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Segments
 3 Months Ended
Mar. 31, 2013
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 months ended March 31, 2013 and 2012, respectively.

 

 Three Months Ended March 31,
  2013  2012
Industrial/Office Properties:     
Rental income $ 2,575,649 $ 2,019,411
Property and related expenses   850,459   681,509
Net operating income, as defined   1,725,190   1,337,902
      
      
Residential Properties:     
Rental income   874,318   654,181
Property and related expenses   76,779   75,943
Net operating income, as defined   797,539   578,238
      
      
Retail Properties:     
Rental income   995,874   700,356
Property and related expenses   184,295   205,763
Net operating income, as defined   811,579   494,593
      
Self-Storage Properties:     
Rental income   722,755   714,238
Property and related expenses   385,069   369,916
Net operating income, as defined   337,686   344,322
      
Mortgage loan activity:     
Interest income   14,576   18,190
      
Reconciliation to Net Income Available to Common Stockholders:     
Total net operating income, as defined, for reportable segments   3,686,570   2,773,245
Unallocated other income:     
Total other income   6,680   2,169
Gain on sale of real estate   446,653   44,082
General and administrative expenses   1,232,761   1,124,718
Interest expense   1,334,026   981,484
Depreciation and amortization   1,315,204   1,176,738
Net loss before noncontrolling interests  257,912   (463,444)
Noncontrolling interests   311,061   108,167
Net loss $ (53,149) $ (571,611)
      

 Three Months Ended March 31,
  2013  2012
Industrial/Office Properties:     
Rental income $ 2,575,649 $ 2,019,411
Property and related expenses   850,459   681,509
Net operating income, as defined   1,725,190   1,337,902
      
      
Residential Properties:     
Rental income   874,318   654,181
Property and related expenses   76,779   75,943
Net operating income, as defined   797,539   578,238
      
      
Retail Properties:     
Rental income   995,874   700,356
Property and related expenses   184,295   205,763
Net operating income, as defined   811,579   494,593
      
Self-Storage Properties:     
Rental income   722,755   714,238
Property and related expenses   385,069   369,916
Net operating income, as defined   337,686   344,322
      
Mortgage loan activity:     
Interest income   14,576   18,190
      
Reconciliation to Net Income Available to Common Stockholders:     
Total net operating income, as defined, for reportable segments   3,686,570   2,773,245
Unallocated other income:     
Total other income   6,680   2,169
Gain on sale of real estate   446,653   44,082
General and administrative expenses   1,232,761   1,124,718
Interest expense   1,334,026   981,484
Depreciation and amortization   1,315,204   1,176,738
Net loss before noncontrolling interests  257,912   (463,444)
Noncontrolling interests   311,061   108,167
Net loss $ (53,149) $ (571,611)
      

 March 31, December 31,
 2013 2012
      
Assets:     
Industrial/Office Properties:     
Land, buildings and improvements, net (1) $ 86,249,185 $ 86,695,553
Total assets (2)   90,760,189   90,286,093
      
Residential Property:     
Land, buildings and improvements, net (1)   27,040,877   29,399,405
Total assets (2)  32,334,118   31,869,016
      
Retail Properties:     
Land, buildings and improvements, net (1)   22,420,110   22,613,528
Total assets (2)   23,799,839   23,913,305
      
Self-Storage Properties:     
Land, buildings and improvements, net (1)   26,783,004   26,930,233
Total assets (2)   27,475,318   27,384,412
      
Mortgage loan activity:     
Mortgage receivable and accrued interest   920,216   920,216
Total assets   920,216   920,216
      
Reconciliation to Total Assets:     
Total assets for reportable segments   175,289,680   174,373,042
Other unallocated assets:     
Cash and cash equivalents   9,851,143   10,746,536
Other assets, net   (1,395,843)   12,415
Total Assets $ 183,744,980 $ 185,131,993
      
____________     
(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,
 2013 2012
Capital Expenditures:(1)     
Industrial/Office Properties:     
Capital expenditures and tenant improvements $ 336,821 $ 357,971
      
Residential Property:     
Acquisition of operating properties   1,139,715   375,760
Capital expenditures and tenant improvements   8,775   -
      
Retail Properties:     
Capital expenditures and tenant improvements   -   134,121
      
Self Storage Properties:     
Capital expenditures and tenant improvements   1,900   5,788
Total acquisition of operating properties, net   1,139,715   375,760
Total capital expenditures and tenant improvements   347,496   497,880
Total additions to real estate assets $ 1,487,211 $ 873,640
      

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