Statements of Operations (USD $)
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3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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REVENUE: | ||||
Minimum rent | $ 401,007 | $ 341,645 | $ 1,197,798 | $ 1,048,138 |
Percentage of sales rent | 1,054 | 6,525 | 1,054 | 6,525 |
Tenant reimbursements | 82,307 | 72,967 | 292,656 | 239,646 |
Other income | 4,359 | 107,863 | 12,878 | 112,480 |
Total Revenue | 488,727 | 529,000 | 1,504,386 | 1,406,789 |
OPERATING EXPENSES: | ||||
Property operating | 75,529 | 109,281 | 210,109 | 256,168 |
Depreciation and amortization | 184,933 | 185,100 | 556,452 | 555,299 |
Real estate taxes | 26,712 | 24,795 | 80,204 | 74,770 |
Repairs and maintenance | 15,245 | 22,455 | 41,995 | 44,759 |
Advertising and promotion | 568 | 11,403 | 3,381 | 33,174 |
Provision for credit losses | 20,000 | 20,000 | ||
Corporate general & administrative | 344,335 | 189,725 | 757,073 | 189,725 |
Other | 9,498 | 11,106 | 27,200 | 26,319 |
Total Operating Expenses | 656,820 | 573,865 | 1,676,414 | 1,200,214 |
Operating Income (Loss) | (168,093) | (44,865) | (172,028) | 206,575 |
Interest expense | (198,049) | (185,937) | (593,496) | (592,555) |
Net Income (Loss) | (366,142) | (230,802) | (765,524) | (385,980) |
Subsidiaries [Member]
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REVENUE: | ||||
Minimum rent | 512,567 | 551,595 | 1,571,849 | 1,503,314 |
Percentage of sales rent | 16,612 | 5,826 | 16,612 | 17,476 |
Tenant reimbursements | 102,143 | 130,625 | 392,067 | 381,206 |
Other income | 15,870 | 9,525 | 89,902 | 22,390 |
Total Revenue | 647,192 | 697,571 | 2,070,430 | 1,924,386 |
OPERATING EXPENSES: | ||||
Property operating | 71,690 | 170,536 | 323,297 | 355,587 |
Depreciation and amortization | 132,748 | 149,864 | 393,004 | 449,591 |
Real estate taxes | 46,579 | 46,310 | 139,736 | 139,889 |
Repairs and maintenance | 16,613 | 23,258 | 45,186 | 74,253 |
Advertising and promotion | 1,325 | 6,111 | 3,644 | 24,870 |
Provision for credit losses | 45,805 | 26,259 | 45,805 | 26,259 |
Corporate general & administrative | 187,296 | 194,361 | ||
Other | 14,564 | 19,142 | 45,741 | 47,602 |
Total Operating Expenses | 516,620 | 441,480 | 1,190,774 | 1,118,051 |
Operating Income (Loss) | 130,572 | 256,091 | 879,656 | 806,335 |
Interest expense | (214,351) | (217,952) | (641,076) | (649,305) |
Net Income (Loss) | $ (83,779) | $ 38,139 | $ 238,580 | $ 157,030 |
X | ||||||||||
- Definition
Amount charged to advertising expense for the period, which are expenses incurred with the objective of increasing revenue for a specified brand, product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate costs of keeping the property in good condition but that do not appreciably prolong the life or increase the value of the property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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X | ||||||||||
- Definition
Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate total of real estate taxes and insurance expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate base rental income recognized in accordance with contractual lease terms for each tenant. No definition available.
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- Definition
Other Operating Expenses No definition available.
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X | ||||||||||
- Definition
Percentage Of Sales Rent Income No definition available.
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X | ||||||||||
- Definition
The aggregate costs of operating a property, including expenses associated with the grounds, landscaping, insurance, management and utilities. No definition available.
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- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). No definition available.
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