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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues:        
Property revenues $ 2,403,142 $ 3,306,722 $ 4,739,654 $ 7,036,500
Investment income 12,249,035 12,174,215 25,627,521 23,644,401
Contingent interest income   86,567   219,217
Other interest income 1,058,688 666,796 1,801,724 1,311,933
Other income 74,300   74,300 62,637
Total revenues 15,785,165 16,234,300 32,243,199 32,274,688
Expenses:        
Real estate operating (exclusive of items shown below) 1,290,487 1,621,084 2,685,980 4,105,300
Impairment of securities 831,062   831,062  
Depreciation and amortization 921,816 1,270,379 1,828,131 2,863,205
Amortization of deferred financing costs 430,687 562,585 895,459 1,302,823
Interest expense 5,918,867 5,841,327 10,801,172 11,283,580
General and administrative 3,041,125 2,876,450 5,852,970 6,007,330
Total expenses 12,434,044 12,171,825 22,894,774 25,562,238
Other Income:        
Gain (loss) on sale of real estate assets, net   (16,075)   7,152,512
Income before income taxes 3,351,121 4,046,400 9,348,425 13,864,962
Income tax expense (benefit) 13,000 (63,000) 6,000 2,395,047
Net income 3,338,121 4,109,400 9,342,425 11,469,915
Net income attributable to noncontrolling interest       71,653
Partnership net income 3,338,121 4,109,400 9,342,425 11,398,262
Redeemable Series A preferred unit distributions and accretion (717,762) (432,550) (1,435,525) (757,192)
Net income available to Partners 2,620,359 3,676,850 7,906,900 10,641,070
Net income available to Partners and noncontrolling interest allocated to:        
General Partner 26,204 35,139 79,069 1,182,211
Net income attributable to noncontrolling interest       71,653
Net income available to Partners and noncontrolling interest $ 2,620,359 $ 3,676,850 $ 7,906,900 $ 10,712,723
Unitholders' interest in net income per Unit, basic and diluted $ 0.04 $ 0.06 $ 0.13 $ 0.16
Distributions declared, per Unit $ 0.125 $ 0.125 $ 0.25 $ 0.25
Weighted average number of Units outstanding, basic 59,937,300 59,862,969 60,030,817 59,950,328
Weighted average number of Units outstanding, diluted 59,937,300 59,862,969 60,030,817 59,950,328
Unitholders [Member]        
Net income available to Partners and noncontrolling interest allocated to:        
Limited Partners $ 2,530,332 $ 3,594,529 $ 7,729,733 $ 9,389,231
Restricted Unitholders [Member]        
Net income available to Partners and noncontrolling interest allocated to:        
Limited Partners $ 63,823 $ 47,182 $ 98,098 $ 69,628