XML 28 R17.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Segments | 6 Months Ended
--- | ---
Jun. 30, 2016
Segment Reporting [Abstract] |
Segments | 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, 2015). 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 inter segment 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). 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 and six months ended June 30, 2016 and 2015.
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Office/Industrial Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 6,200,968 |  |  | $ | 4,085,110 |  |  | $ | 13,194,587 |  |  | $ | 8,175,946 |
Property and related expenses |  |  | (2,140,237 | ) |  |  | (1,564,983 | ) |  |  | (4,373,491 | ) |  |  | (3,135,551 | )
Net operating income, as defined |  |  | 4,060,731 |  |  |  | 2,520,127 |  |  |  | 8,821,096 |  |  |  | 5,040,395 |
Residential Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  |  | 567,281 |  |  |  | 345,427 |  |  |  | 955,681 |  |  |  | 817,010 |
Property and related expenses |  |  | (61,376 | ) |  |  | (23,609 | ) |  |  | (78,416 | ) |  |  | (34,847 | )
Net operating income, as defined |  |  | 505,905 |  |  |  | 321,818 |  |  |  | 877,265 |  |  |  | 782,163 |
Retail Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  |  | 1,038,025 |  |  |  | 955,259 |  |  |  | 2,088,023 |  |  |  | 1,971,136 |
Property and related expenses |  |  | (383,400 | ) |  |  | (322,311 | ) |  |  | (606,457 | ) |  |  | (669,696 | )
Net operating income, as defined |  |  | 654,625 |  |  |  | 632,948 |  |  |  | 1,481,566 |  |  |  | 1,301,440 |
Self-Storage Properties (discontinued operations): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  |  | - |  |  |  | 159,289 |  |  |  | - |  |  |  | 1,052,266 |
Property and related expenses |  |  | - |  |  |  | (114,872 | ) |  |  | - |  |  |  | (1,183,641 | )
Net operating income, as defined |  |  | - |  |  |  | 44,417 |  |  |  | - |  |  |  | (131,375 | )
Reconciliation to net (loss) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total net operating income, as defined, for reportable segments |  |  | 5,221,261 |  |  |  | 3,519,310 |  |  |  | 11,179,927 |  |  |  | 6,992,623 |
General and administrative expenses |  |  | (1,308,471 | ) |  |  | (1,139,112 | ) |  |  | (2,607,430 | ) |  |  | (2,293,914 | )
Depreciation and amortization |  |  | (2,499,630 | ) |  |  | (1,814,786 | ) |  |  | (5,159,161 | ) |  |  | (3,676,332 | )
Interest expense |  |  | (3,501,199 | ) |  |  | (2,276,022 | ) |  |  | (6,864,243 | ) |  |  | (4,655,614 | )
Interest income |  |  | 46,593 |  |  |  | 21,153 |  |  |  | 68,332 |  |  |  | 35,757 |
Gain on sale of real estate |  |  | 1,213,060 |  |  |  | 5,846,656 |  |  |  | 1,388,545 |  |  |  | 5,925,152 |
Net (loss) income |  | $ | (828,386 | ) |  | $ | 4,157,199 |  |  | $ | (1,994,030 | ) |  | $ | 2,327,672 |
|  | June 30, |  |  | December 31, |
Assets by Reportable Segment: |  | 2016 |  |  | 2015 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 176,825,454 |  |  | $ | 181,776,776 |
Total assets (2) |  | $ | 183,604,430 |  |  | $ | 187,198,961 |
Residential Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 20,917,762 |  |  | $ | 13,914,168 |
Total assets (2) |  | $ | 20,735,259 |  |  | $ | 14,395,904 |
Retail Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 34,582,691 |  |  | $ | 35,395,235 |
Total assets (2) |  | $ | 36,069,025 |  |  | $ | 36,747,069 |
Reconciliation to Total Assets: |  |  |  |  |  |  |  |
Total assets for reportable segments |  | $ | 240,408,714 |  |  | $ | 238,341,934 |
Other unallocated assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 5,518,204 |  |  |  | 6,626,423 |
Other assets, net |  |  | 6,335,252 |  |  |  | 9,306,036 |
Total Assets |  | $ | 252,262,170 |  |  | $ | 254,274,393 |
(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 |  |  |
|  | For the Six Months Ended June 30, |
|  | 2016 |  |  | 2015 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements |  | $ | 2,309,976 |  |  | $ | 1,481,102 |
Residential Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties |  |  | 7,768,755 |  |  |  | 5,720,540 |
Retail Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements |  |  | 21,353 |  |  |  | 41,333 |
Self-Storage Properties (real estate held for sale): |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements |  |  | - |  |  |  | 6,250 |
Totals: |  |  |  |  |  |  |  |
Acquisition of operating properties, net |  |  | 7,768,755 |  |  |  | 5,720,540 |
Capital expenditures and tenant improvements |  |  | 2,331,329 |  |  |  | 1,528,685 |
Total real estate investments |  | $ | 10,100,084 |  |  | $ | 7,249,225 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration