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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net loss $ (2,027,498) $ (853,601)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 7,784,917 5,383,266
Depreciation and amortization from discontinued operations 165,646 666,119
Stock compensation 464,827 455,819
Bad debt expense 236,329 122,121
Real estate asset impairments   950,000
Gain on sales of real estate assets, net (6,243,640) (5,120,699)
Gain on extinguishment of debt   (536,952)
Amortization of financing costs 1,286,437 417,724
Amortization of above-market rent 212,941 215,523
Amortization of below-market rent (169,363) (28,048)
Changes in operating assets and liabilities:    
Other assets (1,170,342) 702,386
Accounts payable and accrued liabilities 2,273,512 1,138,508
Accrued real estate taxes 955,216 664,605
Net cash provided by operating activities 3,768,982 4,176,771
Cash flows from investing activities:    
Real estate acquisitions (67,852,592) (59,063,369)
Building and tenant improvements (2,854,939) (2,567,027)
Deferred leasing costs (639,004) (407,261)
Proceeds from sales of real estate assets 37,755,598 22,287,463
Increase in restricted cash (2,673,288) (2,731,221)
Net cash used in investing activities (36,264,225) (42,481,415)
Cash flows from financing activities:    
Proceeds from mortgage notes payable, net of issuance costs 50,864,054 56,859,919
Repayment of mortgage notes payable (30,834,664) (22,811,129)
Proceeds from issuance of mandatorily redeemable preferred stock, net of offering costs 18,200,000 13,862,103
Issuance of common stock 49,999  
Repurchase of common stock (176,461) (212,212)
Redemption of Series 6.3% preferred stock   (1,649,266)
Distributions paid in excess of contributions received from noncontrolling interests (493,534) (7,512,262)
Dividends paid (4,123,730) (4,803,508)
Net cash provided by financing activities 33,485,664 33,733,645
Net increase (decrease) in cash and cash equivalents 990,421 (4,570,999)
Cash and cash equivalents - beginning of year 5,636,002 10,207,001
Cash and cash equivalents - end of year 6,626,423 5,636,002
Supplemental disclosure of cash flow information:    
Interest paid -Series B preferred stock 3,439,189 775,833
Interest paid -mortgage notes payable 5,965,824 6,477,096
Non-cash financing activities:    
Reinvestment of cash dividend 2,661,979 3,314,477
Accrual of dividend payable $ 1,063,454 997,175
Conversion of partnership interests into common stock   $ 165,018