Segments (Tables)

12 Months Ended

Dec. 31, 2013

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, 2013 and 2012, respectively.

	Year Ended
	December 31, 2013		December 31, 2012
Industrial/Office Properties:
Rental income	$	10,448,256	$	8,994,345
Property and related expenses		3,629,413		2,979,251
Asset impairment		2,000,000		-
Net operating income, as defined		4,818,843		6,015,094


Residential Properties:
Rental income		2,995,612		2,921,813
Property and related expenses		195,752		354,655
Asset impairment		-		98,000
Net operating income, as defined		2,799,860		2,469,158


Retail Properties:
Rental income		2,878,145		2,862,846
Property and related expenses		861,327		767,677
Asset impairment		-		300,000
Net operating income, as defined		2,016,818		1,795,169

Self-Storage Properties:
Rental income		3,241,109		2,889,963
Property and related expenses		1,695,933		1,453,354
Net operating income, as defined		1,545,176		1,436,609

Reconciliation to Net Income Available to Common Stockholders

Reconciliation to Net Income Available to Common Stockholders:
Total net operating income, as defined, for reportable segments	$	11,180,697			11,716,030
Unallocated other income:
Total other income		116,602			80,427
Gain on sale of real estate		1,620,109			898,220
Gain on dissolution of partnership interests		372,645			372,089
General and administrative expenses		5,443,652			4,752,459
Interest expense		5,059,912			4,493,558
Depreciation and amortization		5,309,560			4,869,467
Impairment of real estate owned		-			1,278,531
Gain on extinguishment of a liability		-			691,487
Net loss before noncontrolling interests		(2,523,071	)		(1,635,762	)
Noncontrolling interests		1,566,023			497,712
Net loss	$	(4,089,094	)	$	(2,133,474	)

Reconciliation of Assets by Segment to Total Assets

	December 31, 2013		December 31, 2012

Assets:
Industrial/Office Properties:
Land, buildings and improvements, net (1)	$	84,458,209	$	86,695,553
Total assets (2)		89,813,764		90,286,093

Residential Property:
Land, buildings and improvements, net (1)		23,093,296		29,399,405
Total assets (2)		25,434,100		31,869,016

Retail Properties:
Land, buildings and improvements, net (1)		21,931,330		22,613,528
Total assets (2)		23,354,122		23,913,305

Self-Storage Properties:
Land, buildings and improvements, net (1)		29,972,327		26,930,233
Total assets (2)		31,028,008		27,384,412

Reconciliation to Total Assets:
Total assets for reportable segments		169,629,994		173,452,826
Other unallocated assets:
Cash and cash equivalents		10,207,001		10,746,536
Other assets, net		1,408,387		932,631
Total Assets	$	181,245,382	$	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.

Reconciliation of Capital Expenditures by Segment to Total Real Estate Investments

	Year Ended
	December 31, 2013		December 31, 2012
Capital Expenditures:
Industrial/Office Properties:
Acquisition of operating properties	$	-	$	13,625,000
Capital expenditures and tenant improvements		2,758,787		850,847

Residential Property:
Acquisition of operating properties		4,189,389		17,138,295


Retail Properties:
Acquisition of operating properties		3,650,000		1,125,000
Capital expenditures and tenant improvements		70,235		158,005

Self-Storage Properties:
Capital expenditures and tenant improvements		27,988		20,964

Acquisition of operating properties, net		7,839,389		31,888,295
Capital expenditures and tenant improvements		2,857,010		1,029,816
Total real estate investments	$	10,696,399	$	32,918,111

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.

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- Definition

Tabular disclosure of each significant reconciling item, other than profit (loss), revenues, or assets, in the reconciliation of totals of such items in reportable segments to the entity's corresponding consolidated amount.

+ References+ Details

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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