Agree Realty (ADC) 10-Q 2 May 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 28, 2014
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-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
Real Estate Investments	'	'
Land	$167,395,137	$162,096,646
Buildings	313,744,668	297,464,585
Less accumulated depreciation	-62,364,758	-60,633,824
Property, Plant and Equipment, Net	418,775,047	398,927,407
Property under development	9,220,733	6,959,174
Property held for sale	0	4,845,504
Net Real Estate Investments	427,995,780	410,732,085
Cash and Cash Equivalents	826,222	14,536,881
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at March 31, 2014 and December 31, 2013	3,305,064	3,262,768
Unamortized Deferred Expenses	'	'
Financing costs, net of accumulated amortization of $1,921,408 and $7,009,538 at March 31, 2014 and December 31, 2013, respectively	2,344,485	2,526,768
Leasing costs, net of accumulated amortization of $462,908 and $1,425,186 at March 31, 2014 and December 31, 2013, respectively	722,280	758,037
Lease intangibles, net of accumulated amortization of $3,745,435 and $3,228,506 at March 31, 2014 and December 31, 2013, respectively	29,160,682	27,705,499
Other Assets	2,131,092	3,219,505
Total Assets	466,485,605	462,741,543
Notes Payable:	'	'
Mortgage Notes Payable	112,991,525	113,897,759
Unsecured Revolving Credit Facility	15,988,273	9,500,000
Unsecured Term Loan	35,000,000	35,000,000
Total Notes Payable	163,979,798	158,397,759
Dividends and Distributions Payable	6,573,543	6,243,933
Deferred Revenue	1,351,558	1,467,403
Accrued Interest Payable	460,021	470,862
Accounts Payable and Accrued Expense	'	'
Capital expenditures	0	144,074
Operating	1,744,363	2,851,612
Interest Rate Swap	436,599	204,696
Deferred Income Taxes	705,000	705,000
Tenant Deposits	40,647	40,647
Total Liabilities	175,291,529	170,525,986
STOCKHOLDERS' EQUITY	'	'
Common stock, $.0001 par value per share, 28,000,000 shares authorized, 14,964,396 and 14,883,314 shares issued and outstanding, respectively	1,496	1,488
Excess stock, $.0001 par value per share, 8,000,000 shares authorized, no shares issued and outstanding	0	0
Preferred Stock, $.0001 par value per share, 4,000,000 shares authorized Series A junior participating preferred stock, $.0001 par value per share, 200,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in-capital	313,487,337	312,974,162
Deficit	-24,929,484	-23,879,151
Accumulated other comprehensive income	22,134	471,717
Total Stockholders' Equity - Agree Realty Corporation	288,581,483	289,568,216
Non-controlling interest	2,612,593	2,647,341
Total Stockholders' Equity	291,194,076	292,215,557
Total Liabilities and Stockholders' Equity	$466,485,605	$462,741,543

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts receivable (in dollars)	$35,000	$35,000
Accumulated amortization, deferred finance costs (in dollars)	1,921,408	7,009,538
Deferred costs, leasing, accumulated amortization (in dollars)	462,908	1,425,186
Finite-lived intangible assets, accumulated amortization (in dollars)	$3,745,435	$3,228,506
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	28,000,000	28,000,000
Common stock, shares, issued	14,964,396	14,883,314
Common stock, shares, outstanding	14,964,396	14,883,314
Excess stock, par value (in dollars per share)	$0.00	$0.00
Excess stock, shares authorized	8,000,000	8,000,000
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	4,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series A Junior Participating Preferred Stock [Member]	'	'
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues	'	'
Minimum rents	$11,523,058	$9,372,723
Percentage rents	0	19,359
Operating cost reimbursement	1,022,973	536,064
Other income	29,042	0
Total Revenues	12,575,073	9,928,146
Operating Expenses	'	'
Real estate taxes	697,232	422,910
Property operating expenses	498,526	326,312
Land lease payments	107,275	106,975
General and administrative	1,591,783	1,486,367
Depreciation and amortization	2,513,589	1,887,831
Total Operating Expenses	5,408,405	4,230,395
Income from Operations	7,166,668	5,697,751
Other Income (Expense)	'	'
Interest expense, net	-1,794,460	-1,440,193
Income From Continuing Operations	5,372,208	4,257,558
Discontinued Operations	'	'
Gain on sale of assets from discontinued operations	122,747	946,347
Income from discontinued operations	14,573	188,353
Total Discontinued Operations	137,320	1,134,700
Net Income	5,509,528	5,392,258
Less Net Income Attributable to Non-Controlling Interest	125,171	141,479
Net Income Attributable to Agree Realty Corporation	5,384,357	5,250,779
Basic Earnings Per Share	'	'
Continuing operations (in dollars per share)	$0.36	$0.33
Discontinued operations (in dollars per share)	$0.01	$0.09
Earnings Per Share, Basic (in dollars per share)	$0.37	$0.42
Diluted Earnings Per Share	'	'
Continuing operations (in dollars per share)	$0.36	$0.32
Discontinued operations (in dollars per share)	$0.01	$0.09
Earnings Per Share, Diluted (in dollars per share)	$0.37	$0.41
Other Comprehensive Income	'	'
Net income	5,509,528	5,392,258
Other Comprehensive Income (Loss)	-460,026	250,669
Total Comprehensive Income	5,049,502	5,642,927
Comprehensive Income Attributable to Non-Controlling Interest	-114,728	-148,047
Comprehensive Income Attributable to Agree Realty Corporation	$4,934,774	$5,494,880
Weighted Average Number of Common Shares Outstanding - Basic (in shares)	14,698,479	12,641,730
Weighted Average Number of Common Shares Outstanding - Dilutive (in shares)	14,745,489	12,693,361

CONSOLIDATED_STATEMENT_OF_STOC

CONSOLIDATED STATEMENT 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, 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	'	'	'	'
Issuance of common stock, net of issuance costs	'	'	-14,537	0	0	0
Issuance of restricted stock under the Equity Incentive Plan	'	8	0	0	0	0
Issuance of restricted stock under the Equity Incentive Plan (in shares)	'	81,864	'	'	'	'
Forfeiture of restricted stock	'	0	0	0	0	0
Forfeiture of restricted stock (in shares)	'	-782	'	'	'	'
Vesting of restricted stock	'	0	527,712	0	0	0
Dividends and distributions declared for the period January 1, 2014 to March 31, 2014	'	0	0	-6,434,690	0	-149,476
Other comprehensive loss - change in fair value of interest rate swaps	'	0	0	0	-449,583	-10,443
Net income for the period January 1, 2014 to March 31, 2014	5,509,528	0	0	5,384,357	0	125,171
Balance at Mar. 31, 2014	$291,194,076	$1,496	$313,487,337	($24,929,484)	$22,134	$2,612,593
Balance (in shares) at Mar. 31, 2014	'	14,964,396	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash Flows from Operating Activities	'	'
Net income	$5,509,528	$5,392,258
Adjustments to reconcile net income to net cash provided by operating activities	'	'
Depreciation	1,967,037	1,611,451
Amortization	728,834	520,706
Stock-based compensation	527,712	470,110
Gain on sale of assets	-122,747	-946,347
(Increase) decrease in accounts receivable	-42,296	441,789
(Increase) decrease in other assets	845,577	-194,408
Decrease in accounts payable	-1,117,122	-411,442
Decrease in deferred revenue	-115,845	-115,845
Increase (decrease) in accrued interest	-10,841	101,301
Decrease in tenant deposits	0	-2,500
Net Cash Provided by Operating Activities	8,169,837	6,867,073
Cash Flows from Investing Activities	'	'
Acquisition of real estate investments	-21,959,330	-14,948,140
Development of real estate investments (including capitalized interest of $55,182 in 2014, $203,558 in 2013)	-4,074,307	-2,019,942
Net proceeds from sale of assets	4,974,387	5,462,280
Net Cash Used In Investing Activities	-21,059,250	-11,505,802
Cash Flows from Financing Activities	'	'
Proceeds from common stock offering	-14,529	44,810,620
Note payable borrowings	16,376,102	17,242,796
Note payable repayments	-9,887,829	-51,772,801
Payments of mortgages payable	-906,234	-850,027
Dividends paid	-6,102,159	-4,574,418
Limited partners' distributions paid	-142,523	-139,047
Repayments of payables for capital expenditures	-144,074	-122,080
Payments for financing costs	0	-27,311
Net Cash Provided by (Used in) Financing Activities	-821,246	4,567,732
Net Decrease in Cash and Cash Equivalents	-13,710,659	-70,997
Cash and Cash Equivalents, beginning of period	14,536,881	1,270,027
Cash and Cash Equivalents, end of period	826,222	1,199,030
Supplemental Disclosure of Cash Flow Information	'	'
Cash paid for interest (net of amounts capitalized)	1,630,798	1,146,919
Supplemental Disclosure of Non-Cash Investing and Financing Activities	'	'
Shares issued under Stock Incentive Plan	2,325,235	2,257,195
Dividends and limited partners' distributions declared and unpaid	6,584,166	5,571,680
Real estate investments financed with accounts payable	$0	$85,874

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Interest Capitalized For Real Estate Under Development	$55,182	$203,558

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	1	Basis of Presentation
	The accompanying unaudited consolidated financial statements of Agree Realty Corporation (the “Company”) for the three months ended March 31, 2014 have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2013 has been derived from the audited consolidated financial statements at that date. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or for any other interim period. 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 2013 balances have been reclassified to conform to the 2014 presentation. In addition, certain fully amortized deferred expenses were written off during the period. For further information, refer to the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

Stock_Based_Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	2	Stock Based Compensation
	The Company estimates the fair value of restricted stock and stock option grants 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.
	As of March 31, 2014, there was $6,077,000 of unrecognized compensation costs related to the outstanding shares of restricted stock, which is expected to be recognized over a weighted average period of 3.55 years. The Company used a 0% discount factor and forfeiture rate for determining the fair value of restricted stock. The forfeiture rate was based on historical results and trends.
	The holder of a restricted stock award is generally entitled at all times on and after the date of issuance of the restricted stock 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.
	Restricted stock activity is summarized as follows:
			Shares Outstanding	Weighted Average Grant Date
				Fair Value
	Unvested restricted stock at January 1, 2014		249,082	$	24.33
	Restricted stock granted		81,864		28.68
	Restricted stock vested		-75,420		22.84
	Restricted stock forfeited		-782		28.65
	Unvested restricted stock at March 31, 2014		254,744	$	24.37

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	3	Earnings Per Share
	Earnings per share has been computed by dividing the net income attributable to Agree Realty Corporation by the weighted average number of common shares outstanding.
	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:
			Three Months Ended March 31,
			2014	2013
	Weighted average number of common shares outstanding		14,953,223	12,903,030
	Unvested restricted stock		254,744	261,300
	Weighted average number of common shares outstanding used in basic earnings per share		14,698,479	12,641,730
	Weighted average number of common shares outstanding used in basic earnings per share		14,698,479	12,641,730
	Effect of dilutive securities:
	Restricted stock		47,011	51,631
	Weighted average number of common shares outstanding used in diluted earnings per share		14,745,489	12,693,361

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2014
New Accounting Pronouncements and Changes In Accounting Principles [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	4	Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-08 "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" which updates ASC 205 "Presentation of Financial Statements" and ASC 360 "Property, Plant and Equipment". The amendments in this update change the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. For public entities, ASU 2014-08 is effective prospectively for fiscal years beginning after December 15, 2015; however, early adoption is permitted, but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issuance. We have elected to early adopt this updated standard effective in the first quarter of 2014 and have applied the provisions prospectively.

Derivative_Instruments_and_Hed

Derivative Instruments and Hedging Activity	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	5	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 April 24, 2012, the Company entered into a forward starting interest rate swap agreement, 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) (“OCI”) for the three months ended March 31, 2014 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 three months ended March 31, 2014, the Company has determined these derivative instruments to be effective hedges.
	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 March 31, 2014.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	6	Fair Value Measurements
	Certain of the Company’s assets and liabilities are disclosed 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 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 March 31, 2014.
	Asset:		Level 1		Level 2		Level 3		Carrying
									Value
	Interest rate swaps		$	-	$	451,111	$	-	$	451,111
	Liability:		Level 1		Level 2		Level 3		Carrying
									Value
	Interest rate swaps		$	-	$	436,599	$	-	$	436,599
	Mortgage notes payable		$	-	$	-	$	109,344,757	$	112,991,525
	Unsecured revolving credit facility		$	-	$	15,988,273	$	-	$	15,988,273
	Unsecured term loan		$	-	$	33,383,945	$	-	$	35,000,000
	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 is based on the net present value of expected future cash flows on each leg of the swaps 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.  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.

Note_and_Mortgages_Payable

Note and Mortgages Payable	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	7	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 March 31, 2014, $15,988,273 was outstanding under the Credit Facility bearing a weighted average interest rate of 1.94%, and $69,011,727 was available for borrowing (subject to customary conditions to borrowing).
	The Operating Partnership has in place 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 March 31, 2014.
	Mortgages payable consisted of the following:
			March 31,		December 31,
			2014		2013
	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 March 31, 2014. 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			21,867,398		22,017,758
	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			8,844,518		9,149,944
	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			9,432,084		9,557,942
	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			9,208,663		9,271,561
	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			3,161,692		3,405,384
	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			3,257,170		3,275,170
	Total		$	112,991,525	$	113,897,759
	The above mortgages payable are collateralized by related real estate with an aggregate net book value of $147,178,900.
	The weighted average interest rate for the mortgage notes payable at March 31, 2014 was 4.35%.
	The following table presents scheduled principal payments on mortgages and notes payable as of March 31, 2014:
	Year Ending March 31,
	2015		$	12,724,355
	2016 (1)			19,740,285
	2017			12,485,823
	2018 (2)			22,150,568
	2019			27,444,292
	Thereafter			69,434,475
	Total debt		$	163,979,798
		-1	Scheduled maturities in 2016 include the $15,988,273 outstanding balance under the Credit Facility as of March 31, 2014. 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 2018 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.

Dividends_and_Distributions_Pa

Dividends and Distributions Payable	3 Months Ended
	Mar. 31, 2014
Dividends and Distributions Payable [Abstract]	'
Dividends and Distributions Payable [Text Block]	'
		8	Dividends and Distributions Payable
	On March 4, 2014, the Company declared a dividend of $0.43 per common share for the quarter ended March 31, 2014. The holders of limited partnership interest in the Operating Partnership (“OP Units”) were entitled to an equal distribution per OP Unit held as of March 31, 2014. The dividend and distributions payable are recorded as liabilities in the Company’s consolidated balance sheet as of March 31, 2014. 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. The amounts were paid on April 8, 2014.

Deferred_Revenue

Deferred Revenue	3 Months Ended
	Mar. 31, 2014
Deferred Revenue Disclosure [Abstract]	'
Deferred Revenue Disclosure [Text Block]	'
	9	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 $1,352,000 will be recognized as minimum rents over approximately 2.9 years.

Discontinued_Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	'
		10	Discontinued Operations
	The Company has adopted the provisions at ASU 2014-08 beginning with the period ended March 31, 2014, and have adopted the provisions prospectively. The following information provides a summary of selected operating results during the three months ended March 31, 2014 and 2013 for those properties classified as discontinued operations prior to the adoption of ASU 2014-08.
	During 2014, the Company sold one non-core property; a Kmart anchored shopping center in Ironwood, Michigan for approximately $5,000,000.
	During 2013, the Company sold one single tenant property in Ypsilanti, Michigan for approximately $5,600,000.
	The results of operations for these properties are presented as discontinued operations in the Company’s consolidated statements of income and comprehensive income. The revenues for the Ironwood property were $42,561 for the three months ended March 31, 2014, and the revenues for both properties were $328,852 for the three months ended March 31, 2013. The expenses for the Ironwood property were $27,988 for the three months ended March 31, 2014, and the expenses for both properties were $140,499 for the three months ended March 31, 2013.
	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. There was no interest expense that was directly attributable to the discontinued operations for the three months ended March 31, 2014 and 2013.
	The income from discontinued operations allocable to non-controlling interest was $3,120 for the three months ended March 31, 2014, and $29,772 for the three months ended March 31, 2013.

Purchase_Accounting_for_Acquis

Purchase Accounting for Acquisitions of Real Estate	3 Months Ended
	Mar. 31, 2014
Real Estate [Abstract]	'
Real Estate Disclosure [Text Block]	'
	11	Purchase Accounting for Acquisitions of Real Estate
	Acquired real estate assets have been accounted for using the purchase method of accounting and accordingly, the results of operations are included in the consolidated statements of income 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 and (ii) identifiable intangible assets or liabilities generally consisting of above-market and below-market in-place leases and in-place leases. The Company uses 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 intangible costs 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.
	During the three months ended March 31, 2014, the Company purchased nine retail assets for approximately $22,000,000 with a weighted average capitalization rate of 8.4% to obtain 100% control of the assets. The weighted average capitalization rate for these 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 property level expense (if any) that is not recoverable from the tenant. The cost of the aggregate acquisitions was allocated as follows: $5,300,000 to land, $14,700,000 to buildings and improvements and $2,000,000 to lease intangible costs. The acquisitions were cash purchases and there were no contingent considerations associated with these acquisitions.
	Total revenues of $246,000 and income from continuing operations of $59,000 are included in the consolidated statements of income and comprehensive income, for the three months ended March 31, 2014, for the aggregate 2014 acquisitions.
	The following pro forma total revenue and income from continuing operations for the 2014 acquisitions in aggregate assumes the acquisitions had taken place on January 1, 2014 for the 2014 pro forma information, and on January 1, 2013 for the 2013 pro forma information (in thousands):
	Supplemental pro forma for the three months ended March 31, 2014 (1)
	Total revenue		$	12,742
	Income from continuing operations		$	5,408
	Supplemental pro forma for the three months ended March 31, 2013 (1)
	Total revenue		$	10,298
	Income from continuing operations		$	4,312
		-1	This unaudited pro forma supplemental information does not purport to be indicative of what the Company operating results would have been had the acquisitions occurred on January 1, 2014 or January 1, 2013 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.
	The fair values of intangible assets acquired are amortized to depreciation and amortization on the consolidated statements of income and comprehensive income over 18.6 years.

Stock_Based_Compensation_Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
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 stock activity is summarized as follows:
		Shares	Weighted Average
		Outstanding	Grant Date
			Fair Value
	Unvested restricted stock at January 1, 2014	249,082	$	24.33
	Restricted stock granted	81,864		28.68
	Restricted stock vested	-75,420		22.84
	Restricted stock forfeited	-782		28.65
	Unvested restricted stock at March 31, 2014	254,744	$	24.37

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share Reconciliation [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:
		Three Months Ended March 31,
		2014	2013
	Weighted average number of common shares outstanding	14,953,223	12,903,030
	Unvested restricted stock	254,744	261,300
	Weighted average number of common shares outstanding used in basic earnings per share	14,698,479	12,641,730
	Weighted average number of common shares outstanding used in basic earnings per share	14,698,479	12,641,730
	Effect of dilutive securities:
	Restricted stock	47,011	51,631
	Weighted average number of common shares outstanding used in diluted earnings per share	14,745,489	12,693,361

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [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 March 31, 2014.
	Asset:	Level 1		Level 2		Level 3		Carrying
								Value
	Interest rate swaps	$	-	$	451,111	$	-	$	451,111
	Liability:	Level 1		Level 2		Level 3		Carrying
								Value
	Interest rate swaps	$	-	$	436,599	$	-	$	436,599
	Mortgage notes payable	$	-	$	-	$	109,344,757	$	112,991,525
	Unsecured revolving credit facility	$	-	$	15,988,273	$	-	$	15,988,273
	Unsecured term loan	$	-	$	33,383,945	$	-	$	35,000,000

Note_and_Mortgages_Payable_Tab

Note and Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Mortgages Payable [Table Text Block]	'
	Mortgages payable consisted of the following:
			March 31,		December 31,
			2014		2013
	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 March 31, 2014. 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			21,867,398		22,017,758
	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			8,844,518		9,149,944
	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			9,432,084		9,557,942
	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			9,208,663		9,271,561
	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			3,161,692		3,405,384
	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			3,257,170		3,275,170
	Total		$	112,991,525	$	113,897,759
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	The following table presents scheduled principal payments on mortgages and notes payable as of March 31, 2014:
	Year Ending March 31,
	2015		$	12,724,355
	2016 (1)			19,740,285
	2017			12,485,823
	2018 (2)			22,150,568
	2019			27,444,292
	Thereafter			69,434,475
	Total debt		$	163,979,798
		-1	Scheduled maturities in 2016 include the $15,988,273 outstanding balance under the Credit Facility as of March 31, 2014. 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 2018 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.

Purchase_Accounting_for_Acquis1

Purchase Accounting for Acquisitions of Real Estate (Tables)	3 Months Ended
	Mar. 31, 2014
Real Estate [Abstract]	'
Business Acquisition, Pro Forma Information [Table Text Block]	'
	The following pro forma total revenue and income from continuing operations for the 2014 acquisitions in aggregate assumes the acquisitions had taken place on January 1, 2014 for the 2014 pro forma information, and on January 1, 2013 for the 2013 pro forma information (in thousands):
	Supplemental pro forma for the three months ended March 31, 2014 (1)
	Total revenue		$	12,742
	Income from continuing operations		$	5,408
	Supplemental pro forma for the three months ended March 31, 2013 (1)
	Total revenue		$	10,298
	Income from continuing operations		$	4,312
		-1	This unaudited pro forma supplemental information does not purport to be indicative of what the Company operating results would have been had the acquisitions occurred on January 1, 2014 or January 1, 2013 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.

Stock_Based_Compensation_Detai

Stock Based Compensation (Details) (Restricted Stock [Member], USD $)	3 Months Ended
	Mar. 31, 2014
Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Shares Outstanding, Unvested restricted stock at January 1, 2014	249,082
Shares Outstanding, Restricted stock granted	81,864
Shares Outstanding Restricted stock vested	-75,420
Shares Outstanding, Restricted stock forfeited	-782
Shares Outstanding, Unvested restricted stock at March 31, 2014	254,744
Weighted Average Grant Date Fair Value, Unvested restricted stock at January 1, 2014	$24.33
Weighted Average Grant Date Fair Value, Restricted stock granted	$28.68
Weighted Average Grant Date Fair Value, Restricted stock vested	$22.84
Weighted Average Grant Date Fair Value, Restricted stock forfeited	$28.65
Weighted Average Grant Date Fair Value, Unvested restricted stock at March 31, 2014	$24.37

Stock_Based_Compensation_Detai1

Stock Based Compensation (Details Textual) (Restricted Stock [Member], USD $)	3 Months Ended
	Mar. 31, 2014
Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized	$6,077,000
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Period For Recognition	'3 years 6 months 18 days
Fair Value Inputs, Discount Rate	0.00%
Fair Value Inputs Forfeiture Rate	0.00%

Earnings_Per_Share_Details

Earnings Per Share (Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]	'	'
Weighted average number of common shares outstanding	14,953,223	12,903,030
Unvested restricted stock	254,744	261,300
Weighted average number of common shares outstanding used in basic earnings per share	14,698,479	12,641,730
Weighted average number of common shares outstanding used in basic earnings per share	14,698,479	12,641,730
Effect of dilutive securities:	'	'
Restricted stock	47,011	51,631
Weighted average number of common shares outstanding used in diluted earnings per share	14,745,489	12,693,361

Derivative_Instruments_and_Hed1

Derivative Instruments and Hedging Activity (Details Textual) (USD $)	12 Months Ended
	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]
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'	'	'
Derivative, Notional Amount	$22,268,358	$25,000,000	$35,000,000
Derivative, Inception Date	1-Jul-13	6-Dec-12	3-Oct-13
Derivative, Maturity Date	1-May-19	4-Apr-18	29-Sep-20
Description of Interest Rate Cash Flow Hedge Activities	'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%
Conversion Of Variable Rate Borrowing Amount To Fixed Rate Bearing Amount	22,268,358	25,000,000	35,000,000
Derivative, Amount of Hedged Item	$22,268,358	$25,000,000	$35,000,000
Debt Instrument, Interest Rate, Stated Percentage	1.92%	0.89%	2.20%

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	$436,599	$204,696
Interest rate swaps [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Assets, at Fair Value	451,111	'
Interest Rate Derivative Liabilities, At Fair Value	436,599	'
Interest rate swaps [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Assets, at Fair Value	0	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Interest rate swaps [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Assets, at Fair Value	451,111	'
Interest Rate Derivative Liabilities, At Fair Value	436,599	'
Interest rate swaps [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Assets, at Fair Value	0	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Mortgage notes payable [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	112,991,525	'
Mortgage notes payable [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Mortgage notes payable [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Mortgage notes payable [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	109,344,757	'
Unsecured revolving credit facility [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	15,988,273	'
Unsecured revolving credit facility [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Unsecured revolving credit facility [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	15,988,273	'
Unsecured revolving credit facility [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Unsecured term loan [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	35,000,000	'
Unsecured term loan [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Unsecured term loan [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	33,383,945	'
Unsecured term loan [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Liabilities, At Fair Value	$0	'

Note_and_Mortgages_Payable_Det

Note and Mortgages Payable (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Note And Mortgages Payable [Line Items]	'	'
Mortgage Notes Payable	$112,991,525	$113,897,759
April 4 2018 [Member]	'	'
Note And Mortgages Payable [Line Items]	'	'
Mortgage Notes Payable	25,000,000	25,000,000
January 1 2023 [Member]	'	'
Note And Mortgages Payable [Line Items]	'	'
Mortgage Notes Payable	23,640,000	23,640,000
May 14 2017 [Member]	'	'
Note And Mortgages Payable [Line Items]	'	'
Mortgage Notes Payable	21,867,398	22,017,758
January 2020 [Member]	'	'
Note And Mortgages Payable [Line Items]	'	'
Mortgage Notes Payable	8,844,518	9,149,944
July 2026 [Member]	'	'
Note And Mortgages Payable [Line Items]	'	'
Mortgage Notes Payable	9,432,084	9,557,942
June 2014 [Member]	'	'
Note And Mortgages Payable [Line Items]	'	'
Mortgage Notes Payable	9,208,663	9,271,561
February 2017 [Member]	'	'
Note And Mortgages Payable [Line Items]	'	'
Mortgage Notes Payable	3,161,692	3,405,384
June 11 2016 [Member]	'	'
Note And Mortgages Payable [Line Items]	'	'
Mortgage Notes Payable	8,580,000	8,580,000
February 2020 [Member]	'	'
Note And Mortgages Payable [Line Items]	'	'
Mortgage Notes Payable	$3,257,170	$3,275,170

Note_and_Mortgages_Payable_Det1

Note and Mortgages Payable (Details 1) (USD $)	Mar. 31, 2014
Scheduled principal payments on mortgages and notes payable as of September 30, 2013:	'
2015	$12,724,355
2016	19,740,285	[1]
2017	12,485,823
2018	22,150,568	[2]
2019	27,444,292
Thereafter	69,434,475
Total debt	$163,979,798
[1]	Scheduled maturities in 2016 include the $15,988,273 outstanding balance under the Credit Facility as of March 31, 2014. 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 2018 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.

Note_and_Mortgages_Payable_Det2

Note and Mortgages Payable (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2014
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
Line of Credit Facility, Amount Outstanding	15,988,273
Line Of Credit Facility Weighted Average Interest Rate	1.94%
Line Of Credit Facility Available For Borrowing Subject To Customary Condition	69,011,727
Short-term Debt, Weighted Average Interest Rate	4.35%
Real Estate Investments, Net	147,178,900
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	12,724,355
Long-term Debt, Maturities, Repayments of Principal in Year Three	12,485,823
Notes Payable [Member]	'
Note And Mortgages Payable [Line Items]	'
Long-term Debt, Maturities, Repayments of Principal in Year Three	19,744,758
Letter of Credit [Member]	'
Note And Mortgages Payable [Line Items]	'
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	15,988,273
Unsecured Term Loan [Member]	'
Note And Mortgages Payable [Line Items]	'
Debt Instrument, Face Amount	35,000,000
Debt Instrument, Maturity Date	29-Sep-20
Debt Instrument, Interest Rate, Stated Percentage	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
Deferred Revenue, Revenue Recognition Period	35,000,000
April 4 2018 [Member] | Mortgage Loans on Real Estate [Member]	'
Note And Mortgages Payable [Line Items]	'
Interest Rate Swap, Description	'interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49%
January 1 2023 [Member] | Mortgage Loans on Real Estate [Member]	'
Note And Mortgages Payable [Line Items]	'
Debt Instrument, Interest Rate, Stated Percentage	3.60%
May 14 2017 [Member] | Mortgage Loans on Real Estate [Member]	'
Note And Mortgages Payable [Line Items]	'
Debt Instrument, Periodic Payment, Principal	50,120
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	19,744,758
Interest Rate Swap, Description	'interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.62%
January 2020 [Member] | Mortgage Loans on Real Estate [Member]	'
Note And Mortgages Payable [Line Items]	'
Debt Instrument, Periodic Payment, Principal	153,838
Debt Instrument, Interest Rate, Stated Percentage	6.90%
July 2026 [Member] | Mortgage Loans on Real Estate [Member]	'
Note And Mortgages Payable [Line Items]	'
Debt Instrument, Periodic Payment, Principal	91,675
Debt Instrument, Interest Rate, Stated Percentage	6.27%
June 2014 [Member] | Mortgage Loans on Real Estate [Member]	'
Note And Mortgages Payable [Line Items]	'
Debt Instrument, Periodic Payment, Principal	60,097
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	9,167,573
Debt Instrument, Interest Rate, Stated Percentage	5.08%
February 2017 [Member] | Mortgage Loans on Real Estate [Member]	'
Note And Mortgages Payable [Line Items]	'
Debt Instrument, Periodic Payment, Principal	99,598
Debt Instrument, Interest Rate, Stated Percentage	6.63%
June 11 2016 [Member] | Mortgage Loans on Real Estate [Member]	'
Note And Mortgages Payable [Line Items]	'
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	8,580,000
Debt Instrument, Periodic Payment, Interest	48,467
Debt Instrument, Interest Rate, Stated Percentage	6.56%
February 2020 [Member] | Mortgage Loans on Real Estate [Member]	'
Note And Mortgages Payable [Line Items]	'
Debt Instrument, Periodic Payment, Principal	23,004
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$2,766,628
Debt Instrument, Interest Rate, Stated Percentage	6.24%

Dividends_and_Distributions_Pa1

Dividends and Distributions Payable (Details Textual) (USD $)	Mar. 31, 2014
Dividends And Distribution Payable [Line Items]	'
Dividends Payable, Amount Per Share	$0.43

Deferred_Revenue_Details_Textu

Deferred Revenue (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Jul. 31, 2004
Deferred Revenue Arrangement [Line Items]	'	'	'
Real Estate Investments, Joint Ventures	'	'	$4,000,000
Deferred Revenue	1,351,558	1,467,403	'
Deferred Revenue, Revenue Recognition Period	'2 years 10 months 24 days	'	'
Corporate Joint Venture [Member]	'	'	'
Deferred Revenue Arrangement [Line Items]	'	'	'
Deferred Revenue	'	'	$4,000,000

Discontinued_Operations_Detail

Discontinued Operations (Details Textual) (USD $)	3 Months Ended			12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
			Ironwood Property [Member]	Ypsilanti 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	'	'	$5,000,000	$5,600,000
Disposal Group, Including Discontinued Operation, Revenue	42,561	328,852	'	'
Disposal Group, Including Discontinued Operation, Operating Expense	27,988	140,499	'	'
Disposal Group, Including Discontinued Operation, Interest Expense	0	0	'	'
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest	$3,120	$29,772	'	'

Purchase_Accounting_for_Acquis2

Purchase Accounting for Acquisitions of Real Estate (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Business Acquisition, Pro Forma Information [Line Items]	'		'
Total revenue	$12,742	[1]	$10,298	[1]
Income from continuing operations	$5,408	[1]	$4,312	[1]
[1]	This unaudited pro forma supplemental information does not purport to be indicative of what the Company operating results would have been had the acquisitions occurred on January 1, 2014 or January 1, 2013 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.

Purchase_Accounting_for_Acquis3

Purchase Accounting for Acquisitions of Real Estate (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2014
Business Acquisition [Line Items]	'
Payments To Acquire Retail Assets	$22,000,000
Weighted Average Capitalization Rate For Acquired Assets	8.40%
Percentage Of Control Of Assets	100.00%
Real Estate Revenue, Net	246,000
Income (Loss) from Continuing Operations Attributable to Parent	59,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	'18 years 7 months 6 days
Number of Real Estate Properties	9
Land [Member]	'
Business Acquisition [Line Items]	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total	5,300,000
Building and Building Improvements [Member]	'
Business Acquisition [Line Items]	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total	14,700,000
Lease Intangible Costs [Member]	'
Business Acquisition [Line Items]	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total	$2,000,000