Segments (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014, respectively.

	Year Ended December 31,
	2015			2014
Office/ Industrial Properties:
Rental income	$	18,497,621		$	11,800,836
Property and related expenses		(7,170,550	)		(4,769,577	)
Asset impairment		—			(950,000	)
Net operating income, as defined		11,327,071			6,081,259

Residential Properties:
Rental income		1,521,148			2,065,327
Property and related expenses		(63,875	)		(102,082	)
Net operating income, as defined		1,457,273			1,963,245

Retail Properties:
Rental income		3,960,076			2,607,744
Property and related expenses		(1,280,726	)		(877,620	)
Net operating income, as defined		2,679,350			1,730,124

Self-Storage Properties:
Rental income		1,052,266			3,428,503
Property and related expenses		(1,183,641	)		(3,266,145	)
Net operating income, as defined		(131,375	)		162,358

Reconciliation to net loss:
Total net operating income, as defined, for reportable segments		15,332,319			9,936,986
Unallocated other income (expense):
General and administrative expenses		(5,193,888	)		(5,555,449	)
Depreciation and amortization		(7,784,917	)		(5,383,266	)
Interest expense		(10,774,660	)		(5,595,329	)
Interest income		150,008			85,806
Gain on sales of real estate, net		6,243,640			5,120,699
Gain on extinguishment of debt		—			536,952
Net loss	$	(2,027,498	)	$	(853,601	)

Reconciliation of Assets by Segment to Total Assets

Assets by Reportable Segment:	As of December 31,
	2015		2014

Office/ Industrial Properties:
Land, buildings and improvements, net (1)	$	178,776,776	$	122,351,316
Total assets (2)	$	190,857,259	$	130,184,998

Residential Properties:
Land, buildings and improvements, net (1)	$	16,888,267	$	13,133,827
Total assets (2)	$	14,395,904	$	13,588,922

Retail Properties:
Land, buildings and improvements, net (1)	$	35,395,235	$	33,141,294
Total assets (2)	$	36,747,069	$	34,712,223

Self-Storage Properties:
Land, buildings and improvements, net (1)	$	—	$	29,107,675
Total assets (2)	$	—	$	30,003,506

Reconciliation to total assets:
Total assets for reportable segments	$	242,000,232	$	208,489,649
Other unallocated assets:
Cash and cash equivalents		6,626,423		5,636,002
Other assets, net		9,306,036		6,499,287
Total assets	$	257,932,691	$	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:(1)	Year Ended December 31,
	2015		2014

Office/Industrial Properties:
Acquisition of operating properties	$	59,223,876	$	42,125,000
Capital expenditures and tenant improvements	$	2,793,850	$	2,123,438

Residential Properties:
Acquisition of operating properties	$	5,720,540	$	5,726,700

Retail Properties:
Acquisition of operating properties	$	2,908,176	$	11,211,669
Capital expenditures and tenant improvements	$	54,839	$	359,473

Self Storage Properties:
Capital expenditures and tenant improvements	$	6,250	$	84,116

Totals:
Acquisition of operating properties, net	$	67,852,592	$	59,063,369
Capital expenditures and tenant improvements		2,854,939		2,567,027
Total real estate investments	$	70,707,531	$	61,630,396

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