Segments (Tables)

3 Months Ended

Mar. 31, 2015

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,
	2015		2014
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, net		78,496		727,776
Net (loss) income	$	(1,829,526)	$	(49,166)

Reconciliation of Assets by Segment to Total Assets

		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.

Reconciliation of Capital Expenditures by Segment to Total Real Estate Investments

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

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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