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Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Real Estate Properties [Table Text Block]

Real estate investments consisted of the following as of December 31, 2014 and December 31, 2013:

	2014		2013

Number of Properties		209		130
Gross Leasable Area		4,315,000		3,662,000

Land	$	195,091,303	$	162,096,646
Buildings	$	393,826,467	$	297,464,585
Property under Development	$	229,242	$	6,959,174
Property Held for Sale	$	-	$	4,845,504
Gross Real Estate Investments	$	589,147,012	$	471,365,909
Less Accumulated Depreciation	$	(59,089,851)	$	(60,633,824)
Net Real Estate Investments	$	530,057,161	$	410,732,085

Operating Leases, Future Minimum Payments Receivable [Table Text Block]

As of December 31, 2014, the future minimum rental income to be received under the terms of all non-cancellable tenant leases is as follows:

For the Year Ending December 31,
2015	$	54,370,464
2016		53,876,771
2017		53,123,664
2018		51,646,088
2019		48,813,782
Thereafter		414,382,007
Total	$	676,212,776

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Land Lease Obligations

The Company is subject to land lease agreements for certain of its properties. Land lease expense was $471,840, $427,900, and $574,300 for the years ending December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, future annual lease commitments under these agreements are as follows:

For the Year Ending December 31,
2015	$	514,653
2016		514,653
2017		514,653
2018		515,569
2019		508,528
Thereafter		8,825,546
Total	$	11,393,602

Business Acquisition, Pro Forma Information [Table Text Block]

Supplemental pro forma for the year ended December 31, 2014 (1)
Total revenue	$	57,840,000
Income before discontinued operations	$	19,369,000

Supplemental pro forma for the year ended December 31, 2013 (1)
Total revenue	$	50,549,000
Income before discontinued operations	$	20,023,000

(1)

This unaudited pro forma supplemental information does not purport to be indicative of what our operating results would have been had the acquisitions occurred on January 1, 2014 or January 1, 2013 and may not be indicative of future operating results. Various acquisitions were of newly leased or constructed assets and may not have been in service for the full periods shown.

Schedule Of Real Estate Investments Including Identifiable Intangible Assets Impairment [Table Text Block]

As a result of our review of Real Estate Investments we recognized the following real estate impairment charges for the year ended December 31:

	2014		2013		2012

Continuing operations	$	3,020,000	$	-	$	-
Discontinued operations		-		450,000		-

Total	$	3,020,000	$	450,000	$	-

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following table details lease intangibles, net of accumulated amortization, as of December 31, 2014 and December 31, 2013:

	December 31,		December 31,
	2014		2013
Intangible Lease Asset - In-Place Leases	$	36,680,631	$	17,597,357
Less: Accumulated Amortization		(3,897,008)		(1,836,593)
Intangible Lease Asset - Above-Market Leases		31,642,267		22,921,813
Less: Accumulated Amortization		(4,111,435)		(2,392,293)
Intangible Lease Liability - Below-Market Leases		(15,124,210)		(9,585,166)
Less: Accumulated Amortization		2,289,358		1,000,380
Lease Intangible Asset, net	$	47,479,602	$	27,705,499