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Condensed Consolidated Balance Sheets (USD $)
Jun. 30, 2011
Dec. 31, 2010
Assets [Abstract]    
Real estate assets, net $ 123,608,307 $ 117,125,419
Lease intangibles, net 1,636,274 1,289,607
Land purchase option 1,370,000 1,370,000
Mortgages receivable and interest 1,033,491 920,216
Cash And Cash Equivalents At Carrying Value 8,418,117 7,028,090
Restricted cash 379,023 299,042
Other real estate owned 2,178,532 2,178,532
Other assets, net 4,259,059 3,105,056
TOTAL ASSETS 142,882,803 133,315,962
Liabilities:    
Mortgage notes payable 56,343,880 49,244,787
Accounts payable and accrued liabilities 3,560,726 3,499,118
Dividends payable 916,878 816,782
Total liabilities 60,821,484 53,560,687
Shareholders' equity:    
Convertible series AA preferred stock, no par value, $25 liquidating preference, shares authorized: 1,000,000; no shares issued and outstanding liquidating value of $1,255,000 0 0
Common stock series A, $0.01 par value, shares authorized: 100,000,000; 132,334 124,298
Common stock series B, no par value, shares authorized: 1,000; no shares issued and outstanding 0 0
Additional paid-in capital 111,324,416 104,462,606
Dividends in excess of accumulated losses (36,276,431) (31,304,801)
Total shareholders' equity before noncontrolling interest 75,180,319 73,282,103
Noncontrolling interest 6,881,000 6,473,172
Total shareholders' equity 82,061,319 79,755,275
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 142,882,803 $ 133,315,962