Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2015

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The following represents the components of the assets and liabilities of discontinued operations:

	September 30, 2015			December 31, 2014
Cash and cash equivalents	$	35,958		$	35,772
Restricted cash	716,979			544,233
Land and land improvements	1,836,400			1,836,400
Buildings and improvements	21,370,662			21,204,047
Real estate assets before accumulated depreciation	23,207,062			23,040,447
Accumulated depreciation	(10,829,527		)	(10,583,647		)
Net real estate assets	12,377,535			12,456,800
Other assets	50,195			167,210
Total assets from discontinued operations	13,180,667			13,204,015
Accounts payable and accrued expenses	516,592			503,743
Mortgage payable	—			—
Total liabilities from discontinued operations	516,592			503,743
Net assets of discontinued operations	$	12,664,075		$	12,700,272

The following presents the revenues, expenses and income from discontinued operations:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2015		2014		2015		2014
Rental revenues	$	833,829	$	799,411	$	2,455,430	$	2,385,835
Expenses	579,935		792,689		1,938,821		2,288,955
Net Income from discontinued operations	$	253,894	$	6,722	$	516,609	$	96,880