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Segments
 3 Months Ended
Mar. 31, 2015
Segments [Abstract]  
Segments [Text Block]

11. 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 (sold on April 10, 2105). 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 segments 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, impairments and provision for bad debt) less interest expense. 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 following tables reconcile the Company’s segment activity to its results of operations and financial position as of and for the three months ended March 31, 2015 and 2014.

Three Months Ended
March 31,
20152014
Office/Industrial Properties:
Rental income$4,008,818 $2,607,246
Property and related expenses (1,580,965) (1,039,090)
Net operating income, as defined 2,427,853 1,568,156
Residential Properties:
Rental income 357,903 671,186
Property and related expenses (11,238) (6,735)
Net operating income, as defined 346,665 664,451
Retail Properties:
Rental income 1,015,878 640,826
Property and related expenses (347,385) (214,732)
Net operating income, as defined 668,493 426,094
Self-Storage Properties (discontinued operations):
Rental income 892,977 860,587
Property and related expenses (862,674) (794,905)
Net operating income, as defined 30,303 65,682
Reconciliation to net (loss) income:
Total net operating income, as defined, for reportable segments 3,473,314 2,724,383
General and administrative expenses (1,154,802) (1,124,856)
Depreciation and amortization (1,861,546) (1,345,756)
Interest expense (2,379,592) (1,049,082)
Interest income 14,604 18,369
Gain on sales of real estate and partnerships, net78,496727,776
Net (loss) income$(1,829,526) $(49,166)

March 31, December 31,
2015 2014
Assets by Reportable Segment:
Office/Industrial Properties:
Land, buildings and improvements, net (1)$121,138,911 $122,351,316
Total assets (2)$130,059,818 $130,185,089
Residential Properties:
Land, buildings and improvements, net (1)$12,603,823 $13,133,827
Total assets (2)$13,810,493 $13,588,922
Retail Properties:
Land, buildings and improvements, net (1)$33,766,924 $33,141,294
Total assets (2)$36,805,479 $34,712,223
Self-Storage Properties (real estate held for sale):
Land, buildings and improvements, net (1)$28,929,279 $29,107,675
Total assets (2)$29,898,476 $30,003,506
Reconciliation to Total Assets:
Total assets for reportable segments $210,574,266 $208,489,740
Other unallocated assets:
Cash and cash equivalents 4,475,600 5,636,002
Other assets, net 8,091,495 6,499,196
Total Assets $223,141,361 $220,624,938
(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.

Capital Expenditures by Reportable Segment Three Months Ended
March 31,
2015 2014
Office/Industrial Properties:
Capital expenditures and tenant improvements 1,118,854 678,304
Residential Properties:
Acquisition of operating properties 3,756,740 1,781,300
Retail Properties:
Capital expenditures and tenant improvements 41,333 194,781
Self-Storage Properties (real estate held for sale):
Capital expenditures and tenant improvements 6,250 33,408
Totals:
Acquisition of operating properties, net 3,756,740 1,781,300
Capital expenditures and tenant improvements 1,166,437 906,493
Total real estate investments $4,923,177 $2,687,793