Segments (Tables)

6 Months Ended

Jun. 30, 2019

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