Segment Reporting

9 Months Ended

Sep. 30, 2012

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 3 – SEGMENT REPORTING

Commencing January 1, 2012, we began reporting our results in two reportable segments: residential and commercial properties. Our residential properties include multi-family and assisted senior living properties. Our commercial properties include retail, office, restaurant and medical properties. We assess and measure operating results based on net operating income (“NOI”), which we define as total real estate segment revenues less real estate expenses (which consist of real estate taxes, property management fees, utilities, repairs and maintenance, insurance and direct administrative costs). We believe NOI is an important measure of operating performance even though it should not be considered an alternative to net income or cash flow from operating activities. NOI is unaffected by financing, depreciation, amortization, legal and professional fees and other general and administrative expenses.

The accounting policies of each segment are consistent with those described in Note 2 of this report.

Segment Revenues and Net Income

The revenues and net operating income for these reportable segments are summarized as follows for the three and nine month periods ended September 30, 2012 and 2011, along with reconciliations to the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements.

Three months ended September 30, 2012	Residential		Commercial		Total
(unaudited)
Income from rental operations	$	9,203,449	$	4,180,780	$	13,384,229
Expenses from rental operations		4,012,436		1,069,873		5,082,309
Net operating income	$	5,191,013	$	3,110,907	$	8,301,920
Interest						2,856,550
Depreciation and amortization						2,802,545
Administration of REIT						917,717
Other (income)/expense						(237,721	)
Income from continuing operations					$	1,962,829
Discontinued operations						(945	)
Net income					$	1,961,884
Three months ended September 30, 2011	Residential		Commercial		Total
(unaudited)
Income from rental operations	$	8,010,204	$	4,347,060	$	12,357,264
Expenses from rental operations		3,567,696		1,169,745		4,737,441
Net operating income	$	4,442,508	$	3,177,315	$	7,619,823
Interest						2,987,208
Depreciation and amortization						2,532,477
Administration of REIT						442,556
Other (income)/expense						(81,646	)
Income from continuing operations					$	1,739,228
Discontinued operations						(169,011	)
Net income					$	1,570,217

Nine months ended September 30, 2012	Residential		Commercial		Total
(unaudited)
Income from rental operations	$	27,845,598	$	12,349,060	$	40,194,658
Expenses from rental operations		11,878,699		3,188,448		15,067,147
Net operating income	$	15,966,899	$	9,160,612	$	25,127,511
Interest						8,769,953
Depreciation and amortization						8,294,408
Administration of REIT						2,188,013
Other (income)/expense						(679,839	)
Income from continuing operations					$	6,554,976
Discontinued operations						(971	)
Net income					$	6,554,005
Nine months ended September 30, 2011	Residential		Commercial		Total
(unaudited)
Income from rental operations	$	23,675,019	$	12,636,324	$	36,311,343
Expenses from rental operations		10,448,577		3,500,164		13,948,741
Net operating income	$	13,226,442	$	9,136,160	$	22,362,602
Interest						8,883,543
Depreciation and amortization						7,368,615
Administration of REIT						1,728,631
Other (income)/expense						(212,227	)
Income from continuing operations					$	4,594,040
Discontinued operations						89,541
Net income					$	4,683,581

Segment Assets and Accumulated Depreciation

As of September 30, 2012 (Unaudited)	Residential			Commercial			Total
Property and Equipment	$	242,798,951		$	145,501,292		$	388,300,243
Accumulated Depreciation		(23,447,128	)		(12,836,921	)		(36,284,049	)
	$	219,351,823		$	132,664,371		$	352,016,194
Cash and cash equivalents								3,068,846
Restricted deposits and funded reserves								6,407,888
Investment in unconsolidated affiliates								4,376,857
Receivables and other assets								3,318,834
Financing costs, less accumulated amortization								2,050,648
Rent incentive, less accumulated amortization								1,208,333
Intangible assets, less accumulated amortization								8,981,968
Total Assets							$	381,429,569
As of December 31, 2011	Residential			Commercial			Total
Property and Equipment	$	235,230,167		$	152,152,404		$	387,382,571
Accumulated Depreciation		(18,538,328	)		(12,743,162	)		(31,281,490	)
Property and equipment included in assets held for sale		—			(439,088	)		(439,088	)
	$	216,691,839		$	138,970,154		$	355,661,993
Cash and cash equivalents								3,192,785
Restricted deposits and funded reserves								3,397,991
Investment in unconsolidated affiliates								1,506,776
Receivables and other assets								6,237,543
Financing costs, less accumulated amortization								2,359,556
Assets held for sale								449,734
Rent incentive, less accumulated amortization								1,283,333
Intangible assets, less accumulated amortization								7,177,854
Total Assets							$	381,267,565