INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2013

INTANGIBLE ASSETS [Abstract]

INTANGIBLE ASSETS

(5) INTANGIBLE ASSETS

Intangible assets consist of Management Agreements:

	Amortization	December 31,
	Period	2012			2013
Management Agreements	25 years	$	21,800,123		$	21,800,123
Less - accumulated amortization			(11,606,635	)		(12,507,255	)
Intangible assets, net		$	10,193,488		$	9,292,868

Amortization expense was $898,505, $902,437 and $900,621 for the years ended December 31, 2011, 2012 and 2013, respectively.

The estimated aggregate amortization expense on the Management Agreements for each of the five succeeding fiscal years is as follows:

2014	$	882,332
2015		844,887
2016		844,564
2017		844,564
2018		844,564
Thereafter		5,031,957
	$	9,292,868