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Debt (Tables)
3 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
Mortgages payable consisted of the following:
  
 
 
March 31, 2015
 
December 31, 2014
 
 
 
 
 
 
 
 
 
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 $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
 
 
-
 
 
2,405,976
 
 
 
 
 
 
 
 
 
Note payable in monthly principal installments of $50,120 plus interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.62% as of December 31, 2013. 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, subject to certain conditions, collateralized by related real estate and tenants’ leases
 
 
21,238,598
 
 
21,398,078
 
 
 
 
 
 
 
 
 
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 $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
 
 
7,568,899
 
 
7,896,078
 
 
 
 
 
 
 
 
 
Note payable in monthly installments of $23,004 including interest at 6.24% per annum, with a balloon payment of $2,766,628 due February 2020; collateralized by related real estate and tenant lease
 
 
3,185,183
 
 
3,204,294
 
 
 
 
 
 
 
 
 
Note payable in monthly installments of interest only at 3.60% per annum, with a balloon payment due January 1, 2023; collateralized by related real estate and tenants' leases
 
 
23,640,000
 
 
23,640,000
 
 
 
 
 
 
 
 
 
Note payable in monthly installments of $35,673 including interest at 5.01% per annum, with a balloon payment of $4,034,627 due September 2023; collateralized by related real estate and tenant lease
 
 
5,558,249
 
 
5,595,327
 
 
 
 
 
 
 
 
 
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
 
 
8,908,504
 
 
9,042,485
 
 
 
 
 
 
 
 
 
Total
 
$
103,679,433
 
$
106,762,238
 
Schedule of Maturities of Long-term Debt [Table Text Block]
The following table presents scheduled principal payments related to our debt as of March 31, 2015:
 
 
 
Scheduled
 
Balloon
 
 
 
 
 
 
Principal
 
Payment
 
Total
 
Remainder of 2015
 
$
2,094,782
 
$
-
 
$
2,094,782
 
2016
 
 
2,953,637
 
 
8,580,000
 
 
11,533,637
 
2017 (1)
 
 
2,710,275
 
 
19,744,758
 
 
22,455,033
 
2018 (2)
 
 
2,575,206
 
 
104,500,000
 
 
107,075,206
 
2019
 
 
2,750,346
 
 
-
 
 
2,750,346
 
Thereafter
 
 
6,839,278
 
 
130,431,151
 
 
137,270,429
 
Total
 
$
19,923,524
 
$
263,255,909
 
$
283,179,433
 
 
(1)
The balloon payment is related to a mortgage note that matures in May 2017 and may be extended, at the Company’s election, for a two-year term to May 2019, subject to certain conditions.
(2)
The balloon payment balance includes $79,500,000 outstanding under the Credit Facility as of March 31, 2015. The Credit Facility matures in July 2018 and may be extended for one year at the Company’s election, subject to certain conditions.