Quarterly report pursuant to sections 13 or 15(d)

Statements of Operations

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Statements of Operations (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
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]
        
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