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Real Estate Held For Sale and Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2015

Real Estate Held For Sale and Discontinued Operations [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The following summary presents the major components of real estate held for sale and liabilities related to real estate held for sale as of March 31, 2015 and December 31, 2014:

			2015		2014
Real estate assets		$	32,624,770	$	32,637,520
Less: accumulated depreciation			(3,695,491)		(3,529,845)
Real estate assets, net			28,929,279		29,107,675
Other assets			969,197		895,831
	Total assets	$	29,898,476	$	30,003,506

Mortgage notes payable		$	16,833,662	$	17,260,387
Other liabilities			263,132		163,092
	Total liabilities	$	17,096,794	$	17,423,479

The following table summarizes certain revenue and expenses related to these properties for the three months ended March 31, 2015 and 2014:

		2015		2014

Rental revenues	$	789,483	$	783,707
Fee and other income		103,494		76,880
Rental operating expenses		(480,960)		(406,757)
Depreciation		(165,646)		(167,269)
Interest expense		(216,067)		(220,879)
Discontinued operations before non-controlling interests	$	30,304	$	65,682

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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