INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2013

INTANGIBLE ASSETS [Abstract]

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

Expected Amortization Expense

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