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Segments | 9 Months Ended
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Sep. 30, 2014
Segments [Abstract] |
Segments | 8. 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 September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014 and 2013, respectively.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Industrial/Office Properties: |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 3,122,423 |  |  | $ | 2,638,194 |  |  | $ | 8,368,703 |  |  | $ | 7,848,551 |
Property and related expenses |  |  | 1,277,080 |  |  |  | 963,919 |  |  |  | 3,418,279 |  |  |  | 2,764,489 |
Net operating income, as defined |  |  | 1,845,343 |  |  |  | 1,674,275 |  |  |  | 4,950,424 |  |  |  | 5,084,062 |
Residential Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  |  | 479,400 |  |  |  | 696,922 |  |  |  | 1,723,462 |  |  |  | 2,327,340 |
Property and related expenses |  |  | 18,212 |  |  |  | 25,722 |  |  |  | 63,055 |  |  |  | 178,556 |
Net operating income, as defined |  |  | 461,188 |  |  |  | 671,200 |  |  |  | 1,660,407 |  |  |  | 2,148,784 |
Retail Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  |  | 649,649 |  |  |  | 614,979 |  |  |  | 1,921,338 |  |  |  | 2,255,351 |
Property and related expenses |  |  | 228,010 |  |  |  | 234,942 |  |  |  | 657,814 |  |  |  | 622,246 |
Net operating income, as defined |  |  | 421,639 |  |  |  | 380,037 |  |  |  | 1,263,524 |  |  |  | 1,633,105 |
Self-Storage Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  |  | 833,648 |  |  |  | 839,272 |  |  |  | 2,543,326 |  |  |  | 2,383,990 |
Property and related expenses |  |  | 461,503 |  |  |  | 466,697 |  |  |  | 1,255,798 |  |  |  | 1,276,518 |
Net operating income, as defined |  |  | 372,145 |  |  |  | 372,575 |  |  |  | 1,287,528 |  |  |  | 1,107,472 |
Reconciliation to Net Loss Available to Common Shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Total net operating income, as defined, for reportable segments |  | $ | 3,100,318 |  |  | $ | 3,098,087 |  |  | $ | 9,161,883 |  |  | $ | 9,973,423 |
Unallocated other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income |  |  | 15,418 |  |  |  | 16,609 |  |  |  | 75,577 |  |  |  | 108,304 |
Gain on sale of real estate |  |  | 1,221,680 |  |  |  | 169,460 |  |  |  | 2,426,004 |  |  |  | 1,026,371 |
Gain on dissolution of partnership assets |  |  | - |  |  |  | - |  |  |  | 302,831 |  |  |  | - |
General and administrative expenses |  |  | 1,200,536 |  |  |  | 1,166,374 |  |  |  | 3,889,185 |  |  |  | 3,606,963 |
Interest expense - mortgage notes payable |  |  | 1,344,698 |  |  |  | 1,247,604 |  |  |  | 3,985,783 |  |  |  | 3,800,959 |
Interest and amortization of issuance costs - Series B preferred stock |  |  | 353,014 |  |  |  | - |  |  |  | 353,014 |  |  |  | - |
Depreciation and amortization |  |  | 1,614,503 |  |  |  | 1,353,612 |  |  |  | 4,387,175 |  |  |  | 3,994,350 |
Asset impairments |  |  | 950,000 |  |  |  | 1,500,000 |  |  |  | 950,000 |  |  |  | 1,500,000 |
Net loss before noncontrolling interests |  |  | (1,125,335 | ) |  |  | (1,983,434 | ) |  |  | (1,598,862 | ) |  |  | (1,794,174 | )
Income attributable to noncontrolling interests |  |  | 726,222 |  |  |  | 327,550 |  |  |  | 1,709,127 |  |  |  | 875,264 |
Net loss |  | $ | (1,851,557 | ) |  | $ | (2,310,984 | ) |  | $ | (3,307,989 | ) |  | $ | (2,669,438 | )
|  | September 30, 2014 |  |  | December 31, 2013 |
Assets: |  |  |  |  |  |
Industrial/Office Properties: |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 96,745,749 |  |  | $ | 84,458,209 |
Total assets (2) |  |  | 102,289,988 |  |  |  | 89,813,764 |
Residential Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  |  | 14,480,114 |  |  |  | 23,093,296 |
Total assets (2) |  |  | 21,400,286 |  |  |  | 25,434,100 |
Retail Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  |  | 21,785,362 |  |  |  | 21,931,330 |
Total assets (2) |  |  | 23,046,831 |  |  |  | 23,354,122 |
Self-Storage Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  |  | 29,267,682 |  |  |  | 29,972,327 |
Total assets (2) |  |  | 30,040,789 |  |  |  | 31,028,008 |
Reconciliation to Total Assets: |  |  |  |  |  |  |  |
Total assets for reportable segments |  |  | 176,777,894 |  |  |  | 169,629,994 |
Other unallocated assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 11,893,187 |  |  |  | 10,207,001 |
Other assets, net |  |  | 9,673,214 |  |  |  | 1,408,387 |
Total Assets |  | $ | 198,344,295 |  |  | $ | 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.
|  | Nine Months Ended September 30, |
|  | 2014 |  |  | 2013 |
Capital Expenditures:(1) |  |  |  |  |  |
Industrial/Office Properties: |  |  |  |  |  |
Acquisition of operating property |  | $ | 14,763,625 |  |  | $ | - |
Capital expenditures and tenant improvements |  |  | 1,506,010 |  |  |  | 2,219,666 |
Residential Property: |  |  |  |  |  |  |  |
Acquisition of operating properties |  |  | 2,745,900 |  |  |  | 1,671,059 |
Retail Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements |  |  | 402,799 |  |  |  | 45,000 |
Self-Storage Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties |  |  | - |  |  |  | 3,650,000 |
Capital expenditures and tenant improvements |  |  | 69,560 |  |  |  | 22,141 |
Acquisition of operating properties |  |  | 17,509,525 |  |  |  | 5,321,059 |
Capital expenditures and tenant improvements |  |  | 1,978,375 |  |  |  | 2,286,807 |
Total real estate investments |  | $ | 19,487,900 |  |  | $ | 7,607,866 |
____________
(1) | Total consolidated capital expenditures are equal to the same amounts disclosed for total reportable segments.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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