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Segments
9 Months Ended
Sep. 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 nine months ended September 30, 2011 and 2010.

 

  Three months ended September 30,  Nine months ended September 30,
  2011 2010 2011 2010
Office Properties:           
Rental income $ 1,805,195 $ 1,349,163 $ 4,904,303 $ 3,618,135
Property and related expenses   729,139   603,810   1,983,374   1,723,149
Net operating income, as defined   1,076,056   745,353   2,920,929   1,894,986
Equity in earnings from real estate ventures   -   -   -   (22,378)
             
Residential Properties:           
Rental income   743,916   329,051   2,312,771   820,716
Property and related expenses   98,169   43,008   241,095   128,607
Net operating income, as defined   645,747   286,043   2,071,676   692,109
Equity in earnings from real estate ventures   -   -   -   24,147
             
Retail Properties:           
Rental income   476,382   420,823   1,315,648   1,247,565
Property and related expenses   143,120   149,836   387,736   397,783
Net operating income, as defined   333,262   270,987   927,912   849,782
             
Self Storage Properties:           
Rental income   577,299   519,575   1,694,523   1,405,431
Property and related expenses   339,767   336,254   1,046,968   943,010
Net operating income, as defined   237,532   183,321   647,555   462,421
             
Mortgage loan activity:           
Interest income   45,925   14,900   78,895   44,214
             
Reconciliation to Net Income           
  Available to Common Shareholders:           
Total net operating income,            
 as defined, for reportable segments   2,338,522   1,500,604   6,646,967   3,945,281
Unallocated other income:           
Total other income   8,680   9,280   23,301   34,723
Loss on sale of real estate assets   (32,424)   -   (56,911)   -
General and administrative expenses   791,655   781,729   2,656,195   2,349,517
Interest expense   810,508   538,063   2,306,595   1,414,127
Depreciation and amortization   1,055,025   880,024   3,036,063   2,547,187
Net loss before noncontrolling interests  (342,410)   (689,932)   (1,385,496)   (2,330,827)
Noncontrolling interests   75,187   60,896   301,305   155,391
Net loss   (417,597)   (750,828)   (1,686,801)   (2,486,218)
Preferred stock dividends   -   -   -   (34,447)
Net loss attributable to common shareholders $ (417,597) $ (750,828) $ (1,686,801) $ (2,520,665)

 September 30, December 31,
 2011 2010
      
Assets:     
Office Properties:     
Land, buildings and improvements, net (1) $ 61,244,770 $ 52,809,840
Total assets (2)   63,040,599   53,999,471
      
Residential Property:     
Land, buildings and improvements, net (1)   22,676,977   24,149,325
Total assets (2)  23,660,843   25,922,496
      
Retail Properties:     
Land, buildings and improvements, net (1)   23,749,875   17,228,980
Total assets (2)   24,763,606   17,467,113
      
Self Storage Properties:     
Land, buildings and improvements, net (1)   25,586,388   25,596,881
Total assets (2)   25,656,541   25,876,852
      
Mortgage loan activity:     
Mortgage receivable and accrued interest   1,032,818   920,216
Total assets   1,032,818   920,216
      
Reconciliation to Total Assets:     
Total assets for reportable segments   138,154,407   124,186,148
Other unallocated assets:     
Cash and cash equivalents   5,233,985   7,028,090
Other assets, net   3,512,389   2,101,724
      
Total Assets $ 146,900,781 $ 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.

 Nine Months Ended September 30,
 2011 2010
Capital Expenditures:(1)     
Office Properties:     
Acquisition of operating properties $ 9,575,000 $ 10,000,000
Capital expenditures and tenant improvements   766,751   648,895
      
Residential Property:     
Acquisition of operating properties   5,646,380   -
      
Retail Properties:     
Acquisition of operating properties   6,767,700   
Capital expenditures and tenant improvements   56,886   89,559
      
Self-Storage Properties:     
Acquisition of raw land  415,000   4,875,000
Capital expenditures and tenant improvements   2,300   39,713
      
Acquisition of operating properties, net   22,404,080   14,875,000
Capital expenditures and tenant improvements   825,937   778,167
Total real estate investments $ 23,230,017 $ 15,653,167

____________

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