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Segments (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2017

Dec. 31, 2016

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 six months ended June 30, 2017 and 2016.

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2017				2016				2017				2016
Office/Industrial Properties:
Rental income		$	6,535,722			$	6,200,968			$	12,779,101			$	13,194,587
Property and related expenses			(2,295,720	)			(2,140,237	)			(4,514,238	)			(4,373,491	)
Net operating income, as defined			4,240,002				4,060,731				8,264,864				8,821,096
Residential Properties:
Rental income			930,062				567,281				1,806,607				955,681
Property and related expenses			(35,038	)			(61,376	)			(73,995	)			(78,416	)
Net operating income, as defined			895,024				505,905				1,732,612				877,265
Retail/Mixed Use Properties:
Rental income			1,052,289				1,038,025				2,178,893				2,088,023
Property and related expenses			(305,304	)			(383,400	)			(684,933	)			(606,457	)
Net operating income, as defined			746,985				654,625				1,493,960				1,481,566
Reconciliation to net loss:
Total net operating income, as defined, for reportable segments			5,882,011				5,221,261				11,491,436				11,179,927
General and administrative expenses			(1,439,820	)			(1,232,319	)			(2,629,837	)			(2,462,730	)
Depreciation and amortization			(2,443,817	)			(2,499,630	)			(4,947,333	)			(5,159,161	)
Interest expense			(3,311,421	)			(3,501,199	)			(6,627,617	)			(6,864,243	)
Interest income			5,829				46,593				15,097				68,332
Income tax expense			(13,746	)			(76,152	)			(108,356	)			(144,700	)
Gain on sale of real estate			1,485,589				1,213,060				2,027,051				1,388,545
Net income (loss)		$	164,625			$	(828,386	)		$	(779,559	)		$	(1,994,030	)

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

		June 30,				December 31,
Assets by Reportable Segment:		2017				2016
Office/Industrial Properties:
Land, buildings and improvements, net(1)		$	162,357,260			$	172,309,537
Total assets(2)		$	166,648,955			$	175,689,722
Residential Properties:
Land, buildings and improvements, net(1)		$	38,280,020			$	34,813,680
Total assets(2)		$	39,265,806			$	35,960,179
Retail/Mixed Use Properties:
Land, buildings and improvements, net(1)		$	31,893,613			$	33,398,992
Total assets(2)		$	32,680,626			$	35,320,092
Reconciliation to Total Assets:
Total assets for reportable segments		$	238,595,388			$	246,969,993
Other unallocated assets:
Cash and cash equivalents			5,847,369				3,116,147
Other assets, net			9,636,602				7,912,937
Total Assets		$	254,079,359			$	257,999,077

(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.

		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 Six Months Ended June 30,
		2017				2016
Office/Industrial Properties:
Capital expenditures and tenant improvements		$	1,783,814			$	2,309,976
Residential Properties:
Acquisition of operating properties			9,694,785				7,768,755
Retail/Mixed Use Properties:
Capital expenditures and tenant improvements			35,777				21,353
Totals:
Acquisition of operating properties, net			9,694,785				7,768,755
Capital expenditures and tenant improvements			1,819,591				2,331,329
Total real estate investments		$	11,514,376			$	10,100,084

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.

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Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

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+ References

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-Publisher FASB
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