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Consolidated Balance Sheets - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Real estate assets and lease intangibles:    
Land $ 50,613,432 $ 49,965,418
Buildings and improvements 183,376,708 177,360,584
Tenant improvements 20,209,844 19,876,549
Lease intangibles 13,845,100 13,845,100
Real estate assets and lease intangibles, cost 268,045,084 261,047,651
Accumulated depreciation and amortization (32,455,354) (29,961,472)
Real estate assets and lease intangibles, net 235,589,730 231,086,179
Cash and cash equivalents 5,371,721 6,626,423
Restricted cash 6,105,171 6,759,786
Deferred leasing costs, net 1,642,783 1,483,014
Goodwill 2,423,000 2,423,000
Other assets, net 6,136,444 5,895,991
TOTAL ASSETS 257,268,849 254,274,393
Liabilities:    
Mortgage notes payable, net 146,922,765 142,638,401
Accounts payable and accrued liabilities 7,285,465 7,458,761
Accrued real estate taxes 2,342,853 2,401,770
Dividends payable 1,097,453 1,063,454
Below-market leases, net 2,034,321 2,154,479
Total liabilities $ 193,330,327 $ 189,110,736
Commitments and contingencies
Equity:    
Additional paid-in capital $ 147,340,303 $ 146,712,853
Dividends in excess of accumulated losses (96,658,134) (93,821,328)
Total stockholders' equity before noncontrolling interest 50,854,853 53,063,548
Noncontrolling interest 13,083,669 12,100,109
Total equity 63,938,522 65,163,657
TOTAL LIABILITIES AND EQUITY 257,268,849 254,274,393
Redeemable Convertible Preferred Stock Series B    
Liabilities:    
Mandatorily redeemable Series B Preferred Stock, net, $0.01 par value, $1,000 liquidating preference; shares authorized: 35,000; 35,000 shares issued and outstanding at March 31, 2016 and December 31, 2015 33,647,470 33,393,871
Common Class A [Member]    
Equity:    
Common stock series A, $0.01 par value, shares authorized: 100,000,000; 17,268,323 and 17,202,228 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively $ 172,684 $ 172,023