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Condensed Consolidated Balance Sheets (USD $)
Sep. 30, 2011
Dec. 31, 2010
Assets [Abstract]  
Real estate assets, net$ 130,214,202$ 117,125,419
Lease intangibles, net1,673,8081,289,607
Land purchase option1,370,0001,370,000
Mortgages receivable and interest1,032,818920,216
Cash And Cash Equivalents At Carrying Value5,233,9857,028,090
Restricted cash690,204299,042
Other real estate owned2,178,5322,178,532
Other assets, net4,507,2323,105,056
TOTAL ASSETS146,900,781133,315,962
Liabilities:  
Mortgage notes payable58,568,16449,244,787
Accounts payable and accrued liabilities3,796,5123,499,118
Dividends payable967,927816,782
Total liabilities63,332,60353,560,687
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 $1,255,00000
Common stock series A, $0.01 par value, shares authorized: 100,000,000;136,657124,298
Common stock series B, no par value, shares authorized: 1,000; no shares issued and outstanding00
Additional paid-in capital114,926,661104,462,606
Dividends in excess of accumulated losses(38,624,313)(31,304,801)
Total shareholders' equity before noncontrolling interest76,439,00573,282,103
Noncontrolling interest7,129,1736,473,172
Total shareholders' equity83,568,17879,755,275
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$ 146,900,781$ 133,315,962