Loans and Mortgages Payable (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Summary of Mortgages Payable

The following is a summary of our mortgages payable as of September 30, 2016 and December 31, 2015:

	9/30/2016						12/31/2015
	Amount			Rate			Amount			Rate
Fixed rate mortgages	$	277,205,883			4.4	%	$	274,542,499			4.5	%
Variable rate mortgages (1)		11,259,998			3.9	%		12,094,597			3.9	%
Total mortgages before unamortized debt issuance costs		288,465,881			4.4	%		286,637,096			4.5	%
Unamortized debt issuance costs		(3,445,316	)					(3,587,294	)
Mortgages, net of unamortized debt issuance costs	$	285,020,565			4.5	%	$	283,049,802			4.6	%

⁽¹⁾ Includes a variable rate mortgage with a balance of $10,823,092 and $11,416,309 as of September 30, 2016 and December 31, 2015, respectively, which has been effectively fixed at an interest rate of 3.89% with an interest rate swap agreement.