REAL ESTATE ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2013

REAL ESTATE ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

Schedule of real estate assets held for sale and the liabilities related to real estate assets held for sale

	Real Estate Assets Held for Sale
	9/30/13		12/31/12
Northridge Land	$	4,373,789	$	4,373,789
Peachtree Parkway Land	—		6,225,167
North Springs Land	11,000,000		11,000,000
Northridge Office Building	3,184,558		3,200,919
Commercial Site in Johns Creek	500,000		500,000
Total Real Estate Assets Held for Sale	$	19,058,347	$	25,299,875

	Liabilities Related toReal Estate Assets Held for Sale
	9/30/13		12/31/12
Northridge Land	$	—	$	2,000,000
Peachtree Parkway Land	—		7,000,200
North Springs Land	5,500,000		—
Northridge Office Building	2,432,943		2,538,334
Total Loans for Real Estate Assets Held for Sale	$	7,932,943	$	11,538,534
Other Liabilities	174,063		65,909
Total Liabilities Related to Real Estate Assets
Held for Sale	$	8,107,006	$	11,604,443

Schedule of operating results of discontinued operations

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
OPERATING REVENUES:
Rental operations	$	132,904		$	174,449		$	468,066		$	547,619
Other operating income	12,359			36,504			44,358			190,876
Total operating revenues	145,263			210,953			512,424			738,495
OPERATING EXPENSES:
Utilities	23,355			33,357			81,595			95,342
Repairs and maintenance	18,096			19,716			60,894			62,687
Real estate taxes	17,077			20,831			61,968			74,422
Marketing, insurance and other	8,003			10,508			27,427			30,815
General and administrative	1,945			25,475			28,292			29,302
Impairment loss on real estate assets	—			1,709,646			—			1,709,646
Depreciation and amortization expense	8,313			96,873			74,844			289,545
Total operating expenses	76,789			1,916,406			335,020			2,291,759
OTHER (EXPENSE) INCOME:
Loss on extinguishment of debt	(298,543		)	—			(298,543		)	—
Interest income	—			4			64			12
Interest expense	(75,096		)	(98,431		)	(356,924		)	(295,646		)
Amortization of deferred financing and leasing costs	(1,038		)	(8,208		)	(9,096		)	(23,708		)
Total other expense	(374,677		)	(106,635		)	(664,499		)	(319,342		)
LOSS FROM DISCONTINUED
OPERATIONS	$	(306,203	)	$	(1,812,088	)	$	(487,095	)	$	(1,872,606	)