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CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY - USD ($)
$ in Thousands
Common Shares
Paid-in Capital
Accumulated Distributions in Excess of Earnings
Total Beneficial Interest
Noncontrolling Interest in Operating Partnership
Noncontrolling Interest in Partially Owned Properties
Accumulated Other Comprehensive Income (Loss)
Total
Beginning Balance at Dec. 31, 2013   $ 68,051 $ (12,075) $ 55,976 $ 141,539   $ (309) $ 197,206
Beginning Balance (in shares) at Dec. 31, 2013 5,454,000              
Shares issued pursuant to trustee compensation plan   23   23       23
Shares issued pursuant to trustee compensation plan (in shares) 2,000              
Contribution of assets in exchange for the issuance of noncontrolling interest shares         17,461     17,461
Shares/units redeemed   (3,338)   (3,338) (1,566)     (4,904)
Shares/units redeemed (in shares) (238,000)              
Dividends declared     (4,948) (4,948) (12,954)     (17,902)
Dividends reinvested - stock dividend   3,238   3,238       3,238
Dividends reinvested - stock dividend (in shares) 231,000              
Issuance of shares under optional purchase plan   1,892   1,892       1,892
Issuance of shares under optional purchase plan (in shares) 128,000              
UPREIT units converted to REIT common shares   700   700 (700)      
UPREIT units converted to REIT common shares (in shares) 47,000              
Change in fair value of interest rate swaps             37 37
Distributions paid to consolidated real estate entity noncontrolling interests         (11)     (11)
Purchase of subsidary ownership from noncontrolling interest   (810)   (810) 101     (709)
Net income     2,579 2,579 6,724     9,303
Ending balance at Dec. 31, 2014   69,756 (14,444) 55,312 150,594   (272) $ 205,634
Ending balance (in shares) at Dec. 31, 2014 5,624,000             5,624,000
Issuance of common shares   25,750   25,750       $ 25,750
Issuance of common shares (in shares) 1,677,000              
Shares issued pursuant to trustee compensation plan   56   56       56
Shares issued pursuant to trustee compensation plan (in shares) 4,000              
Contribution of assets in exchange for the issuance of noncontrolling interest shares         11,228     11,228
Shares/units redeemed $ (132) (1,915)   (1,915) (633)     (2,548)
Dividends declared     (6,885) (6,885) (13,976)     (20,861)
Dividends reinvested - stock dividend   4,160   4,160       4,160
Dividends reinvested - stock dividend (in shares) 284,000              
Issuance of shares under optional purchase plan   1,783   1,783       1,783
Issuance of shares under optional purchase plan (in shares) 116,000              
UPREIT units converted to REIT common shares   87   87 (87)      
UPREIT units converted to REIT common shares (in shares) 6,000              
Syndication costs     (1,335) (1,335)       (1,335)
Change in fair value of interest rate swaps             53 53
Contributions from consolidated real estate entity noncontrolling interests           $ 5,123   5,123
Net income     4,286 4,286 7,684 (586)   11,384
Ending balance at Dec. 31, 2015   $ 99,677 $ (18,378) $ 81,299 $ 154,810 $ 4,537 $ (219) $ 240,427
Ending balance (in shares) at Dec. 31, 2015 7,579,000             7,579,000