SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020:


	For the Three Months Ended March 31,
	2020		2019
Office/Industrial Properties:
Rental, fees and other income	$	4,984,942	$	5,454,153
Property and related expenses	(2,015,624)		(2,504,787)
Net operating income, as defined	2,969,318		2,949,366
Model Home Properties:
Rental, fees and other income	1,116,730		1,081,684
Property and related expenses	(46,260)		(50,422)
Net operating income, as defined	1,070,470		1,031,262
Retail Properties:
Rental, fees and other income	927,479		643,427
Property and related expenses	(319,208)		(208,341)
Net operating income, as defined	608,271		435,086
Reconciliation to net loss:
Total net operating income, as defined, for reportable segments	4,648,059		4,415,714
General and administrative expenses	(1,351,345)		(1,760,703)
Depreciation and amortization	(1,574,526)		(2,210,081)
Interest expense	(2,553,846)		(2,545,203)
Other income (expense)	(6,995)		5,524

Income tax expense	(83,631)		(81,430)

Gain on sale of real estate	(9,835)		1,214,242
Net loss	$	(932,119)	$	(961,937)

Reconciliation of Assets by Segment to Total Assets


Assets by Reportable Segment:	March 31, 2020		December 31, 2019
Office/Industrial Properties:
Land, buildings and improvements, net (1)	$	104,424,683	$	126,421,648
Total assets (2)	$	105,759,056	$	131,180,612
Model Home Properties:
Land, buildings and improvements, net (1)	$	49,433,519	$	48,466,371
Total assets (2)	$	48,298,760	$	51,389,400
Retail Properties:
Land, buildings and improvements, net (1)	$	25,244,792	$	25,318,601
Total assets (2)	$	26,704,009	$	26,588,254
Reconciliation to Total Assets:
Total assets for reportable segments	$	180,761,825	$	209,158,266
Other unallocated assets:
Cash, cash equivalents and restricted cash	1,730,789		1,591,041
Other assets, net	13,849,674		10,035,101
Total Assets	$	196,342,288	$	220,784,408

(1)Includes lease intangibles and the land purchase option related to property acquisitions.

(2)Includes land, buildings and improvements, cash, cash equivalents, and restricted cash, 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,
			2020			2019
Office/Industrial Properties:
Capital expenditures and tenant improvements	$	881,497		$	2,696,422
Model Home Properties:
Acquisition of operating properties	3,573,743			—
Retail Properties:
Capital expenditures and tenant improvements	8,176			—
Totals:
Acquisition of operating properties, net	3,573,743			—
Capital expenditures and tenant improvements	889,673			2,696,422
Total real estate investments	$	4,463,416		$	2,696,422