10-Q Filing

AGREE REALTY CORP CIK: 917251 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001144204-14-027161`
Period End Date	20140331
Filing Date	20140502
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	adc-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 108 Income Statement 66 Cash Flow Statement 70 Stockholders Equity 6

Balance Sheet 108 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable (in dollars)	`AllowanceForDoubtfulAccountsReceivable`	$35.00K	USD	Point-in-time
Allowance for doubtful accounts receivable (in dollars)	`AllowanceForDoubtfulAccountsReceivable`	$35.00K	USD	Point-in-time
Accumulated amortization, deferred finance costs (in dollars)	`AccumulatedAmortizationDeferredFinanceCosts`	$1.92M	USD	Point-in-time
Accumulated amortization, deferred finance costs (in dollars)	`AccumulatedAmortizationDeferredFinanceCosts`	$7.01M	USD	Point-in-time
Land	`Land`	$167.40M	USD	Point-in-time
Land	`Land`	$162.10M	USD	Point-in-time
Deferred costs, leasing, accumulated amortization (in dollars)	`DeferredCostsLeasingAccumulatedAmortization`	$1.43M	USD	Point-in-time
Deferred costs, leasing, accumulated amortization (in dollars)	`DeferredCostsLeasingAccumulatedAmortization`	$462.91K	USD	Point-in-time
Finite-lived intangible assets, accumulated amortization (in dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$3.75M	USD	Point-in-time
Buildings	`InvestmentBuildingAndBuildingImprovements`	$313.74M	USD	Point-in-time
Buildings	`InvestmentBuildingAndBuildingImprovements`	$297.46M	USD	Point-in-time
Finite-lived intangible assets, accumulated amortization (in dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$3.23M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$62.36M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$60.63M	USD	Point-in-time
Property, Plant and Equipment, Net	`PropertyPlantAndEquipmentNet`	$398.93M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	28.00M	shares	Point-in-time
Property, Plant and Equipment, Net	`PropertyPlantAndEquipmentNet`	$418.78M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	28.00M	shares	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	14.88M	shares	Point-in-time
Property under development	`DevelopmentInProcess`	$9.22M	USD	Point-in-time
Property under development	`DevelopmentInProcess`	$6.96M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	14.96M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	14.96M	shares	Point-in-time
Property held for sale	`RealEstateHeldforsale`	$4.85M	USD	Point-in-time
Property held for sale	`RealEstateHeldforsale`	-	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	14.88M	shares	Point-in-time
Net Real Estate Investments	`RealEstateInvestmentPropertyNet`	$410.73M	USD	Point-in-time
Excess stock, par value (in dollars per share)	`ExcessStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Net Real Estate Investments	`RealEstateInvestmentPropertyNet`	$428.00M	USD	Point-in-time
Excess stock, par value (in dollars per share)	`ExcessStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.27M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$826.22K	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.54M	USD	Point-in-time
Excess stock, shares authorized	`ExcessStockSharesAuthorized`	8.00M	shares	Point-in-time
Excess stock, shares authorized	`ExcessStockSharesAuthorized`	8.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.20M	USD	Point-in-time
Excess stock, shares issued	`ExcessStockSharesIssued`	0.00	shares	Point-in-time
Excess stock, shares issued	`ExcessStockSharesIssued`	0.00	shares	Point-in-time
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at March 31, 2014 and December 31, 2013	`AccountsReceivableNet`	$3.31M	USD	Point-in-time
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at March 31, 2014 and December 31, 2013	`AccountsReceivableNet`	$3.26M	USD	Point-in-time
Excess stock, shares outstanding	`ExcessStockSharesOutstanding`	0.00	shares	Point-in-time
Excess stock, shares outstanding	`ExcessStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Financing costs, net of accumulated amortization of $1,921,408 and $7,009,538 at March 31, 2014 and December 31, 2013, respectively	`DeferredFinanceCostsNet`	$2.34M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Financing costs, net of accumulated amortization of $1,921,408 and $7,009,538 at March 31, 2014 and December 31, 2013, respectively	`DeferredFinanceCostsNet`	$2.53M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Leasing costs, net of accumulated amortization of $462,908 and $1,425,186 at March 31, 2014 and December 31, 2013, respectively	`DeferredCostsLeasingNet`	$722.28K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Leasing costs, net of accumulated amortization of $462,908 and $1,425,186 at March 31, 2014 and December 31, 2013, respectively	`DeferredCostsLeasingNet`	$758.04K	USD	Point-in-time
Lease intangibles, net of accumulated amortization of $3,745,435 and $3,228,506 at March 31, 2014 and December 31, 2013, respectively	`FiniteLivedIntangibleAssetAcquiredInPlaceLeases`	$27.71M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Lease intangibles, net of accumulated amortization of $3,745,435 and $3,228,506 at March 31, 2014 and December 31, 2013, respectively	`FiniteLivedIntangibleAssetAcquiredInPlaceLeases`	$29.16M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Other Assets	`OtherAssets`	$2.13M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other Assets	`OtherAssets`	$3.22M	USD	Point-in-time
Total Assets	`Assets`	$466.49M	USD	Point-in-time
Total Assets	`Assets`	$462.74M	USD	Point-in-time
Mortgage Notes Payable	`SecuredDebt`	$112.99M	USD	Point-in-time
Mortgage Notes Payable	`SecuredDebt`	$113.90M	USD	Point-in-time
Unsecured Revolving Credit Facility	`LineOfCredit`	$15.99M	USD	Point-in-time
Unsecured Revolving Credit Facility	`LineOfCredit`	$9.50M	USD	Point-in-time
Unsecured Term Loan	`LoansPayable`	$35.00M	USD	Point-in-time
Unsecured Term Loan	`LoansPayable`	$35.00M	USD	Point-in-time
Total Notes Payable	`NotesPayable`	$158.40M	USD	Point-in-time
Total Notes Payable	`NotesPayable`	$163.98M	USD	Point-in-time
Dividends and Distributions Payable	`DividendsPayableCurrentAndNoncurrent`	$6.24M	USD	Point-in-time
Dividends and Distributions Payable	`DividendsPayableCurrentAndNoncurrent`	$6.57M	USD	Point-in-time
Deferred Revenue	`DeferredRevenue`	$1.35M	USD	Point-in-time
Deferred Revenue	`DeferredRevenue`	$1.47M	USD	Point-in-time
Accrued Interest Payable	`InterestPayableCurrentAndNoncurrent`	$470.86K	USD	Point-in-time
Accrued Interest Payable	`InterestPayableCurrentAndNoncurrent`	$460.02K	USD	Point-in-time
Capital expenditures	`ConstructionPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Capital expenditures	`ConstructionPayableCurrentAndNoncurrent`	$144.07K	USD	Point-in-time
Operating	`AccountsPayableCurrentAndNoncurrent`	$2.85M	USD	Point-in-time
Operating	`AccountsPayableCurrentAndNoncurrent`	$1.74M	USD	Point-in-time
Interest Rate Swap	`InterestRateDerivativeLiabilitiesAtFairValue`	$204.70K	USD	Point-in-time
Interest Rate Swap	`InterestRateDerivativeLiabilitiesAtFairValue`	$436.60K	USD	Point-in-time
Deferred Income Taxes	`DeferredIncomeTaxLiabilities`	$705.00K	USD	Point-in-time
Deferred Income Taxes	`DeferredIncomeTaxLiabilities`	$705.00K	USD	Point-in-time
Tenant Deposits	`SecurityDepositLiability`	$40.65K	USD	Point-in-time
Tenant Deposits	`SecurityDepositLiability`	$40.65K	USD	Point-in-time
Total Liabilities	`Liabilities`	$170.53M	USD	Point-in-time
Total Liabilities	`Liabilities`	$175.29M	USD	Point-in-time
Common stock, $.0001 par value per share, 28,000,000 shares authorized, 14,964,396 and 14,883,314 shares issued and outstanding, respectively	`CommonStockValue`	$1.49K	USD	Point-in-time
Common stock, $.0001 par value per share, 28,000,000 shares authorized, 14,964,396 and 14,883,314 shares issued and outstanding, respectively	`CommonStockValue`	$1.50K	USD	Point-in-time
Excess stock, $.0001 par value per share, 8,000,000 shares authorized, no shares issued and outstanding	`ExcessStock`	-	USD	Point-in-time
Excess stock, $.0001 par value per share, 8,000,000 shares authorized, no shares issued and outstanding	`ExcessStock`	-	USD	Point-in-time
Preferred Stock, $.0001 par value per share, 4,000,000 shares authorized Series A junior participating preferred stock, $.0001 par value per share, 200,000 shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, $.0001 par value per share, 4,000,000 shares authorized Series A junior participating preferred stock, $.0001 par value per share, 200,000 shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$313.49M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$312.97M	USD	Point-in-time
Deficit	`RetainedEarningsAccumulatedDeficit`	$-23.88M	USD	Point-in-time
Deficit	`RetainedEarningsAccumulatedDeficit`	$-24.93M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$22.13K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$471.72K	USD	Point-in-time
Total Stockholders' Equity - Agree Realty Corporation	`StockholdersEquity`	$289.57M	USD	Point-in-time
Total Stockholders' Equity - Agree Realty Corporation	`StockholdersEquity`	$288.58M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$2.61M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$2.65M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$291.19M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$292.22M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$466.49M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$462.74M	USD	Point-in-time

Income Statement 66 line items

Line Item	Tag	Value	Unit	Period
Minimum rents	`OperatingLeasesIncomeStatementMinimumLeaseRevenue`	$9.37M	USD	1 Quarter
Minimum rents	`OperatingLeasesIncomeStatementMinimumLeaseRevenue`	$11.52M	USD	1 Quarter
Percentage rents	`PercentageRent`	$19.36K	USD	1 Quarter
Percentage rents	`PercentageRent`	-	USD	1 Quarter
Operating cost reimbursement	`TenantReimbursements`	$1.02M	USD	1 Quarter
Operating cost reimbursement	`TenantReimbursements`	$536.06K	USD	1 Quarter
Other income	`OtherIncome`	-	USD	1 Quarter
Other income	`OtherIncome`	$29.04K	USD	1 Quarter
Total Revenues	`Revenues`	$12.58M	USD	1 Quarter
Total Revenues	`Revenues`	$9.93M	USD	1 Quarter
Real estate taxes	`RealEstateTaxExpense`	$422.91K	USD	1 Quarter
Real estate taxes	`RealEstateTaxExpense`	$697.23K	USD	1 Quarter
Property operating expenses	`DirectCostsOfLeasedAndRentedPropertyOrEquipment`	$498.53K	USD	1 Quarter
Property operating expenses	`DirectCostsOfLeasedAndRentedPropertyOrEquipment`	$326.31K	USD	1 Quarter
Land lease payments	`LeaseAndRentalExpense`	$107.28K	USD	1 Quarter
Land lease payments	`LeaseAndRentalExpense`	$106.97K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.49M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.59M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.89M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.51M	USD	1 Quarter
Total Operating Expenses	`CostsAndExpenses`	$4.23M	USD	1 Quarter
Total Operating Expenses	`CostsAndExpenses`	$5.41M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$5.70M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$7.17M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$1.79M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$1.44M	USD	1 Quarter
Income From Continuing Operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$4.26M	USD	1 Quarter
Income From Continuing Operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$5.37M	USD	1 Quarter
Gain on sale of assets from discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$946.35K	USD	1 Quarter
Gain on sale of assets from discontinued operations	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$122.75K	USD	1 Quarter
Income from discontinued operations	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax`	$14.57K	USD	1 Quarter
Income from discontinued operations	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax`	$188.35K	USD	1 Quarter
Total Discontinued Operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$137.32K	USD	1 Quarter
Total Discontinued Operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$1.13M	USD	1 Quarter
Net Income	`ProfitLoss`	$5.39M	USD	1 Quarter
Net Income	`ProfitLoss`	$5.51M	USD	1 Quarter
Less Net Income Attributable to Non-Controlling Interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$141.48K	USD	1 Quarter
Less Net Income Attributable to Non-Controlling Interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$125.17K	USD	1 Quarter
Net Income Attributable to Agree Realty Corporation	`NetIncomeLoss`	$5.25M	USD	1 Quarter
Net Income Attributable to Agree Realty Corporation	`NetIncomeLoss`	$5.38M	USD	1 Quarter
Continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.33	USD	1 Quarter
Continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.36	USD	1 Quarter
Discontinued operations (in dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	$0.09	USD	1 Quarter
Discontinued operations (in dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	$0.01	USD	1 Quarter
Earnings Per Share, Basic (in dollars per share)	`EarningsPerShareBasic`	$0.42	USD	1 Quarter
Earnings Per Share, Basic (in dollars per share)	`EarningsPerShareBasic`	$0.37	USD	1 Quarter
Continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.32	USD	1 Quarter
Continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.36	USD	1 Quarter
Discontinued operations (in dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	$0.09	USD	1 Quarter
Discontinued operations (in dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	$0.01	USD	1 Quarter
Earnings Per Share, Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.37	USD	1 Quarter
Earnings Per Share, Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.41	USD	1 Quarter
Net income	`ProfitLoss`	$5.39M	USD	1 Quarter
Net income	`ProfitLoss`	$5.51M	USD	1 Quarter
Other Comprehensive Income (Loss)	`OtherComprehensiveIncomeLossNetOfTax`	$250.67K	USD	1 Quarter
Other Comprehensive Income (Loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-460.03K	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$5.64M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$5.05M	USD	1 Quarter
Comprehensive Income Attributable to Non-Controlling Interest	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToNoncontrollingInterest`	$114.73K	USD	1 Quarter
Comprehensive Income Attributable to Non-Controlling Interest	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToNoncontrollingInterest`	$148.05K	USD	1 Quarter
Comprehensive Income Attributable to Agree Realty Corporation	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$5.49M	USD	1 Quarter
Comprehensive Income Attributable to Agree Realty Corporation	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$4.93M	USD	1 Quarter
Weighted Average Number of Common Shares Outstanding - Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	14.70M	shares	1 Quarter
Weighted Average Number of Common Shares Outstanding - Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	12.64M	shares	1 Quarter
Weighted Average Number of Common Shares Outstanding - Dilutive (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.69M	shares	1 Quarter
Weighted Average Number of Common Shares Outstanding - Dilutive (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.75M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$5.39M	USD	1 Quarter
Net income	`ProfitLoss`	$5.51M	USD	1 Quarter
Interest Capitalized For Real Estate Under Development	`InterestCapitalizedForReaLestateUnderDevelopment`	$55.18K	USD	1 Quarter
Interest Capitalized For Real Estate Under Development	`InterestCapitalizedForReaLestateUnderDevelopment`	$203.56K	USD	1 Quarter
Depreciation	`Depreciation`	$1.61M	USD	1 Quarter
Depreciation	`Depreciation`	$1.97M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$520.71K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$728.83K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$470.11K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$527.71K	USD	1 Quarter
Gain on sale of assets	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$946.35K	USD	1 Quarter
Gain on sale of assets	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$122.75K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-441.79K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$42.30K	USD	1 Quarter
(Increase) decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-845.58K	USD	1 Quarter
(Increase) decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$194.41K	USD	1 Quarter
Decrease in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.12M	USD	1 Quarter
Decrease in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-411.44K	USD	1 Quarter
Decrease in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-115.84K	USD	1 Quarter
Decrease in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-115.84K	USD	1 Quarter
Increase (decrease) in accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-10.84K	USD	1 Quarter
Increase (decrease) in accrued interest	`IncreaseDecreaseInInterestPayableNet`	$101.30K	USD	1 Quarter
Decrease in tenant deposits	`IncreaseDecreaseInSecurityDeposits`	$-2.50K	USD	1 Quarter
Decrease in tenant deposits	`IncreaseDecreaseInSecurityDeposits`	-	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$8.17M	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$6.87M	USD	1 Quarter
Acquisition of real estate investments	`PaymentsToAcquireProductiveAssets`	$14.95M	USD	1 Quarter
Acquisition of real estate investments	`PaymentsToAcquireProductiveAssets`	$21.96M	USD	1 Quarter
Development of real estate investments (including capitalized interest of $55,182 in 2014, $203,558 in 2013)	`PaymentsForDevelopmentOfRealEstateInvestmentsAndOtherIncludingCapitalizedInterest`	$4.07M	USD	1 Quarter
Development of real estate investments (including capitalized interest of $55,182 in 2014, $203,558 in 2013)	`PaymentsForDevelopmentOfRealEstateInvestmentsAndOtherIncludingCapitalizedInterest`	$2.02M	USD	1 Quarter
Net proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$4.97M	USD	1 Quarter
Net proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$5.46M	USD	1 Quarter
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.51M	USD	1 Quarter
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.06M	USD	1 Quarter
Proceeds from common stock offering	`ProceedsFromIssuanceOfCommonStock`	$44.81M	USD	1 Quarter
Proceeds from common stock offering	`ProceedsFromIssuanceOfCommonStock`	$-14.53K	USD	1 Quarter
Note payable borrowings	`ProceedsFromLinesOfCredit`	$17.24M	USD	1 Quarter
Note payable borrowings	`ProceedsFromLinesOfCredit`	$16.38M	USD	1 Quarter
Note payable repayments	`RepaymentsOfLinesOfCredit`	$51.77M	USD	1 Quarter
Note payable repayments	`RepaymentsOfLinesOfCredit`	$9.89M	USD	1 Quarter
Payments of mortgages payable	`RepaymentsOfSecuredDebt`	$906.23K	USD	1 Quarter
Payments of mortgages payable	`RepaymentsOfSecuredDebt`	$850.03K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$6.10M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$4.57M	USD	1 Quarter
Limited partners' distributions paid	`PaymentsOfCapitalDistribution`	$139.05K	USD	1 Quarter
Limited partners' distributions paid	`PaymentsOfCapitalDistribution`	$142.52K	USD	1 Quarter
Repayments of payables for capital expenditures	`RepaymentsOfOtherDebt`	$122.08K	USD	1 Quarter
Repayments of payables for capital expenditures	`RepaymentsOfOtherDebt`	$144.07K	USD	1 Quarter
Payments for financing costs	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Payments for financing costs	`PaymentsOfFinancingCosts`	$27.31K	USD	1 Quarter
Net Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-821.25K	USD	1 Quarter
Net Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$4.57M	USD	1 Quarter
Net Decrease in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-13.71M	USD	1 Quarter
Net Decrease in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-71.00K	USD	1 Quarter
Cash and Cash Equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.27M	USD	Point-in-time
Cash and Cash Equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$826.22K	USD	Point-in-time
Cash and Cash Equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.54M	USD	Point-in-time
Cash and Cash Equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.20M	USD	Point-in-time
Cash and Cash Equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.27M	USD	Point-in-time
Cash and Cash Equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$826.22K	USD	Point-in-time
Cash and Cash Equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.54M	USD	Point-in-time
Cash and Cash Equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.20M	USD	Point-in-time
Cash paid for interest (net of amounts capitalized)	`InterestPaidNet`	$1.63M	USD	1 Quarter
Cash paid for interest (net of amounts capitalized)	`InterestPaidNet`	$1.15M	USD	1 Quarter
Shares issued under Stock Incentive Plan	`StockIssued1`	$2.26M	USD	1 Quarter
Shares issued under Stock Incentive Plan	`StockIssued1`	$2.33M	USD	1 Quarter
Dividends and limited partners' distributions declared and unpaid	`DividendsDeclaredAndUnpaid`	$6.58M	USD	1 Quarter
Dividends and limited partners' distributions declared and unpaid	`DividendsDeclaredAndUnpaid`	$5.57M	USD	1 Quarter
Real estate investments financed with accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.87K	USD	1 Quarter
Real estate investments financed with accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	-	USD	1 Quarter

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$291.19M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$292.22M	USD	Point-in-time
Net income for the period January 1, 2014 to March 31, 2014	`ProfitLoss`	$5.39M	USD	1 Quarter
Net income for the period January 1, 2014 to March 31, 2014	`ProfitLoss`	$5.51M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$291.19M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$292.22M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.