XML 34 R23.htm IDEA: XBRL DOCUMENT v3.4.0.3
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2016
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 March 31, 2016.
 
Liability:
 
Level 1
 
Level 2
 
Level 3
 
Carrying Value
 
Interest rate swaps
 
$
-
 
$
6,138,222
 
$
-
 
$
6,138,222
 
Mortgage notes payable
 
$
-
 
$
-
 
$
94,526,385
 
$
92,284,189
 
Unsecured term loans
 
$
-
 
$
-
 
$
100,008,610
 
$
100,000,000
 
Senior unsecured notes
 
$
-
 
$
-
 
$
99,685,161
 
$
100,000,000
 
Revolving credit facility
 
$
-
 
$
60,000,000
 
$
-
 
$
60,000,000