Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2012

Related Party Transactions [Abstract]

Schedule Of Related Party Transactions [Table Text Block]

Pursuant to the terms of the advisory agreement, summarized below are the related party amounts payable as of September 30, 2012 and December 31, 2011. There were no related party amounts receivable as of December 31, 2011. During the quarter ended September 30, 2012, the Company paid the Advisor approximately $1.3 million of its outstanding accounts payable, leaving a balance of $1.0 million.

	September 30, 2012		December 31, 2011
Asset management and oversight fees	$	351,134	$	562,732
Acquisitions fees		-		81,776
Financing fees		-		14,491
Reimbursable operating expenses		394,899		900,512
Reimbursable offering costs		207,180		171,099
Reimbursable organizational costs		49,931		49,931
Other		19,262		10,899
Total related-party amounts payable	$	1,022,406	$	1,791,440