SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020		2019		2020		2019
Office/Industrial Properties:
Rental, fees and other income	$	4,198,849	$	5,496,096	$	9,183,790	$	10,950,249
Property and related expenses	(1,657,836)		(2,299,126)		(3,673,459)		(4,803,914)
Net operating income, as defined	2,541,013		3,196,970		5,510,331		6,146,335
Model Home Properties:
Rental, fees and other income	1,093,015		1,001,918		2,209,745		2,083,602
Property and related expenses	(55,531)		(48,187)		(101,791)		(98,609)
Net operating income, as defined	1,037,484		953,731		2,107,954		1,984,993
Retail Properties:
Rental, fees and other income	829,540		622,973		1,757,020		1,266,400
Property and related expenses	(1,132,142)		(178,689)		(1,451,350)		(387,029)
Net operating (loss) income, as defined	(302,602)		444,284		305,670		879,371
Reconciliation to net loss:
Total net operating income, as defined, for reportable segments	3,275,895		4,594,985		7,923,955		9,010,699
General and administrative expenses	(1,278,971)		(1,419,668)		(2,630,316)		(3,180,371)
Depreciation and amortization	(1,622,230)		(1,749,113)		(3,196,756)		(3,959,194)
Interest expense	(2,273,355)		(2,491,870)		(4,827,202)		(5,037,073)
Other income (expense), net	8,400		4,409		1,405		9,933

Income tax expense	(51,369)		(191,809)		(135,000)		(273,239)

Gain on sale of real estate	334,096		176,392		324,261		1,390,634
Net loss	$	(1,607,534)	$	(1,076,674)	$	(2,539,653)	$	(2,038,611)

Reconciliation of Assets by Segment to Total Assets


Assets by Reportable Segment:	June 30, 2020		December 31, 2019
Office/Industrial Properties:
Land, buildings and improvements, net ⁽¹⁾	$	103,838,473	$	126,421,648
Total assets ⁽²⁾	$	103,584,934	$	131,180,612
Model Home Properties:
Land, buildings and improvements, net ⁽¹⁾	$	47,369,007	$	48,466,371
Total assets ⁽²⁾	$	50,721,230	$	51,389,400
Retail Properties:
Land, buildings and improvements, net ⁽¹⁾	$	25,226,109	$	25,318,601
Total assets ⁽²⁾	$	26,493,119	$	26,588,254
Reconciliation to Total Assets:
Total assets for reportable segments	$	180,799,283	$	209,158,266
Other unallocated assets:
Cash, cash equivalents and restricted cash	2,023,182		1,591,041
Other assets, net	11,398,663		10,035,101
Total Assets	$	194,221,128	$	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 Six Months Ended June 30,
			2020			2019
Office/Industrial Properties:
Capital expenditures and tenant improvements	$	2,374,260		$	4,645,667
Model Home Properties:
Acquisition of operating properties	6,292,383			6,116,035
Retail Properties:
Capital expenditures and tenant improvements	8,176			15,250
Totals:
Acquisition of operating properties, net	6,292,383			6,116,035
Capital expenditures and tenant improvements	2,382,436			4,660,917
Total real estate investments	$	8,674,819		$	10,776,952