Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation Disclosure [Text Block]

Schedule III – Real Estate and Accumulated Depreciation

COLUMN A	COLUMN B		COLUMN C				COLUMN D			COLUMN E						COLUMN F		COLUMN G		COLUMN H
																				Life on Which
							Costs			Gross Amount at Which Carried at Close of										Depreciation in
			Initial Cost				Capitalized			Period										Latest Income
					Building and		Subsequent to					Building and				Accumulated		Date of		Statement is
Description	Encumbrance		Land		Improvements		Acquisition			Land		Improvements		Total		Depreciation		Construction		Computed
Completed Retail Facilities
Borman Center, MI	$	1,994,912	$	550,000	$	562,404	$	1,087,596		$	550,000	$	1,650,000	$	2,200,000	$	1,535,521		1977	40 Years
Capital Plaza, KY		2,025,087		7,379		2,240,607		3,434,142			7,379		5,674,749		5,682,128		2,602,497		1978	40 Years
Chippewa Commons, WI		3,198,467		1,197,150		6,367,560		492,995			1,197,150		6,860,555		8,057,705		3,739,049		1990	40 Years
Grayling Plaza, MI		-		200,000		1,778,657		-			200,000		1,778,657		1,978,657		1,277,165		1984	40 Years
Ironwood Commons, MI		3,199,114		167,500		8,181,306		1,620,034			167,500		9,801,340		9,968,840		4,554,128		1991	40 Years
Marshall Plaza Two, MI		2,276,409		-		4,662,230		159,688			-		4,821,918		4,821,918		2,581,873		1990	40 Years
North Lakeland Plaza, FL		4,371,619		1,641,879		6,364,379		1,995,896			1,641,879		8,360,275		10,002,154		4,691,158		1987	40 Years
Oscoda Plaza, MI		-		183,295		1,872,854		-			183,295		1,872,854		2,056,149		1,341,850		1984	40 Years
Petoskey Town Center, MI		3,229,655		875,000		8,895,289		392,154			875,000		9,287,443		10,162,443		4,979,742		1990	40 Years
Rapids Associates, MI		3,430,195		705,000		6,854,790		2,157,041			705,000		9,011,831		9,716,831		4,118,597		1990	40 Years
West Frankfort Plaza, IL		-		8,002		784,077		150,869			8,002		934,946		942,948		651,056		1982	40 Years
Omaha Store, NE		-		150,000		-		-			150,000		-		150,000		-		1995	40 Years
Wichita Store, KS		1,669,449		1,039,195		1,690,644		(48,910	)		1,139,677		1,541,252		2,680,929		714,832		1995	40 Years
Monroeville, PA		-		6,332,158		2,249,724		(3,980,000	)		3,153,890		1,447,992		4,601,882		866,624		1996	40 Years
Boynton Beach, FL		1,871,941		1,534,942		2,043,122		3,976,385			1,534,942		6,019,507		7,554,449		1,273,714		1996	40 Years
Lawrence, KS		-		981,331		3,000,000		(1,510,873	)		419,791		2,050,667		2,470,458		1,149,761		1997	40 Years
Waterford, MI		1,045,277		971,009		1,562,869		135,390			971,009		1,698,259		2,669,268		635,810		1997	40 Years
Chesterfield Township, MI		1,147,721		1,350,590		1,757,830		(46,164	)		1,350,590		1,711,666		3,062,256		621,061		1998	40 Years
Grand Blanc, MI		1,096,499		1,104,285		1,998,919		43,929			1,104,285		2,042,848		3,147,133		708,600		1998	40 Years
Pontiac, MI		1,051,354		1,144,190		1,808,955		(113,506	)		1,144,190		1,695,449		2,839,639		605,710		1998	40 Years
Mt Pleasant Shopping Ctr, MI		3,358,016		907,600		8,081,968		1,024,052			907,600		9,106,020		10,013,620		4,157,329		1973	40 Years
Rochester, MI		2,068,217		2,438,740		2,188,050		1,949			2,438,740		2,189,999		4,628,739		739,101		1999	40 Years
Ypsilanti, MI		1,868,001		2,050,000		2,222,097		32,641			2,050,000		2,254,738		4,304,738		731,928		1999	40 Years
Petoskey, MI		1,299,344		-		2,332,473		1,179			-		2,333,652		2,333,652		738,902		2000	40 Years
Flint, MI		1,959,852		2,026,625		1,879,700		(1,201	)		2,026,625		1,878,499		3,905,124		563,556		2000	40 Years
Flint, MI		1,686,361		1,477,680		2,241,293		-			1,477,680		2,241,293		3,718,973		665,380		2001	40 Years
New Baltimore, MI		1,438,670		1,250,000		2,285,781		(16,502	)		1,250,000		2,269,279		3,519,279		645,501		2001	40 Years
Flint, MI		3,297,872		1,729,851		1,798,091		660			1,729,851		1,798,751		3,528,602		481,504		2002	40 Years
Indianapolis, IN		-		180,000		1,117,617		-			180,000		1,117,617		1,297,617		283,354		2002	40 Years
Big Rapids, MI		1,103,783		1,201,675		2,014,107		(2,000	)		1,201,675		2,012,107		3,213,782		490,492		2003	40 Years
Flint, MI		-		-		471,272		(201,809	)		-		269,463		269,463		98,802		2003	20 Years
Canton Twp, MI		1,105,640		1,550,000		2,132,096		23,020			1,550,000		2,155,116		3,705,116		489,342		2003	40 Years
Flint, MI		3,822,172		1,537,400		1,961,674		-			1,537,400		1,961,674		3,499,074		433,287		2004	40 Years
Webster, NY		1,092,923		1,600,000		2,438,781		-			1,600,000		2,438,781		4,038,781		536,028		2004	40 Years
Albion, NY		1,335,994		1,900,000		3,037,864		-			1,900,000		3,037,864		4,937,864		617,069		2004	40 Years
Flint, MI		2,922,109		1,029,000		2,165,463		(6,666	)		1,029,000		2,158,797		3,187,797		438,465		2004	40 Years
Lansing, MI		-		785,000		348,501		3,045			785,000		351,546		1,136,546		74,668		2004	40 Years
Boynton Beach, FL		-		1,569,000		2,363,524		-			1,569,000		2,363,524		3,932,524		512,623		2004	40 Years
Midland, MI		1,218,070		2,350,000		2,313,413		2,070			2,350,000		2,315,483		4,665,483		431,665		2005	40 Years
Grand Rapids, MI		3,126,304		1,450,000		2,646,591		-			1,450,000		2,646,591		4,096,591		485,210		2005	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D			COLUMN E						COLUMN F		COLUMN G		COLUMN H
																				Life on Which
							Costs			Gross Amount at Which Carried at Close of										Depreciation in
			Initial Cost				Capitalized			Period										Latest Income
					Building and		Subsequent to					Building and				Accumulated		Date of		Statement is
Description	Encumbrance		Land		Improvements		Acquisition			Land		Improvements		Total		Depreciation		Construction		Computed
Delta Township, MI		3,264,217		2,075,000		2,535,971		7,004			2,075,000		2,542,975		4,617,975		455,675		2005	40 Years
Roseville, MI		2,467,777		1,771,000		2,327,052		-			1,771,000		2,327,052		4,098,052		414,504		2005	40 Years
Mt Pleasant, MI		1,252,087		1,075,000		1,432,390		4,787			1,075,000		1,437,177		2,512,177		254,487		2005	40 Years
N Cape May, NJ		-		1,075,000		1,430,092		495			1,075,000		1,430,587		2,505,587		253,330		2005	40 Years
Summit Twp, MI		1,512,440		998,460		1,336,357		-			998,460		1,336,357		2,334,817		210,175		2006	40 Years
Livonia, MI		4,479,150		1,200,000		3,441,694		817,589			1,200,000		4,259,283		5,459,283		565,098		2007	40 Years
Barnesville, GA		-		932,500		2,091,514		5,490			932,500		2,097,004		3,029,504		273,018		2007	40 Years
East Lansing, MI		-		1,450,000		1,002,192		140,169			1,450,000		1,142,361		2,592,361		149,804		2007	40 Years
Plainfield, IN		1,508,757		4,549,758		-		62,884			4,612,642		-		4,612,642		-		2007	40 Years
Macomb Township, MI		4,178,129		2,621,500		3,484,212		(83,479	)		2,537,222		3,485,011		6,022,233		421,088		2008	40 Years
Shelby Township, MI		3,573,960		2,055,174		2,533,876		47,775			2,058,474		2,578,351		4,636,825		283,886		2008	40 Years
Silver Springs Shores, FL		3,637,014		1,975,000		2,504,112		(5,400	)		1,975,000		2,498,712		4,473,712		250,007		2009	40 Years
Brighton, MI		-		1,365,000		2,802,036		5,615			1,365,000		2,807,651		4,172,651		268,987		2009	40 Years
Port St John, FL		-		2,320,860		2,402,641		880			2,320,860		2,403,521		4,724,381		220,308		2009	40 Years
Lowell, MI		1,005,838		890,000		1,930,182		10,190			890,000		1,940,372		2,830,372		157,591		2009	40 Years
Southfield, MI		1,483,000		1,200,000		125,616		2,064			1,200,000		127,690		1,327,690		10,233		2009	40 Years
Atchison, KS		1,172,368		943,750		3,021,672		-			823,170		3,142,252		3,965,422		194,883		2010	40 Years
Johnstown, OH		2,384,927		485,000		2,799,502		-			485,000		2,799,502		3,284,502		174,970		2010	40 Years
Lake in the Hills, IL		1,482,286		2,135,000		3,328,560		-			1,690,000		3,773,560		5,463,560		230,285		2010	40 Years
Concord, NC		2,388,865		7,676,305		-		-			7,676,305		-		7,676,305		-		2010	40 Years
Antioch, IL		1,669,449		1,087,884		-		-			1,087,884		-		1,087,884		-		2010	40 Years
St Augustine Shores, FL		-		1,700,000		1,973,929		(4,754	)		1,700,000		1,969,175		3,669,175		104,474		2010	40 Years
Atlantic Beach, FL		3,452,182		1,650,000		1,904,357		1,262			1,650,000		1,905,619		3,555,619		103,117		2010	40 Years
Mansfield, CT		2,170,284		700,000		1,902,191		508			700,000		1,902,699		2,602,699		101,078		2010	40 Years
Spring Grove, IL		2,313,000		1,191,199		-		968			1,192,167		-		1,192,167		-		2010	40 Years
Ann Arbor, MI		-		-		3,061,507		2,623,823			2,660,582		3,024,748		5,685,330		170,363		2010	40 Years
Tallahassee, FL		1,628,000		-		1,482,462		-			-		1,482,462		1,482,462		75,668		2010	40 Years
Wilmington, NC		2,186,000		1,500,000		1,348,591		-			1,500,000		1,348,591		2,848,591		61,810		2011	40 Years
Marietta, GA		900,000		575,000		696,297		6,359			575,000		702,656		1,277,656		26,269		2011	40 Years
Baltimore, MD		2,534,000		2,610,430		-		(3,447	)		2,606,983		-		2,606,983		-		2011	40 Years
Dallas, TX		1,844,000		701,320		778,905		1,042,730			701,320		1,821,635		2,522,955		53,655		2011	40 Years
Chandler, AZ		1,550,203		332,868		793,898		360			332,868		794,258		1,127,126		24,858		2011	40 Years
New Lenox, IL		1,192,464		1,422,488		-		-			1,422,488		-		1,422,488		-		2011	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D			COLUMN E						COLUMN F		COLUMN G		COLUMN H
																				Life on Which
							Costs			Gross Amount at Which Carried at Close of										Depreciation in
			Initial Cost				Capitalized			Period										Latest Income
					Building and		Subsequent to					Building and				Accumulated		Date of		Statement is
Description	Encumbrance		Land		Improvements		Acquisition			Land		Improvements		Total		Depreciation		Construction		Computed
Roseville, CA		4,752,000		2,800,000		3,695,455		(96,364	)		2,695,636		3,703,455		6,399,091		123,381		2011	40 Years
Fort Walton Beach, FL		1,768,000		542,200		1,958,790		303			542,200		1,959,093		2,501,293		53,054		2011	40 Years
Leawood, KS		3,341,711		989,622		3,003,541		16,198			989,622		3,019,739		4,009,361		75,493		2011	40 Years
Salt Lake City, UT		4,948,724		-		6,810,104		(44,417	)		-		6,765,687		6,765,687		204,611		2011	40 Years
Burton, MI		-		80,000		-		-			80,000		-		80,000		-		2011
Macomb Township, MI		1,793,000		1,605,134		-		-			1,605,134		-		1,605,134		-		2012	40 Years
Madison, AL		1,552,000		675,000		1,317,927		-			675,000		1,317,927		1,992,927		32,948		2012	40 Years
Walker, MI		887,000		219,200		1,024,738		-			219,200		1,024,738		1,243,938		19,211		2012	40 Years
Portland, OR		9,509,011		7,969,403		-		-			7,969,403		-		7,969,403		-		2012	40 Years
Cochran, GA		-		365,714		2,053,726		-			365,714		2,053,726		2,419,440		25,672		2012	40 Years
Baton Rouge, LA		1,073,217		-		1,188,322		-			-		1,188,322		1,188,322		17,330		2012	40 Years
Southfield, MI		-		1,178,215		-		-			1,178,215		-		1,178,215		-		2012	40 Years
Clifton Heights, PA		3,892,966		2,543,941		3,038,561		-			2,543,941		3,038,561		5,582,502		34,817		2012	40 Years
Newark, NJ		2,488,653		2,117,547		4,777,516		-			2,117,547		4,777,516		6,895,063		54,742		2012	40 Years
Vineland, DE		2,198,380		4,102,710		1,501,854		-			4,102,710		1,501,854		5,604,564		17,209		2012	40 Years
Fort Mill, SC		-		750,000		1,187,380		-			750,000		1,187,380		1,937,380		12,369		2012	40 Years
Spartanburg, SC		-		250,000		765,714		-			250,000		765,714		1,015,714		7,179		2012	40 Years
Springfield, IL		-		302,520		653,654		-			302,520		653,654		956,174		5,447		2012	40 Years
Jacksonville, FL		-		676,930		1,482,748		-			676,930		1,482,748		2,159,678		12,356		2012	40 Years
Morrow, GA		-		525,000		1,383,489		-			525,000		1,383,489		1,908,489		8,647		2012	40 Years
Charlotte, NC		-		1,822,900		3,531,275		-			1,822,900		3,531,275		5,354,175		14,714		2012	40 Years
Lyons, GA		-		121,627		2,155,635		-			121,627		2,155,635		2,277,262		4,491		2012	40 Years
Fuquay-Varina, NC		-		2,042,225		1,763,768		-			2,042,225		1,763,768		3,805,993		3,675		2012	40 Years
Minneapolis, MN		-		1,088,015		345,958		-			1,088,015		345,958		1,433,973		721		2012	40 Years
Lake Zurich, IL		-		780,974		7,909,277		-			780,974		7,909,277		8,690,251		8,239		2012	40 Years
Lebanon, VA		-		300,000		612,582		-			300,000		612,582		912,582		-		2012	40 Years
Harlingen, TX		-		430,000		1,614,378		-			430,000		1,614,378		2,044,378		-		2012	40 Years
Wichita, TX		-		340,000		1,530,971		-			340,000		1,530,971		1,870,971		-		2012	40 Years
Pensacola, FL		-		650,000		1,165,415		-			650,000		1,165,415		1,815,415		-		2012	40 Years
Pensacola, FL		-		400,000		1,507,583		-			400,000		1,507,583		1,907,583		-		2012	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G		COLUMN H
																			Life on Which
							Costs		Gross Amount at Which Carried at Close of										Depreciation in
			Initial Cost				Capitalized		Period										Latest Income
					Building and		Subsequent to				Building and				Accumulated		Date of		Statement is
Description	Encumbrance		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Construction		Computed
Venice, FL		-		1,300,196		-		-		1,300,196		-		1,300,196		-		2012	40 Years
Sub Total		159,746,086		8,764,198		223,168,741		15,366,696		134,740,784		240,204,708		374,945,492		58,508,881
Property Held for Sale
Ypsilanti, MI		1,160,061		1,850,000		3,034,335		1,224		1,850,000		3,035,559		4,885,559		347,807		2008	40 Years
Total Completed		160,906,147		10,614,198		226,203,076		15,367,920		136,590,784		243,240,267		379,831,051		58,856,688
Retail Facilities Under Development
Rancho Cordova, CA		-		3,500,000		1,947,084		-		3,500,000		1,947,084		5,447,084		-		N/A	N/A
Kissimmee, FL		-		1,425,000		689,301		-		1,425,000		689,301		2,114,301		-		N/A	N/A
Pinellas Park, FL		-		1,804,000		375,757		-		1,804,000		375,757		2,179,757		-		N/A	N/A
Casselberry, FL		-		2,600,000		348,602		-		2,600,000		348,602		2,948,602		-		N/A	N/A
Ann Arbor, MI		-		5,800,000		54,781		-		5,800,000		54,781		5,854,781		-		N/A	N/A
Other		-		-		436,254		-		-		436,254		436,254		-		N/A	N/A
Sub Total		-		15,129,000		3,851,779		-		15,129,000		3,851,779		18,980,779		-
Total	$	160,906,147	$	25,743,198	$	230,054,855	$	15,367,920	$	151,719,784	$	247,092,046	$	398,811,830	$	58,856,688

1. Reconciliation of Real Estate Properties

The following table reconciles the Real Estate Properties from January 1, 2010 to December 31, 2012.

	2012			2011			2010
Balance at January 1	$	340,073,911		$	339,492,832		$	320,444,168
Construction and acquisition cost		97,418,031			31,219,239			39,107,853
Impairment charge		-			(13,500,000	)		(8,140,000	)
Disposition of real estate		(38,680,112	)		(17,138,160	)		(11,919,189	)
Balance at December 31	$	398,811,830		$	340,073,911		$	339,492,832

2. Reconciliation of Accumulated Depreciation

The following table reconciles the Real Estate Properties from January 1, 2010 to December 31, 2012.

	2012			2011			2010
Balance at January 1	$	68,589,778		$	67,383,413		$	64,076,469
Current year depreciation expense		5,726,319			6,005,270			5,759,599
Disposition of real estate		(15,459,409	)		(4,798,905	)		(2,452,655	)
		-
Balance at December 31	$	58,856,688		$	68,589,778		$	67,383,413

3. Tax Basis of Building and Improvements

The aggregate cost of Building and Improvements for federal income tax purposes is approximately

$18,722,000 less than the cost basis used for financial statement purposes.