Discontined Operations (Tables)

12 Months Ended

Dec. 31, 2013

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

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



	2013		2012		2011
Rental Revenues	$	807,924	$	5,843,173	$	5,908,454
Expenses	542,703		5,017,505		5,156,262
Income from continuing operations of the discontinued operations	265,221		825,668		752,192
Gain on sale of discontinued operations	3,177,183		1,406,608		—
Net income from discontinued operations	$	3,442,404	$	2,232,276	$	752,192

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



	December 31, 2012
Cash and cash equivalents	$	158,727
Restricted cash	4,035,360
Land and land improvements	3,828,345
Buildings and improvements	28,316,081
Real estate assets before accumulated depreciation	32,144,426
Accumulated depreciation	(5,208,176		)
Net real estate assets	26,936,250
Other assets	1,450,090
Total assets from discontinued operations	32,580,427
Accounts payable and accrued expenses	1,531,462
Mortgage payable	—
Total liabilities from discontinued operations	1,531,462
Net assets of discontinued operations	$	31,048,965

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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