SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018, respectively.


	For the Year Ended December 31,
	2019		2018
Office/Industrial Properties:
Rental income	$	21,490,215	$	24,037,363
Property and related expenses	(9,317,720)		(9,494,885)
Net operating income, as defined	12,172,495		14,542,478
Model Home Properties:
Rental income	4,194,489		4,642,159
Property and related expenses	(193,367)		(174,238)
Net operating income, as defined	4,001,122		4,467,921
Retail Properties:
Rental income	2,956,407		3,664,491
Property and related expenses	(899,487)		(1,217,596)
Net operating income, as defined	2,056,920		2,446,895
Reconciliation to net income:
Total net operating income, as defined, for reportable segments	18,230,537		21,457,294
General and administrative expenses	(5,268,315)		(4,532,703)
Depreciation and amortization	(7,364,688)		(9,101,605)
Interest expense	(10,649,646)		(13,041,016)
Interest income	141,306		55,909
Gain on sale of real estate	6,319,272		12,200,138
Deferred offering cost	—		(1,507,599)
Impairment of real estate	—		(532,951)
Acquisition costs	(24,269)		(26,177)
Income tax expense	(611,263)		(518,567)
Net income	$	772,934	$	4,452,723

Reconciliation of Assets by Segment to Total Assets


Assets by Reportable Segment:	December 31, 2019		December 31, 2018
Office/Industrial Properties:
Land, buildings and improvements, net (1)	$	126,421,648	$	138,694,773
Total assets (2)	$	131,180,612	$	143,620,315
Model Home Properties:
Land, buildings and improvements, net (1)	$	48,466,371	$	48,762,869
Total assets (2)	$	51,389,400	$	48,864,060
Retail Properties:
Land, buildings and improvements, net (1)	$	25,318,601	$	23,650,423
Total assets (2)	$	26,588,254	$	27,702,384
Reconciliation to Total Assets:
Total assets for reportable segments	$	209,158,266	$	220,186,759
Other unallocated assets:
Cash and cash equivalents	10,391,275		9,776,215
Other assets, net	1,234,867		3,087,066
Total Assets	$	220,784,408	$	233,050,040

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(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,
	2019		2018
Office/Industrial Properties:
Capital expenditures and tenant improvements	$	6,373,464	$	3,340,023

Model Home Properties:
Acquisition of operating properties	13,037,562		17,326,915

Retail Properties:
Capital expenditures and tenant improvements	20,247		19,260

Totals:
Acquisition of operating properties, net	13,037,562		17,326,915
Capital expenditures and tenant improvements	6,393,711		3,359,283
Total real estate investments	$	19,431,273	$	20,686,198