Series B Preferred Stock	9 Months Ended
Sep. 30, 2014
Series B Preferred Stock [Abstract]
Series B Preferred Stock	5. SERIES B PREFERRED STOCK In August 2014, the Company closed on a private placement transaction of up to $40 million. The investment will be made in a series of capital contributions to be used for investor approved property acquisitions. The initial investment of $15 million dollars was made at the close of the transaction and an additional investment of $25 million dollars will be made on or before the one year anniversary of the initial investment. The Company issued 15,000 shares of its Series B Preferred Stock at the close of the transaction in exchange for the $15 million investment. The Series B preferred stock has a $0.01 par value and a $1,000 liquidation preference. The Series B preferred stock shall be redeemed through a cash payment of the face value of the shares outstanding at redemption. The preferred return on the funds invested is 14% (10% shall be paid on a monthly basis and the remaining 4% shall accrue and compound monthly payable at the redemption date). The preferred stock must be redeemed by the third anniversary closing date; however, the Company shall have the right to extend a redemption for up to two additional years. The Company has classified the Series B Preferred Stock as long-term debt because of the mandatory redemption feature. The Company incurred approximately $2.7 million in legal and underwriting costs. These costs have been capitalized and will be amortized to interest and amortization of issuance costs - Series B preferred stock over the three year term of the agreement. Certain specified management decisions must be approved in advance by the Series B Preferred Investor. In addition, upon the occurrence of an Event of Default, as defined in the Investor Agreement, the Investor has certain rights including the resignation of any or all of the existing members of the Board of Directors and electing a majority of the Board of Directors.

5. SERIES B PREFERRED STOCK

In August 2014, the Company closed on a private placement transaction of up to $40 million. The investment will be made in a series of capital contributions to be used for investor approved property acquisitions. The initial investment of $15 million dollars was made at the close of the transaction and an additional investment of $25 million dollars will be made on or before the one year anniversary of the initial investment. The Company issued 15,000 shares of its Series B Preferred Stock at the close of the transaction in exchange for the $15 million investment. The Series B preferred stock has a $0.01 par value and a $1,000 liquidation preference. The Series B preferred stock shall be redeemed through a cash payment of the face value of the shares outstanding at redemption. The preferred return on the funds invested is 14% (10% shall be paid on a monthly basis and the remaining 4% shall accrue and compound monthly payable at the redemption date). The preferred stock must be redeemed by the third anniversary closing date; however, the Company shall have the right to extend a redemption for up to two additional years. The Company has classified the Series B Preferred Stock as long-term debt because of the mandatory redemption feature.

The Company incurred approximately $2.7 million in legal and underwriting costs. These costs have been capitalized and will be amortized to interest and amortization of issuance costs - Series B preferred stock over the three year term of the agreement.

Certain specified management decisions must be approved in advance by the Series B Preferred Investor. In addition, upon the occurrence of an Event of Default, as defined in the Investor Agreement, the Investor has certain rights including the resignation of any or all of the existing members of the Board of Directors and electing a majority of the Board of Directors.