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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash Flows from Operating Activities      
Net income $ 9,889,537 $ 15,627,834 $ 17,994,036
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 6,055,225 5,810,159 5,643,350
Amortization 1,105,087 409,920 354,212
Stock-based compensation 1,364,280 1,166,656 1,175,757
Impairment charge 13,500,000 8,140,000  
Gain on extinguishment of debt (2,360,231)    
Gain on sale of assets (110,212) (4,737,968)  
(Increase) decrease in accounts receivable 528,448 656,707 (1,022,034)
(Increase) decrease in other assets 8,072 (114,467) 69,172
(Decrease) increase in accounts payable 1,951,420 (101,367) 267,275
Decrease in deferred revenue (6,951,591) (689,550) (689,550)
Increase (decrease) in accrued interest 513,041 (39,858) (239,784)
Increase (decrease) in tenant deposits 3,873 (16,883) 27,208
Net Cash Provided By Operating Activities 25,496,949 26,111,183 23,579,642
Cash Flows from Investing Activities      
Acquisition of real estate investments (including capitalized interest of $319,235 in 2010 and $220,782 in 2009) (28,596,303) (38,821,775) (8,748,856)
Payment of lease intangibles costs (8,517,310) (8,202,727)  
Payment of leasing costs (197,259) (368,167) (118,296)
Net proceeds from sale of assets 8,058,520 14,204,502  
Net Cash Used in Investing Activities (29,252,352) (33,188,167) (8,867,152)
Cash Flows from Financing Activities      
Proceeds from common stock offering   31,072,752  
Mortgage proceeds     11,358,000
Line-of-credit borrowings 119,244,291 46,896,908 26,499,142
Line of credit payments (91,180,647) (47,516,654) (30,444,142)
Dividends and limited partners' distributions paid (17,398,132) (19,053,815) (17,129,368)
Payments of mortgages payable (4,229,352) (4,026,022) (3,428,895)
Payments of payables for capital expenditures (286,078) (352,430) (850,225)
Payments for financing costs (985,297) (39,149) (697,004)
Net Cash Used in Financing Activities 5,164,785 6,981,590 (14,692,492)
Net Increase (Decrease) in Cash and Cash Equivalents 1,409,382 (95,394) 19,998
Cash and Cash Equivalents, beginning of year 593,281 688,675 668,677
Cash and Cash Equivalents, end of year 2,002,663 593,281 688,675
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 4,458,292 4,487,923 4,590,239
Supplemental Disclosure of Non-Cash Transactions      
Dividends and limited partners' distributions declared and unpaid 4,070,690 5,145,740 4,354,163
Conversion of OP Units     2,398,186
Shares issued under Stock Incentive Plan 2,312,056 2,068,866 1,159,316
Real estate acquisitions financed with debt assumption 3,403,603    
Real estate investments financed with accounts payable $ 424,321 $ 286,078 $ 352,430