Segments (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016, respectively.

	For the Year Ended December 31,
	2017			2016
Office/Industrial Properties:
Rental income	$	25,442,638		$	25,564,763
Property and related expenses		(9,284,091	)		(8,747,722	)
Net operating income, as defined		16,158,547			16,817,041
Model Home Properties:
Rental income		3,899,570			2,278,832
Property and related expenses		(154,206	)		(113,187	)
Net operating income, as defined		3,745,364			2,165,645
Retail Properties:
Rental income		4,334,047			4,608,517
Property and related expenses		(1,305,702	)		(1,274,436	)
Net operating income, as defined		3,028,345			3,334,081
Reconciliation to net loss:
Total net operating income, as defined, for reportable segments		22,932,256			22,316,767
General and administrative expenses		(5,482,170	)		(5,065,579	)
Depreciation and amortization		(9,710,265	)		(10,256,185	)
Interest expense		(12,954,079	)		(13,531,337	)
Interest income		30,287			85,723
Gain on sale of real estate		2,623,469			2,186,481
Acquisition costs		(72,897	)		(145,040	)
Income taxes		(208,681	)		(213,860	)
Impairment of real estate		-			(948,053	)
Net loss	$	(2,842,080	)	$	(5,571,083	)

Reconciliation of Assets by Segment to Total Assets

	December 31,		December 31,
Assets by Reportable Segment:	2017		2016

Office/Industrial Properties:
Land, buildings and improvements, net (1)	$	160,422,468	$	172,309,537
Total assets (2)	$	163,041,049	$	175,689,722
Model Home Properties:
Land, buildings and improvements, net (1)	$	43,245,832	$	34,813,680
Total assets (2)	$	44,782,943	$	35,960,179
Retail Properties:
Land, buildings and improvements, net (1)	$	30,865,644	$	33,398,992
Total assets (2)	$	32,534,890	$	35,320,092
Reconciliation to Total Assets:
Total assets for reportable segments	$	240,358,882	$	246,969,993
Other unallocated assets:
Cash and cash equivalents		8,310,575		7,387,795
Other assets, net		5,827,408		3,641,289
Total Assets	$	254,496,865	$	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.

Reconciliation of Capital Expenditures by Segment to Total Real Estate Investments

Capital Expenditures by Reportable Segment
	For the Year Ended December 31,
	2017		2016
Office/Industrial Properties:
Acquisition of operating properties	$	-	$	-
Capital expenditures and tenant improvements		3,418,722		4,092,875

Model Home Properties:
Acquisition of operating properties		17,560,745		23,667,535

Retail Properties:
Acquisition of retail properties		-		-
Capital expenditures and tenant improvements		203,002		57,338

Totals:
Acquisition of operating properties, net		17,560,745		23,667,535
Capital expenditures and tenant improvements		3,621,724		4,150,213
Total real estate investments	$	21,182,469	$	27,817,748