Segments (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015, respectively.

	For the Year Ended December 31,
	2016			2015
Office/Industrial/Medical Properties:
Rental income	$	25,564,763		$	18,497,621
Property and related expenses		(8,747,722	)		(7,170,550	)
Net operating income, as defined		16,817,041			11,327,071
Residential Properties:
Rental income		2,278,832			1,521,148
Property and related expenses		(113,187	)		(63,875	)
Net operating income, as defined		2,165,645			1,457,273
Retail Properties:
Rental income		4,608,517			3,960,076
Property and related expenses		(1,274,436	)		(1,280,726	)
Net operating income, as defined		3,334,081			2,679,350
Self-Storage Properties (discontinued operations):
Rental income		-			1,052,266
Property and related expenses		-			(1,183,641	)
Net operating income, as defined		-			(131,375	)
Reconciliation to net loss:
Total net operating income, as defined, for reportable segments		22,316,767			15,332,319
General and administrative expenses		(5,424,479	)		(5,193,888	)
Depreciation and amortization		(10,256,185	)		(7,784,917	)
Interest expense		(13,531,337	)		(10,774,660	)
Interest income		85,723			150,008
Gain on sale of real estate		2,186,481			6,243,640
Impairment of real estate		(948,053	)		-
Net loss	$	(5,571,083	)	$	(2,027,498	)

Reconciliation of Assets by Segment to Total Assets

	December 31,		December 31,
Assets by Reportable Segment:	2016		2015

Office/Industrial/Medical Properties:
Land, buildings and improvements, net (1)	$	172,309,537	$	178,776,776
Total assets (2)	$	175,689,722	$	188,805,090
Residential Properties:
Land, buildings and improvements, net (1)	$	34,813,680	$	16,888,267
Total assets (2)	$	35,960,179	$	14,395,904
Retail Properties:
Land, buildings and improvements, net (1)	$	33,398,992	$	35,395,235
Total assets (2)	$	35,320,092	$	36,747,069
Reconciliation to Total Assets:
Total assets for reportable segments	$	246,969,993	$	239,948,063
Other unallocated assets:
Cash and cash equivalents		3,116,147		6,626,423
Other assets, net		7,912,937		7,699,907
Total Assets	$	257,999,077	$	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.

Reconciliation of Capital Expenditures by Segment to Total Real Estate Investments

Capital Expenditures by Reportable Segment
	For the Year Ended December 31,
	2016		2015
Office/Industrial/Medical Properties:
Acquisition of operating properties	$	-	$	59,223,876
Capital expenditures and tenant improvements		4,092,875		2,800,100

Residential Properties:
Acquisition of operating properties		23,667,535		5,720,540

Retail Properties:
Acquisition of retail properties		-		2,908,176
Capital expenditures and tenant improvements		57,338		54,839

Totals:
Acquisition of operating properties, net		23,667,535		67,852,592
Capital expenditures and tenant improvements		4,150,213		2,854,939
Total real estate investments	$	27,817,748	$	70,707,531

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