Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015.

Asset:	Level 1		Level 2		Level 3		Carrying Value
Interest rate swaps	$	-	$	66,405	$	-	$	66,405

Liability:		Level 1		Level 2		Level 3		Carrying Value
Interest rate swaps	$	-	$	4,187,527	$	-	$	4,187,527
Mortgage notes payable	$	-	$	-	$	113,188,490	$	106,762,238
Revolving credit facility	$	-	$	79,500,000	$	-	$	79,500,000
Unsecured term loans	$	-	$	-	$	99,210,734	$	100,000,000