Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2015

Discontinued Operations [Abstract]

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

The following presents the net assets reported as assets held for sale on:

	December 31, 2014
Cash and cash equivalents	$	35,772
Restricted cash		544,233
Land and land improvements		1,836,400
Buildings and improvements		21,204,047
Real estate assets before accumulated depreciation		23,040,447
Accumulated depreciation		(10,583,647	)
Net real estate assets		12,456,800
Other assets		167,210
Total assets from discontinued operations		13,204,015
Accounts payable and accrued expenses		503,743
Mortgage payable		-
Total liabilities from discontinued operations		503,743
Net assets of discontinued operations	$	12,700,272

The following presents the revenues, expenses and income from discontinued operations:

	2015		2014		2013
Rental revenues	$	2,952,383	$	3,180,680	$	3,802,805
Expenses		2,394,074		3,127,907		3,648,937
Income from continuing operations of the discontinued operations		558,309		52,773		153,868
Gain on sale of discontinued operations		3,163,088		-		3,177,183
Net income from discontinued operations	$	3,721,397	$	52,773	$	3,331,051