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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Real estate assets and lease intangibles:    
Land $ 50,054,723 $ 49,965,418
Buildings and improvements 181,689,129 177,360,584
Tenant improvements 21,385,755 19,876,549
Lease intangibles 13,811,291 13,845,100
Real estate assets and lease intangibles, cost 266,940,898 261,047,651
Accumulated depreciation and amortization (34,614,991) (29,961,472)
Real estate assets and lease intangibles, net 232,325,907 231,086,179
Cash and cash equivalents 5,518,204 6,626,423
Restricted cash 4,632,939 6,759,786
Deferred leasing costs, net 1,766,550 1,483,014
Goodwill 2,423,000 2,423,000
Other assets, net 5,595,570 5,895,991
TOTAL ASSETS 252,262,170 254,274,393
Liabilities:    
Mortgage notes payable, net 146,851,579 142,638,401
Accounts payable and accrued liabilities 6,049,642 7,458,761
Accrued real estate taxes 1,596,026 2,401,770
Dividends payable 1,144,320 1,063,454
Below-market leases, net 1,920,339 2,154,479
Total liabilities 191,162,976 189,110,736
Commitments and contingencies
Equity:    
Additional paid-in capital 147,915,568 146,712,853
Dividends in excess of accumulated losses (99,322,201) (93,821,328)
Total stockholders' equity before noncontrolling interest 48,766,556 53,063,548
Noncontrolling interest 12,332,638 12,100,109
Total equity 61,099,194 65,163,657
TOTAL LIABILITIES AND EQUITY 252,262,170 254,274,393
Redeemable Convertible Preferred Stock Series B [Member]    
Liabilities:    
Mandatorily redeemable Series B Preferred Stock, net, $0.01 par value, $1,000 liquidating preference; shares authorized: 35,000; 34,700 and 35,000 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 33,601,070 33,393,871
Common Class A [Member]    
Equity:    
Common stock series A, $0.01 par value, shares authorized: 100,000,000; 17,318,848 and 17,202,228 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively $ 173,189 $ 172,023