Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Real Estate Properties [Table Text Block]

Real estate investments consisted of the following as of December 31, 2015 and December 31, 2014:

	2015		2014

Number of Properties		278		209
Gross Leasable Area		5,207,000		4,315,000

Land	$	225,273,640	$	195,091,303
Buildings		526,911,997		393,826,467
Property under Development		3,663,301		229,242
Gross Real Estate Investments	$	755,848,938	$	589,147,012

Less Accumulated Depreciation	$	(56,401,423)	$	(59,089,851)
Net Real Estate Investments	$	699,447,515	$	530,057,161

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

The following table details lease intangibles, net of accumulated amortization, as of December 31, 2015 and December 31, 2014:

	December 31,		December 31,
	2015		2014
Intangible Lease Asset - In-Place Leases	$	47,051,639	$	36,680,631
Less: Accumulated Amortization		(7,239,191)		(3,897,008)
Intangible Lease Asset - Above-Market Leases		61,241,046		31,642,267
Less: Accumulated Amortization		(7,367,216)		(4,111,435)
Intangible Lease Liability - Below-Market Leases		(21,162,576)		(15,124,210)
Less: Accumulated Amortization		4,028,614		2,289,358
Lease Intangible Asset, net	$	76,552,316	$	47,479,602

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

As of December 31, 2015, 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,
2016	$	68,765,041
2017		68,732,996
2018		67,872,318
2019		65,552,286
2020		63,184,391
Thereafter		505,204,411
Total	$	839,311,443

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

As of December 31, 2015, future annual lease commitments under these agreements are as follows:

For the Year Ending December 31,
2016	$	639,903
2017		639,903
2018		640,819
2019		633,778
2020		632,178
Thereafter		8,426,118
Total	$	11,612,699

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro forma total revenue and income before discontinued operations, for 2015 and 2014, assumes all of our 2015 acquisitions had taken place on January 1, 2015 for the 2015 pro forma information, and on January 1, 2014 for the 2014 pro forma information:

Supplemental pro forma for the year ended December 31, 2015 (1)
Total Revenue	$	79,056,000
Income before discontinued operations	$	36,149,000

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

(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, 2015 or January 1, 2014 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:

	2015		2014		2013

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

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