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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 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 December 31, 2015.
Asset: |  | Level 1 |  | Level 2 |  | Level 3 |  | Carrying Value |
Interest rate swaps |  | $ | - |  | $ | 98,562 |  | $ | - |  | $ | 98,562 |
Liability: |  | Level 1 |  | Level 2 |  | Level 3 |  | Carrying Value |
Interest rate swaps |  | $ | - |  | $ | 3,301,108 |  | $ | - |  | $ | 3,301,108 |
Mortgage notes payable |  | $ | - |  | $ | - |  | $ | 105,033,267 |  | $ | 101,584,368 |
Unsecured term loans |  | $ | - |  | $ | - |  | $ | 97,741,973 |  | $ | 100,000,000 |
Senior unsecured notes |  | $ | - |  | $ | - |  | $ | 99,645,428 |  | $ | 100,000,000 |
Revolving credit facility |  | $ | - |  | $ | 18,000,000 |  | $ | - |  | $ | 18,000,000 |
The table below sets forth the Company’s fair value hierarchy for liabilities measured or disclosed at fair value as of December 31, 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 |
Unsecured term loans |  | $ | - |  | $ | - |  | $ | 97,918,642 |  | $ | 100,000,000 |
Revolving credit facility |  | $ | - |  | $ | 15,000,000 |  | $ | - |  | $ | 15,000,000 |

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