Accrued Expenses and Other Liabilities

3 Months Ended

Mar. 31, 2016

Accounts Payable And Accrued Liabilities Current And Noncurrent [Abstract]

Accrued Expenses and Other Liabilities

5. ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities as of March 31, 2016 and December 31, 2015 consisted of the following:

	March 31, 2016		December 31, 2015
Accrued dividends payable	$	139,870	$	220,954
Accrued accounting fees		449,288		450,000
Accrued sub-advisory fees		1,079,512		497,777
Accrued real estate taxes		401,747		235,272
Accrued legal fees		268,372		105,795
Accrued interest payable		39,039		26,719
Accrued offering costs		26,138		76,138
Accrued other		1,257,415		764,650
Total	$	3,661,381	$	2,377,305