XML 44 R29.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Derivative Instruments and Hedging Activity (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
|  | Number of Instruments |  | Notional |
|  | December 31, |  | December 31, |  | December 31, |  | December 31, |
Interest Rate Derivatives |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Interest Rate Swap |  |  | 4 |  |  | 4 |  | $ | 145,740,838 |  | $ | 146,398,078 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheets.
|  | Asset Derivatives |
|  | December 31, 2015 |  | December 31, 2014 |
|  | Balance Sheet |  |  |  |  | Balance Sheet |  |  |  |
|  | Location |  | Fair Value |  | Location |  | Fair Value |
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  | Other Assets |  | $ | 98,562 |  | Other Assets |  | $ | 274,013 |
|  | Liability Derivatives |
|  | December 31, 2015 |  | December 31, 2014 |
|  | Balance Sheet |  |  |  |  | Balance Sheet |  |  |  |
|  | Location |  | Fair Value |  | Location |  | Fair Value |
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  | Other Liabilities |  | $ | 3,301,108 |  | Other Liabilities |  | $ | 2,383,308 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and other comprehensive loss for the years ended December 31, 2015 and 2014.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Amount of Loss Recognized in Income on Derivative |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Location of Loss |  | (Ineffective |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recognized In |  | Portion and |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Income of |  | Amount |
|  |  |  |  |  |  |  | Location of |  |  |  |  |  |  |  | Derivative |  | Excluded from |
|  |  |  |  |  |  |  | Income/(Loss) |  |  |  |  |  |  |  | (Ineffective Portion |  | Effectiveness |
Derivatives in |  |  |  |  |  |  |  | Reclassifed from |  |  |  |  |  |  |  | and Amount |  | Testing and |
Cash Flow |  |  |  |  |  |  |  | Accumulated OCI |  | Amount of Income/(Loss) Reclassified |  | Excluded from |  | Missed |
Hedging |  | Amount of Income/(Loss) Recognized |  | into Income |  | from Accumulated OCI into Expense |  | Effectiveness |  | Forecasted |
Relationships |  | in OCI on Derivative (Effective Portion) |  | (Effective Portion) |  | (Effective Portion) |  | Testing) |  | Transactions) |
|  |  | 2015 |  |  | 2014 |  |  |  |  | 2015 |  |  | 2014 |  |  |  |  |  | 2015 |  |  | 2014 |
Interest rate swaps |  | $ | (1,093,251) |  | $ | (2,583,832) |  | Interest Expense |  | $ | (2,796,000) |  | $ | (1,875,420) |  |  |  |  | $ | - |  | $ | - |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration