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SEGMENTS (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 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 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	)

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:		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.

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

(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 Three Months Ended March 31,
Capital Expenditures by Reportable Segment		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

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

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