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Consolidated Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
Assets [Abstract]    
Real estate assets and lease intangibles, net $ 162,358,183 $ 147,754,887
Mortgages receivable 1,030,513 1,032,082
Cash And Cash Equivalents At Carrying Value 1,317,090 4,872,081
Restricted cash 696,109 966,687
Other real estate owned 2,178,531 2,178,531
Other assets, net 4,950,277 4,847,663
TOTAL ASSETS 172,530,703 161,651,931
Liabilities:    
Mortgage notes payable 78,824,047 65,929,797
Accounts payable and accrued liabilities 4,341,659 4,001,055
Dividends payable 1,122,806 1,008,699
Total liabilities 84,288,512 70,939,551
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 16
Common stock series A, $0.01 par value, shares authorized: 100,000,000; 155,033 152,881
Common stock series B, no par value, shares authorized: 1,000; no shares issued and outstanding 0 0
Additional paid-in capital 132,437,425 130,416,731
Dividends in excess of accumulated losses (52,967,076) (47,777,886)
Total shareholders' equity before noncontrolling interest 79,625,398 82,791,742
Noncontrolling interest 8,616,793 7,920,638
Total shareholders' equity 88,242,191 90,712,380
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 172,530,703 $ 161,651,931