Mortgage Notes Payable (Tables)

9 Months Ended

Sep. 30, 2012

Mortgage Notes Payable [Abstract]

Schedule of mortgage notes payable

Maturity Date	Property Name (a)	Interest Rate Per Annum			Principal Balance At
					September 30, 2012		December 31, 2011
Residential Properties
October-17	Auburn II (Arneson)		6.30	%	$	638,279	$	645,938
October-17	Hunter's Run I (Arneson)		6.30	%		306,982		310,665
July-16	Autumn Ridge 3 &4		4.50	%		3,467,019		3,551,730
January-16	Autumn Ridge 1 & 2		5.74	%		2,940,485		2,981,073
December-13	Bayview		6.73	%		2,049,872		2,100,796
June-18	Berkshire		5.25	%		330,301		337,723
September-21	Brookfield		3.75	%		1,551,590		1,657,972
September-36	Carling Manor		4.40	%		554,993		564,533
December-13	Carlton 1 - 3		5.60	%		2,202,579		2,241,563
June-13	Carlton Place		6.96	%		1,936,723		1,986,250
January-16	Colony Manor		5.96	%		—		869,372
February-17	Colony Manor		3.63	%		860,903		—
September-14	Columbia West		7.80	%		1,456,992		1,487,005
November-24	Country Club		4.37	%		674,032		705,271
October-19	Danbury		5.03	%		3,129,953		3,182,862
March-17	Eagle Run		3.95	%		4,868,768		4,955,117
June-18	Emerald Court		5.25	%		675,636		690,771
March-17	Fairview		3.95	%		3,341,952		3,386,596
June-13	Flickertail		6.96	%		2,848,125		2,920,958
December-17	Galleria III		4.75	%		649,578		660,752
August-16	Glen Pond		6.30	%		16,478,712		16,694,344
March-17	Hunter		3.95	%		1,244,538		1,266,694
September-14	Islander		6.00	%		510,109		522,787
December-17	Library Lane		6.10	%		1,957,780		1,981,723
May-21	Maple Ridge		5.69	%		4,427,791		4,469,145
March-17	Maplewood Bend		3.95	%		3,535,403		3,597,985
September-17	Oak Court		5.98	%		1,899,516		1,919,916
October-15	Parkwood		5.96	%		—		977,791
February-17	Parkwood		3.63	%		1,264,878		—
January-13	Pebble Creek		5.72	%		2,547,087		2,595,793
June-18	Prairiewood Courts		5.25	%		1,632,406		1,668,991
October-20	Prairiewood Meadows		6.17	%		2,435,869		—
December-13	Richfield/Harrison		6.67	%		2,599,833		2,664,804
September-17	Rosegate		5.93	%		2,420,609		2,446,864
September-36	Saddlebrook		4.40	%		1,141,669		1,161,291
August-19	Sierra Ridge Phase I		5.46	%		2,746,181		2,790,426
November-19	Sierra Ridge Phase II		5.92	%		3,444,619		3,491,138	(b)
December-12	Somerset		5.60	%		—		1,889,144
July-21	Southgate		5.96	%		3,095,884		3,139,094

Maturity Date	Property Name (a)	Interest Rate Per Annum			Principal Balance At
					September 30, 2012			December 31, 2011
August-16	Southview III		4.50	%	$	243,449		$	247,617
December-17	Southview Villages		6.10	%		2,140,226			2,166,400
April-15	Stonybrook		5.40	%		5,710,409			5,786,446
January-22	Sunset Ridge		4.44	%		9,337,876			9,435,000
May-19	Sunview		5.75	%		1,268,264			1,289,752
January-13	Sunwood Estates		7.18	%		—			1,858,047
June-19	Terrace on the Green		6.53	%		2,196,837			—
March-14	Twin Parks		5.75	%		—			1,660,966	(d)
May-19	Village		5.75	%		1,119,023			1,137,984
July-16	Village Park		6.15	%		917,180			936,141
June-18	Westwind		5.25	%		375,751			384,163
March-17	Westwood		3.95	%		5,279,631			5,409,723
July-13	Willow Park		6.96	%		2,551,722			2,616,412
June-15	EV-Bismarck		5.64	%		15,051,113			15,327,299
Commercial Properties
September-17	Guardian Building Products		3.45	%		2,415,000			—
November-16	Titan Machinery - Dickinson, ND		4.23	%		423,719			—
January-17	Titan Machinery - Marshall, MN		4.55	%		2,385,871			2,445,391
August-17	Titan Machinery - Minot, ND		3.29	%		1,833,863			—
March-16	Bio-life Properties - ND, MN, WI (9 total)		7.56	%		10,199,470			10,942,103
December-16	Bio-life Properties - Marquette, MI		7.06	%		1,458,742			1,566,954
August-17	Aetna		5.93	%		7,095,207			7,178,722
August-22	Banner Building		7.04	%		See	(e)		5,052,762
December-13	CFB		4.00	%		2,356,988			2,401,144
February-15	Echelon		4.25	%		1,238,693			1,286,104
April-18	Gate City		3.97	%		1,093,396			1,114,788	(c)
September-20	Goldmark Office Park		5.33	%		5,358,848			5,753,990
August-13	Grand Forks Marketplace		5.26	%		See	(e)		5,974,655
April-20	Great American Building		7.25	%		1,113,412			1,136,368
April-16	Midtown Plaza		5.31	%		—			703,705
October-15	Regis		5.68	%		9,791,386			9,938,892
April-17	Dairy Queen - Dickinson, ND		3.63	%		758,719			—
January-16	Mandan Commercial		5.25	%		—			1,087,056
December-12	Moorhead Commercial		3.00	%		—			553,938
April-25	Walgreens -Alexandria		5.69	%		2,256,439			2,346,633
March-34	Walgreens -Batesville		6.85	%		6,636,586			6,735,726
June-21	Walgreens -Colorado		4.50	%		4,473,278			4,549,718
August-33	Walgreens -Fayetteville		6.85	%		5,105,129			5,185,468
October-24	Walgreens -Laurel		6.07	%		2,233,718			2,321,749
December-13	Westpointe Center		5.50	%		—			2,433,166
					$	202,287,592		$	217,479,862

(a) Mortgages are secured by the respective properties, assignment of rents, business assets, deeds to secure debt, deeds of trust and/or cash deposits with lender unless otherwise noted in (b) — (d).

(b) Mortgage is secured by the property and guaranty of owners.

(c) Variable rate mortgage notes payable, adjusted every three years.

(d) Secured by mortgage on property and corporate guaranty.

(e) Accounted for as an investment in unconsolidated affiliate as of January 1, 2012.

Summary of outstanding mortgage notes payable

Years ending December 31,	Amount
2012 (October 1, 2012 to December 31, 2012)	$	1,592,360
2013		22,692,534
2014		10,552,595
2015		36,059,837
2016		33,478,758
2017		42,344,932
Thereafter		55,566,576
Total Payments	$	202,287,592