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Segments
 6 Months Ended
Jun. 30, 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 three and six months ended June 30, 2012 and 2011.

 

  Three Month Six Month
  Period Ended June 30, Period Ended June 30,
  2012 2011 2012 2011
Industrial/Office Properties:           
Rental income $ 2,129,857 $ 1,623,027 $ 4,149,268 $ 3,099,108
Property and related expenses   716,548   660,000   1,398,057   1,254,235
Net operating income, as defined   1,413,309   963,027   2,751,211   1,844,873
             
Residential Properties:           
Rental income   659,375   706,438   1,313,556   1,568,855
Property and related expenses   77,893   90,789   153,836   142,926
Net operating income, as defined   581,482   615,649   1,159,720   1,425,929
             
Retail Properties:           
Rental income   740,288   410,214   1,440,644   839,266
Property and related expenses   184,610   132,184   390,373   244,616
Net operating income, as defined   555,678   278,030   1,050,271   594,650
             
Self-Storage Properties:           
Rental income   743,620   557,544   1,457,858   1,117,224
Property and related expenses   352,853   358,546   722,769   707,201
Net operating income, as defined   390,767   198,998   735,089   410,023
             
Mortgage loan activity:           
Interest income   18,333   17,236   36,523   32,970
             
Reconciliation to Net Income            
 Available to Common Shareholders:           
Total net operating income,            
 as defined, for reportable segments   2,959,569   2,072,940   5,732,814   4,308,445
Unallocated other income:           
Total other income   1,792   6,181   3,961   14,621
Gain (loss) on sale of real estate   54,993   57,790   99,075   (24,487)
General and administrative expenses   1,071,552   946,838   2,196,270   1,864,540
Interest expense   1,071,686   767,723   2,053,170   1,496,087
Depreciation and amortization   1,214,150   1,002,552   2,390,888   1,981,038
Net loss before noncontrolling interests  (341,034)   (580,202)   (804,478)   (1,043,086)
Noncontrolling interests   92,187   150,203   200,354   226,118
Net loss $ (433,221) $ (730,405) $ (1,004,832) $ (1,269,204)

 June 30, December 31,
 2012 2011
      
Assets:     
Industrial/Office Properties:     
Land, buildings and improvements, net (1) $ 80,613,576 $ 75,314,093
Total assets (2)   83,181,162   77,563,998
      
Residential Property:     
Land, buildings and improvements, net (1)   29,784,726   21,129,410
Total assets (2)  30,225,135   22,434,205
      
Retail Properties:     
Land, buildings and improvements, net (1)   24,570,334   23,647,629
Total assets (2)   25,841,101   24,893,157
      
Self Storage Properties:     
Land, buildings and improvements, net (1)   27,389,547   27,663,755
Total assets (2)   27,590,550   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   167,869,255   153,755,823
Other unallocated assets:     
Cash and cash equivalents   1,317,090   4,872,081
Other assets, net   3,344,358   3,024,027
      
Total Assets $ 172,530,703 $ 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.

 Six months ended June 30,
 2012 2011
Capital Expenditures:(1)     
Industrial/Office Properties:     
Acquisition of operating properties $ 6,350,000 $ 9,575,000
Capital expenditures and tenant improvements   500,704   462,442
      
Residential Property:     
Acquisition of operating properties   13,577,615   3,535,980
      
      
Retail Properties:     
Acquisition of operating properties   1,125,000   -
Capital expenditures and tenant improvements   153,836   32,175
      
Self Storage Properties:     
Acquisition of operating properties   -   415,000
Capital expenditures and tenant improvements   20,964   2,300
      
Acquisition of operating properties, net   21,052,615   13,525,980
Capital expenditures and tenant improvements   675,504   496,917
Total real estate investments $ 21,728,119 $ 14,022,897
      

____________

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