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Fair Value Measurements (Tables)
 12 Months Ended
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