Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Derivative Liabilities at Fair Value [Table Text Block]

The table below sets forth the Company’s fair value hierarchy for assets and liabilities measured or disclosed at fair value as of December 31, 2014.

Asset:	Level 1		Level 2		Level 3		Carrying Value
Interest rate swaps	$	-	$	274,013	$	-	$	274,013

Liability:	Level 1		Level 2		Level 3		Carrying Value
Interest rate swaps	$	-	$	2,383,308	$	-	$	2,383,308
Mortgage notes payable	$	-	$	-	$	107,814,314	$	106,762,238
Revolving credit facility	$	-	$	15,000,000	$	-	$	15,000,000
Unsecured term loans	$	-	$	-	$	97,918,642	$	100,000,000

The table below sets forth the Company’s fair value hierarchy for liabilities measured or disclosed at fair value as of December 31, 2013.

Asset:	Level 1		Level 2		Level 3		Carrying Value
Interest rate swaps	$	-	$	679,234	$	-	$	679,234

Liability:	Level 1		Level 2		Level 3		Carrying Value
Interest rate swaps	$	-	$	204,696	$	-	$	204,696
Mortgage notes payable	$	-	$	-	$	108,385,281	$	113,897,758
Revolving credit facility	$	-	$	9,500,000	$	-	$	9,500,000
Unsecured term loan	$	-	$	-	$	32,728,011	$	35,000,000