XML 18 R18.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Segments | 12 Months Ended
--- | ---
Dec. 31, 2014
Segments [Abstract] |
Segments [Text Block] | 12. 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 s egments. The accounting policies of the reportable segments are the same as those described in Note 2. There is no intersegment activity. The Company evaluates the performance of its segments based upon net operating income (“NOI”), which is a non-GAAP supplemental financial measure. The Company defines NOI for its real estate segment as operating revenues (rental income, tenant re imbursements and other operating income) less property and related expenses (property operating expenses, real estate taxes, insurance, asset management fees and provision for bad debt) less interest expense. The Company defines NOI for its real estate-rel ated segment as interest income less loan servicing costs and asset management fees. NOI excludes certain items that are not considered to be controllable in connection with the management of an asset such as non-property income and expenses, depreciation and amortization, real estate acquisition fees and expenses and corporate general and administrative expenses. The Company uses NOI to evaluate the operating performance of the Company’s real estate investments and to make decisions about resource allocati ons. The Company believes that net income is the GAAP measure that is most directly comparable to NOI; however, NOI should not be considered as an alternative to net income as the primary indicator of operating performance, as it excludes the items describ ed above. Additionally, NOI as defined above may not be comparable to other REITs or companies as their definitions of NOI may differ from the Company’s definition. 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, 2014 and 2013, respectively.
|  | Year Ended December 31,
|  | 2014 |  |  | 2013
Industrial/Office Properties: |  |  |  |  |
Rental income | $ | 11,800,819 |  | $ | 10,448,256
Property and related expenses |  | (4,769,364) |  |  | (3,629,413)
Asset impairment |  | (950,000) |  |  | (2,000,000)
Net operating income, as defined |  | 6,081,455 |  |  | 4,818,843
Residential Properties: |  |  |  |  |
Rental income |  | 2,065,327 |  |  | 2,995,612
Property and related expenses |  | (102,082) |  |  | (195,752)
Net operating income, as defined |  | 1,963,245 |  |  | 2,799,860
Retail Properties: |  |  |  |  |
Rental income |  | 2,607,744 |  |  | 2,878,145
Property and related expenses |  | (877,620) |  |  | (861,327)
Net operating income, as defined |  | 1,730,124 |  |  | 2,016,818
Self-Storage Properties: |  |  |  |  |
Rental income |  | 3,428,503 |  |  | 3,241,109
Property and related expenses |  | (1,716,379) |  |  | (1,695,933)
Net operating income, as defined |  | 1,712,124 |  |  | 1,545,176
Reconciliation to Net Loss: |  |  |  |  |
Total net operating income, as defined, for reportable segments |  | 11,486,948 |  |  | 11,180,697
Unallocated other income (expense): |  |  |  |  |
General and administrative expenses |  | (5,555,449) |  |  | (5,443,652)
Depreciation and amortization |  | (6,049,385) |  |  | (5,309,560)
Interest expense |  | (6,478,976) |  |  | (5,059,912)
Interest income |  | 85,806 |  |  | 116,602
Gain on sales of real estate and partnerships, net |  | 5,120,699 |  |  | 1,992,754
Gain on extinguishment of debt |  | 536,952 |  |  | -
Net loss |  | (853,601) |  |  | (2,523,071)
| As of December 31,
| 2014 |  | 2013
Assets: |  |  |  |  |
Industrial/Office Properties: |  |  |  |  |
Land, buildings and improvements, net (1) | $ | 122,351,316 |  | $ | 85,234,171
Total assets (2) | $ | 130,185,089 |  | $ | 90,589,726
Residential Property: |  |  |  |  |
Land, buildings and improvements, net (1) | $ | 13,133,827 |  | $ | 23,093,296
Total assets (2) | $ | 13,588,922 |  | $ | 25,434,100
Retail Properties: |  |  |  |  |
Land, buildings and improvements, net (1) | $ | 33,141,294 |  | $ | 21,931,330
Total assets (2) | $ | 34,712,223 |  | $ | 23,354,122
Self-Storage Properties: |  |  |  |  |
Land, buildings and improvements, net (1) | $ | 29,107,675 |  | $ | 121,390,988
Total assets (2) | $ | 30,003,506 |  | $ | 31,028,008
Reconciliation to Total Assets: |  |  |  |  |
Total assets for reportable segments | $ | 208,489,740 |  | $ | 170,405,956
Other unallocated assets: |  |  |  |  |
Cash and cash equivalents |  | 5,636,002 |  |  | 10,207,001
Other assets, net |  | 6,499,196 |  |  | 1,408,387
Total Assets | $ | 220,624,938 |  | $ | 182,021,344
____________ |  |  |  |  |
(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.
| Year Ended December 31,
| 2014 |  | 2013
Capital Expenditures:(1) |  |  |  |  |
Industrial/Office Properties: |  |  |  |  |
Acquisition of operating properties | $ | 42,337,414 |  | $ | -
Capital expenditures and tenant improvements | $ | 2,123,438 |  | $ | 2,758,787
Residential Property: |  |  |  |  |
Acquisition of operating properties | $ | 5,726,700 |  | $ | 4,189,389
Retail Properties: |  |  |  |  |
Acquisition of operating properties | $ | 11,211,669 |  | $ | 3,650,000
Capital expenditures and tenant improvements | $ | 359,473 |  | $ | 70,235
Self Storage Properties: |  |  |  |  |
Capital expenditures and tenant improvements | $ | 84,116 |  | $ | 27,988
Totals: |  |  |  |  |
Acquisition of operating properties, net | $ | 59,275,783 |  | $ | 7,839,389
Capital expenditures and tenant improvements |  | 2,567,027 |  |  | 2,857,010
Total real estate investments | $ | 61,842,810 |  | $ | 10,696,399
____________ (1) Total consolidated capital expenditures are equal to the same amounts disclosed for total reportable segments.

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration