XML 56 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segments
 12 Months Ended
Dec. 31, 2012
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

9. 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, 2012 and 2011, respectively.

 

 December 31, December 31,
 2012 2011
      
Assets:     
Industrial/Office Properties:     
Land, buildings and improvements, net (1) $ 86,695,553 $ 75,314,093
Total assets (2)   90,286,093   77,563,998
      
Residential Property:     
Land, buildings and improvements, net (1)   29,399,405   21,129,410
Total assets (2)  31,869,016   22,434,205
      
Retail Properties:     
Land, buildings and improvements, net (1)   22,613,528   23,647,629
Total assets (2)   23,913,305   24,893,157
      
Self Storage Properties:     
Land, buildings and improvements, net (1)   26,930,233   27,663,755
Total assets (2)   27,384,412   27,832,381
      
Mortgage loan activity:     
Mortgage receivable and accrued interest   920,216   1,032,082
Total assets   920,216   1,032,082
      
Reconciliation to Total Assets:     
Total assets for reportable segments   174,373,042   153,755,823
Other unallocated assets:     
Cash and cash equivalents   10,746,536   4,872,081
Other assets, net   12,415   3,024,027
Total Assets $ 185,131,993 $ 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.

 Year Ended December 31,
 2012 2011
Capital Expenditures:(1)     
Industrial/Office Properties:     
Acquisition of operating properties $ 13,625,000 $ 24,075,000
Non-cash portion of acquisitions  -   (1,649,266)
Capital expenditures and tenant improvements   850,847   1,070,498
      
Residential Property:     
Acquisition of operating properties   17,138,295   5,971,980
      
      
Retail Properties:     
Acquisition of operating properties   1,125,000   6,767,700
Capital expenditures and tenant improvements   158,005   119,746
      
Self Storage Properties:     
Acquisition of operating properties   -   2,615,000
Capital expenditures and tenant improvements   20,964   21,952
      
Acquisition of operating properties, net   31,888,295   37,780,414
Capital expenditures and tenant improvements   1,029,816   1,212,196
Total real estate investments $ 32,918,111 $ 38,992,610
      

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