XML 52 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note and Mortgages Payable (Details Textual) (USD $)
9 Months Ended
Sep. 30, 2013
Line of Credit Facility, Current Borrowing Capacity $ 85,000,000
Line of Credit Facility, Maximum Borrowing Capacity 135,000,000
Line of Credit Facility, Expiration Date Oct. 26, 2015
Extension Options two one-year terms
Line Of Credit Facility Extension Option Expiration Date October 2017
Line of Credit Facility, Interest Rate Description interest at LIBOR plus a spread of 150 to 215 basis points depending on the Companys leverage ratio
Line of Credit Facility, Amount Outstanding 40,000,000
Line Of Credit Facility Weighted Average Interest Rate 1.92%
Line Of Credit Facility Available For Borrowing Subject To Customary Condition 45,000,000
Short-term Debt, Weighted Average Interest Rate 4.39%
Real Estate Investments, Net 146,524,119
Long-term Debt, Maturities, Repayments of Principal in Year Two 43,632,216 [1]
Long-term Debt, Maturities, Repayments of Principal in Year Four 22,924,073 [2]
Notes Payable [Member]
 
Long-term Debt, Maturities, Repayments of Principal in Year Four 19,744,758
Letter of Credit [Member]
 
Long-term Debt, Maturities, Repayments of Principal in Year Two 40,000,000
Unsecured Term Loan [Member]
 
Debt Instrument, Face Amount 35,000,000
Debt Instrument, Maturity Date Sep. 29, 2020
Debt Instrument, Interest Rate, Stated Percentage 3.85%
Debt Instrument, Description of Variable Rate Basis interest at LIBOR plus a spread of 165 to 225 basis points depending on the Companys leverage ratio
Debt Instrument, Additional Borrowing Capacity, Amount 35,000,000
April 4 2018 [Member]
 
Interest Rate Swap,Description interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49%
January 1 2023 [Member]
 
Debt Instrument, Interest Rate, Stated Percentage 3.60%
May 14 2017 [Member]
 
Debt Instrument, Periodic Payment, Principal 50,120
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid 19,744,758
Interest Rate Swap,Description interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.74%
January 2020 [Member]
 
Debt Instrument, Periodic Payment, Principal 153,838
Debt Instrument, Interest Rate, Stated Percentage 6.90%
July 2026 [Member]
 
Debt Instrument, Periodic Payment, Principal 91,675
Debt Instrument, Interest Rate, Stated Percentage 6.27%
June 2014 [Member]
 
Debt Instrument, Periodic Payment, Principal 60,097
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid 9,167,573
Debt Instrument, Interest Rate, Stated Percentage 5.08%
February 2017 [Member]
 
Debt Instrument, Periodic Payment, Principal 99,598
Debt Instrument, Interest Rate, Stated Percentage 6.63%
June 11 2016 [Member]
 
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid 8,580,000
Debt Instrument, Periodic Payment, Interest 48,467
Debt Instrument, Interest Rate, Stated Percentage 6.56%
February 2020 [Member]
 
Debt Instrument, Periodic Payment, Principal 23,004
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid $ 2,766,628
Debt Instrument, Interest Rate, Stated Percentage 6.24%
[1] Scheduled maturities in 2015 include the $40,000,000 outstanding balance under the Credit Facility as of September 30, 2013. The Credit Facility matures on October 26, 2015, and may be extended at the Company’s election, for two one-year terms to October 2017, subject to certain conditions.
[2] Scheduled maturities in 2017 include $19,744,758 which represents the ending balance of a note payable due in 2017. The note matures May 14, 2017 and may be extended, at the Company’s election, for a two-year term to May 2019, subject to certain conditions.