Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Accounting Policies [Abstract] |
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| Details of deferred costs, net of amortization and other assets |
Details of these deferred costs, net of amortization, and other assets are as follows:
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September 30, 2016 |
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December 31, 2015 |
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(unaudited) |
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Lease origination costs, net |
$ |
1,144,027 |
|
|
$ |
1,376,652 |
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Leases in place, net |
21,965,889 |
|
|
19,091,917 |
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Deposits |
366,250 |
|
|
2,012,996 |
|
Legal and marketing costs, net |
106,596 |
|
|
129,325 |
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Tenant relationships, net |
12,073,312 |
|
|
12,060,172 |
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Other |
442,920 |
|
|
588,464 |
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Total Deferred Costs and Other Assets, net |
$ |
36,098,994 |
|
|
$ |
35,259,526 |
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| Future amortization of lease origination costs, financing costs and in place leases |
Future amortization of lease origination costs, leases in place, legal and marketing costs and tenant relationships is as follows (unaudited):
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For the Periods Ending September 30, |
Lease
Origination
Costs, net
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Leases In
Place, net
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Legal &
Marketing
Costs, net
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Tenant
Relationships, net
|
2017 |
$ |
315,258 |
|
|
$ |
6,164,707 |
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|
$ |
26,731 |
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|
$ |
4,144,113 |
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2018 |
239,900 |
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|
4,675,925 |
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|
21,281 |
|
|
2,940,058 |
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2019 |
162,301 |
|
|
3,287,248 |
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|
17,215 |
|
|
1,931,689 |
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2020 |
113,862 |
|
|
2,158,958 |
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|
13,214 |
|
|
1,129,893 |
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2021 |
90,987 |
|
|
1,353,786 |
|
|
10,260 |
|
|
586,277 |
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Thereafter |
221,719 |
|
|
4,325,265 |
|
|
17,895 |
|
|
1,341,282 |
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$ |
1,144,027 |
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|
$ |
21,965,889 |
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|
$ |
106,596 |
|
|
$ |
12,073,312 |
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| Corporate general and administrative expenses |
Corporate General and Administrative Expense
A detail for the "corporate general & administrative" line item from the Condensed Consolidated Statements of Operations is presented below:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2016 |
|
2015 |
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2016 |
|
2015 |
|
|
(unaudited) |
Acquisition and development costs |
|
$ |
117,951 |
|
|
$ |
1,733,639 |
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|
$ |
903,490 |
|
|
$ |
3,167,378 |
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Professional fees |
|
390,540 |
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|
274,006 |
|
|
1,180,854 |
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|
1,166,279 |
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Compensation and benefits |
|
392,008 |
|
|
620,749 |
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|
2,439,977 |
|
|
2,361,664 |
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Corporate administration |
|
301,578 |
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|
247,621 |
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|
806,216 |
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|
806,494 |
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Equity, debt and refinancing costs |
|
60,679 |
|
|
1,826,240 |
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|
310,547 |
|
|
2,447,890 |
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Travel |
|
153,199 |
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|
61,993 |
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|
373,741 |
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|
363,803 |
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Advertising |
|
23,002 |
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|
44,376 |
|
|
175,887 |
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|
152,338 |
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Taxes and licenses |
|
56,564 |
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|
43,356 |
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|
99,748 |
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|
149,354 |
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Total |
|
$ |
1,495,521 |
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|
$ |
4,851,980 |
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$ |
6,290,460 |
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$ |
10,615,200 |
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