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TAXABLE INCOME AND TAX BASIS (Details) (USD $) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010
TAXABLE INCOME AND TAX BASIS |  |  |  |  |  |  |  |  |  |  |
Excess amount of taxable income over statement income |  |  |  |  |  |  |  |  | $ 530,000 |  |
Excess amount of cumulative statement basis over cumulative taxable basis | 12,000,000 |  |  |  |  |  |  |  | 12,000,000 |  |
Excess amount of statement income from joint venture investments over taxable income |  |  |  |  |  |  |  |  | 1,700,000 |  |
Reconciliation of GAAP net income to taxable income |  |  |  |  |  |  |  |  |  |  |
Financial statement ("book") net income (loss) | 1,185,131 | 774,453 | 1,047,261 | 626,953 | 568,257 | 456,926 | 8,093,285 | 172,812 | 3,633,798 | 9,291,281 | (1,359,232)
Book/Tax differences from depreciation and amortization |  |  |  |  |  |  |  |  | 51,000 | (1,024,000) | (643,000)
Book/Tax differences on tax free exchanges |  |  |  |  |  |  |  |  | 266,000 | (7,707,000) |
Book/Tax differences from Investment Properties |  |  |  |  |  |  |  |  | 198,000 | (161,000) | 403,000
Increase (Decrease) in prepaid rent and allowances |  |  |  |  |  |  |  |  | (40,000) | 29,000 | (204,000)
Other |  |  |  |  |  |  |  |  | 57,000 | 7,000 |
Taxable income (loss) |  |  |  |  |  |  |  |  | $ 4,166,000 | $ 435,000 | $ (1,803,000)

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