Real Estate Held For Sale and Discontinued Operations

3 Months Ended

Mar. 31, 2015

Real Estate Held For Sale and Discontinued Operations [Abstract]

Real Estate Held For Sale and Discontinued Operations [Text Block]

6. REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS

Discontinued operations for the three months ended March 31, 2015 and year ended December 31, 2014 include the operations of its Sparky’s Self-Storage Portfolio located in Southern California. The following summary presents the major components of real estate held for sale and liabilities related to real estate held for sale as of March 31, 2015 and December 31, 2014:

			2015		2014
Real estate assets		$	32,624,770	$	32,637,520
Less: accumulated depreciation			(3,695,491)		(3,529,845)
Real estate assets, net			28,929,279		29,107,675
Other assets			969,197		895,831
	Total assets	$	29,898,476	$	30,003,506
Mortgage notes payable		$	16,833,662	$	17,260,387
Other liabilities			263,132		163,092
	Total liabilities	$	17,096,794	$	17,423,479

The following table summarizes certain revenue and expenses related to these properties for the three months ended March 31, 2015 and 2014:

		2015		2014
Rental revenues	$	789,483	$	783,707
Fee and other income		103,494		76,880
Rental operating expenses		(480,960)		(406,757)
Depreciation		(165,646)		(167,269)
Interest expense		(216,067)		(220,879)
Discontinued operations before non-controlling interests	$	30,304	$	65,682