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 and Self-Storage Properties; 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. There is no intersegment activity.

The following tables reconcile the Company's segment activity to its results of operations and financial position as of March 31, 2014 and December 31, 2013 and for the three months ended March 31, 2014 and 2013.

	Three Months Ended March 31,
	2014		2013
Industrial/Office Properties:
Rental income	$	2,607,241	$	2,575,649
Property and related expenses		1,039,090		915,793
Net operating income, as defined		1,568,151		1,659,856

Residential Properties:
Rental income		671,186		874,318
Property and related expenses		6,735		76,779
Net operating income, as defined		664,451		797,539

Retail Properties:
Rental income		640,826		995,874
Property and related expenses		214,732		184,295
Net operating income, as defined		426,094		811,579

Self-Storage Properties:
Rental income		860,587		722,755
Property and related expenses		406,762		385,069
Net operating income, as defined		453,825		337,686

Reconciliation to Net Income Available to Common Stockholders:
Total net operating income, as defined, for reportable segments		3,112,521			3,606,660
Unallocated other income:
Total interest and other income		18,369			21,256
Gain on sale of real estate		424,945			446,653
Gain on dissolution of partnership interests		302,831			-
General and administrative expenses		1,124,856			1,167,427
Interest expense		1,269,961			1,334,026
Depreciation and amortization		1,345,756			1,315,204
Net income		118,093			257,912
Less: noncontrolling interests		(478,107	)		(311,061	)
Net loss attributable to common stockholders	$	(360,014	)	$	(53,149	)

	March 31,		December 31,
	2014		2013
Assets:
Industrial/Office Properties:
Land, buildings and improvements, net (1)	$	84,310,677	$	84,458,209
Total assets (2)		88,854,479		89,813,764

Residential Properties:
Land, buildings and improvements, net (1)		22,714,834		23,093,296
Total assets (2)		24,237,880		25,434,100

Retail Properties:
Land, buildings and improvements, net (1)		21,941,102		21,931,330
Total assets (2)		23,378,694		23,354,122

Self-Storage Properties:
Land, buildings and improvements, net (1)		29,798,817		29,972,327
Total assets (2)		30,689,495		31,028,008

Reconciliation to Total Assets:
Total assets for reportable segments		167,160,548		169,629,994
Other unallocated assets:
Cash and cash equivalents		7,233,620		10,207,001
Other assets, net		3,300,089		1,408,387
Total Assets	$	177,694,257	$	181,245,382

____________

(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,
	2014		2013
Capital Expenditures:(1)
Industrial/Office Properties:
Capital expenditures and tenant improvements		678,304		336,821

Residential Property:
Acquisition of operating properties		1,781,300		1,139,715
Capital expenditures and tenant improvements		-		8,775

Retail Properties:
Capital expenditures and tenant improvements		194,781		-

Self-Storage Properties:
Capital expenditures and tenant improvements		33,408		1,900

Acquisition of operating properties, net		1,781,300		1,139,715
Capital expenditures and tenant improvements		906,493		347,496
Total real estate investments	$	2,687,793	$	1,487,211

____________

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