Debt (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Long-term Debt Instruments [Table Text Block]

Mortgages payable consisted of the following:

	(Unaudited)
	March 31, 2016		December 31, 2015
Note payable in monthly installments of interest only at 6.56% annum, with a balloon payment in the amount of $8,580,000 paid on March 11, 2016;  collateralized by related real estate and tenants’ leases	$	-	$	8,580,000
Note payable in monthly principal installments of $56,380 plus interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.62% as of December 31, 2015.  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		20,571,698		20,740,838
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		6,202,425		6,552,907
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		3,109,049		3,128,803
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		5,409,882		5,448,058
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		8,351,135		8,493,762
Total Principal		92,284,189		101,584,368
Unamortized debt issuance costs		(1,159,562)		(1,225,651)
Total	$	91,124,627	$	100,358,717

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, 2016:

	Scheduled		Balloon
	Principal		Payment		Total
Remainder of 2016	$	2,233,856	$	-	$	2,233,856
2017 (1)		2,710,697		19,744,758		22,455,455
2018 (2)		2,575,654		85,000,000		87,575,654
2019		2,750,823		-		2,750,823
2020		1,100,218		37,766,951		38,867,169
Thereafter		9,761,232		188,640,000		198,401,232
Total	$	21,132,480	$	331,151,709	$	352,284,189

(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 the balance outstanding under the Credit Facility as of March 31, 2016. The Credit Facility matures in July 2018 and may be extended for one year at the Company’s election, subject to certain conditions.

Senior Unsecured Notes [Member]

Schedule of Maturities of Long-term Debt [Table Text Block]

The following table presents the Senior Unsecured Notes balance net of unamortized debt issuance costs as of March 31, 2016 and 2015:

	March 31,2016
	(Unaudited)		December 31, 2015
2025 Senior Unsecured Note	$	50,000,000	$	50,000,000
2027 Senior Unsecured Note		50,000,000		50,000,000
Total Principal		100,000,000		100,000,000
Unamortized debt issuance costs		(823,420)		(610,380)
Total	$	99,176,580	$	99,389,620

Unsecured Debt [Member]

Schedule of Maturities of Long-term Debt [Table Text Block]

The following table presents the Unsecured Term Loans balance net of unamortized debt issuance costs as of March 31, 2016 and 2015:

	March 31, 2016
	(Unaudited)		December 31, 2015
2020 Term Loan	$	35,000,000	$	35,000,000
2021 Term Loan		65,000,000		65,000,000
Total Principal		100,000,000		100,000,000
Unamortized debt issuance costs		(579,298)		(843,849)
Total	$	99,420,702	$	99,156,151