Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 27, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | AGREE REALTY CORP | ||
Entity Central Index Key | 917251 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | ADC | ||
Entity Common Stock, Shares Outstanding | 17,617,747 | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $452,247,390 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Investments | ||
Land | $195,091,303 | $162,096,646 |
Buildings | 393,826,467 | 297,464,585 |
Less accumulated depreciation | -59,089,851 | -60,633,824 |
Property, Plant and Equipment, Net | 529,827,919 | 398,927,407 |
Property under development | 229,242 | 6,959,174 |
Property held for sale | 0 | 4,845,504 |
Net Real Estate Investments | 530,057,161 | 410,732,085 |
Cash and Cash Equivalents | 5,399,458 | 14,536,881 |
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at December 31, 2014 and 2013 | 4,507,735 | 3,262,768 |
Unamortized Deferred Expenses | ||
Financing costs, net of accumulated amortization of $2,690,005 and $7,009,538 at December 31, 2014 and 2013, respectively | 3,008,280 | 2,526,768 |
Leasing costs, net of accumulated amortization of $543,957 and $1,425,186 at December 31, 2014 and 2013, respectively | 783,335 | 758,037 |
Lease intangibles, net of accumulated amortization of $5,719,085 and $3,228,506 at December 31, 2014 and 2013, respectively | 47,479,602 | 27,705,499 |
Other Assets | 2,345,290 | 3,219,505 |
Total Assets | 593,580,861 | 462,741,543 |
LIABILITIES | ||
Mortgages Notes Payable | 106,762,238 | 113,897,759 |
Unsecured Term Loans | 100,000,000 | 35,000,000 |
Unsecured Revolving Credit Facility | 15,000,000 | 9,500,000 |
Dividends and Distributions Payable | 8,048,404 | 6,243,933 |
Deferred Revenue | 1,004,023 | 1,467,403 |
Accrued Interest Payable | 721,459 | 470,862 |
Accounts Payable and Accrued Expense | ||
Capital expenditures | 200,300 | 144,074 |
Operating | 2,684,599 | 2,851,612 |
Interest Rate Swap | 2,383,308 | 204,696 |
Deferred Income Taxes | 705,000 | 705,000 |
Tenant Deposits | 36,156 | 40,647 |
Total Liabilities | 237,545,487 | 170,525,986 |
STOCKHOLDERS' EQUITY | ||
Common stock, $.0001 par value, 28,000,000 shares authorized, 17,539,946 and 14,883,314 shares issued and outstanding, respectively | 1,754 | 1,488 |
Excess stock, $.0001 par value, 8,000,000 and 4,000,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Preferred Stock, $.0001 par value per share, 4,000,000 and 150,000 shares authorized, respectively Series A junior participating preferred stock, $.0001 par value, 200,000 and 150,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Additional paid-in-capital | 388,262,847 | 312,974,162 |
Deficit | -32,584,612 | -23,879,151 |
Accumulated other comprehensive income (loss) | -2,059,998 | 471,717 |
Total Stockholders' Equity - Agree Realty Corporation | 353,619,991 | 289,568,216 |
Non-controlling interest | 2,415,383 | 2,647,341 |
Total Stockholders' Equity | 356,035,374 | 292,215,557 |
Total Liabilities and Stockholders' Equity | $593,580,861 | $462,741,543 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for doubtful accounts receivable (in dollars) | $35,000 | $35,000 |
Accumulated amortization, deferred finance costs (in dollars) | 2,690,005 | 7,009,538 |
Deferred costs, leasing, accumulated amortization (in dollars) | 543,957 | 1,425,186 |
Finite-lived intangible assets, accumulated amortization (in dollars) | $5,719,085 | $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 | 17,539,946 | 14,883,314 |
Common stock, shares, outstanding | 17,539,946 | 14,883,314 |
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 Junior Participating 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues | |||
Minimum rents | $49,403,352 | $40,895,131 | $32,568,972 |
Percentage rents | 159,664 | 36,074 | 24,474 |
Operating cost reimbursement | 3,824,883 | 2,567,457 | 1,970,927 |
Other income | 170,958 | 19,002 | 59,989 |
Total Revenues | 53,558,857 | 43,517,664 | 34,624,362 |
Operating Expenses | |||
Real estate taxes | 2,765,905 | 2,035,937 | 1,785,917 |
Property operating expenses | 1,678,965 | 1,192,538 | 967,747 |
Land lease payments | 471,840 | 427,900 | 574,300 |
General and administrative | 6,629,033 | 5,952,433 | 5,681,828 |
Depreciation and amortization | 11,102,702 | 8,489,207 | 6,240,727 |
Impairment charge | 3,020,000 | 0 | 0 |
Total Operating Expenses | 25,668,445 | 18,098,015 | 15,250,519 |
Income from Operations | 27,890,412 | 25,419,649 | 19,373,843 |
Other Income (Expense) | |||
Interest expense, net | -8,586,980 | -6,474,727 | -5,134,283 |
Loss on sale of assets | -527,743 | 0 | 0 |
Income From Continuing Operations | 18,775,689 | 18,944,922 | 14,239,560 |
Discontinued Operations | |||
Gain on sale of assets from discontinued operations | 122,747 | 946,347 | 2,097,105 |
Income from discontinued operations | 14,573 | 298,342 | 2,266,929 |
Net Income | 18,913,009 | 20,189,611 | 18,603,594 |
Less Net Income Attributable to Non-Controlling Interest | 425,017 | 515,036 | 554,150 |
Net Income Attributable to Agree Realty Corporation | 18,487,992 | 19,674,575 | 18,049,444 |
Basic Earnings Per Share | |||
Continuing operations (in dollars per share) | $1.23 | $1.41 | $1.25 |
Discontinued operations (in dollars per share) | $0.01 | $0.10 | $0.38 |
Earnings Per Share, Basic (in dollars per share) | $1.24 | $1.51 | $1.63 |
Diluted Earnings Per Share | |||
Continuing operations (in dollars per share) | $1.23 | $1.40 | $1.24 |
Discontinued operations (in dollars per share) | $0.01 | $0.10 | $0.38 |
Earnings Per Share, Diluted (in dollars per share) | $1.24 | $1.50 | $1.62 |
Other Comprehensive Income | |||
Net income | 18,913,009 | 20,189,611 | 18,603,594 |
Other Comprehensive Income (Loss) | -2,583,832 | 1,812,535 | -708,538 |
Total Comprehensive Income | 16,329,177 | 22,002,146 | 17,895,056 |
Comprehensive Income Attributable to Non-Controlling Interest | -373,221 | -561,587 | -533,311 |
Comprehensive Income Attributable to Agree Realty Corporation | $15,955,956 | $21,440,559 | $17,361,745 |
Weighted Average Number of Common Shares Outstanding - Basic (in shares) | 14,882,586 | 13,065,907 | 11,071,318 |
Weighted Average Number of Common Shares Outstanding - Diluted (in shares) | 14,966,895 | 13,157,505 | 11,136,910 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-Controlling Interest [Member] |
Balance at Dec. 31, 2011 | $162,224,281 | $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 | 35,042,226 | 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 | 9 | ||||
Issuance of restricted stock under the Equity Incentive Plan (in shares) | 94,850 | |||||
Forfeiture of restricted stock | 0 | |||||
Forfeiture of restricted stock (in shares) | -5,720 | |||||
Vesting of restricted stock | 1,657,209 | 1,657,209 | ||||
Dividends and distributions declared for the period | -18,853,647 | -18,297,459 | -556,188 | |||
Other comprehensive income (loss) - change in fair value of interest rate swap | -708,538 | -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 | 93,393,049 | 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 | 9 | ||||
Issuance of restricted stock under the Equity Incentive Plan (in shares) | 87,950 | |||||
Forfeiture of restricted stock | -2 | -2 | ||||
Forfeiture of restricted stock (in shares) | -15,680 | |||||
Vesting of restricted stock | 1,812,532 | 1,812,532 | ||||
Dividends and distributions declared for the period | -22,957,311 | -22,387,217 | -570,094 | |||
Other comprehensive income (loss) - change in fair value of interest rate swap | 1,812,535 | 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 | |||||
Issuance of common stock, net of issuance costs | 73,302,109 | 259 | 73,301,850 | |||
Issuance of common stock, net of issuance costs (in shares) | 2,587,500 | |||||
Issuance of restricted stock under the Equity Incentive Plan | 8 | 8 | ||||
Issuance of restricted stock under the Equity Incentive Plan (in shares) | 81,864 | |||||
Issuance of restricted stock under the Omnibus Incentive Plan | 0 | 0 | ||||
Issuance of restricted stock under the Omnibus Incentive Plan (in shares) | 2,128 | |||||
Forfeiture of restricted stock | -1 | -1 | ||||
Forfeiture of restricted stock (in shares) | -14,860 | |||||
Vesting of restricted stock | 1,986,835 | 1,986,835 | ||||
Dividends and distributions declared for the period | -27,798,310 | -27,193,453 | -604,857 | |||
Other comprehensive income (loss) - change in fair value of interest rate swap | -2,583,833 | -2,531,715 | -52,118 | |||
Net income | 18,913,009 | 18,487,992 | 425,017 | |||
Balance at Dec. 31, 2014 | $356,035,374 | $1,754 | $388,262,847 | ($32,584,612) | ($2,059,998) | $2,415,383 |
Balance (in shares) at Dec. 31, 2014 | 17,539,946 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash Flows from Operating Activities | |||
Net income | $18,913,009 | $20,189,611 | $18,603,594 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 8,486,178 | 6,996,741 | 5,792,281 |
Amortization | 3,567,409 | 2,483,217 | 1,712,530 |
Stock-based compensation | 1,986,835 | 1,812,532 | 1,657,209 |
Impairment charge | 3,020,000 | 450,000 | 0 |
(Gain) loss on sale of assets | 404,996 | -946,347 | -2,097,105 |
Increase in accounts receivable | -1,244,967 | -1,102,713 | -1,358,374 |
(Increase) decrease in other assets | 346,131 | -780,069 | -864,294 |
(Decrease) increase in accounts payable | -167,263 | 838,515 | -1,358,147 |
Decrease in deferred revenue | -463,380 | -463,380 | -463,380 |
(Decrease) increase in accrued interest | 250,597 | 135,446 | -398,779 |
Decrease in tenant deposits | -4,491 | -23,814 | -19,814 |
Net Cash Provided by Operating Activities | 35,095,054 | 29,589,739 | 21,205,721 |
Cash Flows from Investing Activities | |||
Acquisition of real estate investments | -143,272,607 | -75,920,083 | -64,166,390 |
Development of real estate investments and other (including capitalized interest of $263,472 in 2014, $566,793 in 2013, and $149,054 in 2012) | -16,526,566 | -14,619,386 | -20,349,688 |
Payment of leasing costs | -354,336 | -183,310 | -55,960 |
Net proceeds from sale of assets | 12,455,673 | 5,462,280 | 15,315,728 |
Net Cash Used In Investing Activities | -147,697,836 | -85,260,499 | -69,256,310 |
Cash Flows from Financing Activities | |||
Proceeds from common stock offering, net | 73,302,116 | 93,393,056 | 35,042,235 |
Unsecured revolving credit facility borrowings | 148,622,976 | 106,189,924 | 101,220,945 |
Unsecured revolving credit facility repayments | -143,122,976 | -140,219,929 | -114,134,838 |
Mortgage notes payable proceeds | 0 | 0 | 48,640,000 |
Payments of mortgage notes payable | -12,766,704 | -3,478,383 | -3,164,654 |
Term loan payable proceeds | 65,000,000 | 35,000,000 | 0 |
Dividends paid | -25,402,637 | -20,859,476 | -17,663,808 |
Limited partners' distributions paid | -590,951 | -566,619 | -556,188 |
Repayments of payables for capital expenditures | -144,074 | -122,080 | -424,321 |
Payments for financing costs | -1,432,391 | -398,879 | -1,641,418 |
Net Cash Provided by Financing Activities | 103,465,359 | 68,937,614 | 47,317,953 |
Net Increase (Decrease) in Cash and Cash Equivalents | -9,137,423 | 13,266,854 | -732,636 |
Cash and Cash Equivalents, beginning of period | 14,536,881 | 1,270,027 | 2,002,663 |
Cash and Cash Equivalents, end of period | 5,399,458 | 14,536,881 | 1,270,027 |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid for interest (net of amounts capitalized) | 7,824,594 | 6,149,649 | 4,722,042 |
Cash paid (refunded) for income tax | -355 | -21,543 | 318,289 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | |||
Shares issued under equity incentive plans | 2,390,245 | 2,401,688 | 2,175,831 |
Dividends and limited partners' distributions declared and unpaid | 8,048,404 | 6,243,933 | 4,710,446 |
Real estate acquisitions financed with debt assumption | $5,631,183 | $0 | $18,220,528 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate Inventory, Capitalized Interest Costs | $263,472 | $566,793 | $149,054 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 – Organization |
Agree Realty Corporation, a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. We were founded in 1971 by our current Executive Chairman, Richard Agree, and listed on the New York Stock Exchange (“NYSE”) in 1994. | |
Our assets are held by, and all of our operations are conducted through, directly or indirectly, Agree Limited Partnership (the “Operating Partnership”), of which we are the sole general partner and in which we held a 98.06% interest as of December 31, 2014. Under the partnership agreement of the Operating Partnership, we, as the sole general partner, have exclusive responsibility and discretion in the management and control of the Operating Partnership | |
The terms “Agree Realty,” the "Company," "we,” “our” or "us" refer to Agree Realty Corporation and all of its consolidated subsidiaries, including the Operating Partnership. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||
Significant Accounting Policies [Text Block] | Note 2 – Summary of Significant Accounting Policies | |||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||
The consolidated financial statements of Agree Realty Corporation include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries. The Company controlled, as the sole general partner, 98.06% and 97.72% of the Operating Partnership as of December 31, 2014 and 2013, 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 for properties that had been disposed of or classified as held for sale prior to March 31, 2014 are reported as discontinued operations. As a result of these discontinued operations, certain reclassifications of prior period amounts have been made in the financial statements in order to conform to the 2014 presentation. | ||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||
We are in the business of acquiring, developing and managing retail real estate which we consider one reporting segment. The Company has no other reportable segments. | ||||||||||||||||||||
Real Estate Investments | ||||||||||||||||||||
We record the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by us, all direct and indirect costs related to planning, development and construction, including interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed. Properties classified as “held for sale” are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. | ||||||||||||||||||||
Accounting for Acquisitions of Real Estate | ||||||||||||||||||||
The acquisition of property for investment purposes is typically accounted for as an asset acquisition. We allocate the purchase price to land, building and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases. In making estimates of fair values, we may use a number of sources, including data provided by independent third parties, as well as information obtained by us as a result our due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. | ||||||||||||||||||||
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, in-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above and below market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining non-cancelable term of the lease. | ||||||||||||||||||||
The fair value of identified intangible assets and liabilities acquired is amortized to depreciation and amortization over the remaining term of the related leases. | ||||||||||||||||||||
Depreciation | ||||||||||||||||||||
Our real estate portfolio is depreciated using the straight-line method over the estimated remaining useful life of the properties, which generally ranges from 30 to 40 years for buildings and 10 to 20 years for improvements. Properties classified as “held for sale” are not depreciated. | ||||||||||||||||||||
Impairments | ||||||||||||||||||||
We review our real estate investments periodically for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Events or circumstances that may occur include, but are not limited to, significant changes in real estate market conditions or our ability to re-lease or sell properties that are 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. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows and an impairment charge is recorded in the amount by which the carrying value of the asset exceeds its estimated 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. Cash and cash equivalents consist of cash and money market accounts. 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 | ||||||||||||||||||||
The Company reviews its rent receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific rent receivable will be made. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company performs a periodic review of receivable balances to assess the risk of uncollectible amounts and establish appropriate provisions. | ||||||||||||||||||||
Unamortized Deferred Expenses | ||||||||||||||||||||
Deferred expenses include debt financing costs, leasing costs and lease intangibles and are amortized as follows: (i) debt financing costs on a straight-line basis to interest expense over the term of the related loan; (ii) leasing costs on a straight-line basis to depreciation and amortization over the term of the related lease entered into; and (iii) lease intangibles on a straight-line basis to depreciation and amortization over the remaining term of the related lease acquired. | ||||||||||||||||||||
The following schedule summarizes the Company’s amortization of deferred expenses for the years ended December 31, 2014, 2013 and 2012, respectively: | ||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||
Financing Costs | $ | 950,878 | $ | 736,425 | $ | 581,353 | ||||||||||||||
Leasing Costs | 125,946 | 113,101 | 106,100 | |||||||||||||||||
Lease Intangibles | 2,490,585 | 1,633,691 | 1,025,077 | |||||||||||||||||
Total | $ | 3,567,409 | $ | 2,483,217 | $ | 1,712,530 | ||||||||||||||
The following schedule represents estimated future amortization of deferred expenses as of December 31, 2014: | ||||||||||||||||||||
Year Ending December 31, | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||
Financing Costs | $ | 656,218 | $ | 602,994 | $ | 565,500 | $ | 387,802 | $ | 235,320 | $ | 560,446 | ||||||||
Leasing Costs | 114,002 | 103,936 | 97,291 | 91,644 | 85,202 | 291,260 | ||||||||||||||
Lease Intangibles | 3,750,268 | 3,750,268 | 3,750,268 | 3,750,268 | 3,359,280 | 29,119,250 | ||||||||||||||
Total | $ | 4,520,488 | $ | 4,457,198 | $ | 4,413,059 | $ | 4,229,714 | $ | 3,679,802 | $ | 29,970,956 | ||||||||
Revenue Recognition | ||||||||||||||||||||
We lease real estate to our tenants under long-term net leases which we account for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Rental increases based upon changes in the consumer price indexes, or other variable factors, are recognized only after changes in such factors have occurred and are then applied according to the lease agreements. Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable by us after the tenant exceeds a sales breakpoint. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are generally included in operating costs reimbursement in the period when such expenses are recorded. | ||||||||||||||||||||
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, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Weighted average number of common shares outstanding | 15,121,212 | 13,314,989 | 11,321,498 | |||||||||||||||||
Less: Unvested restricted stock | -238,626 | -249,082 | -250,180 | |||||||||||||||||
Weighted average number of common shares outstanding used in basic earnings per share | 14,882,586 | 13,065,907 | 11,071,318 | |||||||||||||||||
Weighted average number of common shares outstanding used in basic earnings per share | 14,882,586 | 13,065,907 | 11,071,318 | |||||||||||||||||
Effect of dilutive securities: restricted stock | 84,309 | 91,598 | 65,592 | |||||||||||||||||
Weighted average number of common shares outstanding used in diluted earnings per share | 14,966,895 | 13,157,505 | 11,136,910 | |||||||||||||||||
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% 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, 2014, 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 7). All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to the Company’s TRS. | ||||||||||||||||||||
Fair Values of Financial Instruments | ||||||||||||||||||||
The Company’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: | ||||||||||||||||||||
Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||
Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. | ||||||||||||||||||||
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 Accounting Standards Codification ("ASC") Topic 205 "Presentation of Financial Statements" and ASC Topic 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. The adoption of this guidance had an effect on the presentation of our consolidated financial statements. Beginning in 2014, activities related to individual sales of properties are generally no longer classified as discontinued operations except for the property classified as held for sale as of December 31, 2013. | ||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09 “Revenue from Contracts with Customers” as a new Topic, ASC Topic 606. The objective of ASU 2014-19 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC, including revenue from leases. This ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the new guidance and has not determined the impact, if any, this standard may have on the consolidated financial statements. | ||||||||||||||||||||
Real_Estate_Investments
Real Estate Investments | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Real Estate [Abstract] | |||||||||||
Real Estate Disclosure [Text Block] | Note 3 – Real Estate Investments | ||||||||||
Real Estate Portfolio | |||||||||||
At December 31, 2014 and 2013, the Company’s gross investment in real estate assets, including properties under development and properties held for sale, totaled $589,147,000 and $471,366,000, respectively. Real estate investments consisted of the following as of December 31, 2014 and December 31, 2013: | |||||||||||
2014 | 2013 | ||||||||||
Number of Properties | 209 | 130 | |||||||||
Gross Leasable Area | 4,315,000 | 3,662,000 | |||||||||
Land | $ | 195,091,303 | $ | 162,096,646 | |||||||
Buildings | $ | 393,826,467 | $ | 297,464,585 | |||||||
Property under Development | $ | 229,242 | $ | 6,959,174 | |||||||
Property Held for Sale | $ | - | $ | 4,845,504 | |||||||
Gross Real Estate Investments | $ | 589,147,012 | $ | 471,365,909 | |||||||
Less Accumulated Depreciation | $ | -59,089,851 | $ | -60,633,824 | |||||||
Net Real Estate Investments | $ | 530,057,161 | $ | 410,732,085 | |||||||
Lease Intangibles | |||||||||||
The following table details lease intangibles, net of accumulated amortization, as of December 31, 2014 and December 31, 2013: | |||||||||||
December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Intangible Lease Asset - In-Place Leases | $ | 36,680,631 | $ | 17,597,357 | |||||||
Less: Accumulated Amortization | -3,897,008 | -1,836,593 | |||||||||
Intangible Lease Asset - Above-Market Leases | 31,642,267 | 22,921,813 | |||||||||
Less: Accumulated Amortization | -4,111,435 | -2,392,293 | |||||||||
Intangible Lease Liability - Below-Market Leases | -15,124,210 | -9,585,166 | |||||||||
Less: Accumulated Amortization | 2,289,358 | 1,000,380 | |||||||||
Lease Intangible Asset, net | $ | 47,479,602 | $ | 27,705,499 | |||||||
Tenant Leases | |||||||||||
The properties that the Company owns are typically leased to tenants under long term operating leases. The leases are generally net leases which typically require the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance. Certain of our properties are subject to leases under which we retain responsibility for specific costs and expenses of the property. The leases typically provide the tenant with one or more multi-year renewal options subject to generally the same terms and conditions, including rent increases, consistent with the initial lease term. | |||||||||||
As of December 31, 2014, the future minimum rental income to be received under the terms of all non-cancellable tenant leases is as follows: | |||||||||||
For the Year Ending December 31, | |||||||||||
2015 | $ | 54,370,464 | |||||||||
2016 | 53,876,771 | ||||||||||
2017 | 53,123,664 | ||||||||||
2018 | 51,646,088 | ||||||||||
2019 | 48,813,782 | ||||||||||
Thereafter | 414,382,007 | ||||||||||
Total | $ | 676,212,776 | |||||||||
Since lease renewal periods are exercisable at the option of the tenant, the above table only presents future minimum lease payments due during the current lease terms. In addition, this table does not include amounts for potential variable rent increases that are based on the CPI or future contingent rents which may be received on the leases based on a percentage of the tenant’s gross sales | |||||||||||
Of these future minimum rents, approximately 25.4% of the total is attributable to Walgreens as of December 31, 2014. The loss of this tenant or the inability of it to pay rent could have an adverse effect on the Company’s business. No other tenant contributed 5.0% or more of the Company’s total revenues as of December 31, 2014. | |||||||||||
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 $1,004,000 will be recognized as minimum rents over approximately 2.2 years | |||||||||||
Land Lease Obligations | |||||||||||
The Company is subject to land lease agreements for certain of its properties. Land lease expense was $471,840, $427,900, and $574,300 for the years ending December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, future annual lease commitments under these agreements are as follows: | |||||||||||
For the Year Ending December 31, | |||||||||||
2015 | $ | 514,653 | |||||||||
2016 | 514,653 | ||||||||||
2017 | 514,653 | ||||||||||
2018 | 515,569 | ||||||||||
2019 | 508,528 | ||||||||||
Thereafter | 8,825,546 | ||||||||||
Total | $ | 11,393,602 | |||||||||
The Company leased its executive offices from a limited liability company controlled by its Executive Chairman’s children. Under the terms of the lease, which expired on December 31, 2014, the Company was required to pay an annual rental of $90,000 and was responsible for the payment of real estate taxes, insurance and maintenance expenses relating to the building. | |||||||||||
2014 and 2013 Acquisitions | |||||||||||
During 2014, the Company purchased 77 retail net lease assets for approximately $148,400,000, including acquisition and closing costs. These properties are located in 23 states and 100% leased to 28 different tenants operating in 14 unique retail sectors for a weighted average lease term of approximately 14.1 years. The underwritten weighted average capitalization rate on our 2014 investments was approximately 8.2%. None of our investments during 2014 caused any new or existing tenant to comprise 10% or more of our total assets or generate 10% or more of our total annualized base rent at December 31, 2014. | |||||||||||
The aggregate 2014 acquisitions were allocated $29,969,000 to land, $95,977,000 to buildings and improvements, and $22,265,000 to lease intangible costs. The acquisitions were substantially all cash purchases and there was no contingent consideration associated with these acquisitions. | |||||||||||
During 2013, the Company purchased 18 retail net lease assets for approximately $73,269,000, including acquisition and closing costs. These properties are located in 13 states and 100% leased to 13 different tenants operating in 10 unique retail sectors for a weighted average lease term of approximately 10.9 years. The underwritten weighted average capitalization rate on our 2013 investments was approximately 8.0%. None of our investments during 2013 caused any new or existing tenant to comprise 10% or more of our total assets or generate 10% or more of our total annualized base rent at December 31, 2013. | |||||||||||
The aggregate 2013 acquisitions were allocated $13,535,000 to land, $53,565,000 to buildings and improvements, and $6,872,000 to lease intangible costs. The acquisitions were substantially all cash purchases and there was no contingent consideration associated with these acquisitions. | |||||||||||
We calculate the weighted average capitalization rate on our investments by dividing annual expected net operating income derived from the properties by the total investment in the properties. Annual expected net operating income is defined as the straight-line rent for the base term of the lease less property level expenses (if any) that are not recoverable from the tenant. | |||||||||||
Unaudited Pro Forma Information | |||||||||||
The following unaudited pro forma total revenue and income before discontinued operations, for 2014 and 2013, assumes all of our 2014 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: | |||||||||||
Supplemental pro forma for the year ended December 31, 2014 (1) | |||||||||||
Total revenue | $ | 57,840,000 | |||||||||
Income before discontinued operations | $ | 19,369,000 | |||||||||
Supplemental pro forma for the year ended December 31, 2013 (1) | |||||||||||
Total revenue | $ | 50,549,000 | |||||||||
Income before discontinued operations | $ | 20,023,000 | |||||||||
-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, 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. | ||||||||||
Impairments | |||||||||||
As a result of our review of Real Estate Investments we recognized the following real estate impairment charges for the year ended December 31: | |||||||||||
2014 | 2013 | 2012 | |||||||||
Continuing operations | $ | 3,020,000 | $ | - | $ | - | |||||
Discontinued operations | - | 450,000 | - | ||||||||
Total | $ | 3,020,000 | $ | 450,000 | $ | - | |||||
In 2014, we recognized impairment charges of $220,000 and $2,800,000, respectively, for Petoskey Town Center and Chippewa Commons, which were included in continuing operations. Petoskey Town Center was under contract for sale, but not classified as held for sale at September 30, 2014 due to contingencies associated with the contract, and a $220,000 impairment charge was taken to write down the carrying value of the property to an amount that reflected the sales price. The property was subsequently sold in the fourth quarter. In the second quarter, an anchor tenant at Chippewa Commons declined to exercise an extension a lease extension option which we deemed would contribute to vacancy and diminished cash flows and result in a fair value that was less than the net book value of the asset. A $2,800,000 impairment charge was taken to write down the carrying value of the property to an amount that reflected management’s best estimate of fair market value. | |||||||||||
In 2013, we recognized an impairment charge of $450,000 for Ironwood Commons, which was included in continuing operations at the time of the impairment charge. Ironwood Commons was under contract for sale, but not classified as held for sale at September 30, 2013 due to contingencies associated with the contract, and a $450,000 impairment charge was taken to write down the carrying value of the property to an amount that reflected the sales price. The property was subsequently reclassified as property held for sale and the impairment charge was included in discontinued operations as of December 31, 2013. | |||||||||||
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt Disclosure [Text Block] | Note 4 – Debt | |||||||
As of December 31, 2014, we had total indebtedness of $221,762,200, including (i) $106,762,000 of mortgage notes payable; (ii) $100,000,000 of unsecured term loans; and (iii) $15,000,000 of borrowings under our Credit Facility. | ||||||||
Revolving Credit and Term Loan Facility | ||||||||
In July 2014, the Company entered into a $250,000,000 senior unsecured revolving credit and term loan agreement consisting of (i) a new $150,000,000 revolving credit facility (the “Credit Facility”); (ii) a new $65,000,000 seven-year unsecured term loan facility (the “2021 Term Loan”); and (iii) our existing $35,000,000 unsecured term loan facility due 2020 (the “2020 Term Loan”). The Credit Facility, 2021 Term Loan and 2020 Term Loan, together, are referred to as our “Revolving Credit and Term Loan Facility.” | ||||||||
The Credit Facility is due July 21, 2018, with an additional one-year extension at the Company’s option, subject to customary conditions. Borrowings under the Credit Facility are priced at LIBOR plus 135 to 200 basis points, depending on the Company’s leverage. The Credit Facility replaced the Company’s previous $85,000,000 revolving credit facility, which was extinguished concurrent with the closing of the Credit Facility, and may be increased to an aggregate of $250,000,000 at the Company’s election, subject to certain terms and conditions. As of December 31, 2014, $15,000,000 was outstanding under the Credit Facility bearing a weighted average interest rate of approximately 1.5% and $135,000,000 was available for borrowing. | ||||||||
The 2021 Term Loan matures on July 21, 2021. Borrowings under the 2021 Term Loan are priced at LIBOR plus 165 to 225 basis points, depending on the Company’s leverage. The Company entered into interest rate swaps to fix LIBOR at 2.09% until maturity, implying an all-in interest rate of 3.74% at closing. Proceeds from the 2021 Term Loan were used to repay borrowings under our previous revolving credit facility, which were used primarily to fund property acquisitions. The 2021 Term Loan may be increased to an aggregate of $75,000,000 at the Company’s election, subject to certain terms and conditions. As of December 31, 2014, $65,000,000 was outstanding under the 2021 Term Loan. | ||||||||
The 2020 Term Loan matures on September 29, 2020. Borrowings under the 2020 Term Loan are priced at LIBOR plus 165 to 225 basis points, depending on the Company’s leverage. The Company entered into interest rate swaps to fix LIBOR at 2.20% until maturity, implying an all-in interest rate of 3.85% at closing. Proceeds from the 2020 Term Loan were used to repay borrowings under our previous revolving credit facility, which were used primarily to fund property acquisitions. The 2020 Term Loan may be increased to an aggregate of $70,000,000 at the Company’s election, subject to certain terms and conditions. As of December 31, 2014, $35,000,000 was outstanding under the 2020 Term Loan. | ||||||||
The Revolving Credit and Term Loan Facility contains 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, 2014. | ||||||||
Mortgage Notes Payable | ||||||||
As of December 31, 2014, we had total mortgage indebtedness of $106,762,000 with a weighted average maturity of 5.1 years. These mortgages are collateralized by related real estate with an aggregate net book value of $147,020,000. | ||||||||
Including mortgages that have been swapped to a fixed interest rate, our weighted average interest rate on mortgage debt was 4.27% as of December 31, 2014 and 4.38% as of December 31, 2013. | ||||||||
Mortgages payable consisted of the following: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
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 $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 | 2,405,976 | 3,405,384 | ||||||
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 | 21,398,078 | 22,017,758 | ||||||
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 $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 | 7,896,078 | 9,149,944 | ||||||
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 | 3,204,294 | 3,275,170 | ||||||
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 installments of $35,673 including interest at 5.01% per annum, with the final balloon payment of $4,034,627 due September 2023; collateralized by related real estate and tenant lease | 5,595,327 | - | ||||||
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 | 9,042,485 | 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 | - | 9,271,561 | ||||||
Total | $ | 106,762,238 | $ | 113,897,759 | ||||
The following table presents scheduled principal payments related to our debt as of December 31, 2014: | ||||||||
For the Year Ending December 31, | ||||||||
2015 | $ | 3,839,239 | ||||||
2016 | 12,674,337 | |||||||
2017 (1) | 22,652,591 | |||||||
2018 (2) | 42,575,206 | |||||||
2019 | 2,750,347 | |||||||
Thereafter | 137,270,518 | |||||||
Total | $ | 221,762,238 | ||||||
-1 | Includes $19,744,758 which represents the ending balance of a mortgage 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. | |||||||
-2 | Includes the $15,000,000 outstanding balance under the Credit Facility as of December 31, 2014. The Credit Facility matures on July 21, 2018 and may be extended for one year at the Company’s election, subject to certain conditions. | |||||||
The mortgage loans encumbering our properties are generally non-recourse, subject to certain exceptions for which we 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, 2014, the mortgage loan of $21,398,000 is partially recourse to us and is secured by a limited guaranty of payment and performance 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, 2014. | ||||||||
Common_Stock
Common Stock | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 5 – Common Stock |
In September 2012, we filed, and the SEC deemed effective, a shelf registration statement that expires in September 2015. The securities covered by this registration statement cannot exceed $250,000,000 in the aggregate and include common stock, preferred stock, depositary shares and warrants. We may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. | |
We completed a follow-on offering of 2,587,500 shares of common stock in December of 2014. The offering, which included the full exercise of the overallotment option by the underwriters, raised net proceeds of approximately $71,511,000 after deducting the underwriting discount. The proceeds from the offering were used to pay down amounts outstanding under the Credit Facility and for general corporate purposes. | |
We completed a follow-on offering of 1,650,000 shares of common stock in November of 2013. The offering raised net proceeds of approximately $48,758,000 after deducting the underwriting discount. The proceeds from the offering were used to pay down amounts outstanding under our previous revolving credit facility and for general corporate purposes. | |
We completed a follow-on offering of 1,725,000 shares of common stock in January of 2013. The offering, which included the full exercise of the overallotment option by the underwriters, raised net proceeds of approximately $44,954,000 after deducting the underwriting discount. The proceeds from the offering were used to pay down amounts outstanding under our previous Credit Facility and for general corporate purposes. | |
Dividends_and_Distributions_Pa
Dividends and Distributions Payable | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||
Dividends And Distributions Payable [Text Block] | Note 6 – Dividends and Distribution Payable | ||||||||||
The Company declared dividends of $1.74, $1.64 and $1.60 per share during the years ended December 31, 2014, 2013 and 2012; the dividends have been reflected for federal income tax purposes as follows: | |||||||||||
For the Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||
Ordinary Income | $ | 1.398 | $ | 1.372 | $ | 1.2 | |||||
Return of Capital | 0.342 | 0.268 | 0.4 | ||||||||
Total | $ | 1.74 | $ | 1.64 | $ | 1.6 | |||||
On December 2, 2014, the Company declared a dividend of $0.45 per share for the quarter ended December 31, 2014. The holders OP Units were entitled to an equal distribution per OP Unit held as of December 31, 2014. The dividends and distributions payable are recorded as liabilities in the Company's consolidated balance sheet at December 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. These amounts were paid on January 6, 2015. | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 7 – 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, 2010. 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, 2014, 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, 2013, the Company had estimated a current income tax liability of $0 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, 2014, and 2013, we recognized total federal and state tax expense (benefit) of ($14,000), and $3,000, respectively. | |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activity | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 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. | ||||||||||||||||||||||||
In April 2012, we entered into a forward starting interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $22,300,000 in variable-rate borrowings. Under the terms of the interest rate swap agreement, we receive from the counterparty interest on the notional amount based on one-month LIBOR and pay to the counterparty a fixed rate of 1.92%. This swap effectively converted $22,300,000 of variable-rate borrowings to fixed-rate borrowings from July 1, 2013 to May 1, 2019. As of December 31, 2014, this interest rate swap was valued as a liability of $425,000. | ||||||||||||||||||||||||
In December 2012, we entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $25,000,000 in variable-rate borrowings. Under the terms of the interest rate swap agreement, we receive from the counterparty interest on the notional amount based on one-month LIBOR and pay to the counterparty a fixed rate of 0.89%. This swap effectively converted $25,000,000 of variable-rate borrowings to fixed-rate borrowings from December 6, 2012 to April 4, 2018. As of December 31, 2014, this interest rate swap was valued as an asset of $274,000. | ||||||||||||||||||||||||
In September 2013, we entered into an interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $35,000,000 in variable-rate borrowings. Under the terms of the interest rate swap agreement, we receive from the counterparty interest on the notional amount based on one-month LIBOR and pay to the counterparty a fixed rate of 2.20%. This swap effectively converted $35,000,000 of variable-rate borrowings to fixed-rate borrowings from October 3, 2013 to September 29, 2020. As of December 31, 2014, this interest rate swap was valued as a liability of $911,000. | ||||||||||||||||||||||||
In July 2014, we entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $65,000,000 in variable-rate borrowings. Under the terms of the interest rate swap agreement, we receive from the counterparty interest on the notional amount based on one-month LIBOR and pay to the counterparty a fixed rate of 2.09%. This swap effectively converted $65,000,000 of variable-rate borrowings to fixed-rate borrowings from July 21, 2014 to July 21, 2021. As of December 31, 2014, this interest rate swap was valued as a liability of $1,047,000. | ||||||||||||||||||||||||
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, 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 year ended December 31, 2014, 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 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Interest Rate Swap | 4 | 3 | $ | 146,398,078 | $ | 82,017,758 | ||||||||||||||||||
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, 2014 | December 31, 2013 | |||||||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||||||
Location | Location | |||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||
Interest Rate Swaps | Other Assets | $ | 274,013 | Other Assets | $ | 679,234 | ||||||||||||||||||
Liability Derivatives | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||||||
Location | Location | |||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||
Interest Rate Swaps | Other Liabilities | $ | 2,383,308 | Other Liabilities | $ | 204,696 | ||||||||||||||||||
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, 2014 and 2013. | ||||||||||||||||||||||||
Derivatives in | Amount of Income/(Loss) Recognized | Location of | Amount of Income/(Loss) Reclassified | Location of Loss | Amount of Loss | |||||||||||||||||||
Cash Flow | in OCI on Derivative (Effective Portion) | Income/(Loss) | from Accumulated OCI into Expense | Recognized In | Recognized in | |||||||||||||||||||
Hedging | Reclassifed from | (Effective Portion) | Income of | Income on | ||||||||||||||||||||
Relationships | Accumulated OCI | Derivative | Derivative | |||||||||||||||||||||
into Income | (Ineffective | (Ineffective | ||||||||||||||||||||||
(Effective Portion) | Portion and | Portion and | ||||||||||||||||||||||
Amount Excluded | Amount | |||||||||||||||||||||||
from | Excluded from | |||||||||||||||||||||||
Effectiveness | Effectiveness | |||||||||||||||||||||||
Testing) | Testing and | |||||||||||||||||||||||
Missed | ||||||||||||||||||||||||
Forecasted | ||||||||||||||||||||||||
Transactions) | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Interest rate swaps | $ | -2,583,832 | $ | 1,812,536 | Interest Expense | $ | -1,875,420 | $ | -773,120 | $ | - | $ | - | |||||||||||
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, 2014. | ||||||||||||||||||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 9 – Discontinued Operations |
We elected to early adopt ASU 2014-08 "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" in the first quarter of 2014. The adoption of this guidance had an effect on the presentation of our consolidated financial statements. Beginning in 2014, activities related to individual asset sales are generally no longer classified as discontinued operations except for the property classified as held for sale as of December 31, 2013. | |
In January 2014, the Company sold a Kmart-anchored shopping center in Ironwood, Michigan, which was classified as held for sale on December 31, 2013, for approximately $5,000,000. The results of operations for this property are reported in discontinued operations for the twelve months ended 2014, 2013 and 2012, including revenues of approximately $42,600, $1,281,000 and $1,165,000 respectively, and expenses of approximately $28,000, $990,000 and $481,000, respectively. | |
In January 2013, the Company sold a single tenant property located in Ypsilanti, Michigan, which was classified as held for sale on December 31, 2012, for approximately $5,600,000. The results of operations for this property are reported in discontinued operations for the twelve months ended 2013 and 2012, including revenues of approximately $9,300 and $346,000, respectively, and expenses of approximately $2,300 and $75,900, respectively. | |
During 2012, the Company sold six non-core properties, including a Kmart-anchored shopping center in Charlevoix, Michigan, a Kmart-anchored shopping center in Plymouth, Wisconsin, a Kmart-anchored shopping center in Shawano, Wisconsin, a vacant single tenant office property and two vacant single tenant retail properties. 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 results of operations for these properties are reported as discontinued operations for the twelve months ended 2012 including revenues of approximately $2,421,000 and expenses of approximately $949,000. | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value Disclosures [Text Block] | Note 10 – Fair Value Measurements | |||||||||||||
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, 2014. | ||||||||||||||
Asset: | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||
Interest rate swaps | $ | - | $ | 274,013 | $ | - | $ | 274,013 | ||||||
Liability: | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||
Interest rate swaps | $ | - | $ | 2,383,308 | $ | - | $ | 2,383,308 | ||||||
Mortgage notes payable | $ | - | $ | - | $ | 107,814,314 | $ | 106,762,238 | ||||||
Revolving credit facility | $ | - | $ | 15,000,000 | $ | - | $ | 15,000,000 | ||||||
Unsecured term loans | $ | - | $ | - | $ | 97,918,642 | $ | 100,000,000 | ||||||
The table below sets forth the Company’s fair value hierarchy for liabilities measured or disclosed at fair value as of December 31, 2013. | ||||||||||||||
Asset: | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||
Interest rate swaps | $ | - | $ | 679,234 | $ | - | $ | 679,234 | ||||||
Liability: | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||
Interest rate swaps | $ | - | $ | 204,696 | $ | - | $ | 204,696 | ||||||
Mortgage notes payable | $ | - | $ | - | $ | 108,385,281 | $ | 113,897,758 | ||||||
Revolving credit facility | $ | - | $ | 9,500,000 | $ | - | $ | 9,500,000 | ||||||
Unsecured term loan | $ | - | $ | - | $ | 32,728,011 | $ | 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 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 mortgages was derived using the present value of future mortgage payments based on estimated current market interest rates of 4.17% and 5.04% at December 31, 2014 and 2013, 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. | ||||||||||||||
Equity_Incentive_Plan
Equity Incentive Plan | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 11 – Equity Incentive Plan | |||||||
In 2005, the Company’s stockholders approved the 2005 Equity Incentive Plan (the “2005 Plan”), which replaced a stock incentive plan established in 1994. The 2005 Plan authorized the issuance of a maximum of 1,000,000 shares of common stock. | ||||||||
In 2014, the Company’s stockholders approved the 2014 Omnibus Incentive Plan (the “2014 Plan”), which replaced the 2005 Plan. The 2014 Plan authorizes the issuance of a maximum of 700,000 shares of common stock. | ||||||||
No options were granted during 2014, 2013 or 2012. | ||||||||
Restricted common stock has been granted to certain employees under both the 2005 Plan and the 2014 Plan. As of December 31, 2014, there was $4,319,000 of total unrecognized compensation costs related to the outstanding restricted stock, which is expected to be recognized over a weighted average period of 3.0 years. The Company used 0% for both the discount factor and forfeiture rate for determining the fair value of restricted stock. The Company has deemed historical forfeitures insignificant and 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 81,082, 87,950, and 94,850 shares of restricted stock in 2014, 2013, and 2012, respectively to employees and sub-contractors under the 2005 Plan and 2,128 shares of restricted stock in 2014 under the 2014 Plan. The restricted shares vest over a five-year period based on continued service to the Company. | ||||||||
Restricted share activity is summarized as follows: | ||||||||
Shares | Weighted | |||||||
Outstanding | Average Grant | |||||||
Date | ||||||||
Fair Value | ||||||||
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 | |||||
Restricted stock granted | 83,210 | $ | 28.72 | |||||
Restricted stock vested | -79,588 | $ | 22.64 | |||||
Restricted stock forfeited | -14,078 | $ | 26.03 | |||||
Unvested restricted stock at December 31, 2014 | 238,626 | $ | 26.24 | |||||
ProfitSharing_Plan
Profit-Sharing Plan | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Information Disclosure [Text Block] | Note 12 – 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 2014, 2013, or 2012. | |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Quarterly Financial Information [Text Block] | Note 13 – Quarterly Financial Data (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, 2013 through December 31, 2014. Certain amounts have been reclassified to conform to the current presentation of discontinued operations: | ||||||||||||||
2014 | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
Revenue | $ | 12,575 | $ | 12,904 | $ | 13,757 | $ | 14,323 | ||||||
Net Income | $ | 5,509 | $ | 2,716 | $ | 4,966 | $ | 5,723 | ||||||
Earnings per Share - diluted | $ | 0.37 | $ | 0.18 | $ | 0.33 | $ | 0.36 | ||||||
2013 | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
Revenue | $ | 9,928 | $ | 10,601 | $ | 11,272 | $ | 11,716 | ||||||
Net Income | $ | 5,392 | $ | 4,530 | $ | 4,646 | $ | 5,622 | ||||||
Earnings per Share - diluted | $ | 0.41 | $ | 0.34 | $ | 0.35 | $ | 0.4 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 14 – Commitments and Contingencies |
In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 15 – Subsequent Events |
In January 2015, the Company repaid a mortgage loan with a balance of $2,406,000 as of December 31, 2014. This loan had an effective interest rate of 6.63% and was fully amortizing with a final monthly payment due February 2017. | |
In January 2015, the Company granted a total of 77,801 shares of restricted stock to employees and associates under the 2014 Plan. The fair value of these grants approximate $2,609,000 and the restricted shares vest over a five year period based on continued service to the Company. | |
On March 5, 2015, the Company declared a dividend of $0.45 per share for the quarter ending March 31, 2015 for holders of record on March 31, 2015. The holders of OP Units are also entitled to an equal distribution per OP Unit held as of March 31, 2015. The amounts are to be paid on April 14, 2015. | |
There were no other reportable subsequent events or transactions. | |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | Schedule III – Real Estate and Accumulated Depreciation | 31-Dec-14 | |||||||||||||||||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | ||||||||||||||||||||||||||||||
Costs | Life on Which | ||||||||||||||||||||||||||||||||||||
Depreciation in | |||||||||||||||||||||||||||||||||||||
Initial Cost | Capitalized | Gross Amount at Which Carried at Close of Period | Latest Income | ||||||||||||||||||||||||||||||||||
Building and | Subsequent to | Building and | Accumulated | Date of | Statement is | ||||||||||||||||||||||||||||||||
Description | Encumbrance | Land | Improvements | Acquisition | Land | Improvements | Total | Depreciation | Acquisition | Computed | |||||||||||||||||||||||||||
Real Estate Held for Investment | |||||||||||||||||||||||||||||||||||||
Borman Center, MI | $ | - | $ | 550,000 | $ | 562,404 | $ | 1,087,596 | $ | 550,000 | $ | 1,650,000 | $ | 2,200,000 | $ | 1,618,022 | 1977 | 40 Years | |||||||||||||||||||
Capital Plaza, KY | - | 7,379 | 2,240,607 | 3,510,133 | 7,379 | 5,750,740 | 5,758,119 | 2,887,183 | 1978 | 40 Years | |||||||||||||||||||||||||||
Grayling Plaza, MI | - | 200,000 | 1,778,657 | - | 200,000 | 1,778,657 | 1,978,657 | 1,363,755 | 1984 | 40 Years | |||||||||||||||||||||||||||
Marshall Plaza Two, MI | - | - | 4,662,230 | 159,688 | - | 4,821,918 | 4,821,918 | 2,822,969 | 1990 | 40 Years | |||||||||||||||||||||||||||
North Lakeland Plaza, FL | - | 1,641,879 | 6,364,379 | 2,052,496 | 1,641,879 | 8,416,875 | 10,058,754 | 5,126,106 | 1987 | 40 Years | |||||||||||||||||||||||||||
Oscoda Plaza, MI | - | 183,295 | 1,872,854 | - | 183,295 | 1,872,854 | 2,056,149 | 1,433,536 | 1984 | 40 Years | |||||||||||||||||||||||||||
Rapids Associates, MI | - | 705,000 | 6,854,790 | 2,157,041 | 705,000 | 9,011,831 | 9,716,831 | 4,600,697 | 1990 | 40 Years | |||||||||||||||||||||||||||
West Frankfort Plaza, IL | - | 8,002 | 784,077 | 202,463 | 8,002 | 986,540 | 994,542 | 700,383 | 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 | 775,757 | 1995 | 40 Years | ||||||||||||||||||||||||||
Monroeville, PA | - | 6,332,158 | 2,249,724 | (2,586,265 | ) | 3,153,890 | 2,841,727 | 5,995,617 | 968,975 | 1996 | 40 Years | ||||||||||||||||||||||||||
Boynton Beach, FL | - | 1,534,942 | 2,043,122 | 3,754,994 | 1,534,942 | 5,798,116 | 7,333,058 | 1,343,608 | 1996 | 40 Years | |||||||||||||||||||||||||||
Lawrence, KS | - | 981,331 | 3,000,000 | (1,510,873 | ) | 419,791 | 2,050,667 | 2,470,458 | 1,221,625 | 1997 | 40 Years | ||||||||||||||||||||||||||
Waterford, MI | 579,356 | 971,009 | 1,562,869 | 135,390 | 971,009 | 1,698,259 | 2,669,268 | 720,723 | 1997 | 40 Years | |||||||||||||||||||||||||||
Chesterfield Township, MI | 636,140 | 1,350,590 | 1,757,830 | (46,164 | ) | 1,350,590 | 1,711,666 | 3,062,256 | 706,644 | 1998 | 40 Years | ||||||||||||||||||||||||||
Grand Blanc, MI | 607,750 | 1,104,285 | 1,998,919 | 43,929 | 1,104,285 | 2,042,848 | 3,147,133 | 812,241 | 1998 | 40 Years | |||||||||||||||||||||||||||
Pontiac, MI | 582,728 | 1,144,190 | 1,808,955 | (113,506 | ) | 1,144,190 | 1,695,449 | 2,839,639 | 690,483 | 1998 | 40 Years | ||||||||||||||||||||||||||
Mt Pleasant Shopping Ctr, MI | - | 907,600 | 8,081,968 | 1,024,052 | 907,600 | 9,106,020 | 10,013,620 | 4,808,049 | 1973 | 40 Years | |||||||||||||||||||||||||||
Rochester, MI | 1,582,374 | 2,438,740 | 2,188,050 | 1,949 | 2,438,740 | 2,189,999 | 4,628,739 | 848,601 | 1999 | 40 Years | |||||||||||||||||||||||||||
Ypsilanti, MI | 1,429,190 | 2,050,000 | 2,222,097 | 32,641 | 2,050,000 | 2,254,738 | 4,304,738 | 844,665 | 1999 | 40 Years | |||||||||||||||||||||||||||
Petoskey, MI | 994,116 | - | 2,332,473 | 1,179 | - | 2,333,652 | 2,333,652 | 855,585 | 2000 | 40 Years | |||||||||||||||||||||||||||
Flint, MI | 1,499,465 | 2,026,625 | 1,879,700 | (1,201 | ) | 2,026,625 | 1,878,499 | 3,905,124 | 657,481 | 2000 | 40 Years | ||||||||||||||||||||||||||
Flint, MI | 1,290,219 | 1,477,680 | 2,241,293 | - | 1,477,680 | 2,241,293 | 3,718,973 | 777,445 | 2001 | 40 Years | |||||||||||||||||||||||||||
New Baltimore, MI | 1,100,713 | 1,250,000 | 2,285,781 | (16,502 | ) | 1,250,000 | 2,269,279 | 3,519,279 | 758,965 | 2001 | 40 Years | ||||||||||||||||||||||||||
Flint, MI | 2,969,578 | 1,729,851 | 1,798,091 | 660 | 1,729,851 | 1,798,751 | 3,528,602 | 571,441 | 2002 | 40 Years | |||||||||||||||||||||||||||
Indianapolis, IN | - | 180,000 | 1,117,617 | - | 180,000 | 1,117,617 | 1,297,617 | 362,158 | 2002 | 40 Years | |||||||||||||||||||||||||||
Big Rapids, MI | - | 1,201,675 | 2,014,107 | (2,000 | ) | 1,201,675 | 2,012,107 | 3,213,782 | 591,097 | 2003 | 40 Years | ||||||||||||||||||||||||||
Flint, MI | - | - | 471,272 | (201,810 | ) | - | 269,462 | 269,462 | 125,748 | 2003 | 20 Years | ||||||||||||||||||||||||||
Canton Twp, MI | - | 1,550,000 | 2,132,096 | 23,020 | 1,550,000 | 2,155,116 | 3,705,116 | 597,098 | 2003 | 40 Years | |||||||||||||||||||||||||||
Flint, MI | 3,441,685 | 1,537,400 | 1,961,674 | - | 1,537,400 | 1,961,674 | 3,499,074 | 531,371 | 2004 | 40 Years | |||||||||||||||||||||||||||
Webster, NY | - | 1,600,000 | 2,438,781 | - | 1,600,000 | 2,438,781 | 4,038,781 | 657,967 | 2004 | 40 Years | |||||||||||||||||||||||||||
Albion, NY | - | 1,900,000 | 3,037,864 | - | 1,900,000 | 3,037,864 | 4,937,864 | 768,962 | 2004 | 40 Years | |||||||||||||||||||||||||||
Flint, MI | 2,631,221 | 1,029,000 | 2,165,463 | (6,666 | ) | 1,029,000 | 2,158,797 | 3,187,797 | 546,405 | 2004 | 40 Years | ||||||||||||||||||||||||||
Lansing, MI | - | 785,000 | 348,501 | 3,045 | 785,000 | 351,546 | 1,136,546 | 92,245 | 2004 | 40 Years | |||||||||||||||||||||||||||
Boynton Beach, FL | - | 1,569,000 | 2,363,524 | - | 1,569,000 | 2,363,524 | 3,932,524 | 633,826 | 2004 | 40 Years | |||||||||||||||||||||||||||
Midland, MI | - | 2,350,000 | 2,313,413 | (79,235 | ) | 2,268,695 | 2,315,483 | 4,584,178 | 547,439 | 2005 | 40 Years | ||||||||||||||||||||||||||
Grand Rapids, MI | 2,959,784 | 1,450,000 | 2,646,591 | - | 1,450,000 | 2,646,591 | 4,096,591 | 617,539 | 2005 | 40 Years | |||||||||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | ||||||||||||||||||||||||||||||
Costs | Life on Which | ||||||||||||||||||||||||||||||||||||
Depreciation in | |||||||||||||||||||||||||||||||||||||
Initial Cost | Capitalized | Gross Amount at Which Carried at Close of Period | Latest Income | ||||||||||||||||||||||||||||||||||
Building and | Subsequent to | Building and | Accumulated | Date of | Statement is | ||||||||||||||||||||||||||||||||
Description | Encumbrance | Land | Improvements | Acquisition | Land | Improvements | Total | Depreciation | Acquisition | Computed | |||||||||||||||||||||||||||
Delta Township, MI | 3,090,351 | 2,075,000 | 2,535,971 | 7,004 | 2,075,000 | 2,542,975 | 4,617,975 | 582,824 | 2005 | 40 Years | |||||||||||||||||||||||||||
Roseville, MI | 2,336,328 | 1,771,000 | 2,327,052 | - | 1,771,000 | 2,327,052 | 4,098,052 | 530,857 | 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 | 326,346 | 2005 | 40 Years | |||||||||||||||||||||||||||
N Cape May, NJ | - | 1,075,000 | 1,430,092 | 495 | 1,075,000 | 1,430,587 | 2,505,587 | 324,859 | 2005 | 40 Years | |||||||||||||||||||||||||||
Summit Twp, MI | 1,431,882 | 998,460 | 1,336,357 | 12,686 | 998,460 | 1,349,043 | 2,347,503 | 277,204 | 2006 | 40 Years | |||||||||||||||||||||||||||
Livonia, MI | 4,240,564 | 1,200,000 | 3,441,694 | 817,589 | 1,200,000 | 4,259,283 | 5,459,283 | 778,062 | 2007 | 40 Years | |||||||||||||||||||||||||||
Barnesville, GA | - | 932,500 | 2,091,514 | 5,490 | 932,500 | 2,097,004 | 3,029,504 | 377,868 | 2007 | 40 Years | |||||||||||||||||||||||||||
East Lansing, MI | - | 240,000 | 54,531 | - | 240,000 | 54,531 | 294,531 | 9,519 | 2007 | 40 Years | |||||||||||||||||||||||||||
Plainfield, IN | - | 4,549,758 | - | 114,383 | 4,664,141 | - | 4,664,141 | - | 2007 | 40 Years | |||||||||||||||||||||||||||
Macomb Township, MI | 3,955,574 | 2,621,500 | 3,484,212 | (83,479 | ) | 2,537,222 | 3,485,011 | 6,022,233 | 595,339 | 2008 | 40 Years | ||||||||||||||||||||||||||
Shelby Township, MI | 3,383,595 | 2,055,174 | 2,533,876 | 47,775 | 2,058,474 | 2,578,351 | 4,636,825 | 412,803 | 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 | 374,942 | 2009 | 40 Years | ||||||||||||||||||||||||||
Brighton, MI | - | 1,365,000 | 2,802,036 | 5,615 | 1,365,000 | 2,807,651 | 4,172,651 | 409,370 | 2009 | 40 Years | |||||||||||||||||||||||||||
Port St John, FL | - | 2,320,860 | 2,402,641 | 880 | 2,320,860 | 2,403,521 | 4,724,381 | 340,484 | 2009 | 40 Years | |||||||||||||||||||||||||||
Lowell, MI | - | 890,000 | 1,930,182 | 10,190 | 890,000 | 1,940,372 | 2,830,372 | 254,610 | 2009 | 40 Years | |||||||||||||||||||||||||||
Southfield, MI | - | 1,200,000 | 125,616 | 2,064 | 1,200,000 | 127,690 | 1,327,690 | 16,617 | 2009 | 40 Years | |||||||||||||||||||||||||||
Atchison, KS | - | 943,750 | 3,021,672 | - | 823,170 | 3,142,252 | 3,965,422 | 351,996 | 2010 | 40 Years | |||||||||||||||||||||||||||
Johnstown, OH | 2,384,927 | 485,000 | 2,799,502 | - | 485,000 | 2,799,502 | 3,284,502 | 314,945 | 2010 | 40 Years | |||||||||||||||||||||||||||
Lake in the Hills, IL | - | 2,135,000 | 3,328,560 | - | 1,690,000 | 3,773,560 | 5,463,560 | 418,963 | 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 | 202,933 | 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 | 198,398 | 2010 | 40 Years | |||||||||||||||||||||||||||
Mansfield, CT | 2,170,284 | 700,000 | 1,902,191 | 508 | 700,000 | 1,902,699 | 2,602,699 | 196,213 | 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 | 2,634,651 | 2,660,582 | 3,035,576 | 5,696,158 | 321,871 | 2010 | 40 Years | |||||||||||||||||||||||||||
Tallahassee, FL | 1,628,000 | - | 1,482,462 | - | - | 1,482,462 | 1,482,462 | 149,791 | 2010 | 40 Years | |||||||||||||||||||||||||||
Wilmington, NC | 2,186,000 | 1,500,000 | 1,348,591 | - | 1,500,000 | 1,348,591 | 2,848,591 | 129,240 | 2011 | 40 Years | |||||||||||||||||||||||||||
Marietta, GA | 900,000 | 575,000 | 696,297 | 6,359 | 575,000 | 702,656 | 1,277,656 | 61,402 | 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 | 144,737 | 2011 | 40 Years | |||||||||||||||||||||||||||
Chandler, AZ | 1,550,203 | 332,868 | 793,898 | 360 | 332,868 | 794,258 | 1,127,126 | 64,571 | 2011 | 40 Years | |||||||||||||||||||||||||||
New Lenox, IL | 1,192,464 | 1,422,488 | - | - | 1,422,488 | - | 1,422,488 | - | 2011 | 40 Years | |||||||||||||||||||||||||||
Roseville, CA | 4,752,000 | 2,800,000 | 3,695,455 | (96,364 | ) | 2,695,636 | 3,703,455 | 6,399,091 | 308,554 | 2011 | 40 Years | ||||||||||||||||||||||||||
Fort Walton Beach, FL | 1,768,000 | 542,200 | 1,958,790 | 303 | 542,200 | 1,959,093 | 2,501,293 | 151,009 | 2011 | 40 Years | |||||||||||||||||||||||||||
Leawood, KS | 3,204,294 | 989,622 | 3,003,541 | 16,198 | 989,622 | 3,019,739 | 4,009,361 | 226,480 | 2011 | 40 Years | |||||||||||||||||||||||||||
Salt Lake City, UT | 4,948,724 | - | 6,810,104 | (44,417 | ) | - | 6,765,687 | 6,765,687 | 542,896 | 2011 | 40 Years | ||||||||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | ||||||||||||||||||||||||||||||
Costs | Life on Which | ||||||||||||||||||||||||||||||||||||
Depreciation in | |||||||||||||||||||||||||||||||||||||
Initial Cost | Capitalized | Gross Amount at Which Carried at Close of Period | Latest Income | ||||||||||||||||||||||||||||||||||
Building and | Subsequent to | Building and | Accumulated | Date of | Statement is | ||||||||||||||||||||||||||||||||
Description | Encumbrance | Land | Improvements | Acquisition | Land | Improvements | Total | Depreciation | Acquisition | Computed | |||||||||||||||||||||||||||
Burton, MI | - | 80,000 | - | - | 80,000 | - | 80,000 | - | 2011 | ||||||||||||||||||||||||||||
Macomb Township, 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 | 98,844 | 2012 | 40 Years | |||||||||||||||||||||||||||
Walker, MI | 887,000 | 219,200 | 1,024,738 | - | 219,200 | 1,024,738 | 1,243,938 | 70,448 | 2012 | 40 Years | |||||||||||||||||||||||||||
Portland, OR | - | 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 | 128,358 | 2012 | 40 Years | |||||||||||||||||||||||||||
Baton Rouge, LA | 1,073,217 | - | 1,188,322 | - | - | 1,188,322 | 1,188,322 | 76,746 | 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 | 186,554 | 2012 | 40 Years | |||||||||||||||||||||||||||
Newark, DE | 2,492,444 | 2,117,547 | 4,777,516 | - | 2,117,547 | 4,777,516 | 6,895,063 | 293,318 | 2012 | 40 Years | |||||||||||||||||||||||||||
Vineland, NJ | 2,188,562 | 4,102,710 | 1,501,854 | - | 4,102,710 | 1,501,854 | 5,604,564 | 92,792 | 2012 | 40 Years | |||||||||||||||||||||||||||
Fort Mill, SC | - | 750,000 | 1,187,380 | - | 750,000 | 1,187,380 | 1,937,380 | 71,738 | 2012 | 40 Years | |||||||||||||||||||||||||||
Spartanburg, SC | - | 250,000 | 765,714 | - | 250,000 | 765,714 | 1,015,714 | 45,464 | 2012 | 40 Years | |||||||||||||||||||||||||||
Springfield, IL | - | 302,520 | 653,654 | - | 302,520 | 653,654 | 956,174 | 38,130 | 2012 | 40 Years | |||||||||||||||||||||||||||
Jacksonville, NC | - | 676,930 | 1,482,748 | - | 676,930 | 1,482,748 | 2,159,678 | 86,494 | 2012 | 40 Years | |||||||||||||||||||||||||||
Morrow, GA | - | 525,000 | 1,383,489 | (99,850 | ) | 525,000 | 1,283,639 | 1,808,639 | 72,829 | 2012 | 40 Years | ||||||||||||||||||||||||||
Charlotte, NC | - | 1,822,900 | 3,531,275 | (572,344 | ) | 1,822,900 | 2,958,931 | 4,781,831 | 162,660 | 2012 | 40 Years | ||||||||||||||||||||||||||
Lyons, GA | - | 121,627 | 2,155,635 | (126,199 | ) | 121,627 | 2,029,436 | 2,151,063 | 105,963 | 2012 | 40 Years | ||||||||||||||||||||||||||
Fuquay-Varina, NC | - | 2,042,225 | 1,763,768 | (255,778 | ) | 2,042,225 | 1,507,990 | 3,550,215 | 79,074 | 2012 | 40 Years | ||||||||||||||||||||||||||
Minneapolis, MN | - | 1,088,015 | 345,958 | (54,430 | ) | 826,635 | 552,908 | 1,379,543 | 28,366 | 2012 | 40 Years | ||||||||||||||||||||||||||
Lake Zurich, IL | - | 780,974 | 7,909,277 | 28,174 | 780,974 | 7,937,451 | 8,718,425 | 405,111 | 2012 | 40 Years | |||||||||||||||||||||||||||
Lebanon, VA | - | 300,000 | 612,582 | 16,363 | 300,000 | 628,945 | 928,945 | 31,447 | 2012 | 40 Years | |||||||||||||||||||||||||||
Harlingen, TX | - | 430,000 | 1,614,378 | 12,854 | 430,000 | 1,627,232 | 2,057,232 | 81,362 | 2012 | 40 Years | |||||||||||||||||||||||||||
Wichita, TX | - | 340,000 | 1,530,971 | 12,854 | 340,000 | 1,543,825 | 1,883,825 | 77,191 | 2012 | 40 Years | |||||||||||||||||||||||||||
Pensacola, FL | - | 650,000 | 1,165,415 | 12,854 | 650,000 | 1,178,269 | 1,828,269 | 58,913 | 2012 | 40 Years | |||||||||||||||||||||||||||
Pensacola, FL | - | 400,000 | 1,507,583 | 12,854 | 400,000 | 1,520,437 | 1,920,437 | 76,022 | 2012 | 40 Years | |||||||||||||||||||||||||||
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 | 366,060 | 2013 | 40 Years | |||||||||||||||||||||||||||
Statham, GA | - | 191,919 | 3,851,073 | - | 191,919 | 3,851,073 | 4,042,992 | 184,531 | 2013 | 40 Years | |||||||||||||||||||||||||||
North Las Vegas, NV | - | 214,552 | 717,435 | - | 214,552 | 717,435 | 931,987 | 33,630 | 2013 | 40 Years | |||||||||||||||||||||||||||
Memphis, TN | - | 322,520 | 748,890 | - | 322,520 | 748,890 | 1,071,410 | 34,324 | 2013 | 40 Years | |||||||||||||||||||||||||||
Rancho Cordova, CA | - | 3,889,612 | 3,232,662 | 282,130 | 3,889,612 | 3,514,792 | 7,404,404 | 148,482 | 2013 | 40 Years | |||||||||||||||||||||||||||
Kissimmee, FL | - | 1,453,500 | 971,683 | - | 1,453,500 | 971,683 | 2,425,183 | 42,511 | 2013 | 40 Years | |||||||||||||||||||||||||||
Pinellas Park, FL | - | 2,625,000 | 874,542 | 3,965 | 2,625,000 | 878,507 | 3,503,507 | 34,716 | 2013 | 40 Years | |||||||||||||||||||||||||||
Manchester, CT | - | 397,800 | 325,705 | - | 397,800 | 325,705 | 723,505 | 13,571 | 2013 | 40 Years | |||||||||||||||||||||||||||
Rapid City, SD | - | 1,017,800 | 2,348,032 | - | 1,017,800 | 2,348,032 | 3,365,832 | 95,389 | 2013 | 40 Years | |||||||||||||||||||||||||||
Chicago, IL | - | 272,222 | 649,063 | - | 272,222 | 649,063 | 921,285 | 25,692 | 2013 | 40 Years | |||||||||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | ||||||||||||||||||||||||||||||
Costs | Life on Which | ||||||||||||||||||||||||||||||||||||
Depreciation in | |||||||||||||||||||||||||||||||||||||
Initial Cost | Capitalized | Gross Amount at Which Carried at Close of Period | Latest Income | ||||||||||||||||||||||||||||||||||
Building and | Subsequent to | Building and | Accumulated | Date of | Statement is | ||||||||||||||||||||||||||||||||
Description | Encumbrance | Land | Improvements | Acquisition | Land | Improvements | Total | Depreciation | Acquisition | Computed | |||||||||||||||||||||||||||
Brooklyn, OH | - | 3,643,700 | 15,079,714 | - | 3,643,700 | 15,079,714 | 18,723,414 | 565,489 | 2013 | 40 Years | |||||||||||||||||||||||||||
Madisonville, TX | - | 96,680 | 1,087,642 | - | 96,680 | 1,087,642 | 1,184,322 | 40,787 | 2013 | 40 Years | |||||||||||||||||||||||||||
Baton Rouge, LA | - | 271,400 | 1,086,434 | - | 271,400 | 1,086,434 | 1,357,834 | 38,478 | 2013 | 40 Years | |||||||||||||||||||||||||||
Forest, MS | - | - | 1,298,176 | - | - | 1,298,176 | 1,298,176 | 45,977 | 2013 | 40 Years | |||||||||||||||||||||||||||
Sun Valley, NV | - | 308,495 | 1,373,336 | 2,819 | 308,495 | 1,376,155 | 1,684,650 | 45,848 | 2013 | 40 Years | |||||||||||||||||||||||||||
Rochester, NY | - | 2,500,000 | 7,398,639 | - | 2,500,000 | 7,398,639 | 9,898,639 | 238,914 | 2013 | 40 Years | |||||||||||||||||||||||||||
Allentown, PA | - | 2,525,051 | 7,896,613 | - | 2,525,051 | 7,896,613 | 10,421,664 | 254,995 | 2013 | 40 Years | |||||||||||||||||||||||||||
Casselberry, FL | - | 1,804,000 | 793,101 | - | 1,804,000 | 793,101 | 2,597,101 | 28,089 | 2013 | 40 Years | |||||||||||||||||||||||||||
Berwyn, IL | - | 186,791 | 933,959 | 5,400 | 186,791 | 939,359 | 1,126,150 | 25,430 | 2013 | 40 Years | |||||||||||||||||||||||||||
Grand Forks, ND | - | 1,502,609 | 2,301,337 | 1,801,028 | 1,502,609 | 4,102,365 | 5,604,974 | 112,148 | 2013 | 40 Years | |||||||||||||||||||||||||||
Ann Arbor, MI | - | 3,000,000 | 4,595,757 | 276,163 | 3,000,000 | 4,871,920 | 7,871,920 | 131,372 | 2013 | 40 Years | |||||||||||||||||||||||||||
Joplin, MO | - | 1,208,225 | 1,160,843 | - | 1,208,225 | 1,160,843 | 2,369,068 | 33,858 | 2013 | 40 Years | |||||||||||||||||||||||||||
Red Bay, AL | - | 38,981 | 2,528,437 | - | 38,981 | 2,528,437 | 2,567,418 | 10,535 | 2014 | 40 Years | |||||||||||||||||||||||||||
Birmingham, AL | - | 230,106 | 231,313 | - | 230,106 | 231,313 | 461,419 | 482 | 2014 | 40 Years | |||||||||||||||||||||||||||
Birmingham, AL | - | 245,234 | 251,339 | - | 245,234 | 251,339 | 496,573 | 524 | 2014 | 40 Years | |||||||||||||||||||||||||||
Birmingham, AL | - | 98,271 | 179,824 | - | 98,271 | 179,824 | 278,095 | 375 | 2014 | 40 Years | |||||||||||||||||||||||||||
Birmingham, AL | - | 235,641 | 127,477 | - | 235,641 | 127,477 | 363,118 | 266 | 2014 | 40 Years | |||||||||||||||||||||||||||
Montgomery, AL | - | 325,389 | 217,850 | - | 325,389 | 217,850 | 543,239 | 454 | 2014 | 40 Years | |||||||||||||||||||||||||||
Littleton, CO | 5,595,327- | 819,000 | 8,756,266 | - | 819,000 | 8,756,266 | 9,575,266 | 54,727 | 2014 | 40 Years | |||||||||||||||||||||||||||
St Petersburg, FL | - | 1,225,000 | 1,025,247 | - | 1,225,000 | 1,025,247 | 2,250,247 | 19,223 | 2014 | 40 Years | |||||||||||||||||||||||||||
St Augustine, FL | - | 200,000 | 1,523,230 | - | 200,000 | 1,523,230 | 1,723,230 | 9,520 | 2014 | 40 Years | |||||||||||||||||||||||||||
East Palatka, FL | - | 730,000 | 575,236 | - | 730,000 | 575,236 | 1,305,236 | 3,595 | 2014 | 40 Years | |||||||||||||||||||||||||||
Pensacola, FL | - | 136,365 | 398,773 | - | 136,365 | 398,773 | 535,138 | 831 | 2014 | 40 Years | |||||||||||||||||||||||||||
Jacksonville, FL | - | 297,066 | 312,818 | - | 297,066 | 312,818 | 609,884 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Jacksonville, FL | - | 299,312 | 348,862 | - | 299,312 | 348,862 | 648,174 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Fort Oglethorpe, GA | - | 1,842,240 | 2,844,126 | - | 1,842,240 | 2,844,126 | 4,686,366 | 65,178 | 2014 | 40 Years | |||||||||||||||||||||||||||
New Lenox, IL | - | 2,010,000 | 6,206,252 | - | 2,010,000 | 6,206,252 | 8,216,252 | 34,234 | 2014 | 40 Years | |||||||||||||||||||||||||||
Rockford, IL | - | 303,395 | 2,436,873 | - | 303,395 | 2,436,873 | 2,740,268 | 15,230 | 2014 | 40 Years | |||||||||||||||||||||||||||
Indianapolis, IN | - | 575,000 | 1,871,110 | - | 575,000 | 1,871,110 | 2,446,110 | 35,083 | 2014 | 40 Years | |||||||||||||||||||||||||||
Terre Haute, IN | - | 103,147 | 2,477,263 | - | 103,147 | 2,477,263 | 2,580,410 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Junction City, KS | - | 78,271 | 2,504,294 | - | 78,271 | 2,504,294 | 2,582,565 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Baton Rouge, LA | - | 226,919 | 347,691 | - | 226,919 | 347,691 | 574,610 | 724 | 2014 | 40 Years | |||||||||||||||||||||||||||
Lincoln Park, MI | - | 543,303 | 1,408,544 | - | 543,303 | 1,408,544 | 1,951,847 | 26,410 | 2014 | 40 Years | |||||||||||||||||||||||||||
Novi, MI | - | 1,803,857 | 1,488,505 | - | 1,803,857 | 1,488,505 | 3,292,362 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Bloomfield Hills, MI | - | 1,340,000 | 2,003,406 | - | 1,340,000 | 2,003,406 | 3,343,406 | 6,966 | 2014 | 40 Years | |||||||||||||||||||||||||||
Moreahead, MN | - | 511,645 | 870,732 | - | 511,645 | 870,732 | 1,382,377 | 3,628 | 2014 | 40 Years | |||||||||||||||||||||||||||
Fergus Falls, MN | - | 405,617 | 561,332 | - | 405,617 | 561,332 | 966,949 | 2,339 | 2014 | 40 Years | |||||||||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | ||||||||||||||||||||||||||||||
Costs | Life on Which | ||||||||||||||||||||||||||||||||||||
Depreciation in | |||||||||||||||||||||||||||||||||||||
Initial Cost | Capitalized | Gross Amount at Which Carried at Close of Period | Latest Income | ||||||||||||||||||||||||||||||||||
Building and | Subsequent to | Building and | Accumulated | Date of | Statement is | ||||||||||||||||||||||||||||||||
Description | Encumbrance | Land | Improvements | Acquisition | Land | Improvements | Total | Depreciation | Acquisition | Computed | |||||||||||||||||||||||||||
Fergus Falls, MN | - | 327,247 | 655,973 | - | 327,247 | 655,973 | 983,220 | 2,733 | 2014 | 40 Years | |||||||||||||||||||||||||||
Park Rapids, MN | - | 413,151 | 706,884 | - | 413,151 | 706,884 | 1,120,035 | 2,945 | 2014 | 40 Years | |||||||||||||||||||||||||||
Jackson, MS | - | 256,789 | 172,184 | - | 256,789 | 172,184 | 428,973 | 359 | 2014 | 40 Years | |||||||||||||||||||||||||||
Belton, MO | - | 714,775 | 7,173,999 | - | 714,775 | 7,173,999 | 7,888,774 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Great Falls, MT | - | 945,765 | 753,222 | - | 945,765 | 753,222 | 1,698,987 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Irvington, NJ | - | 315,000 | 1,313,025 | - | 315,000 | 1,313,025 | 1,628,025 | 24,619 | 2014 | 40 Years | |||||||||||||||||||||||||||
East Grand Forks, ND | - | 313,454 | 914,676 | - | 313,454 | 914,676 | 1,228,130 | 3,811 | 2014 | 40 Years | |||||||||||||||||||||||||||
Fargo, ND | - | 513,505 | 1,201,532 | - | 513,505 | 1,201,532 | 1,715,037 | 5,006 | 2014 | 40 Years | |||||||||||||||||||||||||||
Fargo, ND | - | 629,484 | 707,799 | - | 629,484 | 707,799 | 1,337,283 | 2,949 | 2014 | 40 Years | |||||||||||||||||||||||||||
Jamestown, ND | - | 234,545 | 1,158,486 | - | 234,545 | 1,158,486 | 1,393,031 | 4,827 | 2014 | 40 Years | |||||||||||||||||||||||||||
Grand Forks, ND | - | 540,658 | 813,776 | - | 540,658 | 813,776 | 1,354,434 | 3,391 | 2014 | 40 Years | |||||||||||||||||||||||||||
Grand Forks, ND | - | 762,471 | 554,595 | - | 762,471 | 554,595 | 1,317,066 | 2,311 | 2014 | 40 Years | |||||||||||||||||||||||||||
Grand Forks, ND | - | 529,087 | 676,026 | - | 529,087 | 676,026 | 1,205,113 | 2,817 | 2014 | 40 Years | |||||||||||||||||||||||||||
Toledo, OH | - | 500,000 | 1,372,363 | - | 500,000 | 1,372,363 | 1,872,363 | 25,732 | 2014 | 40 Years | |||||||||||||||||||||||||||
Toledo, OH | - | 155,250 | 762,500 | - | 155,250 | 762,500 | 917,750 | 7,943 | 2014 | 40 Years | |||||||||||||||||||||||||||
Toledo, OH | - | 213,750 | 754,675 | - | 213,750 | 754,675 | 968,425 | 7,861 | 2014 | 40 Years | |||||||||||||||||||||||||||
Toledo, OH | - | 168,750 | 785,000 | - | 168,750 | 785,000 | 953,750 | 8,177 | 2014 | 40 Years | |||||||||||||||||||||||||||
Port Clinton, OH | - | 75,000 | 721,100 | - | 75,000 | 721,100 | 796,100 | 7,511 | 2014 | 40 Years | |||||||||||||||||||||||||||
Mansfield, OH | - | 306,000 | 725,600 | - | 306,000 | 725,600 | 1,031,600 | 7,558 | 2014 | 40 Years | |||||||||||||||||||||||||||
Orville, OH | - | 344,250 | 716,600 | - | 344,250 | 716,600 | 1,060,850 | 7,465 | 2014 | 40 Years | |||||||||||||||||||||||||||
Akron, OH | - | 427,750 | 715,700 | - | 427,750 | 715,700 | 1,143,450 | 7,455 | 2014 | 40 Years | |||||||||||||||||||||||||||
Akron, OH | - | 696,000 | 845,000 | - | 696,000 | 845,000 | 1,541,000 | 8,802 | 2014 | 40 Years | |||||||||||||||||||||||||||
Hubbard, OH | - | 204,000 | 726,500 | - | 204,000 | 726,500 | 930,500 | 7,568 | 2014 | 40 Years | |||||||||||||||||||||||||||
Youngstown, OH | - | 285,000 | 745,700 | - | 285,000 | 745,700 | 1,030,700 | 7,768 | 2014 | 40 Years | |||||||||||||||||||||||||||
Calcutta, OH | - | 208,050 | 758,750 | - | 208,050 | 758,750 | 966,800 | 7,904 | 2014 | 40 Years | |||||||||||||||||||||||||||
Columbus, OH | - | - | 1,136,250 | - | - | 1,136,250 | 1,136,250 | 9,469 | 2014 | 40 Years | |||||||||||||||||||||||||||
Tulsa, OK | - | 459,148 | 640,550 | - | 459,148 | 640,550 | 1,099,698 | 13,345 | 2014 | 40 Years | |||||||||||||||||||||||||||
Ligonier, PA | - | 330,000 | 5,021,849 | - | 330,000 | 5,021,849 | 5,351,849 | 52,311 | 2014 | 40 Years | |||||||||||||||||||||||||||
Clarion, PA | - | 121,200 | 771,500 | - | 121,200 | 771,500 | 892,700 | 8,036 | 2014 | 40 Years | |||||||||||||||||||||||||||
Mercer, PA | - | 121,200 | 770,000 | - | 121,200 | 770,000 | 891,200 | 8,021 | 2014 | 40 Years | |||||||||||||||||||||||||||
Limerick, PA | - | 369,000 | - | - | 369,000 | - | 369,000 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Harrisbuarg, PA | - | 124,757 | 1,446,773 | - | 124,757 | 1,446,773 | 1,571,530 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Andreson, SC | - | 781,200 | 4,441,535 | - | 781,200 | 4,441,535 | 5,222,735 | 101,785 | 2014 | 40 Years | |||||||||||||||||||||||||||
Easley, SC | - | 332,275 | 268,612 | - | 332,275 | 268,612 | 600,887 | 560 | 2014 | 40 Years | |||||||||||||||||||||||||||
Spartanburg, SC | - | 141,307 | 446,706 | - | 141,307 | 446,706 | 588,013 | 931 | 2014 | 40 Years | |||||||||||||||||||||||||||
Spartanburg, SC | - | 94,770 | 261,640 | - | 94,770 | 261,640 | 356,410 | 545 | 2014 | 40 Years | |||||||||||||||||||||||||||
Columbia, SC | - | 303,932 | 1,221,964 | - | 303,932 | 1,221,964 | 1,525,896 | 2,546 | 2014 | 40 Years | |||||||||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | ||||||||||||||||||||||||||||||
Costs | Life on Which | ||||||||||||||||||||||||||||||||||||
Depreciation in | |||||||||||||||||||||||||||||||||||||
Initial Cost | Capitalized | Gross Amount at Which Carried at Close of Period | Latest Income | ||||||||||||||||||||||||||||||||||
Building and | Subsequent to | Building and | Accumulated | Date of | Statement is | ||||||||||||||||||||||||||||||||
Description | Encumbrance | Land | Improvements | Acquisition | Land | Improvements | Total | Depreciation | Acquisition | Computed | |||||||||||||||||||||||||||
Alcoa, TN | - | 329,074 | 270,719 | - | 329,074 | 270,719 | 599,793 | 564 | 2014 | 40 Years | |||||||||||||||||||||||||||
Knoxville, TN | - | 214,077 | 286,037 | - | 214,077 | 286,037 | 500,114 | 596 | 2014 | 40 Years | |||||||||||||||||||||||||||
Red Bank, TN | - | 229,100 | 302,146 | - | 229,100 | 302,146 | 531,246 | 629 | 2014 | 40 Years | |||||||||||||||||||||||||||
New Tazewell, TN | - | 91,006 | 328,561 | - | 91,006 | 328,561 | 419,567 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Maryville, TN | - | 94,682 | 1,529,621 | - | 94,682 | 1,529,621 | 1,624,303 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Morristown, TN | - | 46,404 | 801,506 | - | 46,404 | 801,506 | 847,910 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Clinton, TN | - | 69,625 | 1,177,927 | - | 69,625 | 1,177,927 | 1,247,552 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Knoxville, TN | - | 160,057 | 2,265,025 | - | 160,057 | 2,265,025 | 2,425,082 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
Sweetwater, TN | - | 79,100 | 1,009,290 | - | 79,100 | 1,009,290 | 1,088,390 | - | 2014 | 40 Years | |||||||||||||||||||||||||||
McKinney, TX | - | 2,671,020 | 6,785,815 | - | 2,671,020 | 6,785,815 | 9,456,835 | 84,823 | 2014 | 40 Years | |||||||||||||||||||||||||||
Forest Va | - | 282,600 | 956,027 | - | 282,600 | 956,027 | 1,238,627 | 17,926 | 2014 | 40 Years | |||||||||||||||||||||||||||
Waynesboro, VA | - | 292,086 | 514,209 | - | 292,086 | 514,209 | 806,295 | 1,071 | 2014 | 40 Years | |||||||||||||||||||||||||||
Colonial Heights, VA | - | 547,692 | 1,059,557 | - | 547,692 | 1,059,557 | 1,607,249 | 2,207 | 2014 | 40 Years | |||||||||||||||||||||||||||
Chester, VA | - | 300,583 | 794,417 | - | 300,583 | 794,417 | 1,095,000 | 1,655 | 2014 | 40 Years | |||||||||||||||||||||||||||
Midlothian, VA | - | 232,337 | 802,602 | - | 232,337 | 802,602 | 1,034,939 | 1,672 | 2014 | 40 Years | |||||||||||||||||||||||||||
Ashland, VA | - | 426,396 | 965,925 | - | 426,396 | 965,925 | 1,392,321 | 2,012 | 2014 | 40 Years | |||||||||||||||||||||||||||
Mecanicsville, VA | - | 219,496 | 906,590 | - | 219,496 | 906,590 | 1,126,086 | 1,889 | 2014 | 40 Years | |||||||||||||||||||||||||||
Glen Allen, VA | - | 590,101 | 1,129,495 | - | 590,101 | 1,129,495 | 1,719,596 | 2,353 | 2014 | 40 Years | |||||||||||||||||||||||||||
Burlington, WA | - | 610,000 | 3,647,279 | - | 610,000 | 3,647,279 | 4,257,279 | 8,869 | 2014 | 40 Years | |||||||||||||||||||||||||||
Wausau, WI | - | 909,092 | 1,405,899 | - | 909,092 | 1,405,899 | 2,314,991 | 17,588 | 2014 | 40 Years | |||||||||||||||||||||||||||
Subtotal | 106,762,238 | 197,046,698 | 376,435,573 | 15,435,489 | 195,091,303 | 393,826,467 | 588,917,770 | 59,089,851 | |||||||||||||||||||||||||||||
Property Under Development | |||||||||||||||||||||||||||||||||||||
Various | - | - | 229,242 | - | - | 229,242 | 229,242 | - | N/A | N/A | |||||||||||||||||||||||||||
Sub Total | - | - | 229,242 | - | - | 229,242 | 229,242 | - | |||||||||||||||||||||||||||||
Total | $ | 106,762,238 | $ | 197,046,698 | $ | 376,664,815 | $ | 15,435,489 | $ | 195,091,303 | $ | 394,055,709 | $ | 589,147,012 | $ | 59,089,851 | |||||||||||||||||||||
Notes to Schedule III | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
1. Reconciliation of Real Estate Properties | |||||||||||||||||||||||||||||||||||||
The following table reconciles the Real Estate Properties from January 1, 2012 to December 31, 2014. | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 476,168,824 | $ | 398,811,830 | $ | 340,073,911 | |||||||||||||||||||||||||||||||
Construction and acquisition cost | 143,365,974 | 82,692,554 | 97,418,031 | ||||||||||||||||||||||||||||||||||
Impairment charge | (3,020,000 | ) | (450,000 | ) | - | ||||||||||||||||||||||||||||||||
Disposition of real estate | (27,367,786 | ) | (4,885,560 | ) | (38,680,112 | ) | |||||||||||||||||||||||||||||||
Balance at December 31 | $ | 589,147,012 | $ | 476,168,824 | $ | 398,811,830 | |||||||||||||||||||||||||||||||
2. Reconciliation of Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
The following table reconciles the Real Estate Properties from January 1, 2012 to December 31, 2014. | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 65,436,739 | $ | 58,856,688 | $ | 68,589,778 | |||||||||||||||||||||||||||||||
Current year depreciation expense | 8,361,698 | 6,930,145 | 5,726,319 | ||||||||||||||||||||||||||||||||||
Disposition of real estate | (14,708,586 | ) | (350,094 | ) | (15,459,409 | ) | |||||||||||||||||||||||||||||||
Balance at December 31 | $ | 59,089,851 | $ | 65,436,739 | $ | 58,856,688 | |||||||||||||||||||||||||||||||
3. Tax Basis of Building and Improvements | |||||||||||||||||||||||||||||||||||||
The aggregate cost of Building and Improvements for federal income tax purposes is approximately $14,723,000 less than the cost basis used for financial statement purposes. | |||||||||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Polices) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
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, the Operating Partnership and its wholly-owned subsidiaries. The Company controlled, as the sole general partner, 98.06% and 97.72% of the Operating Partnership as of December 31, 2014 and 2013, 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 for properties that had been disposed of or classified as held for sale prior to March 31, 2014 are reported as discontinued operations. As a result of these discontinued operations, certain reclassifications of prior period amounts have been made in the financial statements in order to conform to the 2014 presentation. | ||||||||||||||||||||
Segment Reporting, Policy [Policy Text Block] | Segment Reporting | |||||||||||||||||||
We are in the business of acquiring, developing and managing retail real estate which we consider one reporting segment. The Company has no other reportable segments. | ||||||||||||||||||||
Real Estate, Policy [Policy Text Block] | Real Estate Investments | |||||||||||||||||||
We record the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by us, all direct and indirect costs related to planning, development and construction, including interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed. Properties classified as “held for sale” are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. | ||||||||||||||||||||
Purchase Accounting For Acquisitions Of Real Estate [Policy Text Block] | Accounting for Acquisitions of Real Estate | |||||||||||||||||||
The acquisition of property for investment purposes is typically accounted for as an asset acquisition. We allocate the purchase price to land, building and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases. In making estimates of fair values, we may use a number of sources, including data provided by independent third parties, as well as information obtained by us as a result our due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. | ||||||||||||||||||||
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, in-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above and below market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining non-cancelable term of the lease. | ||||||||||||||||||||
The fair value of identified intangible assets and liabilities acquired is amortized to depreciation and amortization over the remaining term of the related leases. | ||||||||||||||||||||
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation | |||||||||||||||||||
Our real estate portfolio is depreciated using the straight-line method over the estimated remaining useful life of the properties, which generally ranges from 30 to 40 years for buildings and 10 to 20 years for improvements. Properties classified as “held for sale” are not depreciated. | ||||||||||||||||||||
Impairment of Real Estate Investments, Policy [Policy Text Block] | Impairments | |||||||||||||||||||
We review our real estate investments periodically for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Events or circumstances that may occur include, but are not limited to, significant changes in real estate market conditions or our ability to re-lease or sell properties that are 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. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows and an impairment charge is recorded in the amount by which the carrying value of the asset exceeds its estimated 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. Cash and cash equivalents consist of cash and money market accounts. 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 | |||||||||||||||||||
The Company reviews its rent receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific rent receivable will be made. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company performs a periodic review of receivable balances to assess the risk of uncollectible amounts and establish appropriate provisions. | ||||||||||||||||||||
Deferred Charges, Policy [Policy Text Block] | Unamortized Deferred Expenses | |||||||||||||||||||
Deferred expenses include debt financing costs, leasing costs and lease intangibles and are amortized as follows: (i) debt financing costs on a straight-line basis to interest expense over the term of the related loan; (ii) leasing costs on a straight-line basis to depreciation and amortization over the term of the related lease entered into; and (iii) lease intangibles on a straight-line basis to depreciation and amortization over the remaining term of the related lease acquired. | ||||||||||||||||||||
The following schedule summarizes the Company’s amortization of deferred expenses for the years ended December 31, 2014, 2013 and 2012, respectively: | ||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||
Financing Costs | $ | 950,878 | $ | 736,425 | $ | 581,353 | ||||||||||||||
Leasing Costs | 125,946 | 113,101 | 106,100 | |||||||||||||||||
Lease Intangibles | 2,490,585 | 1,633,691 | 1,025,077 | |||||||||||||||||
Total | $ | 3,567,409 | $ | 2,483,217 | $ | 1,712,530 | ||||||||||||||
The following schedule represents estimated future amortization of deferred expenses as of December 31, 2014: | ||||||||||||||||||||
Year Ending December 31, | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||
Financing Costs | $ | 656,218 | $ | 602,994 | $ | 565,500 | $ | 387,802 | $ | 235,320 | $ | 560,446 | ||||||||
Leasing Costs | 114,002 | 103,936 | 97,291 | 91,644 | 85,202 | 291,260 | ||||||||||||||
Lease Intangibles | 3,750,268 | 3,750,268 | 3,750,268 | 3,750,268 | 3,359,280 | 29,119,250 | ||||||||||||||
Total | $ | 4,520,488 | $ | 4,457,198 | $ | 4,413,059 | $ | 4,229,714 | $ | 3,679,802 | $ | 29,970,956 | ||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |||||||||||||||||||
We lease real estate to our tenants under long-term net leases which we account for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Rental increases based upon changes in the consumer price indexes, or other variable factors, are recognized only after changes in such factors have occurred and are then applied according to the lease agreements. Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable by us after the tenant exceeds a sales breakpoint. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are generally included in operating costs reimbursement in the period when such expenses are recorded. | ||||||||||||||||||||
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, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Weighted average number of common shares outstanding | 15,121,212 | 13,314,989 | 11,321,498 | |||||||||||||||||
Less: Unvested restricted stock | -238,626 | -249,082 | -250,180 | |||||||||||||||||
Weighted average number of common shares outstanding used in basic earnings per share | 14,882,586 | 13,065,907 | 11,071,318 | |||||||||||||||||
Weighted average number of common shares outstanding used in basic earnings per share | 14,882,586 | 13,065,907 | 11,071,318 | |||||||||||||||||
Effect of dilutive securities: restricted stock | 84,309 | 91,598 | 65,592 | |||||||||||||||||
Weighted average number of common shares outstanding used in diluted earnings per share | 14,966,895 | 13,157,505 | 11,136,910 | |||||||||||||||||
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% 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, 2014, 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 7). All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to the Company’s TRS. | ||||||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments | |||||||||||||||||||
The Company’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: | ||||||||||||||||||||
Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||
Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. | ||||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | 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 Accounting Standards Codification ("ASC") Topic 205 "Presentation of Financial Statements" and ASC Topic 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. The adoption of this guidance had an effect on the presentation of our consolidated financial statements. Beginning in 2014, activities related to individual sales of properties are generally no longer classified as discontinued operations except for the property classified as held for sale as of December 31, 2013. | ||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09 “Revenue from Contracts with Customers” as a new Topic, ASC Topic 606. The objective of ASU 2014-19 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new standard, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC, including revenue from leases. This ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the new guidance and has not determined the impact, if any, this standard may have on the consolidated financial statements. | ||||||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following schedule summarizes the Company’s amortization of deferred expenses for the years ended December 31, 2014, 2013 and 2012, respectively: | |||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||
Financing Costs | $ | 950,878 | $ | 736,425 | $ | 581,353 | ||||||||||||||
Leasing Costs | 125,946 | 113,101 | 106,100 | |||||||||||||||||
Lease Intangibles | 2,490,585 | 1,633,691 | 1,025,077 | |||||||||||||||||
Total | $ | 3,567,409 | $ | 2,483,217 | $ | 1,712,530 | ||||||||||||||
The following schedule represents estimated future amortization of deferred expenses as of December 31, 2014: | ||||||||||||||||||||
Year Ending December 31, | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||
Financing Costs | $ | 656,218 | $ | 602,994 | $ | 565,500 | $ | 387,802 | $ | 235,320 | $ | 560,446 | ||||||||
Leasing Costs | 114,002 | 103,936 | 97,291 | 91,644 | 85,202 | 291,260 | ||||||||||||||
Lease Intangibles | 3,750,268 | 3,750,268 | 3,750,268 | 3,750,268 | 3,359,280 | 29,119,250 | ||||||||||||||
Total | $ | 4,520,488 | $ | 4,457,198 | $ | 4,413,059 | $ | 4,229,714 | $ | 3,679,802 | $ | 29,970,956 | ||||||||
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, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Weighted average number of common shares outstanding | 15,121,212 | 13,314,989 | 11,321,498 | |||||||||||||||||
Less: Unvested restricted stock | -238,626 | -249,082 | -250,180 | |||||||||||||||||
Weighted average number of common shares outstanding used in basic earnings per share | 14,882,586 | 13,065,907 | 11,071,318 | |||||||||||||||||
Weighted average number of common shares outstanding used in basic earnings per share | 14,882,586 | 13,065,907 | 11,071,318 | |||||||||||||||||
Effect of dilutive securities: restricted stock | 84,309 | 91,598 | 65,592 | |||||||||||||||||
Weighted average number of common shares outstanding used in diluted earnings per share | 14,966,895 | 13,157,505 | 11,136,910 | |||||||||||||||||
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Real Estate [Abstract] | |||||||||||
Schedule of Real Estate Properties [Table Text Block] | Real estate investments consisted of the following as of December 31, 2014 and December 31, 2013: | ||||||||||
2014 | 2013 | ||||||||||
Number of Properties | 209 | 130 | |||||||||
Gross Leasable Area | 4,315,000 | 3,662,000 | |||||||||
Land | $ | 195,091,303 | $ | 162,096,646 | |||||||
Buildings | $ | 393,826,467 | $ | 297,464,585 | |||||||
Property under Development | $ | 229,242 | $ | 6,959,174 | |||||||
Property Held for Sale | $ | - | $ | 4,845,504 | |||||||
Gross Real Estate Investments | $ | 589,147,012 | $ | 471,365,909 | |||||||
Less Accumulated Depreciation | $ | -59,089,851 | $ | -60,633,824 | |||||||
Net Real Estate Investments | $ | 530,057,161 | $ | 410,732,085 | |||||||
Operating Leases, Future Minimum Payments Receivable [Table Text Block] | As of December 31, 2014, the future minimum rental income to be received under the terms of all non-cancellable tenant leases is as follows: | ||||||||||
For the Year Ending December 31, | |||||||||||
2015 | $ | 54,370,464 | |||||||||
2016 | 53,876,771 | ||||||||||
2017 | 53,123,664 | ||||||||||
2018 | 51,646,088 | ||||||||||
2019 | 48,813,782 | ||||||||||
Thereafter | 414,382,007 | ||||||||||
Total | $ | 676,212,776 | |||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Land Lease Obligations | ||||||||||
The Company is subject to land lease agreements for certain of its properties. Land lease expense was $471,840, $427,900, and $574,300 for the years ending December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, future annual lease commitments under these agreements are as follows: | |||||||||||
For the Year Ending December 31, | |||||||||||
2015 | $ | 514,653 | |||||||||
2016 | 514,653 | ||||||||||
2017 | 514,653 | ||||||||||
2018 | 515,569 | ||||||||||
2019 | 508,528 | ||||||||||
Thereafter | 8,825,546 | ||||||||||
Total | $ | 11,393,602 | |||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | |||||||||||
Supplemental pro forma for the year ended December 31, 2014 (1) | |||||||||||
Total revenue | $ | 57,840,000 | |||||||||
Income before discontinued operations | $ | 19,369,000 | |||||||||
Supplemental pro forma for the year ended December 31, 2013 (1) | |||||||||||
Total revenue | $ | 50,549,000 | |||||||||
Income before discontinued operations | $ | 20,023,000 | |||||||||
-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, 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. | ||||||||||
Schedule Of Real Estate Investments Including Identifiable Intangible Assets Impairment [Table Text Block] | As a result of our review of Real Estate Investments we recognized the following real estate impairment charges for the year ended December 31: | ||||||||||
2014 | 2013 | 2012 | |||||||||
Continuing operations | $ | 3,020,000 | $ | - | $ | - | |||||
Discontinued operations | - | 450,000 | - | ||||||||
Total | $ | 3,020,000 | $ | 450,000 | $ | - | |||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table details lease intangibles, net of accumulated amortization, as of December 31, 2014 and December 31, 2013: | ||||||||||
December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Intangible Lease Asset - In-Place Leases | $ | 36,680,631 | $ | 17,597,357 | |||||||
Less: Accumulated Amortization | -3,897,008 | -1,836,593 | |||||||||
Intangible Lease Asset - Above-Market Leases | 31,642,267 | 22,921,813 | |||||||||
Less: Accumulated Amortization | -4,111,435 | -2,392,293 | |||||||||
Intangible Lease Liability - Below-Market Leases | -15,124,210 | -9,585,166 | |||||||||
Less: Accumulated Amortization | 2,289,358 | 1,000,380 | |||||||||
Lease Intangible Asset, net | $ | 47,479,602 | $ | 27,705,499 | |||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Mortgages payable consisted of the following: | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
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 $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 | 2,405,976 | 3,405,384 | ||||||
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 | 21,398,078 | 22,017,758 | ||||||
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 $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 | 7,896,078 | 9,149,944 | ||||||
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 | 3,204,294 | 3,275,170 | ||||||
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 installments of $35,673 including interest at 5.01% per annum, with the final balloon payment of $4,034,627 due September 2023; collateralized by related real estate and tenant lease | 5,595,327 | - | ||||||
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 | 9,042,485 | 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 | - | 9,271,561 | ||||||
Total | $ | 106,762,238 | $ | 113,897,759 | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table presents scheduled principal payments related to our debt as of December 31, 2014: | |||||||
For the Year Ending December 31, | ||||||||
2015 | $ | 3,839,239 | ||||||
2016 | 12,674,337 | |||||||
2017 (1) | 22,652,591 | |||||||
2018 (2) | 42,575,206 | |||||||
2019 | 2,750,347 | |||||||
Thereafter | 137,270,518 | |||||||
Total | $ | 221,762,238 | ||||||
-1 | Includes $19,744,758 which represents the ending balance of a mortgage 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. | |||||||
-2 | Includes the $15,000,000 outstanding balance under the Credit Facility as of December 31, 2014. The Credit Facility matures on July 21, 2018 and may be extended for one year at the Company’s election, subject to certain conditions. | |||||||
Dividends_and_Distribution_Pay
Dividends and Distribution Payable (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||
Schedule of Dividends Payable [Table Text Block] | The Company declared dividends of $1.74, $1.64 and $1.60 per share during the years ended December 31, 2014, 2013 and 2012; the dividends have been reflected for federal income tax purposes as follows: | ||||||||||
For the Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||
Ordinary Income | $ | 1.398 | $ | 1.372 | $ | 1.2 | |||||
Return of Capital | 0.342 | 0.268 | 0.4 | ||||||||
Total | $ | 1.74 | $ | 1.64 | $ | 1.6 | |||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activity (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Interest Rate Swap | 4 | 3 | $ | 146,398,078 | $ | 82,017,758 | ||||||||||||||||||
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, 2014 | December 31, 2013 | |||||||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||||||
Location | Location | |||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||
Interest Rate Swaps | Other Assets | $ | 274,013 | Other Assets | $ | 679,234 | ||||||||||||||||||
Liability Derivatives | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||||||
Location | Location | |||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||
Interest Rate Swaps | Other Liabilities | $ | 2,383,308 | Other Liabilities | $ | 204,696 | ||||||||||||||||||
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, 2014 and 2013. | |||||||||||||||||||||||
Derivatives in | Amount of Income/(Loss) Recognized | Location of | Amount of Income/(Loss) Reclassified | Location of Loss | Amount of Loss | |||||||||||||||||||
Cash Flow | in OCI on Derivative (Effective Portion) | Income/(Loss) | from Accumulated OCI into Expense | Recognized In | Recognized in | |||||||||||||||||||
Hedging | Reclassifed from | (Effective Portion) | Income of | Income on | ||||||||||||||||||||
Relationships | Accumulated OCI | Derivative | Derivative | |||||||||||||||||||||
into Income | (Ineffective | (Ineffective | ||||||||||||||||||||||
(Effective Portion) | Portion and | Portion and | ||||||||||||||||||||||
Amount Excluded | Amount | |||||||||||||||||||||||
from | Excluded from | |||||||||||||||||||||||
Effectiveness | Effectiveness | |||||||||||||||||||||||
Testing) | Testing and | |||||||||||||||||||||||
Missed | ||||||||||||||||||||||||
Forecasted | ||||||||||||||||||||||||
Transactions) | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Interest rate swaps | $ | -2,583,832 | $ | 1,812,536 | Interest Expense | $ | -1,875,420 | $ | -773,120 | $ | - | $ | - | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||
Dec. 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 December 31, 2014. | |||||||||||||
Asset: | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||
Interest rate swaps | $ | - | $ | 274,013 | $ | - | $ | 274,013 | ||||||
Liability: | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||
Interest rate swaps | $ | - | $ | 2,383,308 | $ | - | $ | 2,383,308 | ||||||
Mortgage notes payable | $ | - | $ | - | $ | 107,814,314 | $ | 106,762,238 | ||||||
Revolving credit facility | $ | - | $ | 15,000,000 | $ | - | $ | 15,000,000 | ||||||
Unsecured term loans | $ | - | $ | - | $ | 97,918,642 | $ | 100,000,000 | ||||||
The table below sets forth the Company’s fair value hierarchy for liabilities measured or disclosed at fair value as of December 31, 2013. | ||||||||||||||
Asset: | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||
Interest rate swaps | $ | - | $ | 679,234 | $ | - | $ | 679,234 | ||||||
Liability: | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||
Interest rate swaps | $ | - | $ | 204,696 | $ | - | $ | 204,696 | ||||||
Mortgage notes payable | $ | - | $ | - | $ | 108,385,281 | $ | 113,897,758 | ||||||
Revolving credit facility | $ | - | $ | 9,500,000 | $ | - | $ | 9,500,000 | ||||||
Unsecured term loan | $ | - | $ | - | $ | 32,728,011 | $ | 35,000,000 | ||||||
Equity_Incentive_Plan_Tables
Equity Incentive Plan (Tables) | 12 Months Ended | |||||||
Dec. 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 share activity is summarized as follows: | |||||||
Shares | Weighted | |||||||
Outstanding | Average Grant | |||||||
Date | ||||||||
Fair Value | ||||||||
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 | |||||
Restricted stock granted | 83,210 | $ | 28.72 | |||||
Restricted stock vested | -79,588 | $ | 22.64 | |||||
Restricted stock forfeited | -14,078 | $ | 26.03 | |||||
Unvested restricted stock at December 31, 2014 | 238,626 | $ | 26.24 | |||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
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, 2013 through December 31, 2014. Certain amounts have been reclassified to conform to the current presentation of discontinued operations: | |||||||||||||
2014 | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
Revenue | $ | 12,575 | $ | 12,904 | $ | 13,757 | $ | 14,323 | ||||||
Net Income | $ | 5,509 | $ | 2,716 | $ | 4,966 | $ | 5,723 | ||||||
Earnings per Share - diluted | $ | 0.37 | $ | 0.18 | $ | 0.33 | $ | 0.36 | ||||||
2013 | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
Revenue | $ | 9,928 | $ | 10,601 | $ | 11,272 | $ | 11,716 | ||||||
Net Income | $ | 5,392 | $ | 4,530 | $ | 4,646 | $ | 5,622 | ||||||
Earnings per Share - diluted | $ | 0.41 | $ | 0.34 | $ | 0.35 | $ | 0.4 | ||||||
Organization_Details_Textual
Organization (Details Textual) | Dec. 31, 2014 | Dec. 31, 2013 |
Nature of Operations [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 98.06% | 97.72% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Amortization of Deferred Charges | $3,567,409 | $2,483,217 | $1,712,530 |
Financing Costs [Member] | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Amortization of Deferred Charges | 950,878 | 736,425 | 581,353 |
Leasing Costs [Member] | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Amortization of Deferred Charges | 125,946 | 113,101 | 106,100 |
Lease Intangibles [Member] | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Amortization of Deferred Charges | $2,490,585 | $1,633,691 | $1,025,077 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | Dec. 31, 2014 |
Year Ending December 31, | |
2015 | $4,520,488 |
2016 | 4,457,198 |
2017 | 4,413,059 |
2018 | 4,229,714 |
2019 | 3,679,802 |
Thereafter | 29,970,956 |
Financing Costs [Member] | |
Year Ending December 31, | |
2015 | 656,218 |
2016 | 602,994 |
2017 | 565,500 |
2018 | 387,802 |
2019 | 235,320 |
Thereafter | 560,446 |
Leasing Costs [Member] | |
Year Ending December 31, | |
2015 | 114,002 |
2016 | 103,936 |
2017 | 97,291 |
2018 | 91,644 |
2019 | 85,202 |
Thereafter | 291,260 |
Lease Intangibles [Member] | |
Year Ending December 31, | |
2015 | 3,750,268 |
2016 | 3,750,268 |
2017 | 3,750,268 |
2018 | 3,750,268 |
2019 | 3,359,280 |
Thereafter | $29,119,250 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 2) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share Basic And Diluted [Line Items] | |||
Weighted average number of common shares outstanding | 15,121,212 | 13,314,989 | 11,321,498 |
Less: Unvested restricted stock | -238,626 | -249,082 | -250,180 |
Weighted average number of common shares outstanding used in basic earnings per share | 14,882,586 | 13,065,907 | 11,071,318 |
Weighted average number of common shares outstanding used in basic earnings per share | 14,882,586 | 13,065,907 | 11,071,318 |
Effect of dilutive securities: restricted stock | 84,309 | 91,598 | 65,592 |
Weighted average number of common shares outstanding used in diluted earnings per share | 14,966,895 | 13,157,505 | 11,136,910 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 98.06% | 97.72% |
Building [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years |
Real_Estate_Investments_Detail
Real Estate Investments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
sqft | sqft | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of Real Estate Properties | 209 | 130 |
Gross Leasable Area | 4,315,000 | 3,662,000 |
Land | $195,091,303 | $162,096,646 |
Buildings | 393,826,467 | 297,464,585 |
Property under Development | 229,242 | 6,959,174 |
Property Held for Sale | 0 | 4,845,504 |
Gross Real Estate Investments | 589,147,012 | 471,365,909 |
Less accumulated depreciation | -59,089,851 | -60,633,824 |
Net Real Estate Investments | $530,057,161 | $410,732,085 |
Real_Estate_Investments_Detail1
Real Estate Investments (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Less: Accumulated Amortization | $5,719,085 | $3,228,506 |
Lease Intangible Asset, net | 47,479,602 | 27,705,499 |
Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Lease Asset/Liability | 36,680,631 | 17,597,357 |
Less: Accumulated Amortization | -3,897,008 | -1,836,593 |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Lease Asset/Liability | 31,642,267 | 22,921,813 |
Less: Accumulated Amortization | -4,111,435 | -2,392,293 |
Below-Market Leases1 [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Lease Asset/Liability | -15,124,210 | -9,585,166 |
Less: Accumulated Amortization | $2,289,358 | $1,000,380 |
Real_Estate_Investments_Detail2
Real Estate Investments (Details 2) (USD $) | Dec. 31, 2014 |
For the Year Ending December 31, | |
2015 | $54,370,464 |
2016 | 53,876,771 |
2017 | 53,123,664 |
2018 | 51,646,088 |
2019 | 48,813,782 |
Thereafter | 414,382,007 |
Total | $676,212,776 |
Real_Estate_Investments_Detail3
Real Estate Investments (Details 3) (USD $) | Dec. 31, 2014 |
Operating Leased Assets [Line Items] | |
2015 | $514,653 |
2016 | 514,653 |
2017 | 514,653 |
2018 | 515,569 |
2019 | 508,528 |
Thereafter | 8,825,546 |
Total | $11,393,602 |
Real_Estate_Investments_Detail4
Real Estate Investments (Details 4) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Supplemental pro forma for the year ended | ||||
Total revenue | $57,840,000 | [1] | $50,549,000 | [1] |
Income before discontinued operations | $19,369,000 | [1] | $20,023,000 | [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, 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. |
Real_Estate_Investments_Detail5
Real Estate Investments (Details 5) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate Properties [Line Items] | |||
Impairment of Real Estate | $3,020,000 | $450,000 | $0 |
Continuing Operations [Member] | |||
Real Estate Properties [Line Items] | |||
Impairment of Real Estate | 3,020,000 | 0 | 0 |
Discontinued Operations [Member] | |||
Real Estate Properties [Line Items] | |||
Impairment of Real Estate | $0 | $450,000 | $0 |
Real_Estate_Investments_Detail6
Real Estate Investments (Details Textual) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2004 | Jul. 31, 2004 | |
Real Estate Properties [Line Items] | |||||
Deferred Revenue | $1,004,023 | $1,467,403 | |||
Deferred Revenue Revenue Recognization Period | 2 years 2 months 12 days | ||||
Operating Leases, Rent Expense | 471,840 | 427,900 | 574,300 | ||
Impairment of Real Estate | 3,020,000 | 450,000 | 0 | ||
Operating Leases, Rent Expense, Minimum Rentals | 90,000 | ||||
Corporate Joint Venture [Member] | |||||
Real Estate Properties [Line Items] | |||||
Deferred Revenue, Additions | 4,000,000 | ||||
Deferred Revenue | 4,000,000 | ||||
Petoskey Town Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Impairment of Real Estate | 220,000 | ||||
Chippewa Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Impairment of Real Estate | 2,800,000 | ||||
Ironwood Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Impairment of Real Estate | 450,000 | ||||
Seventy Seven Retail Net Lease Assets [Member] | |||||
Real Estate Properties [Line Items] | |||||
Payments to Acquire Property, Plant, and Equipment | 148,400,000 | ||||
Weighted Average Capitalization Rate For Acquired Assets | 8.20% | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years 1 month 6 days | ||||
Percentage Of Control Of Assets | 100.00% | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 29,969,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 95,977,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 22,265,000 | ||||
Eighteen Retail Net Lease Assets [Member] | |||||
Real Estate Properties [Line Items] | |||||
Payments to Acquire Property, Plant, and Equipment | 73,269,000 | ||||
Weighted Average Capitalization Rate For Acquired Assets | 8.00% | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 10 months 24 days | ||||
Percentage Of Control Of Assets | 100.00% | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 13,535,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 53,565,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $6,872,000 | ||||
Operating Leases, Future Minimum Payments Receivable [Member] | Walgreens [Member] | |||||
Real Estate Properties [Line Items] | |||||
Concentration Risk, Percentage | 25.40% |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Mortgages Notes Payable | $106,762,238 | $113,897,759 |
June 11 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages Notes Payable | 8,580,000 | 8,580,000 |
February 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages Notes Payable | 2,405,976 | 3,405,384 |
May 14 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages Notes Payable | 21,398,078 | 22,017,758 |
April 4 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages Notes Payable | 25,000,000 | 25,000,000 |
January 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages Notes Payable | 7,896,078 | 9,149,944 |
February 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages Notes Payable | 3,204,294 | 3,275,170 |
January 1 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages Notes Payable | 23,640,000 | 23,640,000 |
September 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages Notes Payable | 5,595,327 | 0 |
July 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages Notes Payable | 9,042,485 | 9,557,942 |
June 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages Notes Payable | $0 | $9,271,561 |
Debt_Details_1
Debt (Details 1) (USD $) | Dec. 31, 2014 | |
For the Year Ending December 31, | ||
2015 | $3,839,239 | |
2016 | 12,674,337 | |
2017 | 22,652,591 | [1] |
2018 | 42,575,206 | [2] |
2019 | 2,750,347 | |
Thereafter | 137,270,518 | |
Total debt | $221,762,238 | |
[1] | Includes $19,744,758 which represents the ending balance of a mortgage 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. | |
[2] | Includes the $15,000,000 outstanding balance under the Credit Facility as of December 31, 2014. The Credit Facility matures on July 21, 2018 and may be extended for one year at the Companybs election, subject to certain conditions. |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | |||
Long-term Line of Credit | $15,000,000 | 9,500,000 | |
Long-term Debt, Total | 221,762,238 | ||
Secured Debt | 106,762,238 | 113,897,759 | |
Unsecured Debt | 100,000,000 | 35,000,000 | |
Debt Instrument, Payment Terms | mortgage loan of $21,398,000 is partially recourse to us and is secured by a limited guaranty of payment and performance for approximately 50% of the loan amount. | ||
New Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | 15,000,000 | ||
Debt Instrument, Maturity Date, Description | matures on July 21, 2018 and may be extended for one year at the Companys election, subject to certain conditions. | ||
Revolving Credit and Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 250,000,000 | ||
Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | 19,744,758 | ||
Debt Instrument, Maturity Date, Description | matures May 14, 2017 and may be extended, at the Companys election, for a two-year term to May 2019, subject to certain conditions. | ||
2021 Term Loan [Member] | Revolving Credit and Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 65,000,000 | ||
Debt Instrument, Maturity Date | 21-Jul-21 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.74% | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR at 2.09% until maturity | ||
Unsecured Debt | 65,000,000 | ||
Debt Instrument, Face Amount, Subject to Certain Terms and Conditions | 75,000,000 | ||
Debt Instrument, Interest Rate Terms | Borrowings under the 2021 Term Loan are priced at LIBOR plus 165 to 225 basis points, depending on the Company’s leverage | ||
2020 Term Loan [Member] | Revolving Credit and Term Loan Facility [Member] | |||
Debt Instrument [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 rate swaps to fix LIBOR at 2.20% until maturity | ||
Unsecured Debt | 35,000,000 | ||
Debt Instrument, Face Amount, Subject to Certain Terms and Conditions | 70,000,000 | ||
Debt Instrument, Interest Rate Terms | Borrowings under the 2020 Term Loan are priced at LIBOR plus 165 to 225 basis points, depending on the Company’s leverage. | ||
Revolving Credit Facility [Member] | Revolving Credit and Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | 85,000,000 | |
Line of Credit Facility, Interest Rate Description | Borrowings under the Credit Facility are priced at LIBOR plus 135 to 200 basis points, depending on the Company’s leverage. | ||
Long-term Line of Credit | 15,000,000 | ||
Long-term Debt, Weighted Average Interest Rate | 1.50% | ||
Debt Instrument, Face Amount | 150,000,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 135,000,000 | ||
Line of Credit Facility, Expiration Date | 21-Jul-18 | ||
Mortgage Loans on Real Estate [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate | 4.27% | 4.38% | |
Real Estate Investments, Net | 147,020,000 | ||
Secured Debt | 106,762,000 | ||
Debt Instrument, Term | 5 years 1 month 6 days | ||
April 4 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | 25,000,000 | 25,000,000 | |
April 4 2018 [Member] | Mortgage Loans on Real Estate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% | ||
January 1 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | 23,640,000 | 23,640,000 | |
January 1 2023 [Member] | Mortgage Loans on Real Estate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | ||
May 14 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment, Principal | 50,120 | ||
Secured Debt | 21,398,078 | 22,017,758 | |
May 14 2017 [Member] | Mortgage Loans on Real Estate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 19,744,758 | ||
Debt Instrument, Description of Variable Rate Basis | interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.62% | ||
January 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | 7,896,078 | 9,149,944 | |
January 2020 [Member] | Mortgage Loans on Real Estate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment, Principal | 153,838 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.90% | ||
July 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | 9,042,485 | 9,557,942 | |
July 2026 [Member] | Mortgage Loans on Real Estate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment, Principal | 91,675 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.27% | ||
June 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | 0 | 9,271,561 | |
June 2014 [Member] | Mortgage Loans on Real Estate [Member] | |||
Debt Instrument [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] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment, Principal | 99,598 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.63% | ||
Secured Debt | 2,405,976 | 3,405,384 | |
June 11 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment, Principal | 48,467 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 8,580,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.56% | ||
Secured Debt | 8,580,000 | 8,580,000 | |
February 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | 3,204,294 | 3,275,170 | |
February 2020 [Member] | Mortgage Loans on Real Estate [Member] | |||
Debt Instrument [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% | ||
September 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | 5,595,327 | 0 | |
September 2023 [Member] | Mortgage Loans on Real Estate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment, Principal | 35,673 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $4,034,627 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.01% |
Common_Stock_Details_Textual
Common Stock (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Dec. 31, 2014 | Jan. 31, 2013 | |
Class of Stock [Line Items] | ||||||
Registration Payment Arrangement, Maximum Potential Consideration | $250,000,000 | |||||
Stock Issued During Period, Value, New Issues | 73,302,109 | 93,393,049 | 35,042,226 | |||
Proceeds From Issuance Of Common Stock | 73,302,116 | 93,393,056 | 35,042,235 | |||
Common Stock [Member] | Revolving Credit Facility [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Value, New Issues | 1,650,000 | |||||
Proceeds From Issuance Of Common Stock | 48,758,000 | |||||
Common Stock [Member] | Over-Allotment Option [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Value, New Issues | 2,587,500 | 1,725,000 | ||||
Proceeds From Issuance Of Common Stock | $71,511,000 | $44,954,000 |
Dividends_and_Distribution_Pay1
Dividends and Distribution Payable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Dividends Payable [Line Items] | |||
Dividends Payable, Amount Per Share | $1.74 | $1.64 | $1.60 |
Dividend Declared, Ordinary Income [Member] | |||
Dividends Payable [Line Items] | |||
Dividends Payable, Amount Per Share | $1.40 | $1.37 | $1.20 |
Dividend Declared, Return of Capital [Member] | |||
Dividends Payable [Line Items] | |||
Dividends Payable, Amount Per Share | $0.34 | $0.27 | $0.40 |
Dividends_and_Distribution_Pay2
Dividends and Distribution Payable (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 02, 2014 |
Dividends Payable [Line Items] | ||||
Dividends Payable, Amount Per Share | $1.74 | $1.64 | $1.60 | |
Agree Limited Partnership [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends Payable, Amount Per Share | $0.45 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | ||
Taxes Payable, Current | $0 | $0 |
Deferred Tax Liabilities, Gross | 705,000 | 705,000 |
Current Income Tax Expense (Benefit) | ($14,000) | $3,000 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activity (Details) (Interest Rate Swap [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Instruments | Instruments | |
Interest Rate Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of Interest Rate Derivatives Held | 4 | 3 |
Derivative Liability, Notional Amount | $146,398,078 | $82,017,758 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activity (Details 1) (Interest Rate Swap [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Other Assets [Member] | ||
Derivatives designated as cash flow hedges | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | $274,013 | $679,234 |
Other Liabilities [Member] | ||
Derivatives designated as cash flow hedges | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $2,383,308 | $204,696 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activity (Details 2) (Interest Rate Swap [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
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 | ($2,583,832) | $1,812,536 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1,875,420 | -773,120 |
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, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | |
Interest Rate Swap Agreement One [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $22,300,000 | ||
Derivative, Inception Date | 1-Jul-13 | ||
Derivative, Maturity Date | 1-May-19 | ||
Description of Interest Rate Cash Flow Hedge Activities | we receive from the counterparty interest on the notional amount based on one-month LIBOR and pay to the counterparty a fixed rate of 1.92%. | ||
Derivative, Amount of Hedged Item | 425,000 | ||
Interest Rate Swap Agreement Two [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 25,000,000 | ||
Derivative, Inception Date | 6-Dec-12 | ||
Derivative, Maturity Date | 4-Apr-18 | ||
Description of Interest Rate Cash Flow Hedge Activities | we receive from the counterparty interest on the notional amount based on one-month LIBOR and pay to the counterparty a fixed rate of 0.89%. | ||
Derivative, Amount of Hedged Item | 274,000 | ||
Interest Rate Swap Agreement Three [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 35,000,000 | ||
Derivative, Inception Date | 3-Oct-13 | ||
Derivative, Maturity Date | 29-Sep-20 | ||
Description of Interest Rate Cash Flow Hedge Activities | we receive from the counterparty interest on the notional amount based on one-month LIBOR and pay to the counterparty a fixed rate of 2.20%. | ||
Derivative, Amount of Hedged Item | 911,000 | ||
Interest Rate Swap Agreement Four [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 65,000,000 | ||
Derivative, Inception Date | 21-Jul-14 | ||
Derivative, Maturity Date | 21-Jul-21 | ||
Description of Interest Rate Cash Flow Hedge Activities | we receive from the counterparty interest on the notional amount based on one-month LIBOR and pay to the counterparty a fixed rate of 2.09%. | ||
Derivative, Amount of Hedged Item | $1,047,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Ironwood Property [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Sale of Property Held-for-sale | $5,000,000 | ||
Disposal Group, Including Discontinued Operation, Revenue | 42,600 | 1,281,000 | 1,165,000 |
Disposal Group, Including Discontinued Operation, Operating Expense | 28,000 | 990,000 | 481,000 |
Ypsilanti Property [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Sale of Property Held-for-sale | 5,600,000 | ||
Disposal Group, Including Discontinued Operation, Revenue | 9,300 | 346,000 | |
Disposal Group, Including Discontinued Operation, Operating Expense | 2,300 | 75,900 | |
Six Noncore Properties [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Revenue | 2,421,000 | ||
Disposal Group, Including Discontinued Operation, Operating Expense | $949,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, At Fair Value | $2,383,308 | $204,696 |
Revolving Credit Facility [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, At Fair Value | 15,000,000 | 9,500,000 |
Fair Value, Inputs, Level 1 [Member] | Revolving Credit Facility [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, At Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, At Fair Value | 15,000,000 | 9,500,000 |
Fair Value, Inputs, Level 3 [Member] | Revolving Credit Facility [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, At Fair Value | 0 | 0 |
Interest rate swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 274,013 | 679,234 |
Interest Rate Derivative Liabilities, At Fair Value | 2,383,308 | 204,696 |
Interest rate swaps [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, At Fair Value | 0 | 0 |
Interest rate swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 274,013 | 679,234 |
Interest Rate Derivative Liabilities, At Fair Value | 2,383,308 | 204,696 |
Interest rate swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, At Fair Value | 0 | 0 |
Mortgage notes payable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, At Fair Value | 106,762,238 | 113,897,758 |
Mortgage notes payable [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, At Fair Value | 0 | 0 |
Mortgage notes payable [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, At Fair Value | 0 | 0 |
Mortgage notes payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, At Fair Value | 107,814,314 | 108,385,281 |
Unsecured term loan [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, At Fair Value | 100,000,000 | 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 | 0 |
Unsecured term loan [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, At Fair Value | 0 | 0 |
Unsecured term loan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, At Fair Value | $97,918,642 | $32,728,011 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) (Interest Rate Swap [Member]) | Dec. 31, 2014 | Dec. 31, 2013 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Swaption Interest Rate | 4.17% | 5.04% |
Equity_Incentive_Plan_Details
Equity Incentive Plan (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Outstanding, Unvested restricted stock at beginning of the period | 249,082 | 250,180 | 216,920 |
Shares Outstanding, Restricted stock granted | 83,210 | 87,950 | 94,850 |
Shares Outstanding Restricted stock vested | -79,588 | -73,368 | -55,870 |
Shares Outstanding, Restricted stock forfeited | -14,078 | -15,680 | -5,720 |
Shares Outstanding, Unvested restricted stock at end of the period | 238,626 | 249,082 | 250,180 |
Weighted Average Grant Date Fair Value, Unvested restricted stock at beginning of the period (in dollars per share) | $24.33 | $22.66 | $21.74 |
Weighted Average Grant Date Fair Value, Restricted stock granted (in dollars per share) | $28.72 | $27.70 | $24.40 |
Weighted Average Grant Date Fair Value, Restricted stock vested (in dollars per share) | $22.64 | $22.50 | $21.87 |
Weighted Average Grant Date Fair Value, Restricted stock forfeited (in dollars per share) | $26.03 | $25.01 | $24.32 |
Weighted Average Grant Date Fair Value, Unvested restricted stock at end of the period (in dollars per share) | $26.24 | $24.33 | $22.66 |
Equity_Incentive_Plan_Details_
Equity Incentive Plan (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Omnibus Incentive Plan 2014 [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 | 700,000 | ||
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 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value Inputs Forfeiture Rate | 0.00% | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $4,319,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | ||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period | 83,210 | 87,950 | 94,850 |
Restricted Stock [Member] | Omnibus Incentive Plan 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period | 2,128 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Selected Quarterly Financial Information [Line Items] | |||||||||||
Revenue | $14,323,000 | $13,757,000 | $12,904,000 | $12,575,000 | $11,716,000 | $11,272,000 | $10,601,000 | $9,928,000 | $53,558,857 | $43,517,664 | $34,624,362 |
Net Income | $5,723,000 | $4,966,000 | $2,716,000 | $5,509,000 | $5,622,000 | $4,646,000 | $4,530,000 | $5,392,000 | $18,913,009 | $20,189,611 | $18,603,594 |
Earnings per Share - diluted (in dollars per share) | $0.36 | $0.33 | $0.18 | $0.37 | $0.40 | $0.35 | $0.34 | $0.41 | $1.24 | $1.50 | $1.62 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 1 Months Ended | ||||
Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 05, 2015 | |
Subsequent Event [Line Items] | |||||
Dividends Payable, Amount Per Share | $1.74 | $1.64 | $1.60 | ||
February 2017 [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.63% | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends Payable, Amount Per Share | $0.45 | ||||
Subsequent Event [Member] | February 2017 [Member] | |||||
Subsequent Event [Line Items] | |||||
Repayments of Medium-term Notes | $2,406,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.63% | ||||
Subsequent Event [Member] | Restricted Stock [Member] | Omnibus Incentive Plan 2014 [Member] | |||||
Subsequent Event [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 77,801 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value of Options, Grants in Period, Gross | 2,609,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | $106,762,238 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 197,046,698 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 376,664,815 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 15,435,489 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 195,091,303 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 394,055,709 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 589,147,012 | 476,168,824 | 398,811,830 | 340,073,911 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 59,089,851 | 65,436,739 | 58,856,688 | 68,589,778 |
Borman Center, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 550,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 562,404 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,087,596 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 550,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,650,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,200,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,618,022 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1977 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Capital Plaza, KY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 7,379 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,240,607 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 3,510,133 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 7,379 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 5,750,740 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 5,758,119 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,887,183 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1978 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Grayling Plaza, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,778,657 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 200,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,778,657 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,978,657 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,363,755 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1984 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Marshall Plaza Two, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 4,662,230 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 159,688 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 4,821,918 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,821,918 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,822,969 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1990 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
North Lakeland Plaza, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,641,879 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 6,364,379 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,052,496 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,641,879 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 8,416,875 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 10,058,754 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 5,126,106 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1987 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Oscoda Plaza, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 183,295 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,872,854 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 183,295 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,872,854 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,056,149 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,433,536 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1984 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Rapids Associates, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 705,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 6,854,790 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,157,041 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 705,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 9,011,831 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 9,716,831 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 4,600,697 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1990 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
West Frankfort Plaza, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 8,002 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 784,077 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 202,463 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 8,002 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 986,540 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 994,542 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 700,383 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1982 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Omaha Store, NE [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 150,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 150,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 150,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1995 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Wichita Store, KS [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,669,449 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,039,195 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,690,644 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -48,910 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,139,677 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,541,252 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,680,929 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 775,757 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1995 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Monroeville, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 6,332,158 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,249,724 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -2,586,265 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 3,153,890 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,841,727 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 5,995,617 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 968,975 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1996 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Boynton Beach, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,534,942 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,043,122 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 3,754,994 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,534,942 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 5,798,116 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 7,333,058 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,343,608 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1996 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Lawrence, KS [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 981,331 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,000,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -1,510,873 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 419,791 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,050,667 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,470,458 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,221,625 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1997 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Waterford, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 579,356 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 971,009 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,562,869 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 135,390 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 971,009 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,698,259 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,669,268 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 720,723 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1997 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Chesterfield Township, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 636,140 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,350,590 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,757,830 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -46,164 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,350,590 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,711,666 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,062,256 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 706,644 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1998 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Grand Blanc, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 607,750 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,104,285 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,998,919 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 43,929 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,104,285 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,042,848 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,147,133 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 812,241 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1998 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Pontiac, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 582,728 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,144,190 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,808,955 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -113,506 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,144,190 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,695,449 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,839,639 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 690,483 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1998 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Mt Pleasant Shopping Ctr, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 907,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 8,081,968 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,024,052 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 907,600 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 9,106,020 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 10,013,620 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 4,808,049 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1973 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Rochester, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,582,374 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,438,740 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,188,050 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,949 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,438,740 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,189,999 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,628,739 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 848,601 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1999 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Ypsilanti, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,429,190 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,050,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,222,097 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 32,641 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,050,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,254,738 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,304,738 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 844,665 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 1999 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Petoskey, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 994,116 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,332,473 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,179 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,333,652 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,333,652 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 855,585 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2000 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Flint, MI 1 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,499,465 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,026,625 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,879,700 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -1,201 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,026,625 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,878,499 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,905,124 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 657,481 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2000 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Flint, MI 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,290,219 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,477,680 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,241,293 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,477,680 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,241,293 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,718,973 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 777,445 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2001 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
New Baltimore, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,100,713 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,250,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,285,781 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -16,502 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,250,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,269,279 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,519,279 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 758,965 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2001 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Flint, MI 3 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 2,969,578 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,729,851 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,798,091 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 660 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,729,851 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,798,751 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,528,602 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 571,441 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2002 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Indianapolis, IN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 180,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,117,617 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 180,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,117,617 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,297,617 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 362,158 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2002 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Big Rapids, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,201,675 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,014,107 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -2,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,201,675 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,012,107 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,213,782 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 591,097 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2003 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Flint, MI 4 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 471,272 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -201,810 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 269,462 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 269,462 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 125,748 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2003 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 20 years | |||
Canton Twp, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,550,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,132,096 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 23,020 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,550,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,155,116 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,705,116 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 597,098 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2003 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Flint, MI 5 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 3,441,685 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,537,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,961,674 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,537,400 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,961,674 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,499,074 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 531,371 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2004 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Webster, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,438,781 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,600,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,438,781 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,038,781 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 657,967 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2004 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Albion, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,037,864 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,900,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 3,037,864 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,937,864 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 768,962 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2004 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Flint, MI 6 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 2,631,221 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,029,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,165,463 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -6,666 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,029,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,158,797 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,187,797 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 546,405 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2004 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Lansing, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 785,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 348,501 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 3,045 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 785,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 351,546 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,136,546 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 92,245 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2004 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Boynton Beach, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,569,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,363,524 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,569,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,363,524 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,932,524 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 633,826 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2004 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Midland, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,350,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,313,413 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -79,235 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,268,695 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,315,483 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,584,178 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 547,439 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2005 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Grand Rapids, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 2,959,784 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,450,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,646,591 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,450,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,646,591 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,096,591 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 617,539 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2005 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Delta Township, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 3,090,351 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,075,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,535,971 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 7,004 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,075,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,542,975 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,617,975 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 582,824 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2005 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Roseville, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 2,336,328 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,771,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,327,052 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,771,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,327,052 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,098,052 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 530,857 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2005 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Mt Pleasant, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,252,087 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,075,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,432,390 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 4,787 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,075,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,437,177 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,512,177 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 326,346 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2005 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
N Cape May, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,075,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,430,092 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 495 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,075,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,430,587 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,505,587 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 324,859 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2005 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Summit Twp, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,431,882 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 998,460 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,336,357 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 12,686 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 998,460 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,349,043 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,347,503 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 277,204 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2006 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Livonia, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 4,240,564 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,441,694 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 817,589 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,200,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 4,259,283 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 5,459,283 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 778,062 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2007 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Barnesville, GA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 932,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,091,514 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 5,490 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 932,500 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,097,004 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,029,504 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 377,868 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2007 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
East Lansing, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 240,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 54,531 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 240,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 54,531 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 294,531 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 9,519 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2007 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Plainfield, IN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 4,549,758 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 114,383 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 4,664,141 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,664,141 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2007 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Macomb Township, MI 1 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 3,955,574 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,621,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,484,212 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -83,479 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,537,222 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 3,485,011 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 6,022,233 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 595,339 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2008 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Shelby Township, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 3,383,595 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,055,174 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,533,876 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 47,775 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,058,474 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,578,351 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,636,825 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 412,803 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2008 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Silver Springs Shores, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 3,637,014 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,975,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,504,112 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -5,400 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,975,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,498,712 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,473,712 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 374,942 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2009 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Brighton, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,365,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,802,036 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 5,615 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,365,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,807,651 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,172,651 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 409,370 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2009 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Port St John, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,320,860 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,402,641 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 880 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,320,860 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,403,521 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,724,381 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 340,484 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2009 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Lowell, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 890,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,930,182 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 10,190 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 890,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,940,372 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,830,372 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 254,610 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2009 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Southfield, MI 1 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 125,616 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,064 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,200,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 127,690 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,327,690 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 16,617 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2009 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Atchison, KS [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 943,750 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,021,672 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 823,170 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 3,142,252 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,965,422 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 351,996 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2010 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Johnstown, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 2,384,927 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 485,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,799,502 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 485,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,799,502 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,284,502 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 314,945 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2010 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Lake in the Hills, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,135,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,328,560 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,690,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 3,773,560 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 5,463,560 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 418,963 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2010 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Concord, NC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 7,676,305 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 7,676,305 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 7,676,305 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2010 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Antioch, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,669,449 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,087,884 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,087,884 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,087,884 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2010 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
St Augustine Shores, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,973,929 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -4,754 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,700,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,969,175 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,669,175 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 202,933 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2010 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Atlantic Beach, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 3,452,182 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,650,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,904,357 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,262 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,650,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,905,619 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,555,619 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 198,398 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2010 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Mansfield, CT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 2,170,284 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,902,191 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 508 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 700,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,902,699 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,602,699 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 196,213 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2010 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Spring Grove, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 2,313,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,191,199 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 968 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,192,167 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,192,167 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2010 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Ann Arbor, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,061,507 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,634,651 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,660,582 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 3,035,576 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 5,696,158 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 321,871 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2010 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Tallahassee, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,628,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,482,462 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,482,462 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,482,462 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 149,791 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2010 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Wilmington, NC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 2,186,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,348,591 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,500,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,348,591 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,848,591 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 129,240 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2011 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Marietta, GA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 575,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 696,297 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 6,359 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 575,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 702,656 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,277,656 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 61,402 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2011 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Baltimore, MD [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 2,534,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,610,430 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -3,447 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,606,983 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,606,983 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2011 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Dallas, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,844,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 701,320 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 778,905 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,042,730 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 701,320 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,821,635 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,522,955 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 144,737 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2011 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Chandler, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,550,203 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 332,868 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 793,898 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 360 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 332,868 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 794,258 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,127,126 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 64,571 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2011 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
New Lenox, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,192,464 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,422,488 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,422,488 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,422,488 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2011 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Roseville, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 4,752,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,695,455 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -96,364 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,695,636 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 3,703,455 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 6,399,091 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 308,554 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2011 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Fort Walton Beach, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,768,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 542,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,958,790 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 303 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 542,200 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,959,093 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,501,293 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 151,009 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2011 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Leawood, KS [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 3,204,294 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 989,622 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,003,541 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 16,198 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 989,622 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 3,019,739 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,009,361 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 226,480 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2011 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Salt Lake City, UT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 4,948,724 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 6,810,104 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -44,417 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 6,765,687 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 6,765,687 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 542,896 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2011 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Burton, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 80,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 80,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 80,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2011 | |||
Macomb Township, MI 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,793,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,605,134 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,605,134 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,605,134 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Madison, AL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,552,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 675,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,317,927 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 675,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,317,927 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,992,927 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 98,844 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Walker, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 887,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 219,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,024,738 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 219,200 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,024,738 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,243,938 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 70,448 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Portland, OR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 7,969,403 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 161 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 7,969,564 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 7,969,564 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Cochran, GA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 365,714 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,053,726 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 365,714 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,053,726 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,419,440 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 128,358 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Baton Rouge, LA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,073,217 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,188,322 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,188,322 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,188,322 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 76,746 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Southfield, MI 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 1,483,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,178,215 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,178,215 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,178,215 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Clifton Heights, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 3,898,994 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,543,941 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,038,561 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,543,941 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 3,038,561 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 5,582,502 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 186,554 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Newark, DE [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 2,492,444 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,117,547 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 4,777,516 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,117,547 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 4,777,516 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 6,895,063 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 293,318 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Vineland, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 2,188,562 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 4,102,710 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,501,854 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 4,102,710 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,501,854 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 5,604,564 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 92,792 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Fort Mill, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 750,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,187,380 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 750,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,187,380 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,937,380 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 71,738 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Spartanburg, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 250,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 765,714 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 250,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 765,714 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,015,714 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 45,464 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Springfield, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 302,520 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 653,654 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 302,520 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 653,654 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 956,174 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 38,130 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Jacksonville, NC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 676,930 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,482,748 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 676,930 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,482,748 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,159,678 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 86,494 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Morrow, GA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 525,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,383,489 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -99,850 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 525,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,283,639 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,808,639 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 72,829 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Charlotte, NC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,822,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,531,275 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -572,344 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,822,900 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,958,931 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,781,831 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 162,660 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Lyons, GA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 121,627 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,155,635 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -126,199 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 121,627 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,029,436 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,151,063 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 105,963 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Fuquay-Varina, NC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,042,225 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,763,768 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -255,778 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,042,225 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,507,990 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,550,215 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 79,074 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Minneapolis, MN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,088,015 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 345,958 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -54,430 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 826,635 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 552,908 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,379,543 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 28,366 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Lake Zurich, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 780,974 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 7,909,277 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 28,174 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 780,974 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 7,937,451 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 8,718,425 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 405,111 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Lebanon, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 612,582 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 16,363 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 300,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 628,945 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 928,945 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 31,447 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Harlingen, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 430,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,614,378 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 12,854 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 430,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,627,232 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,057,232 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 81,362 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Wichita, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 340,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,530,971 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 12,854 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 340,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,543,825 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,883,825 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 77,191 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Pensacola, FL 1 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 650,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,165,415 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 12,854 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 650,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,178,269 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,828,269 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 58,913 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Pensacola, FL 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,507,583 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 12,854 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 400,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,520,437 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,920,437 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 76,022 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Venice, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,300,196 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 4,891 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,305,087 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,305,087 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2012 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
St. Joseph, MO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 377,620 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 7,639,521 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 377,620 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 7,639,521 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 8,017,141 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 366,060 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Statham, GA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 191,919 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,851,073 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 191,919 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 3,851,073 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,042,992 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 184,531 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
North Las Vegas, NV [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 214,552 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 717,435 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 214,552 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 717,435 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 931,987 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 33,630 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Memphis, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 322,520 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 748,890 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 322,520 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 748,890 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,071,410 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 34,324 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Rancho Cordova, CA 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 3,889,612 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,232,662 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 282,130 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 3,889,612 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 3,514,792 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 7,404,404 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 148,482 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Kissimmee, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,453,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 971,683 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,453,500 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 971,683 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,425,183 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 42,511 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Pinellas Park, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,625,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 874,542 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 3,965 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,625,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 878,507 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,503,507 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 34,716 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Manchester, CT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 397,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 325,705 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 397,800 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 325,705 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 723,505 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,571 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Rapid City, SD [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,017,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,348,032 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,017,800 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,348,032 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,365,832 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 95,389 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Chicago, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 272,222 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 649,063 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 272,222 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 649,063 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 921,285 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 25,692 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Brooklyn, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 3,643,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 15,079,714 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 3,643,700 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 15,079,714 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 18,723,414 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 565,489 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Madisonville, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 96,680 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,087,642 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 96,680 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,087,642 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,184,322 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 40,787 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Baton Rouge, LA 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 271,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,086,434 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 271,400 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,086,434 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,357,834 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 38,478 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Forest, MS [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,298,176 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,298,176 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,298,176 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 45,977 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Sun Valley, NV [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 308,495 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,373,336 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,819 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 308,495 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,376,155 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,684,650 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 45,848 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Rochester, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 7,398,639 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,500,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 7,398,639 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 9,898,639 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 238,914 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Allentown, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,525,051 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 7,896,613 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,525,051 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 7,896,613 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 10,421,664 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 254,995 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Casselberry, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,804,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 793,101 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,804,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 793,101 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,597,101 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 28,089 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Berwyn, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 186,791 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 933,959 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 5,400 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 186,791 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 939,359 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,126,150 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 25,430 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Grand Forks, ND [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,502,609 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,301,337 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,801,028 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,502,609 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 4,102,365 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 5,604,974 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 112,148 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Ann Arbor, MI 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 3,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 4,595,757 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 276,163 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 3,000,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 4,871,920 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 7,871,920 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 131,372 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Joplin, MO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,208,225 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,160,843 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,208,225 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,160,843 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,369,068 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 33,858 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2013 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Red Bay, AL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 38,981 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,528,437 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 38,981 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,528,437 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,567,418 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 10,535 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Birmingham, AL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 230,106 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 231,313 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 230,106 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 231,313 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 461,419 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 482 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Birmingham, AL 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 245,234 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 251,339 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 245,234 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 251,339 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 496,573 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 524 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Birmingham, AL 3 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 98,271 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 179,824 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 98,271 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 179,824 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 278,095 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 375 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Birmingham, AL 4 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 235,641 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 127,477 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 235,641 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 127,477 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 363,118 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 266 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Montgomery, AL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 325,389 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 217,850 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 325,389 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 217,850 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 543,239 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 454 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Littleton, CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 5,595,327 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 819,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 8,756,266 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 819,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 8,756,266 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 9,575,266 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 54,727 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
St Petersburg, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,225,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,025,247 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,225,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,025,247 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,250,247 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 19,223 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
St Augustine, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,523,230 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 200,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,523,230 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,723,230 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 9,520 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
East Palatka, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 730,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 575,236 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 730,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 575,236 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,305,236 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 3,595 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Pensacola, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 136,365 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 398,773 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 136,365 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 398,773 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 535,138 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 831 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Jacksonville, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 297,066 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 312,818 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 297,066 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 312,818 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 609,884 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Jacksonville, FL 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 299,312 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 348,862 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 299,312 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 348,862 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 648,174 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Fort Oglethorpe, GA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,842,240 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,844,126 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,842,240 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,844,126 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,686,366 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 65,178 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
New Lenox, IL 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,010,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 6,206,252 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,010,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 6,206,252 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 8,216,252 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 34,234 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Rockford, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 303,395 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,436,873 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 303,395 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,436,873 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,740,268 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 15,230 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Indianapolis, IN 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 575,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,871,110 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 575,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,871,110 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,446,110 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 35,083 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Terre Haute, IN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 103,147 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,477,263 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 103,147 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,477,263 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,580,410 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Junction City, KS [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 78,271 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,504,294 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 78,271 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,504,294 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,582,565 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Baton Rouge, LA 3 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 226,919 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 347,691 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 226,919 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 347,691 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 574,610 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 724 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Lincoln Park, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 543,303 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,408,544 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 543,303 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,408,544 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,951,847 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 26,410 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Novi, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,803,857 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,488,505 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,803,857 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,488,505 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,292,362 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Bloomfield Hills, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 1,340,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,003,406 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 1,340,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,003,406 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 3,343,406 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 6,966 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Moreahead, MN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 511,645 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 870,732 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 511,645 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 870,732 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,382,377 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 3,628 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Fergus Falls, MN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 405,617 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 561,332 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 405,617 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 561,332 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 966,949 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,339 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Fergus Falls, MN 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 327,247 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 655,973 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 327,247 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 655,973 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 983,220 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,733 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Park Rapids, MN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 413,151 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 706,884 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 413,151 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 706,884 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,120,035 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,945 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Jackson, MS [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 256,789 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 172,184 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 256,789 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 172,184 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 428,973 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 359 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Belton, MO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 714,775 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 7,173,999 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 714,775 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 7,173,999 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 7,888,774 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Great Falls, MT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 945,765 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 753,222 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 945,765 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 753,222 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,698,987 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Irvington, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 315,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,313,025 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 315,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,313,025 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,628,025 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 24,619 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
East Grand Forks, ND [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 313,454 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 914,676 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 313,454 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 914,676 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,228,130 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 3,811 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Fargo, ND [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 513,505 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,201,532 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 513,505 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,201,532 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,715,037 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 5,006 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Fargo, ND 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 629,484 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 707,799 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 629,484 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 707,799 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,337,283 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,949 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Jamestown, ND [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 234,545 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,158,486 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 234,545 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,158,486 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,393,031 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 4,827 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Grand Forks, ND 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 540,658 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 813,776 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 540,658 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 813,776 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,354,434 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 3,391 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Grand Forks, ND 3 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 762,471 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 554,595 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 762,471 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 554,595 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,317,066 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,311 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Grand Forks, ND 4 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 529,087 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 676,026 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 529,087 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 676,026 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,205,113 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,817 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Toledo, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,372,363 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 500,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,372,363 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,872,363 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 25,732 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Toledo, OH 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 155,250 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 762,500 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 155,250 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 762,500 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 917,750 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,943 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Toledo, OH 3 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 213,750 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 754,675 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 213,750 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 754,675 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 968,425 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,861 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Toledo, OH 4 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 168,750 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 785,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 168,750 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 785,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 953,750 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 8,177 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Port Clinton, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 75,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 721,100 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 75,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 721,100 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 796,100 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,511 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Mansfield, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 306,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 725,600 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 306,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 725,600 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,031,600 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,558 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Orville, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 344,250 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 716,600 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 344,250 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 716,600 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,060,850 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,465 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Akron, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 427,750 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 715,700 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 427,750 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 715,700 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,143,450 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,455 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Akron, OH 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 696,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 845,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 696,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 845,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,541,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 8,802 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Hubbard, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 204,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 726,500 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 204,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 726,500 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 930,500 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,568 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Youngstown, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 285,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 745,700 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 285,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 745,700 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,030,700 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,768 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Calcutta, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 208,050 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 758,750 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 208,050 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 758,750 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 966,800 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,904 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Columbus, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,136,250 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,136,250 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,136,250 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 9,469 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Tulsa, OK [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 459,148 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 640,550 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 459,148 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 640,550 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,099,698 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,345 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Ligonier, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 330,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 5,021,849 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 330,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 5,021,849 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 5,351,849 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 52,311 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Clarion, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 121,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 771,500 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 121,200 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 771,500 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 892,700 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 8,036 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Mercer, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 121,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 770,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 121,200 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 770,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 891,200 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 8,021 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Limerick, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 369,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 369,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 369,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Harrisbuarg, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 124,757 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,446,773 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 124,757 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,446,773 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,571,530 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Andreson, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 781,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 4,441,535 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 781,200 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 4,441,535 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 5,222,735 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 101,785 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Easley, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 332,275 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 268,612 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 332,275 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 268,612 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 600,887 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 560 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Spartanburg, SC 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 141,307 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 446,706 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 141,307 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 446,706 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 588,013 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 931 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Spartanburg, SC 3 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 94,770 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 261,640 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 94,770 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 261,640 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 356,410 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 545 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Columbia, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 303,932 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,221,964 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 303,932 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,221,964 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,525,896 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,546 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Alcoa, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 329,074 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 270,719 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 329,074 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 270,719 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 599,793 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 564 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Knoxville, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 214,077 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 286,037 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 214,077 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 286,037 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 500,114 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 596 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Red Bank, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 229,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 302,146 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 229,100 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 302,146 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 531,246 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 629 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
New Tazewell, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 91,006 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 328,561 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 91,006 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 328,561 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 419,567 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Maryville, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 94,682 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,529,621 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 94,682 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,529,621 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,624,303 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Morristown, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 46,404 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 801,506 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 46,404 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 801,506 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 847,910 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Clinton, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 69,625 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,177,927 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 69,625 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,177,927 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,247,552 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Knoxville, TN 2 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 160,057 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 2,265,025 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 160,057 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 2,265,025 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,425,082 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Sweetwater, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 79,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,009,290 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 79,100 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,009,290 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,088,390 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
McKinney, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 2,671,020 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 6,785,815 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 2,671,020 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 6,785,815 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 9,456,835 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 84,823 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Forest Va [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 282,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 956,027 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 282,600 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 956,027 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,238,627 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 17,926 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Waynesboro, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 292,086 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 514,209 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 292,086 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 514,209 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 806,295 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,071 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Colonial Heights, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 547,692 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,059,557 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 547,692 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,059,557 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,607,249 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,207 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Chester, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 300,583 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 794,417 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 300,583 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 794,417 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,095,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,655 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Midlothian, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 232,337 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 802,602 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 232,337 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 802,602 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,034,939 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,672 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Ashland, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 426,396 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 965,925 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 426,396 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 965,925 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,392,321 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,012 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Mecanicsville, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 219,496 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 906,590 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 219,496 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 906,590 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,126,086 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,889 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Glen Allen, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 590,101 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,129,495 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 590,101 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,129,495 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 1,719,596 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,353 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Burlington, WA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 610,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 3,647,279 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 610,000 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 3,647,279 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 4,257,279 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 8,869 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Wausau, WI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 909,092 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 1,405,899 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 909,092 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 1,405,899 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 2,314,991 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 17,588 | |||
Real Estate and Accumulated Depreciation, Date of Acquisition | 2014 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 40 years | |||
Sub Total [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 106,762,238 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 197,046,698 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 376,435,573 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 15,435,489 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 195,091,303 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 393,826,467 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 588,917,770 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 59,089,851 | |||
Property Under Development [Member] | Various [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 229,242 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 229,242 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 229,242 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed | 0 years | |||
Property Under Development [Member] | Sub Total [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost, Buildings and Improvements | 229,242 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land | 0 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Buildings and Improvements | 229,242 | |||
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total | 229,242 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $0 |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Balance at January 1 | $476,168,824 | $398,811,830 | $340,073,911 |
Construction and acquisition cost | 143,365,974 | 82,692,554 | 97,418,031 |
Impairment charge | 3,020,000 | 450,000 | 0 |
Disposition of real estate | -27,367,786 | -4,885,560 | -38,680,112 |
Balance at December 31 | $589,147,012 | $476,168,824 | $398,811,830 |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Balance at January 1 | $65,436,739 | $58,856,688 | $68,589,778 |
Current year depreciation expense | 8,361,698 | 6,930,145 | 5,726,319 |
Disposition of real estate | -14,708,586 | -350,094 | -15,459,409 |
Balance at December 31 | $59,089,851 | $65,436,739 | $58,856,688 |
Schedule_III_Real_Estate_and_A4
Schedule III - Real Estate and Accumulated Depreciation (Details Textual) (USD $) | Dec. 31, 2014 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Tax Basis of Investments, Cost for Income Tax Purposes | $14,723,000 |