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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Real estate assets and lease intangibles:    
Land $ 49,767,558 $ 51,274,462
Buildings and improvements 187,302,412 190,274,191
Tenant improvements 21,251,289 21,473,750
Lease intangibles 13,602,080 13,811,291
Real estate assets and lease intangibles, cost 271,923,339 276,833,694
Accumulated depreciation and amortization (37,499,165) (36,311,485)
Real estate assets and lease intangibles, net 234,424,174 240,522,209
Cash and cash equivalents 4,534,501 3,116,147
Restricted cash 3,488,094 4,271,648
Deferred leasing costs, net 1,808,790 1,920,091
Goodwill 2,423,000 2,423,000
Other assets, net 5,301,862 5,745,982
TOTAL ASSETS 251,980,421 257,999,077
Liabilities:    
Mortgage notes payable, net 155,737,232 158,886,111
Accounts payable and accrued liabilities 6,170,649 6,066,068
Accrued real estate taxes 1,700,105 2,318,990
Dividends payable 1,198,631 1,171,924
Below-market leases, net 1,612,631 1,698,086
Total liabilities 197,781,116 202,249,447
Commitments and contingencies
Equity:    
Additional paid-in capital 150,096,133 149,539,782
Dividends in excess of accumulated losses (109,407,025) (106,623,957)
Total stockholders' equity before noncontrolling interest 40,864,710 43,090,853
Noncontrolling interest 13,334,595 12,658,777
Total equity 54,199,305 55,749,630
TOTAL LIABILITIES AND EQUITY 251,980,421 257,999,077
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; 31,700 and 32,700 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively, net 31,361,868 32,108,268
Common Class A [Member]    
Equity:    
Common stock series A, $0.01 par value, shares authorized: 100,000,000; 17,560,083 and 17,202,228 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively $ 175,602 $ 175,028