Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE (Tables)

v3.5.0.2
REAL ESTATE (Tables)
9 Months Ended
Sep. 30, 2016
Real Estate [Abstract]  
Schedule of Real Estate Properties [Table Text Block]
As of September 30, 2016, the Company’s real estate portfolio consisted of two properties in two states consisting of retail and office properties. The following table provides summary information regarding the Company’s real estate as of September 30, 2016:
 
 
 
 
 
 
 
 
 
 
 
Tenant
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
origination
 
Accumulated
 
Total real
 
 
 
 
 
 
 
 
 
Land,
 
and
 
depreciation
 
estate
 
 
 
 
 
Acquisition
 
Property
 
building and
 
absorption
 
and
 
investments,
 
Property
 
Location
 
Date
 
type
 
improvements
 
costs
 
amortization
 
net
 
Accredo
 
Orlando, FL
 
6/15/2016
 
Office
 
$
9,656,862
 
$
1,053,638
 
$
(142,578)
 
$
10,567,922
 
Walgreens
 
Stockbridge, GA
 
6/21/2016
 
Retail
 
 
4,147,948
 
 
705,423
 
 
(95,654)
 
 
4,757,717
 
 
 
 
 
 
 
 
 
$
13,804,810
 
$
1,759,061
 
$
(238,232)
 
$
15,325,639
 
Schedule Of Acquisition Of Property [Table Text Block]
During the nine months ended September 30, 2016, the Company acquired the following properties:
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenant
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
origination
 
 
 
 
 
 
 
 
 
 
 
Buildings
 
Above-
 
and
 
 
 
 
 
 
 
Acquisition
 
 
 
and
 
market
 
absorption
 
 
 
Property
 
Location
 
Date
 
Land
 
Improvements
 
lease
 
costs
 
Total
 
Accredo
 
Orlando, FL
 
6/15/2016
 
$
1,706,640
 
$
7,950,222
 
$
–
 
$
1,053,638
 
$
10,710,500
 
Walgreens
 
Stockbridge, GA
 
6/21/2016
 
 
1,033,104
 
 
3,114,844
 
 
166,629
 
 
705,423
 
 
5,020,000
 
 
 
 
 
 
 
$
2,739,744
 
$
11,065,066
 
$
166,629
 
$
1,759,061
 
$
15,730,500
 
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]
The future minimum contractual rent payments are shown in the table below. Both leases on the two properties owned by the Company expire in 2021.
 
 
 
Total
 
October 1, 2016 through December 31, 2016
 
$
308,138
 
2017
 
 
1,246,956
 
2018
 
 
1,273,759
 
2019
 
 
1,301,192
 
2020
 
 
1,329,255
 
2021
 
 
507,433
 
 
 
$
5,966,733
 
Schedule of Finite-Lived Intangible Assets [Table Text Block]
As of September 30, 2016, the Company’s intangibles were as follows:
 
Above-market lease
 
$
166,629
 
Above-market lease - accumulated amortization
 
 
(9,720)
 
Above-market lease, net
 
 
156,909
 
 
 
 
 
 
Tenant origination and absorption costs
 
 
1,759,061
 
Tenant origination and absorption costs - accumulated amortization
 
 
(106,419)
 
Tenant origination and absorption costs, net
 
 
1,652,642
 
Total intangibles
 
$
1,809,551
 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
The intangible assets are amortized over the respective lease terms, which was approximately five years as of September 30, 2016. Amortization of intangible assets over the next five years is expected to be as follows:
 
 
 
 
 
Tenant
 
 
 
 
 
origination
 
 
 
 
 
and
 
 
 
Above-market
 
absorption
 
 
 
lease
 
costs
 
Remaining 2016 amortization
 
$
8,331
 
$
91,217
 
2017 amortization
 
 
33,326
 
 
364,866
 
2018 amortization
 
 
33,326
 
 
364,866
 
2019 amortization
 
 
33,326
 
 
364,866
 
2020 amortization
 
 
33,326
 
 
364,866
 
2021 amortization
 
 
15,274
 
 
101,961
 
 
 
$
156,909
 
$
1,652,642