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Segments
 12 Months Ended
Dec. 31, 2011
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

10. 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, Industrial and 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 years ended December 31, 2011 and 2010.

 

  Year Ended December 31,
  2011  2010
Industrial/Office Properties:     
Rental income $ 6,790,869 $ 5,098,989
Property and related expenses   2,660,482   2,333,494
Asset impairment  -   1,000,000
Net operating income, as defined   4,130,387   1,765,495
Equity in earnings from real estate ventures   -   (22,378)
      
Residential Properties:     
Rental income   2,982,300   1,497,714
Property and related expenses   317,924   186,979
Asset impairment  429,000   
Net operating income, as defined   2,235,376   1,310,735
Equity in earnings from real estate ventures   -   24,147
      
Retail Properties:     
Rental income   2,001,405   1,657,010
Property and related expenses   587,938   521,894
Net operating income, as defined   1,413,467   1,135,116
      
Self-Storage Properties:     
Rental income   2,302,531   1,941,354
Property and related expenses   1,377,666   1,269,654
Net operating income, as defined   924,865   671,700
      
Mortgage loan activity:     
Interest income   97,448   59,276
      
Reconciliation to Net Income Available to Common Shareholders:     
Total net operating income, as defined, for reportable segments   8,801,543   4,944,091
Unallocated other income:     
Total other income   28,214   42,609
Gain on sale of real estate   119,925   -
General and administrative expenses   3,846,177   3,411,691
Interest expense   3,194,887   2,044,394
Depreciation and amortization   4,170,626   3,531,261
Bargain purchase gain from tender offer  -   872,152
Net loss before noncontrolling interests  (2,262,008)   (3,128,494)
Noncontrolling interests   354,895   (139,145)
Net loss   (2,616,903)   (2,989,349)
Preferred dividends   -   (34,447)
Net loss available for common shareholders $ (2,616,903) $ (3,023,796)
      

  December 31,
  2011  2010
      
Assets:     
Industrial/Office Properties:     
Land, buildings and improvements, net (1) $ 75,314,093 $ 52,809,840
Total assets (2)   77,563,998   53,999,471
      
Residential Property:     
Land, buildings and improvements, net   21,129,410   24,149,325
Total assets   22,434,205   25,922,496
      
Retail Properties:     
Land, buildings and improvements, net (1)   23,647,629   17,228,980
Total assets (2)   24,893,157   17,467,113
      
Self-Storage Properties:     
Land, buildings and improvements, net (1)   27,663,755   25,596,881
Total assets (2)   27,832,381   25,876,852
      
Mortgage loan activity:     
Mortgage receivable and accrued interest   1,032,082   920,216
Total assets   1,032,082   920,216
      
Reconciliation to Total Assets:     
Total assets for reportable segments   153,755,823   124,186,148
Other unallocated assets:     
Cash and cash equivalents   4,872,081   7,028,090
Prepaid expenses and other assets, net   3,024,027   2,101,724
      
Total Assets $ 161,651,931 $ 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.

  Years ended December 31,
  2011  2010
Capital Expenditures:(1)     
Industrial and Office Properties:     
Acquisition of operating properties $ 24,075,000 $ 10,000,000
Non-cash portion of acquisition of operating properties  (1,649,266)   
Capital expenditures and tenant improvements   1,070,498   726,905
      
Residential Property:     
Acquisition of operating properties   5,971,980   5,674,050
      
Retail Properties:     
Acquisition of operating properties   6,767,700   -
Capital expenditures and tenant improvements   119,746   109,059
      
Self Storage Properties:     
Acquisition of operating properties   2,615,000   4,875,000
Capital expenditures and tenant improvements   21,952   49,257
      
Acquisition of operating properties   37,780,414   20,549,050
Capital expenditures and tenant improvements   1,212,196   885,221
Total real estate investments $ 38,992,610 $ 21,434,271
      

____________

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