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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 segments. 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 reimbursements 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-related 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 allocations. 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 described 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,
20142013
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 6,081,4554,818,843
Residential Properties:
Rental income 2,065,3272,995,612
Property and related expenses (102,082)(195,752)
Net operating income, as defined 1,963,2452,799,860
Retail Properties:
Rental income 2,607,7442,878,145
Property and related expenses (877,620)(861,327)
Net operating income, as defined 1,730,1242,016,818
Self-Storage Properties:
Rental income 3,428,5033,241,109
Property and related expenses (1,716,379)(1,695,933)
Net operating income, as defined 1,712,1241,545,176
Reconciliation to Net Loss:
Total net operating income, as defined, for reportable segments 11,486,94811,180,697
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 income85,806116,602
Gain on sales of real estate and partnerships, net5,120,6991,992,754
Gain on extinguishment of debt536,952-
Net loss (853,601)(2,523,071)

As of December 31,
20142013
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 5,636,00210,207,001
Other assets, net 6,499,1961,408,387
Total Assets $220,624,938$182,021,344
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(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,
20142013
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 2,567,0272,857,010
Total real estate investments $61,842,810$10,696,399

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