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Segments (Tables)
 9 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Net Operating Income by Segment

The following tables reconcile the Company’s segment activity to its results of operations and financial position as of and for the three and nine months ended September 30, 2015 and 2014.

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Office/Industrial Properties:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

4,715,807

 

 

$

3,122,426

 

 

$

13,075,111

 

 

$

8,368,703

 

Property and related expenses

 

 

(1,679,926

)

 

 

(1,277,080

)

 

 

(4,885,154

)

 

 

(3,418,279

)

Net operating income, as defined

 

 

3,035,881

 

 

 

1,845,346

 

 

 

8,189,957

 

 

 

4,950,424

 

Residential Properties:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

 

414,286

 

 

 

479,400

 

 

 

1,117,616

 

 

 

1,723,462

 

Property and related expenses

 

 

(15,530

)

 

 

(18,212

)

 

 

(50,377

)

 

 

(63,055

)

Net operating income, as defined

 

 

398,756

 

 

 

461,188

 

 

 

1,067,239

 

 

 

1,660,407

 

Retail Properties:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

 

981,509

 

 

 

649,649

 

 

 

2,952,646

 

 

 

1,921,338

 

Property and related expenses

 

 

(206,998

)

 

 

(228,010

)

 

 

(876,694

)

 

 

(657,814

)

Net operating income, as defined

 

 

774,511

 

 

 

421,639

 

 

 

2,075,952

 

 

 

1,263,524

 

Self-Storage Properties

   (discontinued operations):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

 

-

 

 

 

833,648

 

 

 

1,052,266

 

 

 

2,543,326

 

Property and related expenses

 

 

-

 

 

 

(849,325

)

 

 

(1,183,641

)

 

 

(2,419,313

)

Gain on sale of real estate

 

 

-

 

 

 

-

 

 

 

4,730,398

 

 

 

(156,651

)

Net operating (loss) income, as defined

 

 

-

 

 

 

(15,677

)

 

 

4,599,023

 

 

 

(32,638

)

Reconciliation to net (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net operating income, as defined,

   for reportable segments

 

 

4,209,148

 

 

 

2,712,496

 

 

 

15,932,171

 

 

 

7,841,717

 

General and administrative expenses

 

 

(1,181,714

)

 

 

(1,200,536

)

 

 

(3,475,628

)

 

 

(3,889,185

)

Depreciation and amortization

 

 

(1,884,193

)

 

 

(1,448,108

)

 

 

(5,560,525

)

 

 

(3,887,117

)

Interest expense

 

 

(2,630,737

)

 

 

(1,476,284

)

 

 

(7,286,351

)

 

 

(3,675,339

)

Interest income

 

 

26,220

 

 

 

15,418

 

 

 

61,976

 

 

 

75,577

 

Real estate asset impairments

 

 

-

 

 

 

(950,000

)

 

 

-

 

 

 

(950,000

)

Gain on sales of real estate and

   partnerships, net

 

 

10,858

 

 

 

1,221,680

 

 

 

1,205,612

 

 

 

2,885,485

 

Net (loss) income

 

$

(1,450,418

)

 

$

(1,125,334

)

 

$

877,255

 

 

$

(1,598,862

)

 
Reconciliation of Assets by Segment to Total Assets

 

 

 

September 30,

 

 

December 31,

 

Assets by Reportable Segment:

 

2015

 

 

2014

 

 

 

 

 

 

 

 

 

 

Office/Industrial Properties:

 

 

 

 

 

 

 

 

Land, buildings and improvements, net (1)

 

$

153,671,739

 

 

$

122,351,316

 

Total assets (2)

 

$

166,127,174

 

 

$

130,185,089

 

Residential Properties:

 

 

 

 

 

 

 

 

Land, buildings and improvements, net (1)

 

$

13,647,962

 

 

$

13,133,827

 

Total assets (2)

 

$

14,494,846

 

 

$

13,588,922

 

Retail Properties:

 

 

 

 

 

 

 

 

Land, buildings and improvements, net (1)

 

$

35,648,243

 

 

$

33,141,294

 

Total assets (2)

 

$

37,796,814

 

 

$

34,712,223

 

Self-Storage Properties (real estate held for sale):

 

 

 

 

 

 

 

 

Land, buildings and improvements, net (1)

 

$

—

 

 

$

29,107,675

 

Total assets (2)

 

$

—

 

 

$

30,003,506

 

Reconciliation to Total Assets:

 

 

 

 

 

 

 

 

Total assets for reportable segments

 

$

218,418,834

 

 

$

208,489,740

 

Other unallocated assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

11,146,053

 

 

 

5,636,002

 

Other assets, net

 

 

8,471,759

 

 

 

6,499,196

 

Total Assets

 

$

238,036,646

 

 

$

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

 

For the nine months ended

 

 

 

September 30,

 

 

 

2015

 

 

2014

 

Office/Industrial Properties:

 

 

 

 

 

 

 

 

Acquisition of operating properties

 

$

33,958,263

 

 

$

14,763,625

 

Capital expenditures and tenant improvements

 

 

2,313,655

 

 

 

1,506,016

 

 

 

 

 

 

 

 

 

 

Residential Properties:

 

 

 

 

 

 

 

 

Acquisition of operating properties

 

 

5,720,000

 

 

 

2,745,900

 

 

 

 

 

 

 

 

 

 

Retail Properties:

 

 

 

 

 

 

 

 

Acquisition of retail properties

 

 

2,850,000

 

 

 

 

 

Capital expenditures and tenant improvements

 

 

41,333

 

 

 

402,799

 

 

 

 

 

 

 

 

 

 

Self-Storage Properties (real estate held for sale):

 

 

 

 

 

 

 

 

Capital expenditures and tenant improvements

 

 

-

 

 

 

69,560

 

 

 

 

 

 

 

 

 

 

Totals:

 

 

 

 

 

 

 

 

Acquisition of operating properties, net

 

 

42,528,263

 

 

 

17,509,525

 

Capital expenditures and tenant improvements

 

 

2,354,988

 

 

 

1,978,375

 

Total real estate investments

 

$

44,883,251

 

 

$

19,487,900