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Derivative Instruments and Hedging Activity (Tables)

6 Months Ended

Jun. 30, 2016

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
		June 30,			December 31,			June 30,			December 31,
Interest Rate Derivatives		2016			2015			2016			2015
Interest Rate Swap			5			4		$	187,268,358		$	145,740,838

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

June 30, 2016

December 31, 2015

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Derivatives designated as cash flow hedges:

Interest Rate Swaps

Other Assets

$

–

Other Assets

$

98,562

Liability Derivatives

June 30, 2016

December 31, 2015

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Derivatives designated as cash flow hedges:

Interest Rate Swaps

Other Liabilities

$

7,815,472

Other Liabilities

$

3,301,108

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 three and six months ending June 30, 2016 and 2015.

										Location of Income/(Loss) Reclassifed from
										Accumulated OCI into Income (Effective
		Derivatives in Cash Flow Hedging Relationships		Amount of Income/(Loss) Recognized in OCI on Derivative (Effective Portion)						Portion)		Amount of Income/(Loss) Reclassified from Accumulated OCI into Expense (Effective Portion)
				2016			2015					2016			2015
Three months ended June 30
		Interest rate swaps		$	(1,677,250)		$	1,621,177		Interest Expense		$	(533,368)		$	(629,100)
Six months ended June 30
		Interest rate swaps		$	(4,612,926)		$	(390,650)		Interest Expense		$	(1,194,264)		$	(1,405,448)

Offsetting Assets And Liabilities [Table Text Block]

The gross amounts of derivative assets or liabilities can be reconciled to the Tabular Disclosure of Fair Values of Derivative Instruments above, which also provides the location that derivative assets and liabilities are presented on the consolidated balance sheets:

Offsetting of Derivative Assets

As of June 30, 2016

Gross Amounts Not Offset in the Statement of Financial Position

Gross Amounts Offset in the

Net Amounts of Assets

Gross Amounts of Recognized

Statement of Financial

presented in the statement of

Assets

Position

Financial Position

Financial Instruments

Cash Collateral Received

Net Amount

Derivatives

$

-

$

-

$

-

$

-

$

-

$

-

Offsetting of Derivative Liabilities
As of June 30, 2016
											Gross Amounts Not Offset in the Statement of Financial Position
					Gross Amounts Offset in			Net Amounts of Liabilities
		Gross Amounts of			the Statement of Financial			presented in the statement
		Recognized Liabilities			Position			of Financial Position			Financial Instruments			Cash Collateral Received			Net Amount
Derivatives		$	7,815,472		$	-		$	7,815,472		$	-		$	-		$	7,815,472

Offsetting of Derivative Assets
As of December 31, 2015
											Gross Amounts Not Offset in the Statement of Financial Position
					Gross Amounts Offset in the			Net Amounts of Assets
		Gross Amounts of Recognized			Statement of Financial			presented in the statement of			Financial Instruments
		Assets			Position			Financial Position			Financial Instruments			Cash Collateral Received			Net Amount
Derivatives		$	98,562		$	-		$	98,562		$	-		$	-		$	98,562

Offsetting of Derivative Liabilities
As of December 31, 2015
											Gross Amounts Not Offset in the Statement of Financial Position
					Gross Amounts Offset in the			Net Amounts of Liabilities
		Gross Amounts of Recognized			Statement of Financial			presented in the statement of
		Liabilities			Position			Financial Position			Financial Instruments			Cash Collateral Received			Net Amount
Derivatives		$	3,301,108		$	-		$	3,301,108		$	-		$	-		$	3,301,108

    

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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=64837297&loc=SL5624171-113959

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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=64837297&loc=SL5624163-113959

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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=64837297&loc=SL5579245-113959

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