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Segments
 3 Months Ended
Mar. 31, 2012
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, 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 period ended March 31, 2012 and 2011.

 

 Period Ended March 31,
 2012 2011
Industrial/Office Properties:     
Rental income $ 2,019,411 $ 1,476,081
Property and related expenses   681,509   594,235
Net operating income, as defined   1,337,902   881,846
      
Residential Properties:     
Rental income   654,181   862,417
Property and related expenses   75,943   52,137
Net operating income, as defined   578,238   810,280
      
Retail Properties:     
Rental income   700,356   429,052
Property and related expenses   205,763   112,432
Net operating income, as defined   494,593   316,620
      
Self Storage Properties:     
Rental income   714,238   559,680
Property and related expenses   369,916   348,655
Net operating income, as defined   344,322   211,025
      
Mortgage loan activity:     
Interest income   18,190   15,734
      
Reconciliation to Net Income Available to Common Shareholders:     
Total net operating income, as defined, for reportable segments   2,773,245   2,235,505
Unallocated other income:     
Total other income   2,169   8,440
Gain (loss) on sale of real estate   44,082   (82,277)
General and administrative expenses   1,124,718   917,702
Interest expense   981,484   728,364
Depreciation and amortization   1,176,738   978,486
Net loss before noncontrolling interests  (463,444)   (462,884)
Noncontrolling interests   108,167   75,915
Net loss $ (571,611) $ (538,799)

 March 31,  December 31,
 2012 2011
      
Assets:     
Industrial/Office Properties:     
Land, buildings and improvements, net (1) $ 74,895,989 $ 75,314,093
Total assets (2)   77,217,660   77,563,998
      
Residential Property:     
Land, buildings and improvements, net (1)   19,219,224   21,129,410
Total assets (2)  20,151,413   22,434,205
      
Retail Properties:     
Land, buildings and improvements, net (1)   23,607,497   23,647,629
Total assets (2)   24,695,625   24,893,157
      
Self Storage Properties:     
Land, buildings and improvements, net (1)   27,521,826   27,663,755
Total assets (2)   27,687,406   27,832,381
      
Mortgage loan activity:     
Mortgage receivable and accrued interest   1,031,307   1,032,082
Total assets   1,031,307   1,032,082
      
Reconciliation to Total Assets:     
Total assets for reportable segments   150,783,411   153,755,823
Other unallocated assets:     
Cash and cash equivalents   4,176,410   4,872,081
Other assets, net   3,122,835   3,024,027
      
Total Assets $ 158,082,656 $ 161,651,931
      
____________     
(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.

 Three Months Ended March 31,
 2012 2011
Capital Expenditures:(1)     
Office Properties:     
Capital expenditures and tenant improvements $ 357,971 $ 313,712
      
Residential Property:     
Acquisition of operating properties   375,760   2,939,780
      
      
Retail Properties:     
Capital expenditures and tenant improvements   134,121   32,175
      
Self Storage Properties:     
Capital expenditures and tenant improvements   5,788   2,300
      
Acquisition of operating properties, net   375,760   2,939,780
Capital expenditures and tenant improvements   497,880   348,187
Total real estate investments $ 873,640 $ 3,287,967
      

____________

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