Mortgages Payable (Tables)

3 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Mortgages Payable [Table Text Block]

Mortgages payable consisted of the following:

	March 31, 2013		December 31, 2012
Note payable in monthly installments of interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% with balloon payment due April 4, 2018; collateralized by related real estate and tenants' leases	$	25,000,000	$	25,000,000
Note payable in monthly installments of interest only at 3.60% per annum, with balloon payment due January 1, 2023; collateralized by related real estate and tenants' leases		23,640,000		23,640,000
Note payable in monthly principal installments of $47,250 plus interest at 170 basis points over LIBOR, currently swapped to a fixed rate of 3.74%.  A final balloon payment in the amount of $19,744,758 is due on May 14, 2017 unless extended for a two year period at the option of the Company, collateralized by related real estate and tenants’ leases		22,460,228		22,601,978
Note payable in monthly installments of $153,838 including interest at 6.90% per annum, with the final monthly payment due January 2020; collateralized by related real estate and tenants’ leases		10,035,323		10,320,440
Note payable in monthly installments of $91,675 including interest at 6.27% per annum, with a final monthly payment due July 2026; collateralized by related real estate and tenants’ leases		9,923,924		10,042,152
Note payable in monthly installments of $60,097 including interest at 5.08% per annum, with a final balloon payment in the amount of $9,167,573 due June 2014; collateralized by related real estate and tenants’ leases		9,449,137		9,509,011
Note payable in monthly installments of $99,598 including interest at 6.63% per annum, with the final monthly payment due February 2017; collateralized by related real estate and tenants’ leases		4,112,749		4,340,850
Note payable in monthy interest-only installments of $48,467 at 6.56% annum, with a balloon payment in the amount of $8,580,000 due June 11, 2016;  collateralized by related real estate and tenants’ leases		8,580,000		8,580,000
Note payable in monthly installments of $23,004 including interest at 6.24% per annum, with the final balloon payment of $2,766,628 due February 2020; collateralized by related real estate and tenant lease		3,324,754		3,341,711
Total	$	116,526,115	$	117,376,142