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Consolidated Balance Sheets (USD $)
Dec. 31, 2013
Dec. 31, 2012
Assets [Abstract]    
Real estate assets and lease intangibles, net $ 159,455,162 $ 165,638,719
Cash and cash equivalents 10,207,001 10,746,536
Restricted cash 1,355,277 1,113,123
Deferred leasing and finance costs, net 2,649,273 2,123,108
Other real estate owned 900,000 900,000
Other assets, net 6,678,669 4,610,507
TOTAL ASSETS 181,245,382 185,131,993
Liabilities:    
Mortgage notes payable 89,551,724 92,480,363
Accounts payable and accrued liabilities 4,585,120 4,126,771
Dividends payable 1,240,455 1,142,191
Total liabilities 95,377,299 97,749,325
Commitments and contingencies      
Shareholders' equity:    
Additional paid-in capital 141,494,883 134,884,312
Dividends in excess of accumulated losses (71,226,974) (58,337,457)
Total shareholders' equity before noncontrolling interest 70,432,662 76,704,545
Noncontrolling interest 15,435,421 10,678,123
Total shareholders' equity 85,868,083 87,382,668
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 181,245,382 185,131,993
Convertible Series AA Preferred Stock [Member]
    
Shareholders' equity:    
Preferred stock 0 0
Redeemable Convertible Series 6.3% Preferred Stock [Member]
    
Shareholders' equity:    
Preferred stock 16 16
Common Class A [Member]
    
Shareholders' equity:    
Common stock 164,737 157,674
Common Class B [Member]
    
Shareholders' equity:    
Common stock $ 0 $ 0