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Segments
 6 Months Ended
Jun. 30, 2011
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

7. SEGMENTS

 

The Company's reportable segments consist of the four types of commercial real estate properties for which the Company's decision-makers internally evaluate operating performance and financial results: Residential Properties, Office Properties, Retail Properties, Self-Storage Properties; and Mortgage Loans. The Company also has certain corporate level activities including accounting, finance, legal administration and management information systems which are not considered separate operating segments.

 

The Company's chief operating decision maker evaluates the performance of its segments based upon net operating income. Net operating income is defined as operating revenues (rental income, tenant reimbursements and other property income) less property and related expenses (property expenses, real estate taxes, ground leases and provisions for bad debts) and excludes other non-property income and expenses, interest expense, depreciation and amortization, and general and administrative expenses. The accounting policies of the reportable segments are the same as those described in the Company's significant accounting policies (see Note 2). There is no intersegment activity.

 

The following tables reconcile the Company's segment activity to its results of operations and financial position as of and for the three and six months ended June 30, 2011 and 2010.

 

  Three months ended June 30,  Six months ended June 30,
  2011 2010 2011 2010
Office Properties:           
Rental income $ 1,623,027 $ 1,226,652 $ 3,099,108 $ 2,268,971
Property and related expenses   660,000   621,962   1,254,235   1,119,339
Net operating income, as defined   963,027   604,690   1,844,873   1,149,632
Equity in earnings from real estate ventures   -   -   -   (22,378)
             
Residential Properties:           
Rental income   706,438   338,786   1,568,855   491,665
Property and related expenses   90,789   48,235   142,926   85,599
Net operating income, as defined   615,649   290,551   1,425,929   406,066
Equity in earnings from real estate ventures   -   -   -   24,147
             
Retail Properties:           
Rental income   410,214   417,385   839,266   826,741
Property and related expenses   132,184   117,824   244,616   247,945
Net operating income, as defined   278,030   299,561   594,650   578,796
             
Self Storage Properties:           
Rental income   557,544   476,736   1,117,224   885,858
Property and related expenses   358,546   337,158   707,201   606,758
Net operating income, as defined   198,998   139,578   410,023   279,100
             
Mortgage loan activity:           
Interest income   17,236   14,738   32,970   29,314
             
Reconciliation to Net Income           
  Available to Common Shareholders:           
Total net operating income,            
 as defined, for reportable segments   2,072,940   1,349,118   4,308,445   2,444,677
Unallocated other income:           
Total other income   6,181   13,104   14,621   25,443
Gain (loss) on sale of real estate assets   57,790   -   (24,487)   -
General and administrative expenses   946,838   805,319   1,864,540   1,567,788
Interest expense   767,723   498,909   1,496,087   876,064
Depreciation and amortization   1,002,552   889,681   1,981,038   1,667,163
Net loss before noncontrolling interests  (580,202)   (831,687)   (1,043,086)   (1,640,895)
Noncontrolling interests   150,203   57,719   226,118   94,495
Net loss   (730,405)   (889,406)   (1,269,204)   (1,735,390)
Preferred stock dividends   -   (12,484)   -   (34,447)
Net loss attributable to common shareholders $ (730,405) $ (901,890) $ (1,269,204) $ (1,769,837)

 June 30, December 31,
 2011 2010
      
Assets:     
Office Properties:     
Land, buildings and improvements, net (1) $ 61,677,742 $ 52,809,840
Total assets (2)   62,624,182   53,999,471
      
Residential Property:     
Land, buildings and improvements, net (1)   22,164,451   24,149,325
Total assets (2)  22,790,027   25,922,496
      
Retail Properties:     
Land, buildings and improvements, net (1)   17,043,807   17,228,980
Total assets (2)   17,422,401   17,467,113
      
Self Storage Properties:     
Land, buildings and improvements, net (1)   25,728,581   25,596,881
Total assets (2)   25,956,610   25,876,852
      
Mortgage loan activity:     
Mortgage receivable and accrued interest   1,033,491   920,216
Total assets   1,033,491   920,216
      
Reconciliation to Total Assets:     
Total assets for reportable segments   129,826,711   124,186,148
Other unallocated assets:     
Cash and cash equivalents   8,418,117   7,028,090
Other assets, net   4,637,975   2,101,724
      
Total Assets $ 142,882,803 $ 133,315,962
      
____________     
(1) Includes lease intangibles and the land purchase option related to property acquisitions.
      
(2) Includes land, buildings and improvements, current receivables, deferred rent receivables and
deferred leasing costs and other related intangible assets, all shown on a net basis.

 Six Months Ended June 30,
 2011 2010
Capital Expenditures:(1)     
Office Properties:     
Acquisition of operating properties $ 9,575,000 $ -
Capital expenditures and tenant improvements   462,442   483,238
      
Residential Property:     
Acquisition of operating properties   3,535,980   -
      
Retail Properties:     
Capital expenditures and tenant improvements   32,175   89,559
      
Self Storage Properties:     
Acquisition of raw land  415,000   4,875,000
Capital expenditures and tenant improvements   2,300   31,582
      
Acquisition of operating properties, net   13,525,980   4,875,000
Capital expenditures and tenant improvements   496,917   604,379
Total real estate investments $ 14,022,897 $ 5,479,379

____________

(1)       Total consolidated capital expenditures are equal to the same amounts disclosed for total reportable segments.