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Real Estate Held For Sale and Discontinued Operations
 12 Months Ended
Dec. 31, 2015
Discontinued Operations And Disposal Groups [Abstract]  
Real Estate Held For Sale and Discontinued Operations

6. REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS

Discontinued operations for the years ended December 31, 2015 and 2014 include the operations of its Sparky’s Self-Storage Portfolio located in Southern California, which was sold to an unrelated party on April 10, 2015.  The following summary presents the major components of real estate held for sale and liabilities related to real estate held for sale as of:

 

 

 

December 31,

 

 

December 31,

 

 

 

2015

 

 

2014

 

Real estate assets

 

$

—

 

 

$

32,637,520

 

Less: accumulated depreciation

 

 

—

 

 

 

(3,529,845

)

Real estate assets, net

 

 

—

 

 

 

29,107,675

 

Other assets

 

 

—

 

 

 

895,831

 

Total assets

 

$

—

 

 

$

30,003,506

 

Mortgage notes payable

 

 

—

 

 

 

16,932,524

 

Other liabilities

 

 

—

 

 

 

508,955

 

Total liabilities

 

$

—

 

 

$

17,423,479

 

 

The following table summarizes certain revenue and expenses related to these properties for the years ended December 31:

 

 

 

For the Years Ended

December 31,

 

 

 

2015

 

 

2014

 

Rental revenues

 

$

940,048

 

 

$

3,080,387

 

Fee and other income

 

 

112,218

 

 

 

348,116

 

Rental operating expenses

 

 

(595,832

)

 

 

(1,716,379

)

Depreciation

 

 

(165,646

)

 

 

(666,119

)

Interest expense

 

 

(422,163

)

 

 

(883,647

)

Gain on sale of real estate

 

 

4,730,398

 

 

 

(156,651

)

Discontinued operations before non-controlling interests

 

$

4,599,023

 

 

$

5,707