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Segments (Tables) | 6 Months Ended
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Jun. 30, 2019
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, 2019.
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Office/Industrial Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  | $ | 5,496,096 |  |  | $ | 6,058,387 |  |  | $ | 10,950,249 |  |  | $ | 12,215,534 |
Property and related expenses |  |  | (2,299,126 | ) |  |  | (2,306,483 | ) |  |  | (4,803,914 | ) |  |  | (4,657,093 | )
Net operating income, as defined |  |  | 3,196,970 |  |  |  | 3,751,904 |  |  |  | 6,146,335 |  |  |  | 7,558,441 |
Model Home Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  |  | 1,001,918 |  |  |  | 1,169,890 |  |  |  | 2,083,602 |  |  |  | 2,293,657 |
Property and related expenses |  |  | (48,187 | ) |  |  | (34,825 | ) |  |  | (98,609 | ) |  |  | (87,351 | )
Net operating income, as defined |  |  | 953,731 |  |  |  | 1,135,065 |  |  |  | 1,984,993 |  |  |  | 2,206,306 |
Retail Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  |  | 622,973 |  |  |  | 936,139 |  |  |  | 1,266,400 |  |  |  | 1,880,059 |
Property and related expenses |  |  | (178,689 | ) |  |  | (320,915 | ) |  |  | (387,030 | ) |  |  | (567,688 | )
Net operating income, as defined |  |  | 444,284 |  |  |  | 615,224 |  |  |  | 879,370 |  |  |  | 1,312,371 |
Reconciliation to net loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total net operating income, as defined, for reportable segments |  |  | 4,594,985 |  |  |  | 5,502,193 |  |  |  | 9,010,698 |  |  |  | 11,077,118 |
General and administrative expenses |  |  | (1,419,668 | ) |  |  | (1,357,578 | ) |  |  | (3,180,371 | ) |  |  | (2,692,672 | )
Depreciation and amortization |  |  | (1,749,113 | ) |  |  | (2,265,889 | ) |  |  | (3,959,194 | ) |  |  | (4,604,933 | )
Interest expense |  |  | (2,491,870 | ) |  |  | (3,147,179 | ) |  |  | (5,037,073 | ) |  |  | (6,224,156 | )
Other income (expense) |  |  | 4,409 |  |  |  | 12,449 |  |  |  | 9,933 |  |  |  | (5,842 | )
Registration fees |  |  | - |  |  |  | (1,507,599 | ) |  |  | - |  |  |  | (1,507,599 | )
Income tax expense |  |  | (191,809 | ) |  |  | (88,671 | ) |  |  | (273,239 | ) |  |  | (119,465 | )
Gain on sale of real estate |  |  | 176,392 |  |  |  | 355,276 |  |  |  | 1,390,634 |  |  |  | 429,489 |
Net loss |  | $ | (1,076,674 | ) |  | $ | (2,496,998 | ) |  | $ | (2,038,611 | ) |  | $ | (3,648,060 | )
Reconciliation of Assets by Segment to Total Assets |
|  | June 30, |  |  | December 31, |
Assets by Reportable Segment: |  | 2019 |  |  | 2018 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 133,617,761 |  |  | $ | 138,694,773 |
Total assets (2) |  | $ | 136,706,716 |  |  | $ | 143,620,315 |
Model Home Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 46,535,828 |  |  | $ | 48,762,869 |
Total assets (2) |  | $ | 50,101,419 |  |  | $ | 48,864,060 |
Retail Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 25,572,056 |  |  | $ | 23,650,423 |
Total assets (2) |  | $ | 26,634,809 |  |  | $ | 27,702,384 |
Reconciliation to Total Assets: |  |  |  |  |  |  |  |
Total assets for reportable segments |  | $ | 213,442,944 |  |  | $ | 220,186,759 |
Other unallocated assets: |  |  |  |  |  |  |  |
Cash equivalents and restricted cash |  |  | 11,652,864 |  |  |  | 9,776,215 |
Other assets, net |  |  | 2,632,868 |  |  |  | 3,087,066 |
Total Assets |  | $ | 227,728,676 |  |  | $ | 233,050,040 |
(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 |
|  | For the Six Months Ended June 30, |
Capital Expenditures by Reportable Segment |  | 2019 |  |  | 2018 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements |  | $ | 4,645,667 |  |  | $ | 1,788,880 |
Model Home Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties |  |  | 6,116,035 |  |  |  | 10,196,098 |
Retail Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements |  |  | 15,250 |  |  |  | 19,260 |
Totals: |  |  |  |  |  |  |  |
Acquisition of operating properties, net |  |  | 6,116,035 |  |  |  | 10,196,098 |
Capital expenditures and tenant improvements |  |  | 4,660,917 |  |  |  | 1,808,140 |
Total real estate investments |  | $ | 10,776,952 |  |  | $ | 12,004,238 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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