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Consolidated Statements of Cash Flows (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash Flows From Operating Activities  
Net income$ 6,668,049$ 18,940,508
Adjustments to reconcile net income to net cash provided by operating activities  
Depreciation4,538,4984,333,591
Amortization811,292266,258
Stock-based compensation1,041,762864,000
Impairment charge13,500,000 
Gain on extinguishment of debt(2,360,231) 
Gain on sale of asset (5,328,333)
(Increase) Decrease in accounts receivable(1,339,377)1,191,299
(Increase) Decrease in other assets81,064(728,226)
(Increase) Decrease in accounts payable205,451(705,142)
Decrease in deferred revenue(6,835,746)(517,162)
Increase (Decrease) in accrued interest253,275785
Increase (Decrease) in tenant deposits12,832(13,483)
Net Cash Provided By Operating Activities16,576,86918,304,095
Cash Flows From Investing Activities  
Acquisition of real estate investments (including capitalized interest of $-0- in 2011 and $288,477 in 2010)(20,525,240)(21,051,638)
Proceeds from sale of asset6,522,8219,761,445
Payments of leasing costs(150,597)(87,797)
Net Cash Used In Investing Activities(14,153,016)(11,377,990)
Cash Flows From Financing Activities  
Proceeds from common stock offering 31,072,752
Payments of mortgages payable(3,459,816)(2,993,427)
Dividends and limited partners' distributions paid(13,318,319)(13,901,489)
Line-of-credit borrowings45,107,90421,889,051
Line-of-credit (repayments)(30,103,254)(42,991,654)
Repayments of capital expenditure payables(286,078)(352,430)
Payments of financing costs(70,784)(649)
Net Cash Used In Financing Activities(2,130,347)(7,277,846)
Net Decrease In Cash and Cash Equivalents293,506(351,741)
Cash and Cash Equivalents, beginning of period593,281688,675
Cash and Cash Equivalents, end of period886,787336,934
Supplemental Disclosure of Cash Flow Information  
Cash paid for interest (net of amounts capitalized)3,447,3963,293,412
Supplemental Disclosure of Non-Cash Transactions  
Dividends and limited partners' distributions declared and unpaid4,068,6775,143,682
Real estate investments financed with accounts payable$ 54,321$ 975,803