Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

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

The following table summarizes for the property discontinued: 

	Three Months			Three Months			Nine Months			Nine Months
	Ended			Ended			Ended			Ended
	September 30,			September 30,			September 30,			September 30,
	2012			2011			2012			2011
Revenue:
Rental	$	860,954		$	828,941		$	2,755,212		$	2,738,843
Expenses:
General and administrative		2,371			48,420			6,004			145,192
Rental property:
Operating expenses		714,851			490,963			1,859,873			1,590,720
Interest and fees on mortgage debt		502,028			609,263			1,661,279			1,501,654
Real estate taxes		78,742			78,743			236,227			324,171
Depreciation		-			115,723			-			345,829
Amortization of in place lease value		-			5,415			3,456			19,944
Total expenses		1,297,992			1,348,527			3,766,839			3,927,510
Investment income		761			1,092			2,577			3,361
Loss from discontinued operations	$	(436,277	)	$	(518,494	)	$	(1,009,050	)	$	(1,185,306	)

	September 30,			December 31,
	2012			2011
Assets related to discontinued operations:
Land	$	1,905,985		$	1,905,985
Buildings		13,829,390			13,829,390
Furniture and equipment		6,375			6,375
Less: accumulated depreciation		(2,087,424	)		(2,087,424	)
Net real estate		13,654,326			13,654,326
Other assets		669,961			737,974
Total assets related to discontinued operations	$	14,324,287		$	14,392,300
Liabilities related to discontinued operations:
Mortgage debt	$	14,484,138		$	14,484,138
Mortgage related interest and fees		2,412,506			1,431,672
Other liabilities		749,076			723,162
Total liabilities related to discontinued operations	$	17,645,720		$	16,638,972