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Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
Assets [Abstract]    
Real estate assets and lease intangibles, net $ 147,754,887 $ 119,785,026
Mortgages receivable 1,032,082 920,216
Cash And Cash Equivalents At Carrying Value 4,872,081 7,028,090
Restricted cash 966,687 299,042
Other real estate owned 2,178,531 2,178,532
Other assets, net 4,847,663 3,105,056
TOTAL ASSETS 161,651,931 133,315,962
Liabilities:    
Mortgage notes payable 65,929,797 49,244,787
Accounts payable and accrued liabilities 4,001,055 3,499,118
Dividends payable 1,008,699 816,782
Total liabilities 70,939,551 53,560,687
Commitments and contingencies 0 0
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
Convertible Preferred Stock 16 0
Common stock series A, $0.01 par value, shares authorized: 100,000,000; 152,881 124,298
Common stock series B, no par value, shares authorized: 1,000; no shares issued and outstanding 0 0
Additional paid-in capital 130,416,731 104,462,606
Dividends in excess of accumulated losses (47,777,886) (31,304,801)
Total shareholders' equity before noncontrolling interest 82,791,742 73,282,103
Noncontrolling interest 7,920,638 6,473,172
Total shareholders' equity 90,712,380 79,755,275
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 161,651,931 $ 133,315,962