Lease Intangibles (Tables)

9 Months Ended

Sep. 30, 2012

Lease Intangibles [Abstract]

Schedule of intangible assets and accumulated amortization

As of September 30, 2012	Lease Intangibles			Accumulated Amortization			Lease Intangibles, net
In-place leases	$	9,616,754		$	(2,133,701	)	$	7,483,053
Above-market leases		1,705,820			(206,905	)		1,498,915
Below-market leases		(1,153,421	)		243,592			(909,829	)
	$	10,169,153		$	(2,097,014	)	$	8,072,139
As of December 31, 2011	Lease Intangibles			Accumulated Amortization			Lease Intangibles, net
In-place leases	$	7,250,261		$	(1,523,986	)	$	5,726,275
Above-market leases		1,588,281			(136,702	)		1,451,579
Below-market leases		(688,844	)		169,539			(519,305	)
	$	8,149,698		$	(1,491,149	)	$	6,658,549

Schedule of estimated aggregate amortization expense

Years ending September 30,	Amount
2013	$	886,240
2014		886,240
2015		886,240
2016		886,240
2017		886,240
Thereafter		3,640,939
	$	8,072,139