XML 15 R33.htm IDEA: XBRL DOCUMENT
v3.3.0.814

RENTAL PROPERTIES (Details) |  | 9 Months Ended |
--- | --- | --- | ---
Sep. 18, 2015 USD ($) item | Sep. 30, 2015 USD ($) item | Dec. 31, 2014 USD ($)
RENTAL PROPERTIES |  |  |
Line of credit |  | $ 25,000,000 |
Rental properties |  |  |
Total fixed assets |  | 260,836,633 | $ 225,021,946
Less: Accumulated depreciation |  | (83,334,950) | (75,905,862)
Total fixed assets, net |  | 177,501,683 | 149,116,084
Land, improvements and parking lots |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 51,713,843 | 44,541,471
Land, improvements and parking lots | Minimum |  |  |
Rental properties |  |  |
Useful Life |  | 15 years |
Land, improvements and parking lots | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 40 years |
Buildings and Improvements |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 173,749,025 | 153,059,430
Buildings and Improvements | Minimum |  |  |
Rental properties |  |  |
Useful Life |  | 15 years |
Buildings and Improvements | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 40 years |
Kitchen cabinets |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 8,983,374 | 6,865,348
Kitchen cabinets | Minimum |  |  |
Rental properties |  |  |
Useful Life |  | 5 years |
Kitchen cabinets | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 10 years |
Carpets |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 8,437,321 | 6,341,227
Carpets | Minimum |  |  |
Rental properties |  |  |
Useful Life |  | 5 years |
Carpets | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 10 years |
Air conditioning |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 772,080 | 705,116
Air conditioning | Minimum |  |  |
Rental properties |  |  |
Useful Life |  | 5 years |
Air conditioning | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 10 years |
Laundry equipment |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 236,283 | 147,721
Laundry equipment | Minimum |  |  |
Rental properties |  |  |
Useful Life |  | 5 years |
Laundry equipment | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 7 years |
Elevators |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 1,139,296 | 1,139,296
Elevators | Minimum |  |  |
Rental properties |  |  |
Useful Life |  | 20 years |
Elevators | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 40 years |
Swimming pools |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 444,629 | 444,629
Swimming pools | Minimum |  |  |
Rental properties |  |  |
Useful Life |  | 10 years |
Swimming pools | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 30 years |
Equipment |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 6,265,714 | 5,491,992
Equipment | Minimum |  |  |
Rental properties |  |  |
Useful Life |  | 5 years |
Equipment | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 7 years |
Motor vehicles |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 130,859 | 130,563
Motor vehicles | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 5 years |
Fences |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 38,635 | 24,670
Fences | Minimum |  |  |
Rental properties |  |  |
Useful Life |  | 5 years |
Fences | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 15 years |
Furniture and fixtures |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 8,705,137 | 5,910,046
Furniture and fixtures | Minimum |  |  |
Rental properties |  |  |
Useful Life |  | 5 years |
Furniture and fixtures | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 7 years |
Smoke alarms |  |  |
Rental properties |  |  |
Total fixed assets |  | $ 220,437 | $ 220,437
Smoke alarms | Minimum |  |  |
Rental properties |  |  |
Useful Life |  | 5 years |
Smoke alarms | Maximum |  |  |
Rental properties |  |  |
Useful Life |  | 7 years |
Captain Parkers LLC [ Member ] |  |  |
RENTAL PROPERTIES |  |  |
Total | item | 94 |  |
Purchase price of real estate properties | $ 31,600,000 |  |
Closing costs associated with financing | 49,000 |  |
Purchase price allocated to the value of the in-place leases | $ 474,000 |  |
Amortization period of value of the in-place leases | 12 months |  |
Amortization period of value of the tenant relationships | 24 months |  |
Purchase price allocated to the value of the tenant relationships | $ 31,000 |  |
Line of credit | $ 25,000,000 |  |
Residential and mixed-use properties |  |  |
RENTAL PROPERTIES |  |  |
Total | item |  | 2,506 |
Number of properties | item |  | 21 |
Residential and mixed-use properties | Partially owned properties |  |  |
RENTAL PROPERTIES |  |  |
Total | item |  | 789 |
Number of properties | item |  | 9 |
Residential and mixed-use properties | Partially owned properties | Minimum |  |  |
RENTAL PROPERTIES |  |  |
Percentage of ownership interest |  | 40.00% |
Residential and mixed-use properties | Partially owned properties | Maximum |  |  |
RENTAL PROPERTIES |  |  |
Percentage of ownership interest |  | 50.00% |
Condominium |  |  |
RENTAL PROPERTIES |  |  |
Total | item |  | 19 |

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- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 + Details
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- Definition Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.1(d)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 + Details
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