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Segments
 6 Months Ended
Jun. 30, 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, other property income and impairment charges, if any.) 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, 2013 and 2012, respectively.

 

  Three Months  Six Months
  Ending June 30,  Ending June 30,
  2013 2012 2013 2012
Industrial/Office Properties:           
Rental income $ 2,634,708 $ 2,129,857 $ 5,210,357 $ 4,149,268
Property and related expenses   806,970   716,548   1,657,430   1,398,057
Net operating income, as defined   1,827,738   1,413,309   3,552,927   2,751,211
             
Residential Properties:           
Rental income   756,100   659,375   1,630,418   1,313,556
Property and related expenses   76,055   77,893   152,834   153,836
Net operating income, as defined   680,045   581,482   1,477,584   1,159,720
             
Retail Properties:           
Rental income   644,498   740,288   1,640,372   1,440,644
Property and related expenses   203,009   184,610   387,304   390,373
Net operating income, as defined   441,489   555,678   1,253,068   1,050,271
             
Self-Storage Properties:           
Rental income   821,963   743,620   1,544,718   1,457,858
Property and related expenses   424,753   352,853   809,821   722,769
Net operating income, as defined   397,210   390,767   734,897   735,089
             
Mortgage loan activity:           
Interest income   14,738   18,333   29,314   36,523
             
Reconciliation to Net Loss           
 Available to Common Shareholders:           
Total net operating income,            
 as defined, for reportable segments   3,361,220   2,959,569   7,047,790   5,732,814
Unallocated other income:           
Total other income   55,701   1,792   62,381   3,961
Gain on sale of real estate   410,258   54,993   856,911   99,075
General and administrative expenses   1,350,968   1,071,552   2,583,729   2,196,270
Interest expense   1,219,329   1,071,686   2,553,355   2,053,170
Depreciation and amortization   1,325,534   1,214,150   2,640,738   2,390,888
Net (loss) income before noncontrolling interests   (68,652)   (341,034)   189,260   (804,478)
Noncontrolling interests   327,550   92,187   638,611   200,354
Net loss $ (396,202) $ (433,221) $ (449,351) $ (1,004,832)

 June 30, December 31,
 2013 2012
      
Assets:     
Industrial/Office Properties:     
Land, buildings and improvements, net (1) $ 86,430,146 $ 86,695,553
Total assets (2)   90,613,146   90,286,093
      
Residential Property:     
Land, buildings and improvements, net (1)   24,552,141   29,399,405
Total assets (2)  25,063,971   31,869,016
      
Retail Properties:     
Land, buildings and improvements, net (1)   22,232,138   22,613,528
Total assets (2)   23,561,013   23,913,305
      
Self-Storage Properties:     
Land, buildings and improvements, net (1)   30,285,129   26,930,233
Total assets (2)   30,999,387   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   171,157,733   174,373,042
Other unallocated assets:     
Cash and cash equivalents   7,807,237   10,746,536
Other assets, net   3,575,665   12,415
Total Assets $ 182,540,635 $ 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.

 Six Months Ended June 30,
 2013 2012
Capital Expenditures:(1)     
Industrial/Office Properties:     
Acquisition of operating properties $ - $ 6,350,000
Capital expenditures and tenant improvements   1,407,645   500,704
      
Residential Property:     
Acquisition of operating properties   1,139,715   13,577,615
      
Retail Properties:     
Acquisition of operating properties   -   1,125,000
Capital expenditures and tenant improvements   -   153,836
      
Self Storage Properties:  3,650,000   -
Capital expenditures and tenant improvements   8,903   20,964
Total acquisition of operating properties, net   4,789,715   21,052,615
Total capital expenditures and tenant improvements   1,416,548   675,504
Total additions to real estate assets $ 6,206,263 $ 21,728,119
      

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