1,467,000 will be recognized as minimum rents over approximately 3.2 years. | |
In July 2004, the Company’s tenant in a second joint venture property located in Ann Arbor, MI repaid $9.8 million that had been contributed by the Company’s joint venture partner. As a result of this repayment, the Company became the sole member of the limited liability company holding the property. Total assets of the two properties were approximately $9.8 million. The Company treated the $9.8 million as deferred revenue and accordingly, recognized rental income over the term of the related leases. In September 2011, the Company’s tenant terminated their lease. The Company recognized rental income of $5.7 million during the third quarter of 2011 related to this property, which is included in discontinued operations in the accompanying financial statements. | |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activity | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||||||||||
8. Derivative Instruments and Hedging Activity | |||||||||||||||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments. | |||||||||||||||||||||||||
The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements and add stability to interest expense. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreement without exchange of the underlying notional amount. | |||||||||||||||||||||||||
On January 2, 2009, the Company entered into an interest rate swap agreement for a notional amount of $24,501,280, effective on January 2, 2009 and ending on July 1, 2013. The notional amount decreased over the term to match the outstanding balance of the hedged borrowing. The Company entered into this derivative instrument to hedge against the risk of changes in future cash flows related to changes in interest rates on $24,501,280 of the total variable-rate borrowings outstanding. Under the terms of the interest rate swap agreement, the Company received from the counterparty interest on the notional amount based on 1.5% plus one-month LIBOR and paid to the counterparty a fixed rate of 3.744%. This swap effectively converted $24,501,280 of variable-rate borrowings to fixed-rate borrowings beginning on January 2, 2009 and through July 1, 2013. | |||||||||||||||||||||||||
On April 24, 2012, the Company entered into a forward starting interest rate swap agreement, for the same variable rate loan, as extended, for a notional amount of $22,268,358, effective on July 1, 2013 and ending on May 1, 2019. The notional amount decreases over the term to match the outstanding balance of the hedged borrowing. The Company entered into this derivative instrument to hedge against the risk of changes in future cash flows related to changes in interest rates on $22,268,358 of the total variable rate borrowings outstanding. Under the terms of the interest rate swap agreement, the Company will receive from the counterparty interest on the notional amount based on one-month LIBOR and will pay to the counterparty a fixed rate of 1.92%. This swap effectively converted $22,268,358 of variable-rate borrowings to fixed-rate borrowings beginning on July 1, 2013 and through May 1, 2019. | |||||||||||||||||||||||||
On December 4, 2012, the Company entered into interest rate swap agreements for a notional amount of $25,000,000, effective December 6, 2012 and ending on April 4, 2018. The Company entered into these derivative instruments to hedge against changes in future cash flows related to changes in interest rates on $25,000,000 of variable rate borrowings outstanding. Under the terms of the interest rate swap agreements, the Company will receive from the counterparty interest on the notional amount based on one month LIBOR and will pay to the counterparty a fixed rate of .885%. This swap effectively converted $25,000,000 of variable-rate borrowings to fixed-rate borrowings beginning on December 6, 2012 and through April 4, 2018. | |||||||||||||||||||||||||
On September 30, 2013, the Company entered into an interest rate swap agreement for a notional amount of $35,000,000, effective October 3, 2013 and ending on September 29, 2020. The Company entered into this derivative instrument to hedge against changes in future cash flows related to changes in interest rates on $35,000,000 of variable rate borrowings outstanding. Under the terms of the interest rate swap agreement, the Company will receive from the counterparty interest on the notional amount based on one-month LIBOR and will pay to the counterparty a fixed rate of 2.197%. This swap effectively converted $35,000,000 of variable-rate borrowings to fixed-rate borrowings beginning on October 3, 2013 and through September 29, 2020. | |||||||||||||||||||||||||
Companies are required to recognize all derivative instruments as either assets or liabilities at fair value on the balance sheet. The Company has designated these derivative instruments as cash flow hedges. As such, changes in the fair value of the derivative instrument are recorded as a component of other comprehensive income (loss) for the year ended December 31, 2013 to the extent of effectiveness. The ineffective portion of the change in fair value of the derivative instrument is recognized in interest expense. For the year ended December 31, 2013, the Company has determined these derivative instruments to be effective hedges. | |||||||||||||||||||||||||
The company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||
Number of Instruments | Notional | ||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||
Interest Rate Derivatives | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Interest Rate Swap | 3 | 3 | $ | 82,017,758 | $ | 47,601,978 | |||||||||||||||||||
The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheets. | |||||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||||||||||
Location | Fair Value | Location | Fair Value | ||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Interest Rate Swaps | Other Assets | $ | 679,234 | $ | - | ||||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||||||||||
Location | Fair Value | Location | Fair Value | ||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Interest Rate Swaps | Other Liabilities | $ | 204,696 | Other Liabilities | $ | 1,337,998 | |||||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and other comprehensive loss for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||
Derivatives in | Amount of Income/(Loss) | Location of | Amount of Income/(Loss) | Location of Loss | Amount of Loss Recognized | ||||||||||||||||||||
Cash Flow | Recognized in OCI on Derivative | Income/(Loss) | Reclassified from Accumulated OCI | Recognized In Income | in Income on Derivative | ||||||||||||||||||||
Hedging | (Effective Portion) | Reclassifed from | into Expense (Effective Portion) | of Derivative (Ineffective | (Ineffective Portion and | ||||||||||||||||||||
Relationships | Accumulated OCI | Portion and Amount | Amount Excluded from | ||||||||||||||||||||||
into Income | Excluded from | Effectiveness Testing and | |||||||||||||||||||||||
(Effective Portion) | Effectiveness Testing) | Missed Forecasted | |||||||||||||||||||||||
Transactions) | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Interest rate swaps | $ | 1,812,536 | $ | -708,538 | Interest Expense | $ | -773,120 | $ | -470,055 | $ | - | $ | - | ||||||||||||
The Company does not use derivative instruments for trading or other speculative purposes and did not have any other derivative instruments or hedging activities as of December 31, 2013. | |||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
9. Income Taxes | |
The Company is subject to the provisions of Financial Accounting Standards Board Accounting Standard Codification 740-10 (“FASB ASC 740-10”), and has analyzed its various federal and state filing positions. The Company believes that its income tax filing positions and deductions are documented and supported. Additionally the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to FASB ASC 740-10. The Company’s Federal income tax returns are open for examination by taxing authorities for all tax years after December 31, 2008. The Company has elected to record any related interest and penalties, if any, as income tax expense on the consolidated statements of operations and comprehensive income. | |
For income tax purposes, the Company has certain TRS entities that have been established and in which certain real estate activities are conducted. | |
As of December 31, 2013, the Company has estimated a current income tax liability of $0 and a deferred income tax liability in the amount of $705,000. As of December 31, 2012, the Company had estimated a current income tax liability of approximately $17,700 and a deferred income tax liability in the amount of $705,000. This deferred income tax balance represents the federal and state tax effect of deferring income tax in 2007 on the sale of an asset under section 1031 of the Internal Revenue Code. This transaction was accrued within the TRS entities described above. During the years ended December 31, 2013, and 2012, we recognized total federal and state tax expense of $3,000, and $211,000, respectively. | |
Stock_Based_Awards
Stock Based Awards | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||
10. Stock Based Awards | |||||||
The Company established a stock incentive plan in 1994 (the “1994 Plan”) under which options were granted. The options had an exercise price equal to the initial public offering price ($19.50/share), could be exercised in increments of 25% on each anniversary of the date of the grant, and expire upon employment termination. All options granted under the 1994 Plan have been exercised. In 2005, the Company’s stockholders approved the 2005 Equity Incentive Plan (the “2005 Plan”), which replaced the 1994 Plan. The 2005 Plan authorizes the issuance of a maximum of one million shares of common stock. No options were granted during 2013, 2012 or 2011. | |||||||
Restricted common stock is granted to certain employees as part of the Company's 2005 Plan. As of December 31, 2013, there was $4,280,000 of total unrecognized compensation costs related to the outstanding restricted stock, which is expected to be recognized over a weighted average period of 3.1 years. The Company used 0% for both the discount factor and forfeiture rate for determining the fair value of restricted stock. The forfeiture rate was based on historical results and trends and the Company does not consider discount rates to be material. | |||||||
The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The Company granted 87,950, 94,850, and 105,050 shares of restricted stock in 2013, 2012, and 2011, respectively to employees and sub-contractors under the 2005 Plan. The restricted shares vest over a five-year period based on continued service to the Company. | |||||||
Restricted share activity is summarized as follows: | |||||||
Weighted Average | |||||||
Shares | Grant Date | ||||||
Outstanding | Fair Value | ||||||
Unvested restricted stock at January 1, 2011 | 166,850 | $ | 22 | ||||
Restricted stock granted | 105,050 | $ | 22.01 | ||||
Restricted stock vested | -42,830 | $ | 22.48 | ||||
Restricted stock forfeited | -12,150 | $ | 22.22 | ||||
Unvested restricted stock at December 31, 2011 | 216,920 | $ | 21.74 | ||||
Restricted stock granted | 94,850 | $ | 24.4 | ||||
Restricted stock vested | -55,870 | $ | 21.87 | ||||
Restricted stock forfeited | -5,720 | $ | 24.32 | ||||
Unvested restricted stock at December 31, 2012 | 250,180 | $ | 22.66 | ||||
Restricted stock granted | 87,950 | $ | 27.7 | ||||
Restricted stock vested | -73,368 | $ | 22.5 | ||||
Restricted stock forfeited | -15,680 | $ | 25.01 | ||||
Unvested restricted stock at December 31, 2013 | 249,082 | $ | 24.33 | ||||
ProfitSharing_Plan
Profit-Sharing Plan | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Additional Financial Information Disclosure [Text Block] | ' |
11. Profit-Sharing Plan | |
The Company has a discretionary profit-sharing plan whereby it contributes to the plan such amounts as the Board of Directors of the Company determines. The participants in the plan cannot make any contributions to the plan. Contributions to the plan are allocated to the employees based on their percentage of compensation to the total compensation of all employees for the plan year. Participants in the plan become fully vested after six years of service. No contributions were made to the plan in 2013, 2012, or 2011. | |
Rental_Income
Rental Income | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Capital Leases in Financial Statements of Lessor Disclosure [Text Block] | ' | ||||
12. Rental Income | |||||
The Company leases premises in its properties to tenants pursuant to lease agreements, which provide for terms ranging generally from five to 25 years. The majority of leases provide for additional rents based on tenants' sales volume. The weighted average remaining lease term is 11.7 years. | |||||
As of December 31, 2013, the future minimum rentals for the next five years from rental property under the terms of all non-cancellable tenant leases, assuming no new or renegotiated leases are executed for such premises, are as follows (in thousands): | |||||
For the Year Ending December 31, | |||||
2014 | $ | 43,087 | |||
2015 | 41,889 | ||||
2016 | 39,534 | ||||
2017 | 38,991 | ||||
2018 | 37,598 | ||||
Thereafter | 334,493 | ||||
Total | $ | 535,592 | |||
Of these future minimum rentals, approximately 35.0% of the total is attributable to Walgreens, approximately .8% of the total is attributable to Kmart, approximately 8.0% is attributable to CVS, approximately 5.8% is attributable to Wawa, and approximately 2.2% is attributable to Walmart. Walgreens operates in the national drugstore chain industry, Kmart’s principal business is general merchandise retailing through a chain of discount department stores, CVS is a leading pharmacy provider, Wawa is a convenience store operator and Walmart is a general merchandise retailer through a chain of discount department stores. The loss of any of these tenants or the inability of any of them to pay rent could have an adverse effect on the Company’s business. | |||||
The Company’s properties are located primarily in the Midwestern United States and in particular Michigan. Of the Company’s 131 properties, 46 are located in Michigan. | |||||
Lease_Obligations
Lease Obligations | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure [Text Block] | ' | ||||
13. Lease Obligations | |||||
The Company has entered into certain land lease agreements for four of its properties. Rent expense was $427,900, $574,300, and $721,300 for the years ending December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, future annual lease commitments under these agreements are as follows: | |||||
For the Year Ending December 31, | |||||
2014 | $ | 415,900 | |||
2015 | 415,900 | ||||
2016 | 415,900 | ||||
2017 | 415,900 | ||||
2018 | 410,233 | ||||
Thereafter | 8,285,521 | ||||
Total | $ | 10,359,354 | |||
The Company leases its executive offices from a limited liability company controlled by its Executive Chairman’s children. Under the terms of the lease, which expires on December 31, 2014, the Company is required to pay an annual rental of $90,000 and is responsible for the payment of real estate taxes, insurance and maintenance expenses relating to the building. | |||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' |
14. Discontinued Operations | |
During 2013, the Company sold a single tenant property located in Ypsilanti, Michigan in January 2013 for approximately $5.6 million. The Company also classified a Kmart anchored shopping center in Ironwood, Michigan as held for sale on December 31, 2013. The Company completed the sale of the Ironwood property for approximately $5,000,000 on January 15, 2014. | |
During 2012, the Company sold six non-core properties, a vacant office property for approximately $650,000; two vacant single tenant properties for $4,460,000; a Kmart anchored shopping center in Charlevoix, Michigan for $3,500,000, and two Kmart anchored shopping centers, one in Plymouth, Wisconsin and one in Shawano, Wisconsin for $7,475,000. In addition, the Company conveyed four mortgaged properties, which were previously leased to Borders, Inc., to the lender in March 2012 pursuant to a consensual deed-in-lieu-of-foreclosure process that satisfied the loans. The mortgage loans had an aggregate principal amount outstanding of approximately $9.2 million as of December 31, 2011. The Company also classified a single tenant property located in Ypsilanti, Michigan as held for sale on December 31, 2012. The Company completed the sale of the Ypsilanti property for approximately $5,600,000 on January 11, 2013. | |
The results of operations for these properties are presented as discontinued operations in the Company’s Consolidated Statements of Operations and Comprehensive Income. The revenues for the properties were $1,290,601, $3,932,462 and $13,773,597 for the years ended December 31, 2013, 2012 and 2011, respectively. The expenses for the properties were $992,259, $1,665,533 and $17,730,409 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
The Company elected to not allocate consolidated interest expense to the discontinued operations where the debt is not directly attributed to or related to the discontinued operations. Interest expense that was directly attributable to the discontinued operations was $-0-, $-0- and $1,313,875 for the years ended December 31, 2013, 2012 and 2011, respectively, and is included in the above expense amounts. | |
The results of income (loss) from discontinued operations allocable to non-controlling interest were $31,953, $129,993, and ($131,621) for the years ended December 31, 2013, 2012 and 2011, respectively. | |
The Company will classify properties as held for sale and reflect as discontinued operations when executed purchase and sales agreement contingencies have been satisfied thereby signifying that the sale is guaranteed and legally binding. | |
Interim_Results_Unaudited
Interim Results (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||
15. Interim Results (Unaudited) | ||||||||||||||
The following summary represents the unaudited results of operations of the Company, expressed in thousands except per share amounts, for the periods from January 1, 2012 through December 31, 2013. Certain amounts have been reclassified to conform to the current presentation of discontinued operations: | ||||||||||||||
2013 | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
Revenues | $ | 9,928 | $ | 10,601 | $ | 11,272 | $ | 11,716 | ||||||
Net Income (Loss) | $ | 5,392 | $ | 4,530 | $ | 4,646 | $ | 5,622 | ||||||
Earnings (Loss) Per Share – Diluted | $ | 0.41 | $ | 0.34 | $ | 0.35 | $ | 0.38 | ||||||
2012 | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
Revenues | $ | 8,087 | $ | 8,368 | $ | 8,902 | $ | 9,267 | ||||||
Net Income | $ | 4,742 | $ | 5,090 | $ | 4,025 | $ | 4,747 | ||||||
Earnings Per Share – Diluted | $ | 0.43 | $ | 0.44 | $ | 0.35 | $ | 0.4 | ||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
16. Subsequent Events | |
In January and February 2014, the Company granted a total of 81,082 shares of restricted stock to employees and associates under the 2005 Plan. The fair value of these grants approximate $2,325,000 and the restricted shares vest over a five year period based on continued service to the Company. | |
The Company completed the sale of the Kmart anchored community shopping center located in Ironwood, Michigan for approximately $5,000,000 on January 15, 2014. | |
On March 4, 2014, the Company declared a dividend of $.43 per share for the quarter ending March 31, 2014 for holders of record on March 31, 2014. The holders of OP Units are also entitled to an equal distribution per OP Unit held as of March 31, 2014. The amounts are to be paid on April 8, 2014. | |
The Company evaluates events occurring after the date of the financial statements for events requiring recording or disclosure in the financial statements. The company has evaluated subsequent events through the date the consolidated financial statements were issued. | |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||
Schedule III – Real Estate and Accumulated Depreciation | 31-Dec-13 | |||||||||||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | |||||||||||||||||||||||
Gross Amount at Which Carried at Close of | Life on Which | |||||||||||||||||||||||||||||
Initial Cost | Costs | Period | Depreciation in | |||||||||||||||||||||||||||
Capitalized | Latest Income | |||||||||||||||||||||||||||||
Building and | Subsequent to | Building and | Accumulated | Date of | Statement is | |||||||||||||||||||||||||
Description | Encumbrance | Land | Improvements | Acquisition | Land | Improvements | Total | Depreciation | Construction | Computed | ||||||||||||||||||||
Com pleted Retail Facilities | ||||||||||||||||||||||||||||||
Borman Center, MI | $ | - | $ | 550,000 | $ | 562,404 | $ | 1,087,596 | $ | 550,000 | $ | 1,650,000 | $ | 2,200,000 | $ | 1,576,772 | 1977 | 40 Years | ||||||||||||
Capital Plaza, KY | - | 7,379 | 2,240,607 | 3,434,142 | 7,379 | 5,674,749 | 5,682,128 | 2,744,365 | 1978 | 40 Years | ||||||||||||||||||||
Chippew a Commons, WI | - | 1,197,150 | 6,367,560 | 492,995 | 1,197,150 | 6,860,555 | 8,057,705 | 3,910,563 | 1990 | 40 Years | ||||||||||||||||||||
Grayling Plaza, MI | - | 200,000 | 1,778,657 | - | 200,000 | 1,778,657 | 1,978,657 | 1,320,460 | 1984 | 40 Years | ||||||||||||||||||||
Marshall Plaza Two, MI | - | - | 4,662,230 | 159,688 | - | 4,821,918 | 4,821,918 | 2,702,421 | 1990 | 40 Years | ||||||||||||||||||||
North Lakeland Plaza, FL | - | 1,641,879 | 6,364,379 | 1,995,896 | 1,641,879 | 8,360,275 | 10,002,154 | 4,908,425 | 1987 | 40 Years | ||||||||||||||||||||
Oscoda Plaza, MI | - | 183,295 | 1,872,854 | - | 183,295 | 1,872,854 | 2,056,149 | 1,387,693 | 1984 | 40 Years | ||||||||||||||||||||
Petoskey Town Center, MI | - | 875,000 | 8,895,289 | 392,154 | 875,000 | 9,287,443 | 10,162,443 | 5,216,143 | 1990 | 40 Years | ||||||||||||||||||||
Rapids Associates, MI | - | 705,000 | 6,854,790 | 2,157,041 | 705,000 | 9,011,831 | 9,716,831 | 4,359,647 | 1990 | 40 Years | ||||||||||||||||||||
West Frankfort Plaza, IL | - | 8,002 | 784,077 | 202,463 | 8,002 | 986,540 | 994,542 | 675,719 | 1982 | 40 Years | ||||||||||||||||||||
Omaha Store, NE | - | 150,000 | - | - | 150,000 | - | 150,000 | - | 1995 | 40 Years | ||||||||||||||||||||
Wichita Store, KS | 1,669,449 | 1,039,195 | 1,690,644 | -48,910 | 1,139,677 | 1,541,252 | 2,680,929 | 742,605 | 1995 | 40 Years | ||||||||||||||||||||
Monroeville, PA | - | 6,332,158 | 2,249,724 | -2,586,265 | 3,153,890 | 2,841,727 | 5,995,617 | 907,676 | 1996 | 40 Years | ||||||||||||||||||||
Boynton Beach, FL | - | 1,534,942 | 2,043,122 | 3,976,385 | 1,534,942 | 6,019,507 | 7,554,449 | 1,419,357 | 1996 | 40 Years | ||||||||||||||||||||
Lawrence, KS | - | 981,331 | 3,000,000 | -1,510,873 | 419,791 | 2,050,667 | 2,470,458 | 1,185,693 | 1997 | 40 Years | ||||||||||||||||||||
Waterford, MI | 820,016 | 971,009 | 1,562,869 | 135,390 | 971,009 | 1,698,259 | 2,669,268 | 678,267 | 1997 | 40 Years | ||||||||||||||||||||
Chesterfield Township, MI | 900,383 | 1,350,590 | 1,757,830 | -46,164 | 1,350,590 | 1,711,666 | 3,062,256 | 663,852 | 1998 | 40 Years | ||||||||||||||||||||
Grand Blanc, MI | 860,200 | 1,104,285 | 1,998,919 | 43,929 | 1,104,285 | 2,042,848 | 3,147,133 | 648,096 | 1998 | 40 Years | ||||||||||||||||||||
Pontiac, MI | 824,784 | 1,144,190 | 1,808,955 | -113,506 | 1,144,190 | 1,695,449 | 2,839,639 | 760,420 | 1998 | 40 Years | ||||||||||||||||||||
Mt Pleasant Shopping Ctr, MI | - | 907,600 | 8,081,968 | 1,024,052 | 907,600 | 9,106,020 | 10,013,620 | 4,482,688 | 1973 | 40 Years | ||||||||||||||||||||
Rochester, MI | 1,833,649 | 2,438,740 | 2,188,050 | 1,949 | 2,438,740 | 2,189,999 | 4,628,739 | 793,851 | 1999 | 40 Years | ||||||||||||||||||||
Ypsilanti, MI | 1,656,140 | 2,050,000 | 2,222,097 | 32,641 | 2,050,000 | 2,254,738 | 4,304,738 | 788,297 | 1999 | 40 Years | ||||||||||||||||||||
Petoskey, MI | 1,151,978 | - | 2,332,473 | 1,179 | - | 2,333,652 | 2,333,652 | 797,243 | 2000 | 40 Years | ||||||||||||||||||||
Flint, MI | 1,737,574 | 2,026,625 | 1,879,700 | -1,201 | 2,026,625 | 1,878,499 | 3,905,124 | 610,518 | 2000 | 40 Years | ||||||||||||||||||||
Flint, MI | 1,495,101 | 1,477,680 | 2,241,293 | - | 1,477,680 | 2,241,293 | 3,718,973 | 721,413 | 2001 | 40 Years | ||||||||||||||||||||
New Baltimore, MI | 1,275,502 | 1,250,000 | 2,285,781 | -16,502 | 1,250,000 | 2,269,279 | 3,519,279 | 702,233 | 2001 | 40 Years | ||||||||||||||||||||
Flint, MI | 3,138,856 | 1,729,851 | 1,798,091 | 660 | 1,729,851 | 1,798,751 | 3,528,602 | 526,473 | 2002 | 40 Years | ||||||||||||||||||||
Indianapolis, IN | - | 180,000 | 1,117,617 | - | 180,000 | 1,117,617 | 1,297,617 | 319,174 | 2002 | 40 Years | ||||||||||||||||||||
Big Rapids, MI | - | 1,201,675 | 2,014,107 | -2,000 | 1,201,675 | 2,012,107 | 3,213,782 | 540,794 | 2003 | 40 Years | ||||||||||||||||||||
Flint, MI | - | - | 471,272 | -198,810 | - | 272,462 | 272,462 | 112,275 | 2003 | 20 Years | ||||||||||||||||||||
Canton Tw p, MI | - | 1,550,000 | 2,132,096 | 23,020 | 1,550,000 | 2,155,116 | 3,705,116 | 543,220 | 2003 | 40 Years | ||||||||||||||||||||
Flint, MI | 3,637,875 | 1,537,400 | 1,961,674 | - | 1,537,400 | 1,961,674 | 3,499,074 | 482,329 | 2004 | 40 Years | ||||||||||||||||||||
Webster, NY | - | 1,600,000 | 2,438,781 | - | 1,600,000 | 2,438,781 | 4,038,781 | 596,997 | 2004 | 40 Years | ||||||||||||||||||||
Albion, NY | - | 1,900,000 | 3,037,864 | - | 1,900,000 | 3,037,864 | 4,937,864 | 693,015 | 2004 | 40 Years | ||||||||||||||||||||
Flint, MI | 2,781,211 | 1,029,000 | 2,165,463 | -6,666 | 1,029,000 | 2,158,797 | 3,187,797 | 492,435 | 2004 | 40 Years | ||||||||||||||||||||
Lansing, MI | - | 785,000 | 348,501 | 3,045 | 785,000 | 351,546 | 1,136,546 | 83,456 | 2004 | 40 Years | ||||||||||||||||||||
Boynton Beach, FL | - | 1,569,000 | 2,363,524 | - | 1,569,000 | 2,363,524 | 3,932,524 | 573,223 | 2004 | 40 Years | ||||||||||||||||||||
Midland, MI | - | 2,350,000 | 2,313,413 | -79,235 | 2,268,695 | 2,315,483 | 4,584,178 | 489,552 | 2005 | 40 Years | ||||||||||||||||||||
Grand Rapids, MI | 3,045,498 | 1,450,000 | 2,646,591 | - | 1,450,000 | 2,646,591 | 4,096,591 | 551,375 | 2005 | 40 Years | ||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | |||||||||||||||||||||||
Gross Amount at Which Carried at Close of | Life on Which | |||||||||||||||||||||||||||||
Initial Cost | Costs | Period | Depreciation in | |||||||||||||||||||||||||||
Capitalized | Latest Income | |||||||||||||||||||||||||||||
Building and | Subsequent to | Building and | Accumulated | Date of | Statement is | |||||||||||||||||||||||||
Description | Encumbrance | Land | Improvements | Acquisition | Land | Improvements | Total | Depreciation | Construction | Computed | ||||||||||||||||||||
Delta Tow nship, MI | 3,179,846 | 2,075,000 | 2,535,971 | 7,004 | 2,075,000 | 2,542,975 | 4,617,975 | 519,249 | 2005 | 40 Years | ||||||||||||||||||||
Roseville, MI | 2,403,987 | 1,771,000 | 2,327,052 | - | 1,771,000 | 2,327,052 | 4,098,052 | 472,681 | 2005 | 40 Years | ||||||||||||||||||||
Mt Pleasant, MI | 1,252,087 | 1,075,000 | 1,432,390 | 4,787 | 1,075,000 | 1,437,177 | 2,512,177 | 290,417 | 2005 | 40 Years | ||||||||||||||||||||
N Cape May, NJ | - | 1,075,000 | 1,430,092 | 495 | 1,075,000 | 1,430,587 | 2,505,587 | 289,094 | 2005 | 40 Years | ||||||||||||||||||||
Summit Tw p, MI | 1,473,349 | 998,460 | 1,336,357 | - | 998,460 | 1,336,357 | 2,334,817 | 243,584 | 2006 | 40 Years | ||||||||||||||||||||
Livonia, MI | 4,363,369 | 1,200,000 | 3,441,694 | 817,589 | 1,200,000 | 4,259,283 | 5,459,283 | 671,580 | 2007 | 40 Years | ||||||||||||||||||||
Barnesville, GA | - | 932,500 | 2,091,514 | 5,490 | 932,500 | 2,097,004 | 3,029,504 | 325,443 | 2007 | 40 Years | ||||||||||||||||||||
East Lansing, MI | - | 1,450,000 | 1,002,192 | 140,169 | 1,450,000 | 1,142,361 | 2,592,361 | 178,363 | 2007 | 40 Years | ||||||||||||||||||||
Plainfield, IN | - | 4,549,758 | - | 114,383 | 4,664,141 | - | 4,664,141 | - | 2007 | 40 Years | ||||||||||||||||||||
Macomb Tow nship, MI | 4,070,126 | 2,621,500 | 3,484,212 | -83,479 | 2,537,222 | 3,485,011 | 6,022,233 | 508,214 | 2008 | 40 Years | ||||||||||||||||||||
Shelby Tow nship, MI | 3,481,583 | 2,055,174 | 2,533,876 | 47,775 | 2,058,474 | 2,578,351 | 4,636,825 | 348,345 | 2008 | 40 Years | ||||||||||||||||||||
Silver Springs Shores, FL | 3,637,014 | 1,975,000 | 2,504,112 | -5,400 | 1,975,000 | 2,498,712 | 4,473,712 | 312,475 | 2009 | 40 Years | ||||||||||||||||||||
Brighton, MI | - | 1,365,000 | 2,802,036 | 5,615 | 1,365,000 | 2,807,651 | 4,172,651 | 339,179 | 2009 | 40 Years | ||||||||||||||||||||
Port St John, FL | - | 2,320,860 | 2,402,641 | 880 | 2,320,860 | 2,403,521 | 4,724,381 | 280,396 | 2009 | 40 Years | ||||||||||||||||||||
Low ell, MI | - | 890,000 | 1,930,182 | 10,190 | 890,000 | 1,940,372 | 2,830,372 | 206,101 | 2009 | 40 Years | ||||||||||||||||||||
Southfield, MI | - | 1,200,000 | 125,616 | 2,064 | 1,200,000 | 127,690 | 1,327,690 | 13,425 | 2009 | 40 Years | ||||||||||||||||||||
Atchison, KS | - | 943,750 | 3,021,672 | - | 823,170 | 3,142,252 | 3,965,422 | 273,440 | 2010 | 40 Years | ||||||||||||||||||||
Johnstow n, OH | 2,384,927 | 485,000 | 2,799,502 | - | 485,000 | 2,799,502 | 3,284,502 | 244,957 | 2010 | 40 Years | ||||||||||||||||||||
Lake in the Hills, IL | - | 2,135,000 | 3,328,560 | - | 1,690,000 | 3,773,560 | 5,463,560 | 324,624 | 2010 | 40 Years | ||||||||||||||||||||
Concord, NC | - | 7,676,305 | - | - | 7,676,305 | - | 7,676,305 | - | 2010 | 40 Years | ||||||||||||||||||||
Antioch, IL | 1,669,449 | 1,087,884 | - | - | 1,087,884 | - | 1,087,884 | - | 2010 | 40 Years | ||||||||||||||||||||
St Augustine Shores, FL | - | 1,700,000 | 1,973,929 | -4,754 | 1,700,000 | 1,969,175 | 3,669,175 | 153,704 | 2010 | 40 Years | ||||||||||||||||||||
Atlantic Beach, FL | 3,452,182 | 1,650,000 | 1,904,357 | 1,262 | 1,650,000 | 1,905,619 | 3,555,619 | 150,758 | 2010 | 40 Years | ||||||||||||||||||||
Mansfield, CT | 2,170,284 | 700,000 | 1,902,191 | 508 | 700,000 | 1,902,699 | 2,602,699 | 148,646 | 2010 | 40 Years | ||||||||||||||||||||
Spring Grove, IL | 2,313,000 | 1,191,199 | - | 968 | 1,192,167 | - | 1,192,167 | - | 2010 | 40 Years | ||||||||||||||||||||
Ann Arbor, MI | - | - | 3,061,507 | 2,623,823 | 2,660,582 | 3,024,748 | 5,685,330 | 245,981 | 2010 | 40 Years | ||||||||||||||||||||
Tallahassee, FL | 1,628,000 | - | 1,482,462 | - | - | 1,482,462 | 1,482,462 | 112,729 | 2010 | 40 Years | ||||||||||||||||||||
Wilmington, NC | 2,186,000 | 1,500,000 | 1,348,591 | - | 1,500,000 | 1,348,591 | 2,848,591 | 95,525 | 2011 | 40 Years | ||||||||||||||||||||
Marietta, GA | 900,000 | 575,000 | 696,297 | 6,359 | 575,000 | 702,656 | 1,277,656 | 43,836 | 2011 | 40 Years | ||||||||||||||||||||
Baltimore, MD | 2,534,000 | 2,610,430 | - | -3,447 | 2,606,983 | - | 2,606,983 | - | 2011 | 40 Years | ||||||||||||||||||||
Dallas, TX | 1,844,000 | 701,320 | 778,905 | 1,042,730 | 701,320 | 1,821,635 | 2,522,955 | 99,196 | 2011 | 40 Years | ||||||||||||||||||||
Chandler, AZ | 1,550,203 | 332,868 | 793,898 | 360 | 332,868 | 794,258 | 1,127,126 | 44,715 | 2011 | 40 Years | ||||||||||||||||||||
New Lenox, IL | 1,192,464 | 1,422,488 | - | - | 1,422,488 | - | 1,422,488 | - | 2011 | 40 Years | ||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | |||||||||||||||||||||||
Gross Amount at Which Carried at Close of | Life on Which | |||||||||||||||||||||||||||||
Initial Cost | Costs | Period | Depreciation in | |||||||||||||||||||||||||||
Capitalized | Latest Income | |||||||||||||||||||||||||||||
Building and | Subsequent to | Building and | Accumulated | Date of | Statement is | |||||||||||||||||||||||||
Description | Encumbrance | Land | Improvements | Acquisition | Land | Improvements | Total | Depreciation | Construction | Computed | ||||||||||||||||||||
Roseville, CA | 4,752,000 | 2,800,000 | 3,695,455 | -96,364 | 2,695,636 | 3,703,455 | 6,399,091 | 215,968 | 2011 | 40 Years | ||||||||||||||||||||
Fort Walton Beach, FL | 1,768,000 | 542,200 | 1,958,790 | 303 | 542,200 | 1,959,093 | 2,501,293 | 102,032 | 2011 | 40 Years | ||||||||||||||||||||
Leaw ood, KS | 3,275,170 | 989,622 | 3,003,541 | 16,198 | 989,622 | 3,019,739 | 4,009,361 | 150,987 | 2011 | 40 Years | ||||||||||||||||||||
Salt Lake City, UT | 4,948,724 | - | 6,810,104 | -44,417 | - | 6,765,687 | 6,765,687 | 373,753 | 2011 | 40 Years | ||||||||||||||||||||
Burton, MI | - | 80,000 | - | - | 80,000 | - | 80,000 | - | 2011 | |||||||||||||||||||||
Macomb Tow nship, MI | 1,793,000 | 1,605,134 | - | - | 1,605,134 | - | 1,605,134 | - | 2012 | 40 Years | ||||||||||||||||||||
Madison, AL | 1,552,000 | 675,000 | 1,317,927 | - | 675,000 | 1,317,927 | 1,992,927 | 65,896 | 2012 | 40 Years | ||||||||||||||||||||
Walker, MI | 887,000 | 219,200 | 1,024,738 | - | 219,200 | 1,024,738 | 1,243,938 | 44,829 | 2012 | 40 Years | ||||||||||||||||||||
Portland, OR | 9,271,562 | 7,969,403 | - | 161 | 7,969,564 | - | 7,969,564 | - | 2012 | 40 Years | ||||||||||||||||||||
Cochran, GA | - | 365,714 | 2,053,726 | - | 365,714 | 2,053,726 | 2,419,440 | 77,015 | 2012 | 40 Years | ||||||||||||||||||||
Baton Rouge, LA | 1,073,217 | - | 1,188,322 | - | - | 1,188,322 | 1,188,322 | 47,038 | 2012 | 40 Years | ||||||||||||||||||||
Southfield, MI | 1,483,000 | 1,178,215 | - | - | 1,178,215 | - | 1,178,215 | - | 2012 | 40 Years | ||||||||||||||||||||
Clifton Heights, PA | 3,898,994 | 2,543,941 | 3,038,561 | - | 2,543,941 | 3,038,561 | 5,582,502 | 110,668 | 2012 | 40 Years | ||||||||||||||||||||
New ark, NJ | 2,492,444 | 2,117,547 | 4,777,516 | - | 2,117,547 | 4,777,516 | 6,895,063 | 174,002 | 2012 | 40 Years | ||||||||||||||||||||
Vineland, DE | 2,188,562 | 4,102,710 | 1,501,854 | - | 4,102,710 | 1,501,854 | 5,604,564 | 55,046 | 2012 | 40 Years | ||||||||||||||||||||
Fort Mill, SC | - | 750,000 | 1,187,380 | - | 750,000 | 1,187,380 | 1,937,380 | 42,053 | 2012 | 40 Years | ||||||||||||||||||||
Spartanburg, SC | - | 250,000 | 765,714 | - | 250,000 | 765,714 | 1,015,714 | 26,321 | 2012 | 40 Years | ||||||||||||||||||||
Springfield, IL | - | 302,520 | 653,654 | - | 302,520 | 653,654 | 956,174 | 21,788 | 2012 | 40 Years | ||||||||||||||||||||
Jacksonville, FL | - | 676,930 | 1,482,748 | - | 676,930 | 1,482,748 | 2,159,678 | 49,425 | 2012 | 40 Years | ||||||||||||||||||||
Morrow , GA | - | 525,000 | 1,383,489 | -99,850 | 525,000 | 1,283,639 | 1,808,639 | 40,738 | 2012 | 40 Years | ||||||||||||||||||||
Charlotte, NC | - | 1,822,900 | 3,531,275 | -572,344 | 1,822,900 | 2,958,931 | 4,781,831 | 88,687 | 2012 | 40 Years | ||||||||||||||||||||
Lyons, GA | - | 121,627 | 2,155,635 | -126,199 | 121,627 | 2,029,436 | 2,151,063 | 55,227 | 2012 | 40 Years | ||||||||||||||||||||
Fuquay-Varina, NC | - | 2,042,225 | 1,763,768 | -255,778 | 2,042,225 | 1,507,990 | 3,550,215 | 41,374 | 2012 | 40 Years | ||||||||||||||||||||
Minneapolis, MN | - | 1,088,015 | 345,958 | -54,430 | 826,635 | 552,908 | 1,379,543 | 14,543 | 2012 | 40 Years | ||||||||||||||||||||
Lake Zurich, IL | - | 780,974 | 7,909,277 | 28,174 | 780,974 | 7,937,451 | 8,718,425 | 206,675 | 2012 | 40 Years | ||||||||||||||||||||
Lebanon, VA | - | 300,000 | 612,582 | 16,363 | 300,000 | 628,945 | 928,945 | 15,724 | 2012 | 40 Years | ||||||||||||||||||||
Harlingen, TX | - | 430,000 | 1,614,378 | 12,854 | 430,000 | 1,627,232 | 2,057,232 | 40,681 | 2012 | 40 Years | ||||||||||||||||||||
Wichita, TX | - | 340,000 | 1,530,971 | 12,854 | 340,000 | 1,543,825 | 1,883,825 | 38,596 | 2012 | 40 Years | ||||||||||||||||||||
Pensacola, FL | - | 650,000 | 1,165,415 | 12,854 | 650,000 | 1,178,269 | 1,828,269 | 29,457 | 2012 | 40 Years | ||||||||||||||||||||
Pensacola, FL | - | 400,000 | 1,507,583 | 12,854 | 400,000 | 1,520,437 | 1,920,437 | 38,011 | 2012 | 40 Years | ||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | |||||||||||||||||||||||
Costs | Gross Amount at Which Carried at Close of | Life on Which | ||||||||||||||||||||||||||||
Depreciation in | ||||||||||||||||||||||||||||||
Initial Cost | Capitalized | Period | Latest Income | |||||||||||||||||||||||||||
Building and | Subsequent to | Building and | Accumulated | Date of | Statement is | |||||||||||||||||||||||||
Description | Encumbrance | Land | Improvements | Acquisition | Land | Improvements | Total | Depreciation | Construction | Computed | ||||||||||||||||||||
Venice, FL | - | 1,300,196 | - | 4,891 | 1,305,087 | - | 1,305,087 | - | 2012 | 40 Years | ||||||||||||||||||||
St. Joseph, MO | - | 377,620 | 7,639,521 | - | 377,620 | 7,639,521 | 8,017,141 | 175,072 | 2013 | 40 Years | ||||||||||||||||||||
Statham, GA | - | 191,919 | 3,851,073 | - | 191,919 | 3,851,073 | 4,042,992 | 88,254 | 2013 | 40 Years | ||||||||||||||||||||
North Las Vegas, NV | - | 214,552 | 717,435 | - | 214,552 | 717,435 | 931,987 | 15,694 | 2013 | 40 Years | ||||||||||||||||||||
Memphis, TN | - | 322,520 | 748,890 | - | 322,520 | 748,890 | 1,071,410 | 15,602 | 2013 | 40 Years | ||||||||||||||||||||
Rancho Cordova, CA | - | 3,889,612 | 3,232,662 | - | 3,889,612 | 3,232,662 | 7,122,274 | 60,612 | 2013 | 40 Years | ||||||||||||||||||||
Kissimmee, FL | - | 1,453,500 | 971,683 | - | 1,453,500 | 971,683 | 2,425,183 | 18,219 | 2013 | 40 Years | ||||||||||||||||||||
Pinellas Park, FL | - | 2,625,000 | 874,542 | - | 2,625,000 | 874,542 | 3,499,542 | 12,754 | 2013 | 40 Years | ||||||||||||||||||||
Manchester, CT | - | 397,800 | 325,705 | - | 397,800 | 325,705 | 723,505 | 5,428 | 2013 | 40 Years | ||||||||||||||||||||
Rapid City, ND | - | 1,017,800 | 2,348,032 | - | 1,017,800 | 2,348,032 | 3,365,832 | 36,688 | 2013 | 40 Years | ||||||||||||||||||||
Chicago, IL | - | 272,222 | 649,063 | - | 272,222 | 649,063 | 921,285 | 9,465 | 2013 | 40 Years | ||||||||||||||||||||
Brooklyn, OH | - | 3,643,700 | 15,079,714 | - | 3,643,700 | 15,079,714 | 18,723,414 | 188,496 | 2013 | 40 Years | ||||||||||||||||||||
Madisonville, TX | - | 96,680 | 1,087,642 | - | 96,680 | 1,087,642 | 1,184,322 | 13,596 | 2013 | 40 Years | ||||||||||||||||||||
Baton Rouge, LA | - | 271,400 | 1,086,434 | - | 271,400 | 1,086,434 | 1,357,834 | 11,317 | 2013 | 40 Years | ||||||||||||||||||||
Forest, MS | - | - | 1,298,176 | - | - | 1,298,176 | 1,298,176 | 13,523 | 2013 | 40 Years | ||||||||||||||||||||
Sun Valley, NV | - | 308,495 | 1,373,336 | - | 308,495 | 1,373,336 | 1,681,831 | 11,444 | 2013 | 40 Years | ||||||||||||||||||||
Rochester, NY | - | 2,500,000 | 7,398,639 | - | 2,500,000 | 7,398,639 | 9,898,639 | 53,948 | 2013 | 40 Years | ||||||||||||||||||||
Allentow n, PA | - | 2,525,051 | 7,896,613 | - | 2,525,051 | 7,896,613 | 10,421,664 | 57,579 | 2013 | 40 Years | ||||||||||||||||||||
Casselberry, FL | - | 1,804,000 | 793,101 | - | 1,804,000 | 793,101 | 2,597,101 | 8,261 | 2013 | 40 Years | ||||||||||||||||||||
Berw yn, IL | - | 186,791 | 933,959 | - | 186,791 | 933,959 | 1,120,750 | 1,946 | 2013 | 40 Years | ||||||||||||||||||||
Grand Forks, ND | - | 1,502,609 | 2,301,337 | - | 1,502,609 | 2,301,337 | 3,803,946 | 9,589 | 2013 | 40 Years | ||||||||||||||||||||
Ann Arbor, MI | - | 3,000,000 | 4,595,757 | - | 3,000,000 | 4,595,757 | 7,595,757 | 9,574 | 2013 | 40 Years | ||||||||||||||||||||
Joplin, MO | - | 1,208,225 | 1,160,843 | - | 1,208,225 | 1,160,843 | 2,369,068 | 4,837 | 2013 | 40 Years | ||||||||||||||||||||
Sub Total | 113,897,759 | 164,052,041 | 281,351,592 | 14,157,588 | 162,096,646 | 297,464,585 | 459,561,231 | 60,633,824 | ||||||||||||||||||||||
Property Held for Sale | ||||||||||||||||||||||||||||||
Ironw ood, MI | - | 167,500 | 8,181,306 | 1,299,613 | 167,500 | 9,480,919 | 9,648,419 | 4,802,915 | 1991 | 40 Years | ||||||||||||||||||||
Total Completed | 113,897,759 | 164,219,541 | 289,532,898 | 15,457,201 | 162,264,146 | 306,945,504 | 469,209,650 | 65,436,739 | ||||||||||||||||||||||
Retail Facilities Under Developm ent | ||||||||||||||||||||||||||||||
St Petersburg, FL | - | 1,177,000.00 | 659,751 | - | 1,177,000 | 659,751 | 1,836,751 | - | N/A | N/A | ||||||||||||||||||||
New Lenox, IL | - | 2,010,000.00 | 1,101,817 | - | 2,010,000 | 1,101,817 | 3,111,817 | - | N/A | N/A | ||||||||||||||||||||
Bloomfield Hills, MI | - | - | 1,369,965 | - | - | 1,369,965 | 1,369,965 | - | N/A | N/A | ||||||||||||||||||||
Other | - | - | 640,641 | - | - | 640,641 | 640,641 | - | N/A | N/A | ||||||||||||||||||||
Sub Total | - | 3,187,000 | 3,772,174 | - | 3,187,000 | 3,772,174 | 6,959,174 | - | ||||||||||||||||||||||
Total | $ | 113,897,759 | $ | 167,406,541 | $ | 293,305,072 | $ | 15,457,201 | $ | 165,451,146 | $ | 310,717,678 | $ | 476,168,824 | $ | 65,436,739 | ||||||||||||||
1. Reconciliation of Real Estate Properties | ||||||||||||||||||||||||||||||
The following table reconciles the Real Estate Properties from January 1, 2011 to December 31, 2013. | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Balance at January 1 | $ | 398,811,830 | $ | 340,073,911 | $ | 339,492,832 | ||||||||||||||||||||||||
Construction and acquisition cost | 82,692,554 | 97,418,031 | 31,219,239 | |||||||||||||||||||||||||||
Impairment charge | -450,000 | - | -13,500,000 | |||||||||||||||||||||||||||
Disposition of real estate | -4,885,560 | -38,680,112 | -17,138,160 | |||||||||||||||||||||||||||
Balance at December 31 | $ | 476,168,824 | $ | 398,811,830 | $ | 340,073,911 | ||||||||||||||||||||||||
2. Reconciliation of Accumulated Depreciation | ||||||||||||||||||||||||||||||
The following table reconciles the Real Estate Properties from January 1, 2011 to December 31, 2013. | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Balance at January 1 | $ | 58,856,688 | $ | 68,589,778 | $ | 67,383,413 | ||||||||||||||||||||||||
Current year depreciation expense | 6,930,145 | 5,726,319 | 6,005,270 | |||||||||||||||||||||||||||
Disposition of real estate | -350,094 | -15,459,409 | -4,798,905 | |||||||||||||||||||||||||||
Balance at December 31 | $ | 65,436,739 | $ | 58,856,688 | $ | 68,589,778 | ||||||||||||||||||||||||
3. Tax Basis of Building and Improvements | ||||||||||||||||||||||||||||||
The aggregate cost of Building and Improvements for federal income tax purposes is approximately | ||||||||||||||||||||||||||||||
$18,877,000 less than the cost basis used for financial statement purposes. | ||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||||||||
Principles of Consolidation | ||||||||||||||
The consolidated financial statements of Agree Realty Corporation include the accounts of the Company, its majority-owned partnership, Agree Limited Partnership (the “Operating Partnership”), and its wholly-owned subsidiaries. The Company controlled, as the sole general partner, 97.72% and 97.05% of the Operating Partnership as of December 31, 2013 and 2012, respectively. All material intercompany accounts and transactions are eliminated. | ||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||||||||
Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||
Reclassification, Policy [Policy Text Block] | ' | |||||||||||||
Reclassifications | ||||||||||||||
The results of operations of properties that have either been disposed of or are classified as held for sale are reported as discontinued operations. As a result of these discontinued operations, certain of the 2012 and 2011 balances have been reclassified to conform to the 2013 presentation. Certain reclassifications of prior period amounts have been made in the financial statements in order to conform to the 2013 presentation. | ||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |||||||||||||
Fair Values of Financial Instruments | ||||||||||||||
Certain of the Company’s assets and liabilities are disclosed or recorded at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation methods including the market, income and cost approaches. The assumptions used in the application of these valuation methods are developed from the perspective of market participants, pricing the asset or liability. Inputs used in the valuation methods can be either readily observable, market corroborated, or generally unobservable inputs. Whenever possible the Company attempts to utilize valuation methods that maximize the use of observable inputs and minimizes the use of unobservable inputs. Based on the operability of the inputs used in the valuation methods the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Assets and liabilities measured, reported and/or disclosed at fair value will be classified and disclosed in one of the following three categories: | ||||||||||||||
Level 1 – Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||||
Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||||
Level 3 – Unobservable inputs that are not corroborated by market data. | ||||||||||||||
The table below sets forth the Company’s fair value hierarchy for assets and liabilities measured or disclosed at fair value as of December 31, 2013. | ||||||||||||||
Carrying | ||||||||||||||
Asset: | Level 1 | Level 2 | Level 3 | Value | ||||||||||
Interest rate swaps | $ | - | $ | 679,234 | $ | - | $ | 679,234 | ||||||
Carrying | ||||||||||||||
Liability: | Level 1 | Level 2 | Level 3 | Value | ||||||||||
Interest rate swap | $ | - | $ | 204,696 | $ | - | $ | 204,696 | ||||||
Mortgage notes payable | $ | - | $ | - | $ | 108,385,281 | $ | 113,897,758 | ||||||
Unsecured revolving credit facility | $ | - | $ | 9,500,000 | $ | - | $ | 9,500,000 | ||||||
Unsecured term loan | $ | - | $ | - | $ | 32,728,011 | $ | 35,000,000 | ||||||
The table below sets forth the Company’s fair value hierarchy for liabilities measured or disclosed at fair value as of December 31, 2012. | ||||||||||||||
Carrying | ||||||||||||||
Liability: | Level 1 | Level 2 | Level 3 | Value | ||||||||||
Interest rate swaps | $ | - | $ | 1,337,998 | $ | - | $ | 1,337,998 | ||||||
Mortgage notes payable | $ | - | $ | - | $ | 119,581,000 | $ | 117,376,142 | ||||||
Unsecured revolving credit facility | $ | - | $ | 43,530,005 | $ | - | $ | 43,530,005 | ||||||
The carrying amounts of the Company’s short-term financial instruments, which consist of cash, cash equivalents, receivables, and accounts payable, approximate their fair values. The fair value of the interest rate swaps were derived using estimates to settle the interest rate swap agreements, which are based on the net present value of expected future cash flows on each leg of the swap utilizing market-based inputs and discount rates reflecting the risks involved. The fair value of fixed and variable rate mortgages was derived using the present value of future mortgage payments based on estimated current market interest rates of 5.04% and 3.76% at December 31, 2013 and 2012, respectively. The fair value of variable rate debt is estimated to be equal to the face value of the debt because the interest rates are floating and is considered to approximate fair value. | ||||||||||||||
Investments In Real Estate Carrying Value Of Assets [Policy Text Block] | ' | |||||||||||||
Real Estate Investments – Carrying Value of Assets | ||||||||||||||
Real Estate Investments are stated at cost less accumulated depreciation. All costs related to planning, development and construction of buildings prior to the date they become operational, including interest and real estate taxes during the construction period, are capitalized for financial reporting purposes and recorded as “Property under development” until construction has been completed. | ||||||||||||||
Subsequent to completion of construction, expenditures for property maintenance are charged to operations as incurred, while significant renovations are capitalized. | ||||||||||||||
Depreciation, Depletion, and Amortization [Policy Text Block] | ' | |||||||||||||
Depreciation and Amortization | ||||||||||||||
Depreciation expense is computed using the straight-line method and estimated useful lives for buildings and improvements of 20 to 40 years and equipment and fixtures of 5 to 10 years. | ||||||||||||||
Purchase Accounting For Acquisitions Of Real Estate [Policy Text Block] | ' | |||||||||||||
Purchase Accounting for Acquisitions of Real Estate | ||||||||||||||
Acquired Real Estate Investments have been accounted for using the purchase method of accounting and accordingly, the results of operations are included in the consolidated statements of operations and comprehensive income from the respective dates of acquisition. The Company allocates the purchase price to (i) land and buildings based on management’s internally prepared estimates of fair value and (ii) identifiable intangible assets or liabilities generally consisting of above- and below-market in-place leases and foregone leasing costs. The Company makes estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques, including management’s analysis of comparable properties in the existing portfolio, to allocate the purchase price to acquired tangible and intangible assets. | ||||||||||||||
The estimated fair value of above-market and below-market in-place leases for acquired properties is recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. | ||||||||||||||
The aggregate fair value of other intangible assets consisting of in-place, at market leases, is estimated based on internally developed methods to determine the respective property values and are included in lease intangibles cost in the consolidated balance sheets. Factors considered by management in their analysis include an estimate of costs to execute similar leases and operating costs saved. | ||||||||||||||
The fair value of intangible assets acquired is amortized to depreciation and amortization on the consolidated statements of operations and comprehensive income over the remaining term of the respective leases. The weighted average amortization period for the lease intangible costs is 19.4 years. | ||||||||||||||
Investment In Real Estate Impairment Evaluation [Policy Text Block] | ' | |||||||||||||
Real Estate Investments – Impairment Evaluation | ||||||||||||||
Management periodically assesses its Real Estate Investments for possible impairment indicating that the carrying value of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of the Company to re-lease or sell properties that are currently vacant or become vacant. Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, with the carrying cost of the individual asset. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds fair value. | ||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||||
Cash and Cash Equivalents | ||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. | ||||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | |||||||||||||
Accounts Receivable – Tenants | ||||||||||||||
Accounts receivable from tenants are unsecured and reflect primarily reimbursement of specified common area expenses. Amounts outstanding in excess of 30 days are considered past due. The Company determines its allowance for uncollectible accounts based on historical trends, existing economic conditions, and known financial position of its tenants. Tenant accounts receivable are written-off by the Company in the year when receipt is determined to be remote. | ||||||||||||||
Deferred Charges, Policy [Policy Text Block] | ' | |||||||||||||
Unamortized Deferred Expenses | ||||||||||||||
Deferred expenses are stated net of total accumulated amortization. The nature and treatment of these capitalized costs are as follows: (1) financing costs, consisting of expenditures incurred to obtain long-term financing, are amortized using the straight-line method which approximates the effective interest method over the term of the related loan, (2) leasing costs, are amortized on a straight-line basis over the term of the related lease and (3) lease intangibles, are amortized over the remaining term of the lease acquired. The Company’s amortization expense for deferred expenses was $2,483,217, $1,712,530, and $1,105,087 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
The following table represents estimated future aggregate amortization expense related to deferred expenses as of December 31, 2013. | ||||||||||||||
Year Ending December 31, | ||||||||||||||
2014 | $ | 2,856,168 | ||||||||||||
2015 | 2,551,978 | |||||||||||||
2016 | 2,423,747 | |||||||||||||
2017 | 2,330,506 | |||||||||||||
2018 | 2,198,622 | |||||||||||||
Thereafter | 18,629,283 | |||||||||||||
Total | $ | 30,990,304 | ||||||||||||
Other Assets [Policy Text Block] | ' | |||||||||||||
Other Assets | ||||||||||||||
The Company records prepaid expenses, deposits, furniture and fixtures, leasehold improvements, acquisition advances and miscellaneous receivables as other assets in the accompanying balance sheets. | ||||||||||||||
Accounts Payable Capital Expenditures [Policy Text Block] | ' | |||||||||||||
Accounts Payable – Capital Expenditures | ||||||||||||||
Included in accounts payable are amounts related to the construction of buildings and improvements. Due to the nature of these expenditures, they are reflected in the statements of cash flows as a non-cash financing activity. | ||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||||||||
Revenue Recognition | ||||||||||||||
Minimum rental income attributable to leases is recorded on a straight-line basis over the lease term. Certain leases provide for additional percentage rents based on tenants' sales volume. These percentage rents are recognized when determinable by the Company. | ||||||||||||||
Regulatory Income Taxes, Policy [Policy Text Block] | ' | |||||||||||||
Taxes Collected and Remitted to Governmental Authorities | ||||||||||||||
The Company reports taxes, collected from tenants that are to be remitted to governmental authorities, on a net basis and therefore does not include the taxes in revenue. | ||||||||||||||
Maintenance Cost, Policy [Policy Text Block] | ' | |||||||||||||
Operating Cost Reimbursement | ||||||||||||||
Substantially all of the Company's community shopping center leases and various of the net leased properties contain provisions requiring tenants to pay as additional rent a proportionate share of operating expenses such as real estate taxes, repairs and maintenance, and insurance, also referred to as common area maintenance or “CAM” charges. The related revenue from tenant billings for CAM charges is recognized as operating cost reimbursement in the same period the expense is recorded. | ||||||||||||||
Development Fee Income [Policy Text Block] | ' | |||||||||||||
Development Fee Income | ||||||||||||||
For contracts where the Company receives fee income for managing a development project and does not retain ownership of the real property developed, the Company uses the percentage of completion accounting method. Under this approach, income is recognized based on the status of the uncompleted contracts and the current estimates of costs to complete. The percentage of completion is determined by the relationship of costs incurred to the total estimated costs of the contract. Provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income. Such revisions are recognized in the period in which they are determined. Claims for additional compensation due to the Company are recognized in contract revenues when realization is probable and the amount can be reliably estimated. | ||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||||||||
Income Taxes | ||||||||||||||
The Company has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) and related regulations. The Company generally will not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes 100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2013, the Company believes it has qualified as a REIT. Notwithstanding the Company’s qualification for taxation as a REIT, the Company is subject to certain state taxes on its income and real estate. | ||||||||||||||
The Company and its taxable REIT subsidiaries (“TRS”) have made a timely TRS election pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of the Company which occur within its TRS entity are subject to federal and state income taxes (See Note 9). All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to the Company’s TRS. | ||||||||||||||
Dividends [Policy Text Block] | ' | |||||||||||||
Dividends | ||||||||||||||
The Company declared dividends of $1.64, $1.60 and $1.60 per share during the years ended December 31, 2013, 2012, and 2011; the dividends have been reflected for federal income tax purposes as follows: | ||||||||||||||
December 31, | 2013 | 2012 | 2011 | |||||||||||
Ordinary income | $ | 1.372 | $ | 1.2 | $ | 1.57 | ||||||||
Return of capital | 0.268 | 0.4 | 0.03 | |||||||||||
Total | $ | 1.64 | $ | 1.6 | $ | 1.6 | ||||||||
The aggregate federal income tax basis of Real Estate Investments is approximately $18.9 million less than the financial statement basis. | ||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||||||||
Earnings Per Share | ||||||||||||||
Earnings per share have been computed by dividing the net income by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the weighted average common and potential dilutive common shares outstanding in accordance with the treasury stock method. | ||||||||||||||
The following is a reconciliation of the denominator of the basic net earnings per common share computation to the denominator of the diluted net earnings per common share computation for each of the periods presented: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Weighted average number of common shares outstanding | 13,314,989 | 11,321,498 | 9,854,285 | |||||||||||
Unvested restricted stock | 249,082 | 250,180 | 216,920 | |||||||||||
Weighted average number of common shares outstanding used in basic earnings per share | 13,065,907 | 11,071,318 | 9,637,365 | |||||||||||
Weighted average number of common shares outstanding used in basic earnings per share | 13,065,907 | 11,071,318 | 9,637,365 | |||||||||||
Effect of dilutive securities: | ||||||||||||||
Restricted stock | 91,598 | 65,592 | 43,867 | |||||||||||
Weighted average number of common shares outstanding used in diluted earnings per share | 13,157,505 | 11,136,910 | 9,681,232 | |||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||||||||
Stock Based Compensation | ||||||||||||||
The Company estimates fair value of restricted stock grants based on the stock price at the date of grant and amortizes those amounts into expense on a straight-line basis or amount vested, if greater, over the appropriate vesting period. | ||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) updated ASC 220 “Comprehensive Income” with ASU 2013-2 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, ASU 2013-2 requires an entity to present, either on the face of the income statement or in the notes to financial statements, significant amounts reclassified out of accumulated other comprehensive income by respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in ASU 2013-2 do not change the current requirements for reporting net income or other comprehensive income in financial statements. For public entities, the amendments in ASU 2013-2 are effective prospectively for reporting periods beginning after December 31, 2012. The adoption of this guidance concerns disclosure only and did not have an impact on our consolidated financial statements. | ||||||||||||||
In July 2013, the FASB updated ASC 815 “Derivatives and Hedging” with ASU 2013-10 “Inclusion of the Fed Funds Effective Swap Rate (of Overnight Index Swap Rate) as a Benchmark Interest rate for Hedge Accounting Purposes.” ASU 2013-10 permits the Overnight Index Swap (“OIS”) Rate, also referred to as the Fed Funds effective Swap Rate, to be used as a U.S. benchmark for hedge accounting purposes, in addition to London Interbank Offered Rate (“LIBOR”) and the interest rate on direct U.S. Treasury obligations. The guidance also removes the restriction on using different benchmarks for similar hedges. ASU 2013-10 is effective prospectively for qualifying new or re-designated hedges entered into on or after July 17, 2013. The adoption of this guidance did not have an impact on our consolidated financial statements. | ||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | ' | |||||||||||||
The table below sets forth the Company’s fair value hierarchy for assets and liabilities measured or disclosed at fair value as of December 31, 2013. | ||||||||||||||
Carrying | ||||||||||||||
Asset: | Level 1 | Level 2 | Level 3 | Value | ||||||||||
Interest rate swaps | $ | - | $ | 679,234 | $ | - | $ | 679,234 | ||||||
Carrying | ||||||||||||||
Liability: | Level 1 | Level 2 | Level 3 | Value | ||||||||||
Interest rate swap | $ | - | $ | 204,696 | $ | - | $ | 204,696 | ||||||
Mortgage notes payable | $ | - | $ | - | $ | 108,385,281 | $ | 113,897,758 | ||||||
Unsecured revolving credit facility | $ | - | $ | 9,500,000 | $ | - | $ | 9,500,000 | ||||||
Unsecured term loan | $ | - | $ | - | $ | 32,728,011 | $ | 35,000,000 | ||||||
The table below sets forth the Company’s fair value hierarchy for liabilities measured or disclosed at fair value as of December 31, 2012. | ||||||||||||||
Carrying | ||||||||||||||
Liability: | Level 1 | Level 2 | Level 3 | Value | ||||||||||
Interest rate swaps | $ | - | $ | 1,337,998 | $ | - | $ | 1,337,998 | ||||||
Mortgage notes payable | $ | - | $ | - | $ | 119,581,000 | $ | 117,376,142 | ||||||
Unsecured revolving credit facility | $ | - | $ | 43,530,005 | $ | - | $ | 43,530,005 | ||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||
The following table represents estimated future aggregate amortization expense related to deferred expenses as of December 31, 2013. | ||||||||||||||
Year Ending December 31, | ||||||||||||||
2014 | $ | 2,856,168 | ||||||||||||
2015 | 2,551,978 | |||||||||||||
2016 | 2,423,747 | |||||||||||||
2017 | 2,330,506 | |||||||||||||
2018 | 2,198,622 | |||||||||||||
Thereafter | 18,629,283 | |||||||||||||
Total | $ | 30,990,304 | ||||||||||||
Schedule of Dividends Payable [Table Text Block] | ' | |||||||||||||
The Company declared dividends of $1.64, $1.60 and $1.60 per share during the years ended December 31, 2013, 2012, and 2011; the dividends have been reflected for federal income tax purposes as follows: | ||||||||||||||
December 31, | 2013 | 2012 | 2011 | |||||||||||
Ordinary income | $ | 1.372 | $ | 1.2 | $ | 1.57 | ||||||||
Return of capital | 0.268 | 0.4 | 0.03 | |||||||||||
Total | $ | 1.64 | $ | 1.6 | $ | 1.6 | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
The following is a reconciliation of the denominator of the basic net earnings per common share computation to the denominator of the diluted net earnings per common share computation for each of the periods presented: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Weighted average number of common shares outstanding | 13,314,989 | 11,321,498 | 9,854,285 | |||||||||||
Unvested restricted stock | 249,082 | 250,180 | 216,920 | |||||||||||
Weighted average number of common shares outstanding used in basic earnings per share | 13,065,907 | 11,071,318 | 9,637,365 | |||||||||||
Weighted average number of common shares outstanding used in basic earnings per share | 13,065,907 | 11,071,318 | 9,637,365 | |||||||||||
Effect of dilutive securities: | ||||||||||||||
Restricted stock | 91,598 | 65,592 | 43,867 | |||||||||||
Weighted average number of common shares outstanding used in diluted earnings per share | 13,157,505 | 11,136,910 | 9,681,232 | |||||||||||
Property_Acquisitions_Tables
Property Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||
The following pro forma total revenue and income before discontinued operations for the 2013 acquisitions in aggregate, assumes the acquisitions had taken place on January 1, 2013 for the 2013 pro forma information, and on January 1, 2012 for the 2012 pro forma information (in thousands): | |||||
Supplemental pro forma for the year ended December 31, 2013 (1) | |||||
Total revenue | $ | 45,910 | |||
Income before discontinued operations | $ | 19,178 | |||
Supplemental pro forma for the year ended December 31, 2012 (1) | |||||
Total revenue | $ | 38,266 | |||
Income before discontinued operations | $ | 14,311 | |||
-1 | This unaudited pro forma supplemental information does not purport to be indicative of what our operating results would have been had the acquisitions occurred on January 1, 2013 or January 1, 2012 and may not be indicative of future operating results. Various acquisitions were of newly leased or constructed assets and may not have been in service for the full periods shown. | ||||
Impairment_Real_Estate_Investm1
Impairment - Real Estate Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule Of Real Estate Investments Including Identifiable Intangible Assets Impairment [Table Text Block] | ' | ||||||||||||||||
the Company recognized the following real estate impairments for the year ended December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Continuing operations | $ | - | $ | - | $ | 600,000 | |||||||||||
Discontinued operations | 450,000 | - | 12,900,000 | ||||||||||||||
Total | $ | 450,000 | $ | - | $ | 13,500,000 | |||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||
The following table presents the assets and liabilities carried on the balance sheet within the fair value valuation hierarchy (as described above) as of December 31, 2013 and 2011, for which a nonrecurring change in fair value has been recorded during the years ended December 31, 2013 and 2011. | |||||||||||||||||
Quoted prices in | Significant other | Significant | |||||||||||||||
active markets for | observable | unobservable | |||||||||||||||
2013 | Fair Value as of | identical assets | inputs | inputs | Impairment | ||||||||||||
(in thousands) | measurement date | (Level 1) | (Level 2) | (Level 3) | Charge | ||||||||||||
Real Estate Investments | $ | 4,875 | $ | 4,875 | $ | -0- | $ | -0- | $ | 450 | |||||||
Quoted prices in | Significant other | Significant | |||||||||||||||
active markets for | observable | unobservable | |||||||||||||||
2011 | Fair Value as of | identical assets | inputs | inputs | Impairment | ||||||||||||
(in thousands) | measurement date | (Level 1) | (Level 2) | (Level 3) | Charge | ||||||||||||
Real Estate Investments | $ | 19,805 | $ | -0- | $ | 7,100 | $ | 12,705 | $ | 13,500 | |||||||
Note_and_Mortgages_Payable_Tab
Note and Mortgages Payable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Mortgages Payable [Table Text Block] | ' | |||||||
Mortgages payable consisted of the following: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Note payable in monthly installments of interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% with balloon payment due April 4, 2018; collateralized by related real estate and tenants' leases | 25,000,000 | 25,000,000 | ||||||
Note payable in monthly installments of interest only at 3.60% per annum, with balloon payment due January 1, 2023; collateralized by related real estate and tenants' leases | 23,640,000 | 23,640,000 | ||||||
Note payable in monthly principal installments of $50,120 plus interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.62% as of December 31, 2013. A final balloon payment in the amount of $19,744,758 is due on May 14, 2017 unless extended for a two year period at the option of the Company, subject to certain conditions, collateralized by related real estate and tenants’ leases | 22,017,758 | 22,601,978 | ||||||
Note payable in monthly installments of $153,838 including interest at 6.90% per annum, with the final monthly payment due January 2020; collateralized by related real estate and tenants’ leases | 9,149,944 | 10,320,440 | ||||||
Note payable in monthly installments of $91,675 including interest at 6.27% per annum, with a final monthly payment due July 2026; collateralized by related real estate and tenants’ leases | 9,557,942 | 10,042,152 | ||||||
Note payable in monthly installments of $60,097 including interest at 5.08% per annum, with a final balloon payment in the amount of $9,167,573 due June 2014; collateralized by related real estate and tenants’ leases | 9,271,561 | 9,509,011 | ||||||
Note payable in monthly installments of $99,598 including interest at 6.63% per annum, with the final monthly payment due February 2017; collateralized by related real estate and tenants’ leases | 3,405,384 | 4,340,850 | ||||||
Note payable in monthy interest-only installments of $48,467 at 6.56% annum, with a balloon payment in the amount of $8,580,000 due June 11, 2016; collateralized by related real estate and tenants’ leases | 8,580,000 | 8,580,000 | ||||||
Note payable in monthly installments of $23,004 including interest at 6.24% per annum, with the final balloon payment of $2,766,628 due February 2020; collateralized by related real estate and tenant lease | 3,275,170 | 3,341,711 | ||||||
Total | $ | 113,897,759 | $ | 117,376,142 | ||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | ' | |||||||
The following table presents scheduled principal payments on mortgages and notes payable as of December 31, 2013: | ||||||||
Year Ending December 31, | ||||||||
2014 | $ | 12,730,495 | ||||||
2015 (1) | 13,191,970 | |||||||
2016 | 12,520,195 | |||||||
2017 (2) | 22,489,650 | |||||||
2018 | 27,403,792 | |||||||
Thereafter | 70,061,657 | |||||||
Total debt | $ | 158,397,759 | ||||||
-1 | Scheduled maturities in 2015 include the $9,500,000 outstanding balance under the Credit Facility as of December 31, 2013. The Credit Facility matures on October 26, 2015, and may be extended at the Company’s election, for two one-year terms to October 2017, subject to certain conditions. | |||||||
-2 | Scheduled maturities in 2017 include $19,744,758 which represents the ending balance of a note payable due in 2017. The note matures May 14, 2017 and may be extended, at the Company’s election, for a two-year term to May 2019, subject to certain conditions. | |||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | ' | ||||||||||||||||||||||||
The company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||
Number of Instruments | Notional | ||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||
Interest Rate Derivatives | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Interest Rate Swap | 3 | 3 | $ | 82,017,758 | $ | 47,601,978 | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||
The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheets. | |||||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||||||||||
Location | Fair Value | Location | Fair Value | ||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Interest Rate Swaps | Other Assets | $ | 679,234 | $ | - | ||||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||||||||||
Location | Fair Value | Location | Fair Value | ||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Interest Rate Swaps | Other Liabilities | $ | 204,696 | Other Liabilities | $ | 1,337,998 | |||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and other comprehensive loss for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||
Derivatives in | Amount of Income/(Loss) | Location of | Amount of Income/(Loss) | Location of Loss | Amount of Loss Recognized | ||||||||||||||||||||
Cash Flow | Recognized in OCI on Derivative | Income/(Loss) | Reclassified from Accumulated OCI | Recognized In Income | in Income on Derivative | ||||||||||||||||||||
Hedging | (Effective Portion) | Reclassifed from | into Expense (Effective Portion) | of Derivative (Ineffective | (Ineffective Portion and | ||||||||||||||||||||
Relationships | Accumulated OCI | Portion and Amount | Amount Excluded from | ||||||||||||||||||||||
into Income | Excluded from | Effectiveness Testing and | |||||||||||||||||||||||
(Effective Portion) | Effectiveness Testing) | Missed Forecasted | |||||||||||||||||||||||
Transactions) | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Interest rate swaps | $ | 1,812,536 | $ | -708,538 | Interest Expense | $ | -773,120 | $ | -470,055 | $ | - | $ | - | ||||||||||||
Stock_Based_Awards_Tables
Stock Based Awards (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||
Restricted share activity is summarized as follows: | |||||||
Weighted Average | |||||||
Shares | Grant Date | ||||||
Outstanding | Fair Value | ||||||
Unvested restricted stock at January 1, 2011 | 166,850 | $ | 22 | ||||
Restricted stock granted | 105,050 | $ | 22.01 | ||||
Restricted stock vested | -42,830 | $ | 22.48 | ||||
Restricted stock forfeited | -12,150 | $ | 22.22 | ||||
Unvested restricted stock at December 31, 2011 | 216,920 | $ | 21.74 | ||||
Restricted stock granted | 94,850 | $ | 24.4 | ||||
Restricted stock vested | -55,870 | $ | 21.87 | ||||
Restricted stock forfeited | -5,720 | $ | 24.32 | ||||
Unvested restricted stock at December 31, 2012 | 250,180 | $ | 22.66 | ||||
Restricted stock granted | 87,950 | $ | 27.7 | ||||
Restricted stock vested | -73,368 | $ | 22.5 | ||||
Restricted stock forfeited | -15,680 | $ | 25.01 | ||||
Unvested restricted stock at December 31, 2013 | 249,082 | $ | 24.33 | ||||
Rental_Income_Tables
Rental Income (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Capital Leases, Future Minimum Payments Receivable [Table Text Block] | ' | ||||
As of December 31, 2013, the future minimum rentals for the next five years from rental property under the terms of all non-cancellable tenant leases, assuming no new or renegotiated leases are executed for such premises, are as follows (in thousands): | |||||
For the Year Ending December 31, | |||||
2014 | $ | 43,087 | |||
2015 | 41,889 | ||||
2016 | 39,534 | ||||
2017 | 38,991 | ||||
2018 | 37,598 | ||||
Thereafter | 334,493 | ||||
Total | $ | 535,592 | |||
Lease_Obligations_Tables
Lease Obligations (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Operating Leases Obligation Fiscal Year Maturity Schedule [Table Text Block] | ' | ||||
As of December 31, 2013, future annual lease commitments under these agreements are as follows: | |||||
For the Year Ending December 31, | |||||
2014 | $ | 415,900 | |||
2015 | 415,900 | ||||
2016 | 415,900 | ||||
2017 | 415,900 | ||||
2018 | 410,233 | ||||
Thereafter | 8,285,521 | ||||
Total | $ | 10,359,354 | |||
Interim_Results_Unaudited_Tabl
Interim Results (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
The following summary represents the unaudited results of operations of the Company, expressed in thousands except per share amounts, for the periods from January 1, 2012 through December 31, 2013. Certain amounts have been reclassified to conform to the current presentation of discontinued operations: | ||||||||||||||
2013 | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
Revenues | $ | 9,928 | $ | 10,601 | $ | 11,272 | $ | 11,716 | ||||||
Net Income (Loss) | $ | 5,392 | $ | 4,530 | $ | 4,646 | $ | 5,622 | ||||||
Earnings (Loss) Per Share – Diluted | $ | 0.41 | $ | 0.34 | $ | 0.35 | $ | 0.38 | ||||||
2012 | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
Revenues | $ | 8,087 | $ | 8,368 | $ | 8,902 | $ | 9,267 | ||||||
Net Income | $ | 4,742 | $ | 5,090 | $ | 4,025 | $ | 4,747 | ||||||
Earnings Per Share – Diluted | $ | 0.43 | $ | 0.44 | $ | 0.35 | $ | 0.4 | ||||||
The_Company_Details_Textual
The Company (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Nature of Operations [Line Items] | ' |
Annual Base Rental Revenues Received Percentage | 97.00% |
Walgreen Co [Member] | ' |
Nature of Operations [Line Items] | ' |
Annual Base Rental Revenues Received Percentage | 27.00% |
Kmart Corporation [Member] | ' |
Nature of Operations [Line Items] | ' |
Annual Base Rental Revenues Received Percentage | 5.00% |
Cvs Caremark Corporation [Member] | ' |
Nature of Operations [Line Items] | ' |
Annual Base Rental Revenues Received Percentage | 5.00% |
Wawa [Member] | ' |
Nature of Operations [Line Items] | ' |
Annual Base Rental Revenues Received Percentage | 5.00% |
Walmart Stores Inc [Member] | ' |
Nature of Operations [Line Items] | ' |
Annual Base Rental Revenues Received Percentage | 5.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' |
Interest rate swap, Assets | $679,234 | ' |
Interest rate swap, Liabilities | 204,696 | 1,337,998 |
Mortgage notes payable | 113,897,759 | 117,376,142 |
Unsecured revolving credit facility | 9,500,000 | 43,530,005 |
Unsecured term loan | 35,000,000 | 0 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Interest rate swap, Assets | 0 | ' |
Interest rate swap, Liabilities | 0 | 0 |
Mortgage notes payable | 0 | 0 |
Unsecured revolving credit facility | 0 | 0 |
Unsecured term loan | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Interest rate swap, Assets | 679,234 | ' |
Interest rate swap, Liabilities | 204,696 | 1,337,998 |
Mortgage notes payable | 0 | 0 |
Unsecured revolving credit facility | 9,500,000 | 43,530,005 |
Unsecured term loan | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Interest rate swap, Assets | 0 | ' |
Interest rate swap, Liabilities | 0 | 0 |
Mortgage notes payable | 108,385,281 | 119,581,000 |
Unsecured revolving credit facility | 0 | 0 |
Unsecured term loan | $32,728,011 | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | Dec. 31, 2013 |
Year Ending December 31, | ' |
2014 | $2,856,168 |
2015 | 2,551,978 |
2016 | 2,423,747 |
2017 | 2,330,506 |
2018 | 2,198,622 |
Thereafter | 18,629,283 |
Total | $30,990,304 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends Payable [Line Items] | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $1.64 | $1.60 | $1.60 |
Ordinary Income [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $1.37 | $1.20 | $1.57 |
Return Of Capital [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.27 | $0.40 | $0.03 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 3) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share Basic And Diluted [Line Items] | ' | ' | ' |
Weighted average number of common shares outstanding | 13,314,989 | 11,321,498 | 9,854,285 |
Unvested restricted stock | 249,082 | 250,180 | 216,920 |
Weighted average number of common shares outstanding used in basic earnings per share | 13,065,907 | 11,071,318 | 9,637,365 |
Weighted average number of common shares outstanding used in basic earnings per share | 13,065,907 | 11,071,318 | 9,637,365 |
Effect of dilutive securities: | ' | ' | ' |
Restricted stock | 91,598 | 65,592 | 43,867 |
Weighted average number of common shares outstanding used in diluted earnings per share | 13,157,505 | 11,136,910 | 9,681,232 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage By Parent | 97.72% | 97.05% | ' |
Estimated Current Market Interest Rate | 5.04% | 3.76% | ' |
Amortization | $2,483,217 | $1,712,530 | $1,105,087 |
Common Stock, Dividends, Per Share, Declared | $1.64 | $1.60 | $1.60 |
Real Estate, Federal Income Tax Basis | $18,900,000 | ' | ' |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | '19 years 4 months 24 days | ' | ' |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Equipment and Fixtures [Member] | Minimum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Equipment and Fixtures [Member] | Maximum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Property_Acquisitions_Details
Property Acquisitions (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Supplemental pro forma for the year: | ' | ' | ||
Total revenue | $45,910 | [1] | $38,266 | [1] |
Income before discontinued operations | $19,178 | [1] | $14,311 | [1] |
[1] | This unaudited pro forma supplemental information does not purport to be indicative of what our operating results would have been had the acquisitions occurred on January 1, 2013 or January 1, 2012 and may not be indicative of future operating results. Various acquisitions were of newly leased or constructed assets and may not have been in service for the full periods shown. |
Property_Acquisitions_Details_
Property Acquisitions (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property Acquisitions [Line Items] | ' | ' |
Real Estate Revenue, Net | $2,860,000 | ' |
Income (Loss) From Continuing Operations Attributable To Parent | 142,000 | ' |
Real Estate Property Acquisition [Member] | ' | ' |
Property Acquisitions [Line Items] | ' | ' |
Payments To Acquire Retail Assets | 74,000,000 | 82,300,000 |
Weighted Average Capitalization Rate For Assets | 8.00% | 8.60% |
Percentage Of Control Of Assets | 100.00% | 100.00% |
Number of Real Estate Properties | 18 | 25 |
Assumed Debt One [Member] | ' | ' |
Property Acquisitions [Line Items] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | 9,600,000 |
Assumed Debt Two [Member] | ' | ' |
Property Acquisitions [Line Items] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | 8,600,000 |
Land [Member] | ' | ' |
Property Acquisitions [Line Items] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 13,500,000 | 32,700,000 |
Building and Building Improvements [Member] | ' | ' |
Property Acquisitions [Line Items] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 53,600,000 | 42,500,000 |
Lease Intangible Costs [Member] | ' | ' |
Property Acquisitions [Line Items] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $6,900,000 | $7,100,000 |
Impairment_Real_Estate_Investm2
Impairment - Real Estate Investments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate Investments Including Identifiable Intangible Assets Impairment [Line Items] | ' | ' | ' |
Impairment charge | $450,000 | $0 | $13,500,000 |
Segment, Continuing Operations [Member] | ' | ' | ' |
Real Estate Investments Including Identifiable Intangible Assets Impairment [Line Items] | ' | ' | ' |
Impairment charge | 0 | 0 | 600,000 |
Segment, Discontinued Operations [Member] | ' | ' | ' |
Real Estate Investments Including Identifiable Intangible Assets Impairment [Line Items] | ' | ' | ' |
Impairment charge | $450,000 | $0 | $12,900,000 |
Impairment_Real_Estate_Investm3
Impairment - Real Estate Investments (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Real Estate Investments, Fair Value as of measurement date | $4,875,000 | ' | $19,805,000 |
Real Estate Investments, Impairment Charge | 450,000 | 0 | 13,500,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Real Estate Investments, Fair Value as of measurement date | 4,875,000 | ' | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Real Estate Investments, Fair Value as of measurement date | 0 | ' | 7,100,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Real Estate Investments, Fair Value as of measurement date | $0 | ' | $12,705,000 |
Note_and_Mortgages_Payable_Det
Note and Mortgages Payable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note And Mortgages Payable [Line Items] | ' | ' |
Mortgages Notes Payable | $113,897,759 | $117,376,142 |
April 4 2018 [Member] | ' | ' |
Note And Mortgages Payable [Line Items] | ' | ' |
Mortgages Notes Payable | 25,000,000 | 25,000,000 |
January 1 2023 [Member] | ' | ' |
Note And Mortgages Payable [Line Items] | ' | ' |
Mortgages Notes Payable | 23,640,000 | 23,640,000 |
May 14 2017 [Member] | ' | ' |
Note And Mortgages Payable [Line Items] | ' | ' |
Mortgages Notes Payable | 22,017,758 | 22,601,978 |
January 2020 [Member] | ' | ' |
Note And Mortgages Payable [Line Items] | ' | ' |
Mortgages Notes Payable | 9,149,944 | 10,320,440 |
July 2026 [Member] | ' | ' |
Note And Mortgages Payable [Line Items] | ' | ' |
Mortgages Notes Payable | 9,557,942 | 10,042,152 |
June 2014 [Member] | ' | ' |
Note And Mortgages Payable [Line Items] | ' | ' |
Mortgages Notes Payable | 9,271,561 | 9,509,011 |
February 2017 [Member] | ' | ' |
Note And Mortgages Payable [Line Items] | ' | ' |
Mortgages Notes Payable | 3,405,384 | 4,340,850 |
June 11 2016 [Member] | ' | ' |
Note And Mortgages Payable [Line Items] | ' | ' |
Mortgages Notes Payable | 8,580,000 | 8,580,000 |
February 2020 [Member] | ' | ' |
Note And Mortgages Payable [Line Items] | ' | ' |
Mortgages Notes Payable | $3,275,170 | $3,341,711 |
Note_and_Mortgages_Payable_Det1
Note and Mortgages Payable (Details 1) (USD $) | Dec. 31, 2013 | |
Year Ending December 31 | ' | |
2014 | $12,730,495 | |
2015 | 13,191,970 | [1] |
2016 | 12,520,195 | |
2017 | 22,489,650 | [2] |
2018 | 27,403,792 | |
Thereafter | 70,061,657 | |
Total debt | $158,397,759 | |
[1] | Scheduled maturities in 2015 include the $9,500,000 outstanding balance under the Credit Facility as of December 31, 2013. The Credit Facility matures on October 26, 2015, and may be extended at the Companybs election, for two one-year terms to October 2017, subject to certain conditions. | |
[2] | Scheduled maturities in 2017 include $19,744,758 which represents the ending balance of a note payable due in 2017. The note matures May 14, 2017 and may be extended, at the Companybs election, for a two-year term to May 2019, subject to certain conditions. |
Note_and_Mortgages_Payable_Det2
Note and Mortgages Payable (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 31-May-12 | Dec. 31, 2013 | Jun. 30, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||
June 2014 [Member] | June 2014 [Member] | May 14 2017 [Member] | May 14 2017 [Member] | June 2016 [Member] | April 4 2018 [Member] | April 4 2018 [Member] | Jan 1 2013 [Member] | Jan 1 2013 [Member] | January 1 2023 [Member] | January 2020 [Member] | July 2026 [Member] | February 2017 [Member] | February 2020 [Member] | June 11 2016 [Member] | Notes Payable, Other Payables [Member] | Letter of Credit [Member] | Unsecured Term Loan [Member] | |||||
Mortgage Loans On Real Estate [Member] | Mortgage Loans On Real Estate [Member] | Mortgage Loans On Real Estate [Member] | Mortgage Loans On Real Estate [Member] | Mortgage Loans On Real Estate [Member] | Mortgage Loans On Real Estate Non Recourse Two [Member] | |||||||||||||||||
Note And Mortgages Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Current Borrowing Capacity | $85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Maximum Borrowing Capacity | 135,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Expiration Date | 26-Oct-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Extension Options | 'two one-year terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line Of Credit Facility Extension Option Expiration Date | 'October 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Interest Rate Description | 'interest at LIBOR plus a spread of 150 to 215 basis points, or the base rate, depending on the Companys leverage ratio | ' | ' | ' | ' | ' | 'interest at LIBOR plus a spread of 170 basis points | ' | ' | 'interest rate of LIBOR plus 160 basis points which has been swapped to a fixed rate of 2.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Amount Outstanding | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line Of Credit Facility Weighted Average Interest Rate | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line Of Credit Facility Available For Borrowing Subject To Customary Condition | 75,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4-Apr-18 | ' | 1-Jan-23 | ' | ' | ' | ' | ' | ' | ' | ' | 29-Sep-20 | |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 5.08% | ' | ' | ' | ' | ' | ' | ' | ' | 3.60% | 6.90% | 6.27% | 6.63% | 6.24% | 6.56% | ' | ' | 3.85% | |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'interest at LIBOR plus a spread of 165 to 225 basis points depending on the Companys leverage ratio | |
DebtInstrument Additional Borrowing Capacity Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | |
Real Estate Investments, Net, Total | 146,657,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Short-term Debt, Weighted Average Interest Rate | 4.38% | 4.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 13,191,970 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 22,489,650 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,744,758 | ' | ' |
Short Term Debt Percentage Bearing Fixed Interest Rate One | ' | ' | ' | ' | ' | ' | 3.74% | ' | ' | 2.49% | 3.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-Term Debt, Gross | ' | ' | 9,200,000 | ' | 9,640,000 | ' | 22,882,778 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Maturity Date | ' | ' | ' | ' | 'June 1, 2014 | ' | ' | 'June 2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Stated Percentage | ' | ' | ' | ' | 5.08% | ' | ' | 6.56% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Mortgage Loans on Real Estate, Final Maturity Date | ' | ' | ' | ' | ' | ' | 14-May-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Short Term Debt Percentage Bearing Fixed Interest Rate Two | ' | ' | ' | ' | ' | ' | 3.62% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Non-Recourse Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | 23,640,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Mortgage Loans on Real Estate, Number of Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage Of Mortgage Debt Secured By Limited Guaranty | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | 60,097 | ' | 50,120 | ' | ' | ' | ' | ' | ' | ' | 153,838 | 91,675 | 99,598 | 23,004 | 48,467 | ' | ' | ' | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | ' | ' | ' | $9,167,573 | ' | $19,744,758 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,766,628 | $8,580,000 | ' | ' | ' | |
Interest Rate Swap Description | ' | ' | ' | ' | ' | 'interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.62% | ' | ' | 'interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Number of Variable Rate Basis Points | '150 to 215 basis points, or the base rate, | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Derivative, Number of Variable Rate Basis Points | ' | ' | ' | ' | ' | ' | '170 basis points | ' | ' | '160 basis points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Scheduled maturities in 2015 include the $9,500,000 outstanding balance under the Credit Facility as of December 31, 2013. The Credit Facility matures on October 26, 2015, and may be extended at the Companybs election, for two one-year terms to October 2017, subject to certain conditions. | |||||||||||||||||||||
[2] | Scheduled maturities in 2017 include $19,744,758 which represents the ending balance of a note payable due in 2017. The note matures May 14, 2017 and may be extended, at the Companybs election, for a two-year term to May 2019, subject to certain conditions. |
Dividends_and_Distributions_Pa
Dividends and Distributions Payable (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Dividends And Distribution Payable [Line Items] | ' | ' |
Dividends Payable, Amount Per Share | $0.41 | $0.40 |
Deferred_Revenue_Details_Textu
Deferred Revenue (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2004 | Sep. 30, 2011 | Jul. 31, 2004 | Jul. 31, 2004 | |
Ann Arbor, Mi [Member] | Ann Arbor, Mi [Member] | Corporate Joint Venture [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' | ' | ' |
Deferred Revenue | $1,467,403 | $1,930,783 | ' | ' | $9,800,000 | $4,000,000 |
Deferred Revenue, Revenue Recognized | ' | ' | ' | 5,700,000 | ' | ' |
Deferred Revenue Recognition Period | '3 years 2 months 12 days | ' | ' | ' | ' | ' |
Real Estate Investments, Joint Ventures | ' | ' | $4,000,000 | ' | $9,800,000 | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activity (Details) (Interest Rate Swap [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Instruments | Instruments | |
Interest Rate Swap [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Number of Interest Rate Derivatives Held | 3 | 3 |
Derivative Liability, Notional Amount | $82,017,758 | $47,601,978 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activity (Details 1) (Interest Rate Swap [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Other Liabilities [Member] | ' | ' |
Derivatives designated as cash flow hedges: | ' | ' |
Interest Rate Cash Flow Hedge Liability at Fair Value | $204,696 | $1,337,998 |
Other Assets [Member] | ' | ' |
Derivatives designated as cash flow hedges: | ' | ' |
Interest Rate Cash Flow Hedge Asset at Fair Value | $679,234 | $0 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activity (Details 2) (Interest Rate Swap [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Interest Rate Swap [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $1,812,536 | ($708,538) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -773,120 | -470,055 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $0 | $0 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activity (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | |
Interest Rate Swap Agreement One [Member] | Interest Rate Swap Agreement Two [Member] | Interest Rate Swap Agreement Three [Member] | Interest Rate Swap Agreement Four [Member] | |
Derivative, Notional Amount | $24,501,280 | $22,268,358 | $25,000,000 | $35,000,000 |
Short-term Debt, Percentage Bearing Fixed Interest Rate | 3.74% | ' | 0.89% | ' |
Conversion Of Variable Rate Borrowing Amount To Fixed Rate Bearing Amount | 24,501,280 | 22,268,358 | 25,000,000 | 35,000,000 |
Derivative, Amount of Hedged Item | $24,501,280 | $22,268,358 | $25,000,000 | $35,000,000 |
Derivative, Inception Date | 2-Jan-09 | 1-Jul-13 | 6-Dec-12 | 3-Oct-13 |
Derivative, Maturity Date | 1-Jul-13 | 1-May-19 | 4-Apr-18 | 29-Sep-20 |
Description of Interest Rate Cash Flow Hedge Activities | 'the Company received from the counterparty interest on the notional amount based on 1.5% plus one-month LIBOR and paid to the counterparty a fixed rate of 3.744% | 'the Company will receive from the counterparty interest on the notional amount based on one-month LIBOR and will pay to the counterparty a fixed rate of 1.92% | 'the Company will receive from the counterparty interest on the notional amount based on one month LIBOR and will pay to the counterparty a fixed rate of .885% | 'the Company will receive from the counterparty interest on the notional amount based on one-month LIBOR and will pay to the counterparty a fixed rate of 2.197% |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.74% | 1.92% | 0.89% | 2.20% |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ' | ' |
Taxes Payable, Current | $0 | $17,700 |
Deferred Tax Liabilities, Gross | 705,000 | 705,000 |
Current Income Tax Expense (Benefit) | $3,000 | $211,000 |
Stock_Based_Awards_Details
Stock Based Awards (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares Outstanding, Unvested restricted stock | 250,180 | 216,920 | 166,850 |
Shares Outstanding,Restricted stock granted | 87,950 | 94,850 | 105,050 |
Shares Outstanding,Restricted stock vested | -73,368 | -55,870 | -42,830 |
Shares Outstanding,Restricted stock forfeited | -15,680 | -5,720 | -12,150 |
Shares Outstanding, Unvested restricted stock | 249,082 | 250,180 | 216,920 |
Weighted Average Grant Date Fair Value, Unvested restricted stock | $22.66 | $21.74 | $22 |
Weighted Average Grant Date Fair Value,Restricted stock granted | $27.70 | $24.40 | $22.01 |
Weighted Average Grant Date Fair Value,Restricted stock vested | $22.50 | $21.87 | $22.48 |
Weighted Average Grant Date Fair Value,Restricted stock forfeited | $25.01 | $24.32 | $22.22 |
Weighted Average Grant Date Fair Value, Unvested restricted stock | $24.33 | $22.66 | $21.74 |
Stock_Based_Awards_Details_Tex
Stock Based Awards (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $4,280,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years 1 month 6 days | ' | ' |
Fair Value Inputs, Discount Rate | 0.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 87,950 | 94,850 | 105,050 |
Fair Value Inputs Forfeiture Rate | 0.00% | ' | ' |
Stock Incentive Plan 1994 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price | $19.50 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Rights | 'could be exercised in increments of 25% on each anniversary of the date of the grant | ' | ' |
Equity Incentive Plan 2005 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Number Of Shares Authorized | 1,000,000 | ' | ' |
Rental_Income_Details
Rental Income (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
For the Year Ending December 31, | ' |
2014 | $43,087 |
2015 | 41,889 |
2016 | 39,534 |
2017 | 38,991 |
2018 | 37,598 |
Thereafter | 334,493 |
Total | $535,592 |
Rental_Income_Details_Textual
Rental Income (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Rental Income [Line Items] | ' |
Weighted Average Remaining Lease Term | '11 years 8 months 12 days |
Walgreens Co [Member] | ' |
Rental Income [Line Items] | ' |
Percentage Of Future Minimum Rentals Income | 35.00% |
Kmart Corporation [Member] | ' |
Rental Income [Line Items] | ' |
Percentage Of Future Minimum Rentals Income | 0.80% |
Cvs Caremark Corporation [Member] | ' |
Rental Income [Line Items] | ' |
Percentage Of Future Minimum Rentals Income | 8.00% |
Wawa [Member] | ' |
Rental Income [Line Items] | ' |
Percentage Of Future Minimum Rentals Income | 5.80% |
Walmart Stores Inc [Member] | ' |
Rental Income [Line Items] | ' |
Percentage Of Future Minimum Rentals Income | 2.20% |
Minimum [Member] | ' |
Rental Income [Line Items] | ' |
Lease Agreement Term | '5 years |
Maximum [Member] | ' |
Rental Income [Line Items] | ' |
Lease Agreement Term | '25 years |
Lease_Obligations_Details
Lease Obligations (Details) (USD $) | Dec. 31, 2013 |
For the Year Ending December 31, | ' |
2014 | $415,900 |
2015 | 415,900 |
2016 | 415,900 |
2017 | 415,900 |
2018 | 410,233 |
Thereafter | 8,285,521 |
Total | $10,359,354 |
Lease_Obligations_Details_Text
Lease Obligations (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Lease Obligations [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | $427,900 | $574,300 | $721,300 |
Lease Transaction, Annual Rental Payments | $90,000 | ' | ' |
Lease Expiration Date | 31-Dec-14 | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 15, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Ypsilanti Property [Member] | Ironwood Property [Member] | Segment, Discontinued Operations [Member] | Segment, Discontinued Operations [Member] | Segment, Discontinued Operations [Member] | Segment, Discontinued Operations [Member] | ||||
Subsequent Event [Member] | Shopping Center Property [Member] | Two Single Tenant Property [Member] | Shopping Center Property One [Member] | Vacant Office Property [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Sale Of Property, Plant, and Equipment | ' | ' | ' | $5,600,000 | $5,000,000 | $3,500,000 | $4,460,000 | $7,475,000 | $650,000 |
Long-Term Debt, Gross | ' | ' | 9,200,000 | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | 1,290,601 | 3,932,462 | 13,773,597 | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Operating Expense | 992,259 | 1,665,533 | 17,730,409 | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Interest Expense | 0 | 0 | 1,313,875 | ' | ' | ' | ' | ' | ' |
Income (Loss) From Discontinued Operations, Net Of Tax, Attributable To Noncontrolling Interest | $31,953 | $129,993 | ($131,621) | ' | ' | ' | ' | ' | ' |
Interim_Results_Unaudited_Deta
Interim Results (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Selected Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $11,716,000 | $11,272,000 | $10,601,000 | $9,928,000 | $9,267,000 | $8,902,000 | $8,368,000 | $8,087,000 | $43,517,664 | $34,624,362 | $30,263,081 |
Net Income (Loss) | $5,622,000 | $4,646,000 | $4,530,000 | $5,392,000 | $4,747,000 | $4,025,000 | $5,090,000 | $4,742,000 | $20,189,611 | $18,603,594 | $9,889,537 |
Earnings (Loss) Per Share - Diluted (in dollars per share) | $0.38 | $0.35 | $0.34 | $0.41 | $0.40 | $0.35 | $0.44 | $0.43 | $1.50 | $1.62 | $0.99 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 15, 2014 | Dec. 31, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Plan 2005 [Member] | ||||
Ironwood Property [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds From Sale Of Property, Plant, and Equipment | ' | ' | ' | ' | $5,000,000 | ' |
Common Stock, Dividends, Per Share, Declared | $1.64 | $1.60 | $1.60 | $0.43 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period | ' | ' | ' | ' | ' | 81,082 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Grant Date Fair Value | ' | ' | ' | ' | ' | $2,325,000 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Borman Center, Mi [Member] | Capital Plaza, Ky [Member] | Chippewa Commons, Wi [Member] | Grayling Plaza, Mi [Member] | Marshall Plaza Two, Mi [Member] | North Lakeland Plaza, FL [Member] | Oscoda Plaza, Mi [Member] | Petoskey Town Center, Mi [Member] | Rapids Associates, Mi [Member] | West Frankfort Plaza, IL [Member] | Omaha Store, Ne [Member] | Wichita Store, Ks [Member] | Monroeville, Pa [Member] | Boynton Beach, FL 1 [Member] | Lawrence, Ks [Member] | Waterford, Mi [Member] | Chesterfield Township, Mi [Member] | Grand Blanc, Mi [Member] | Pontiac, Mi [Member] | Mt Pleasant Shopping Center, Mi [Member] | Rochester, Mi [Member] | Ypsilanti, Mi 1 [Member] | Petoskey, Mi [Member] | Flint, Mi 1 [Member] | Flint, Mi 2 [Member] | New Baltimore, Mi [Member] | Flint, Mi 3 [Member] | Indianapolis, In [Member] | Big Rapids, Mi [Member] | Flint, Mi 4 [Member] | Canton Twp, Mi [Member] | Flint, Mi 5 [Member] | Webster, Ny [Member] | Albion, Ny [Member] | Flint, Mi 6 [Member] | Lansing, Mi [Member] | Boynton Beach, FL 2 [Member] | Midland, Mi [Member] | Grand Rapids, Mi [Member] | Delta Township, Mi [Member] | Roseville, Mi [Member] | Mt Pleasant, Mi [Member] | N Cape May, Nj [Member] | Summit Twp, Mi [Member] | Livonia, Mi [Member] | Barnesville, Ga [Member] | East Lansing, Mi [Member] | Plainfield, In [Member] | Macomb Township, Mi 1 [Member] | Shelby Township, Mi [Member] | Silver Springs Shores, FL [Member] | Brighton, Mi [Member] | Port St John, FL [Member] | Lowell, Mi [Member] | Southfield Mi [Member] | Atchison, Ks [Member] | Johnstown, Oh [Member] | Lake in the Hills, IL [Member] | Concord, Nc [Member] | Antioch, IL [Member] | St Augustine Shores, FL [Member] | Atlantic Beach, FL [Member] | Mansfield, CT [Member] | Spring Grove, IL [Member] | Ann Arbor, Mi [Member] | Tallahassee, FL [Member] | Wilmington, Nc [Member] | Marietta, Ga [Member] | Baltimore, Md [Member] | Dallas, Tx [Member] | Chandler, Az [Member] | New Lenox, IL [Member] | Roseville, Ca [Member] | Fort Walton Beach, FL [Member] | Leawood, Ks [Member] | Salt Lake City, Ut [Member] | Burton, Mi [Member] | Macomb Township, Mi 2 [Member] | Madison, Al [Member] | Walker, Mi [Member] | Portland, Or [Member] | Cochran, Ga [Member] | Baton Rouge, La [Member] | Southfield, MI [Member] | Clifton Heights, Pa [Member] | Newark, Nj [Member] | Vineland, De [Member] | Fort Mill, Sc [Member] | Spartanburg, Sc [Member] | Springfield, Il [Member] | Jacksonville, Fl [Member] | Morrow, Ga [Member] | Charlotte, Nc [Member] | Lyons, Ga [Member] | Fuquay-Varina, NC [Member] | Minneapolis, Mn [Member] | Lake Zurich, Il [Member] | Lebanon, Va [Member] | Harlingen, Tx [Member] | Wichita, Tx [Member] | Pensacola, Fl 1 [Member] | Pensacola, Fl 2 [Member] | Venice, Fl [Member] | Total Completed [Member] | Rancho Cordova, Ca [Member] | Kissimmee, Fl [Member] | Pinellas Park, Fl [Member] | Casselberry, Fl [Member] | Ann Arbor, Mi 1 [Member] | Sub Total [Member] | St. Joseph, MO [Member] | Statham, GA [Member] | North Las Vegas, NV [Member] | Memphis, TN [Member] | Manchester, CT [Member] | Rapid City, ND [Member] | Chicago, IL [Member] | Brooklyn, OH [Member] | Madisonville, TX [Member] | Forest, MS [Member] | Sun Valley, NV [Member] | Rochester, NY [Member] | Allentow n, PA [Member] | Berw yn, IL [Member] | Grand Forks, ND [Member] | Joplin, MO [Member] | Property Held for Sales, Ironw Ood MI [Member] | Baton Rouge, La 1 [Member] | Retail Facilities Under Development [Member] | Retail Facilities Under Development [Member] | Retail Facilities Under Development [Member] | Retail Facilities Under Development [Member] | Retail Facilities Under Development [Member] | |||||
New Lenox, IL [Member] | Other Retail Facilities [Member] | Sub Total [Member] | St Petersburg, FL [Member] | Bloomfield Hills, MI [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation, Encumbrances | $113,897,759 | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1,669,449 | $0 | $0 | $0 | $820,016 | $900,383 | $860,200 | $824,784 | $0 | $1,833,649 | $1,656,140 | $1,151,978 | $1,737,574 | $1,495,101 | $1,275,502 | $3,138,856 | $0 | $0 | $0 | $0 | $3,637,875 | $0 | $0 | $2,781,211 | $0 | $0 | $0 | $3,045,498 | $3,179,846 | $2,403,987 | $1,252,087 | $0 | $1,473,349 | $4,363,369 | $0 | $0 | $0 | $4,070,126 | $3,481,583 | $3,637,014 | $0 | $0 | $0 | $0 | $0 | $2,384,927 | $0 | $0 | $1,669,449 | $0 | $3,452,182 | $2,170,284 | $2,313,000 | $0 | $1,628,000 | $2,186,000 | $900,000 | $2,534,000 | $1,844,000 | $1,550,203 | $1,192,464 | $4,752,000 | $1,768,000 | $3,275,170 | $4,948,724 | $0 | $1,793,000 | $1,552,000 | $887,000 | $9,271,562 | $0 | $0 | $1,483,000 | $3,898,994 | $2,492,444 | $2,188,562 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $113,897,759 | $0 | $0 | $0 | $0 | $0 | $113,897,759 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1,073,217 | $0 | $0 | $0 | $0 | $0 |
Real Estate and Accumulated Depreciation, Initial Cost, Land | 167,406,541 | ' | ' | ' | 550,000 | 7,379 | 1,197,150 | 200,000 | 0 | 1,641,879 | 183,295 | 875,000 | 705,000 | 8,002 | 150,000 | 1,039,195 | 6,332,158 | 1,534,942 | 981,331 | 971,009 | 1,350,590 | 1,104,285 | 1,144,190 | 907,600 | 2,438,740 | 2,050,000 | 0 | 2,026,625 | 1,477,680 | 1,250,000 | 1,729,851 | 180,000 | 1,201,675 | 0 | 1,550,000 | 1,537,400 | 1,600,000 | 1,900,000 | 1,029,000 | 785,000 | 1,569,000 | 2,350,000 | 1,450,000 | 2,075,000 | 1,771,000 | 1,075,000 | 1,075,000 | 998,460 | 1,200,000 | 932,500 | 1,450,000 | 4,549,758 | 2,621,500 | 2,055,174 | 1,975,000 | 1,365,000 | 2,320,860 | 890,000 | 1,200,000 | 943,750 | 485,000 | 2,135,000 | 7,676,305 | 1,087,884 | 1,700,000 | 1,650,000 | 700,000 | 1,191,199 | 0 | 0 | 1,500,000 | 575,000 | 2,610,430 | 701,320 | 332,868 | 1,422,488 | 2,800,000 | 542,200 | 989,622 | 0 | 80,000 | 1,605,134 | 675,000 | 219,200 | 7,969,403 | 365,714 | 271,400 | 1,178,215 | 2,543,941 | 2,117,547 | 4,102,710 | 750,000 | 250,000 | 302,520 | 676,930 | 525,000 | 1,822,900 | 121,627 | 2,042,225 | 1,088,015 | 780,974 | 300,000 | 430,000 | 340,000 | 650,000 | 400,000 | 1,300,196 | 164,219,541 | 3,889,612 | 1,453,500 | 2,625,000 | 1,804,000 | 3,000,000 | 164,052,041 | 377,620 | 191,919 | 214,552 | 322,520 | 397,800 | 1,017,800 | 272,222 | 3,643,700 | 96,680 | 0 | 308,495 | 2,500,000 | 2,525,051 | 186,791 | 1,502,609 | 1,208,225 | 167,500 | 0 | 2,010,000 | 0 | 3,187,000 | 1,177,000 | 0 |
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 293,305,072 | ' | ' | ' | 562,404 | 2,240,607 | 6,367,560 | 1,778,657 | 4,662,230 | 6,364,379 | 1,872,854 | 8,895,289 | 6,854,790 | 784,077 | 0 | 1,690,644 | 2,249,724 | 2,043,122 | 3,000,000 | 1,562,869 | 1,757,830 | 1,998,919 | 1,808,955 | 8,081,968 | 2,188,050 | 2,222,097 | 2,332,473 | 1,879,700 | 2,241,293 | 2,285,781 | 1,798,091 | 1,117,617 | 2,014,107 | 471,272 | 2,132,096 | 1,961,674 | 2,438,781 | 3,037,864 | 2,165,463 | 348,501 | 2,363,524 | 2,313,413 | 2,646,591 | 2,535,971 | 2,327,052 | 1,432,390 | 1,430,092 | 1,336,357 | 3,441,694 | 2,091,514 | 1,002,192 | 0 | 3,484,212 | 2,533,876 | 2,504,112 | 2,802,036 | 2,402,641 | 1,930,182 | 125,616 | 3,021,672 | 2,799,502 | 3,328,560 | 0 | 0 | 1,973,929 | 1,904,357 | 1,902,191 | 0 | 3,061,507 | 1,482,462 | 1,348,591 | 696,297 | 0 | 778,905 | 793,898 | 0 | 3,695,455 | 1,958,790 | 3,003,541 | 6,810,104 | 0 | 0 | 1,317,927 | 1,024,738 | 0 | 2,053,726 | 1,086,434 | 0 | 3,038,561 | 4,777,516 | 1,501,854 | 1,187,380 | 765,714 | 653,654 | 1,482,748 | 1,383,489 | 3,531,275 | 2,155,635 | 1,763,768 | 345,958 | 7,909,277 | 612,582 | 1,614,378 | 1,530,971 | 1,165,415 | 1,507,583 | 0 | 289,532,898 | 3,232,662 | 971,683 | 874,542 | 793,101 | 4,595,757 | 281,351,592 | 7,639,521 | 3,851,073 | 717,435 | 748,890 | 325,705 | 2,348,032 | 649,063 | 15,079,714 | 1,087,642 | 1,298,176 | 1,373,336 | 7,398,639 | 7,896,613 | 933,959 | 2,301,337 | 1,160,843 | 8,181,306 | 1,188,322 | 1,101,817 | 640,641 | 3,772,174 | 659,751 | 1,369,965 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 15,457,201 | ' | ' | ' | 1,087,596 | 3,434,142 | 492,995 | 0 | 159,688 | 1,995,896 | 0 | 392,154 | 2,157,041 | 202,463 | 0 | -48,910 | -2,586,265 | 3,976,385 | -1,510,873 | 135,390 | -46,164 | 43,929 | -113,506 | 1,024,052 | 1,949 | 32,641 | 1,179 | -1,201 | 0 | -16,502 | 660 | 0 | -2,000 | -198,810 | 23,020 | 0 | 0 | 0 | -6,666 | 3,045 | 0 | -79,235 | 0 | 7,004 | 0 | 4,787 | 495 | 0 | 817,589 | 5,490 | 140,169 | 114,383 | -83,479 | 47,775 | -5,400 | 5,615 | 880 | 10,190 | 2,064 | 0 | 0 | 0 | 0 | 0 | -4,754 | 1,262 | 508 | 968 | 2,623,823 | 0 | 0 | 6,359 | -3,447 | 1,042,730 | 360 | 0 | -96,364 | 303 | 16,198 | -44,417 | 0 | 0 | 0 | 0 | 161 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -99,850 | -572,344 | -126,199 | -255,778 | -54,430 | 28,174 | 16,363 | 12,854 | 12,854 | 12,854 | 12,854 | 4,891 | 15,457,201 | 0 | 0 | 0 | 0 | 0 | 14,157,588 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,299,613 | 0 | 0 | 0 | 0 | 0 | 0 |
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried At Close of Period, Land | 165,451,146 | ' | ' | ' | 550,000 | 7,379 | 1,197,150 | 200,000 | 0 | 1,641,879 | 183,295 | 875,000 | 705,000 | 8,002 | 150,000 | 1,139,677 | 3,153,890 | 1,534,942 | 419,791 | 971,009 | 1,350,590 | 1,104,285 | 1,144,190 | 907,600 | 2,438,740 | 2,050,000 | 0 | 2,026,625 | 1,477,680 | 1,250,000 | 1,729,851 | 180,000 | 1,201,675 | 0 | 1,550,000 | 1,537,400 | 1,600,000 | 1,900,000 | 1,029,000 | 785,000 | 1,569,000 | 2,268,695 | 1,450,000 | 2,075,000 | 1,771,000 | 1,075,000 | 1,075,000 | 998,460 | 1,200,000 | 932,500 | 1,450,000 | 4,664,141 | 2,537,222 | 2,058,474 | 1,975,000 | 1,365,000 | 2,320,860 | 890,000 | 1,200,000 | 823,170 | 485,000 | 1,690,000 | 7,676,305 | 1,087,884 | 1,700,000 | 1,650,000 | 700,000 | 1,192,167 | 2,660,582 | 0 | 1,500,000 | 575,000 | 2,606,983 | 701,320 | 332,868 | 1,422,488 | 2,695,636 | 542,200 | 989,622 | 0 | 80,000 | 1,605,134 | 675,000 | 219,200 | 7,969,564 | 365,714 | 271,400 | 1,178,215 | 2,543,941 | 2,117,547 | 4,102,710 | 750,000 | 250,000 | 302,520 | 676,930 | 525,000 | 1,822,900 | 121,627 | 2,042,225 | 826,635 | 780,974 | 300,000 | 430,000 | 340,000 | 650,000 | 400,000 | 1,305,087 | 162,264,146 | 3,889,612 | 1,453,500 | 2,625,000 | 1,804,000 | 3,000,000 | 162,096,646 | 377,620 | 191,919 | 214,552 | 322,520 | 397,800 | 1,017,800 | 272,222 | 3,643,700 | 96,680 | 0 | 308,495 | 2,500,000 | 2,525,051 | 186,791 | 1,502,609 | 1,208,225 | 167,500 | 0 | 2,010,000 | 0 | 3,187,000 | 1,177,000 | 0 |
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried At Close of Period, Buildings and Improvements | 310,717,678 | ' | ' | ' | 1,650,000 | 5,674,749 | 6,860,555 | 1,778,657 | 4,821,918 | 8,360,275 | 1,872,854 | 9,287,443 | 9,011,831 | 986,540 | 0 | 1,541,252 | 2,841,727 | 6,019,507 | 2,050,667 | 1,698,259 | 1,711,666 | 2,042,848 | 1,695,449 | 9,106,020 | 2,189,999 | 2,254,738 | 2,333,652 | 1,878,499 | 2,241,293 | 2,269,279 | 1,798,751 | 1,117,617 | 2,012,107 | 272,462 | 2,155,116 | 1,961,674 | 2,438,781 | 3,037,864 | 2,158,797 | 351,546 | 2,363,524 | 2,315,483 | 2,646,591 | 2,542,975 | 2,327,052 | 1,437,177 | 1,430,587 | 1,336,357 | 4,259,283 | 2,097,004 | 1,142,361 | 0 | 3,485,011 | 2,578,351 | 2,498,712 | 2,807,651 | 2,403,521 | 1,940,372 | 127,690 | 3,142,252 | 2,799,502 | 3,773,560 | 0 | 0 | 1,969,175 | 1,905,619 | 1,902,699 | 0 | 3,024,748 | 1,482,462 | 1,348,591 | 702,656 | 0 | 1,821,635 | 794,258 | 0 | 3,703,455 | 1,959,093 | 3,019,739 | 6,765,687 | 0 | 0 | 1,317,927 | 1,024,738 | 0 | 2,053,726 | 1,086,434 | 0 | 3,038,561 | 4,777,516 | 1,501,854 | 1,187,380 | 765,714 | 653,654 | 1,482,748 | 1,283,639 | 2,958,931 | 2,029,436 | 1,507,990 | 552,908 | 7,937,451 | 628,945 | 1,627,232 | 1,543,825 | 1,178,269 | 1,520,437 | 0 | 306,945,504 | 3,232,662 | 971,683 | 874,542 | 793,101 | 4,595,757 | 297,464,585 | 7,639,521 | 3,851,073 | 717,435 | 748,890 | 325,705 | 2,348,032 | 649,063 | 15,079,714 | 1,087,642 | 1,298,176 | 1,373,336 | 7,398,639 | 7,896,613 | 933,959 | 2,301,337 | 1,160,843 | 9,480,919 | 1,188,322 | 1,101,817 | 640,641 | 3,772,174 | 659,751 | 1,369,965 |
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried At Close of Period, Total | 476,168,824 | 398,811,830 | 340,073,911 | 339,492,832 | 2,200,000 | 5,682,128 | 8,057,705 | 1,978,657 | 4,821,918 | 10,002,154 | 2,056,149 | 10,162,443 | 9,716,831 | 994,542 | 150,000 | 2,680,929 | 5,995,617 | 7,554,449 | 2,470,458 | 2,669,268 | 3,062,256 | 3,147,133 | 2,839,639 | 10,013,620 | 4,628,739 | 4,304,738 | 2,333,652 | 3,905,124 | 3,718,973 | 3,519,279 | 3,528,602 | 1,297,617 | 3,213,782 | 272,462 | 3,705,116 | 3,499,074 | 4,038,781 | 4,937,864 | 3,187,797 | 1,136,546 | 3,932,524 | 4,584,178 | 4,096,591 | 4,617,975 | 4,098,052 | 2,512,177 | 2,505,587 | 2,334,817 | 5,459,283 | 3,029,504 | 2,592,361 | 4,664,141 | 6,022,233 | 4,636,825 | 4,473,712 | 4,172,651 | 4,724,381 | 2,830,372 | 1,327,690 | 3,965,422 | 3,284,502 | 5,463,560 | 7,676,305 | 1,087,884 | 3,669,175 | 3,555,619 | 2,602,699 | 1,192,167 | 5,685,330 | 1,482,462 | 2,848,591 | 1,277,656 | 2,606,983 | 2,522,955 | 1,127,126 | 1,422,488 | 6,399,091 | 2,501,293 | 4,009,361 | 6,765,687 | 80,000 | 1,605,134 | 1,992,927 | 1,243,938 | 7,969,564 | 2,419,440 | 1,357,834 | 1,178,215 | 5,582,502 | 6,895,063 | 5,604,564 | 1,937,380 | 1,015,714 | 956,174 | 2,159,678 | 1,808,639 | 4,781,831 | 2,151,063 | 3,550,215 | 1,379,543 | 8,718,425 | 928,945 | 2,057,232 | 1,883,825 | 1,828,269 | 1,920,437 | 1,305,087 | 469,209,650 | 7,122,274 | 2,425,183 | 3,499,542 | 2,597,101 | 7,595,757 | 459,561,231 | 8,017,141 | 4,042,992 | 931,987 | 1,071,410 | 723,505 | 3,365,832 | 921,285 | 18,723,414 | 1,184,322 | 1,298,176 | 1,681,831 | 9,898,639 | 10,421,664 | 1,120,750 | 3,803,946 | 2,369,068 | 9,648,419 | 1,188,322 | 3,111,817 | 640,641 | 6,959,174 | 1,836,751 | 1,369,965 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $65,436,739 | $58,856,688 | $68,589,778 | $67,383,413 | $1,576,772 | $2,744,365 | $3,910,563 | $1,320,460 | $2,702,421 | $4,908,425 | $1,387,693 | $5,216,143 | $4,359,647 | $675,719 | $0 | $742,605 | $907,676 | $1,419,357 | $1,185,693 | $678,267 | $663,852 | $648,096 | $760,420 | $4,482,688 | $793,851 | $788,297 | $797,243 | $610,518 | $721,413 | $702,233 | $526,473 | $319,174 | $540,794 | $112,275 | $543,220 | $482,329 | $596,997 | $693,015 | $492,435 | $83,456 | $573,223 | $489,552 | $551,375 | $519,249 | $472,681 | $290,417 | $289,094 | $243,584 | $671,580 | $325,443 | $178,363 | $0 | $508,214 | $348,345 | $312,475 | $339,179 | $280,396 | $206,101 | $13,425 | $273,440 | $244,957 | $324,624 | $0 | $0 | $153,704 | $150,758 | $148,646 | $0 | $245,981 | $112,729 | $95,525 | $43,836 | $0 | $99,196 | $44,715 | $0 | $215,968 | $102,032 | $150,987 | $373,753 | $0 | $0 | $65,896 | $44,829 | $0 | $77,015 | $11,317 | $0 | $110,668 | $174,002 | $55,046 | $42,053 | $26,321 | $21,788 | $49,425 | $40,738 | $88,687 | $55,227 | $41,374 | $14,543 | $206,675 | $15,724 | $40,681 | $38,596 | $29,457 | $38,011 | $0 | $65,436,739 | $60,612 | $18,219 | $12,754 | $8,261 | $9,574 | $60,633,824 | $175,072 | $88,254 | $15,694 | $15,602 | $5,428 | $36,688 | $9,465 | $188,496 | $13,596 | $13,523 | $11,444 | $53,948 | $57,579 | $1,946 | $9,589 | $4,837 | $4,802,915 | $47,038 | $0 | $0 | $0 | $0 | $0 |
Real Estate and Accumulated Depreciation, Period Of Construction | ' | ' | ' | ' | '1977 | '1978 | '1990 | '1984 | '1990 | '1987 | '1984 | '1990 | '1990 | '1982 | '1995 | '1995 | '1996 | '1996 | '1997 | '1997 | '1998 | '1998 | '1998 | '1973 | '1999 | '1999 | '2000 | '2000 | '2001 | '2001 | '2002 | '2002 | '2003 | '2003 | '2003 | '2004 | '2004 | '2004 | '2004 | '2004 | '2004 | '2005 | '2005 | '2005 | '2005 | '2005 | '2005 | '2006 | '2007 | '2007 | '2007 | '2007 | '2008 | '2008 | '2009 | '2009 | '2009 | '2009 | '2009 | '2010 | '2010 | '2010 | '2010 | '2010 | '2010 | '2010 | '2010 | '2010 | '2010 | '2010 | '2011 | '2011 | '2011 | '2011 | '2011 | '2011 | '2011 | '2011 | '2011 | '2011 | '2011 | '2012 | '2012 | '2012 | '2012 | '2012 | '2013 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | ' | '2013 | '2013 | '2013 | '2013 | '2013 | ' | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '1991 | '2012 | ' | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | ' | ' | ' | ' | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '20 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | ' | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | ' | '40 years | '40 years | '40 years | '40 years | '40 years | ' | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '0 years | '0 years | ' | '0 years | '0 years |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Balance at January 1 | $398,811,830 | $340,073,911 | $339,492,832 |
Construction and acquisition cost | 82,692,554 | 97,418,031 | 31,219,239 |
Impairment charge | -450,000 | 0 | -13,500,000 |
Disposition of real estate | -4,885,560 | -38,680,112 | -17,138,160 |
Balance at December 31 | $476,168,824 | $398,811,830 | $340,073,911 |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Balance at January 1 | $58,856,688 | $68,589,778 | $67,383,413 |
Current year depreciation expense | 6,930,145 | 5,726,319 | 6,005,270 |
Disposition of real estate | -350,094 | -15,459,409 | -4,798,905 |
Balance at December 31 | $65,436,739 | $58,856,688 | $68,589,778 |
Schedule_III_Real_Estate_and_A4
Schedule III - Real Estate and Accumulated Depreciation (Details Textual) (USD $) | Dec. 31, 2013 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' |
Tax Basis Of Investments, Cost For Income Tax Purposes | $18,877,000 |