Impairment Charge

9 Months Ended

Sep. 30, 2013

Asset Impairment Charges [Abstract]

Asset Impairment Charges [Text Block]

12. Impairment Charge

Management periodically assesses its Real Estate Investments for possible impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of the Company to re-lease or sell properties that are vacant or become vacant. The Company has executed a sales agreement for the sale of one of its shopping centers. The impairment was measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. As a result of the Company’s review of Real Estate Investments, including identifiable intangible assets, the Company recognized $450,000 of real estate impairments in continuing operations for the three and nine months ended September 30, 2013.

Real Estate Investments measured at fair value due to impairment charges are considered fair value measurements on a non recurring basis. The valuation was determined based on the sales agreement and represents a level 2 input within the fair value valuation hierarchy as of September 30, 2013, for which a nonrecurring change in fair value has been recorded during the quarter and nine months ended September 30, 2013.