Loans and Mortgages Payable (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Summary of Mortgages Payable

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

	9/30/2017						12/31/2016
	Amount			Rate			Amount			Rate
Fixed rate mortgages	$	316,337,850			4.3	%	$	285,584,102			4.4	%
Variable rate mortgages (1)		102,651			4.3	%		10,979,881			3.9	%
Total mortgages before unamortized debt issuance costs		316,440,501			4.3	%		296,563,983			4.3	%
Unamortized debt issuance costs		(3,632,321	)					(3,538,391	)
Mortgages, net of unamortized debt issuance costs	$	312,808,180			4.4	%	$	293,025,592			4.4	%

(1) Includes a variable rate mortgage with a balance of $-0- and $10,625,352 as of September 30, 2017 and December 31, 2016, respectively, which was effectively fixed at an interest rate of 3.89% with an interest rate swap agreement.