Segments (Tables)

3 Months Ended

Mar. 31, 2018

The following tables reconcile the Company’s segment activity to its results of operations and financial position as of and for the three months ended March 31, 2018 and 2017.

	For the Three Months Ended March 31,
	2018			2017
Office/Industrial Properties:
Rental, fee and other income	$	6,157,146		$	6,289,692
Property and related expenses		(2,350,611	)		(2,218,518	)
Net operating income, as defined		3,806,535			4,071,174
Model Home Properties:
Rental, fee and other income		1,123,767			830,231
Property and related expenses		(52,526	)		(38,956	)
Net operating income, as defined		1,071,241			791,275
Retail Properties:
Rental, fee and other income		943,920			1,126,604
Property and related expenses		(246,772	)		(379,629	)
Net operating income, as defined		697,148			746,975
Reconciliation to net loss:
Total net operating income, as defined, for reportable segments		5,574,924			5,609,424
General and administrative expenses		(1,333,465	)		(1,257,211	)
Depreciation and amortization		(2,339,044	)		(2,503,516	)
Interest expense		(3,076,975	)		(3,316,196	)
Other expense / (income)		(18,291	)		9,268
Income tax expense		(32,423	)		(27,416	)
Gain on sale of real estate		74,213			541,462
Net loss	$	(1,151,061	)	$	(944,185	)

Reconciliation of Assets by Segment to Total Assets

	March 31,		December 31,
Assets by Reportable Segment:	2018		2017

Office/Industrial Properties:
Land, buildings and improvements, net (1)	$	159,800,054	$	160,422,469
Total assets (2)	$	164,361,223	$	163,041,049
Model Home Properties:
Land, buildings and improvements, net (1)	$	49,493,788	$	43,245,832
Total assets (2)	$	50,279,675	$	44,782,943
Retail Properties:
Land, buildings and improvements, net (1)	$	30,762,599	$	30,865,644
Total assets (2)	$	32,355,214	$	32,534,890
Reconciliation to Total Assets:
Total assets for reportable segments	$	246,996,112	$	240,358,882
Other unallocated assets:
Cash and cash equivalents		6,101,402		8,310,575
Other assets, net		4,285,196		5,827,408
Total Assets	$	257,382,710	$	254,496,865

(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 Three Months Ended March 31,
	2018		2017
Office/Industrial Properties:
Capital expenditures and tenant improvements	$	1,185,518	$	927,668

Model Home Properties:
Acquisition of operating properties		7,284,141		-

Retail Properties:
Capital expenditures and tenant improvements		19,260		35,777

Totals:
Acquisition of operating properties, net		7,284,141		-
Capital expenditures and tenant improvements		1,204,778		963,445
Total real estate investments	$	8,488,919	$	963,445