Discontined Operations (Tables)

3 Months Ended

Mar. 31, 2013

Discontinued Operations [Abstract]

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

The following represents the components of the assets and liabilities of the discontinued operations:

	March 31, 2013			December 31, 2012
Cash and cash equivalents	$	50,882		$	158,727
Restricted cash	1,089,020			4,035,360
Land	1,748,481			3,828,345
Buildings and improvements	7,815,832			28,316,081
Real estate assets before accumulated depreciation	9,564,313			32,144,426
Accumulated depreciation	(1,332,596		)	(5,208,176		)
Net real estate assets	8,231,717			26,936,250
Other assets	591,620			1,450,090
Total assets from discontinued operations	9,963,239			32,580,427
Accounts payable and accrued expenses	115,668			1,531,462
Total liabilities from discontinued operations	115,668			1,531,462
Net assets of discontinued operations	$	9,847,571		$	31,048,965

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

	For Three Months Ended March 31,
	2013		2012
Rental revenues	$	347,143	$	1,557,633
Expenses	189,651		1,322,485
Income from continuing operations of the discontinued operations	157,492		235,148
Gain on sale of discontinued operations	1,775,527		—
Net income from discontinued operations	$	1,933,019	$	235,148