Loans and Mortgages Payable (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Summary of Mortgages Payable

The following is a summary of our mortgages payable as of June 30, 2017 and December 31, 2016:

	6/30/2017						12/31/2016
	Amount			Rate			Amount			Rate
Fixed rate mortgages	$	304,550,884			4.3	%	$	285,584,102			4.4	%
Variable rate mortgages (1)		10,403,287			3.9	%		10,979,881			3.9	%
Total mortgages before unamortized debt issuance costs		314,954,171			4.3	%		296,563,983			4.3	%
Unamortized debt issuance costs		(3,650,395	)					(3,538,391	)
Mortgages, net of unamortized debt issuance costs	$	311,303,776			4.3	%	$	293,025,592			4.4	%

(1) Includes a variable rate mortgage with a balance of $10,215,752 and $10,625,352 as of June 30, 2017 and December 31, 2016, respectively, which has been effectively fixed at an interest rate of 3.89% with an interest rate swap agreement.