Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 25, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PRESIDENTIAL REALTY CORP/DE/ | ||
Entity Central Index Key | 731,245 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 200,757 | ||
Trading Symbol | PDNLB | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 442,533 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,846,147 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Real estate (Note 2) | $ 1,118,345 | $ 1,120,812 |
Less: accumulated depreciation | 602,220 | 564,715 |
Net real estate | 516,125 | 556,097 |
Net mortgage portfolio | 0 | 405 |
Prepaid expenses | 139,587 | 149,268 |
Other receivables (net of valuation allowance of $790 in 2015 and $9,835 in 2014 ) | 27,784 | 29,351 |
Cash | 442,922 | 442,613 |
Other assets | 272,472 | 16,184 |
Total Assets | 1,398,890 | 1,193,918 |
Liabilities: | ||
Mortgage payable | 1,740,462 | 440,654 |
Line of Credit | 0 | 500,000 |
Accrued liabilities | 631,839 | 355,349 |
Accounts payable | 4,026 | 4,686 |
Other liabilities | 38,841 | 599,619 |
Total Liabilities | 2,415,168 | 1,900,308 |
Presidential Stockholders' Deficit: | ||
Additional paid-in capital | 3,108,471 | 2,922,982 |
Accumulated deficit | (4,124,791) | (3,629,414) |
Total Stockholders' Deficit | (1,016,278) | (706,390) |
Total Liabilities and Stockholders' Deficit | 1,398,890 | 1,193,918 |
Common Class A [Member] | ||
Presidential Stockholders' Deficit: | ||
Common stock: par value $.00001 per share | 4 | 4 |
Common Class B [Member] | ||
Presidential Stockholders' Deficit: | ||
Common stock: par value $.00001 per share | $ 38 | $ 38 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Valuation allowance for other receivables (in dollars) | $ 790 | $ 9,835 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common Class A [Member] | ||
Common Stock, Shares Authorized | 700,000 | 700,000 |
Common stock, shares issued | 442,533 | 442,533 |
Common Class B [Member] | ||
Common Stock, Shares Authorized | 999,300,000 | 999,300,000 |
Common stock, shares issued | 3,846,147 | 3,846,147 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | ||
Rental | $ 931,844 | $ 870,206 |
Interest on mortgages - notes receivable | 200 | 1,293 |
Total | 932,044 | 871,499 |
Costs and Expenses: | ||
General and administrative | 914,882 | 973,306 |
Stock based compensation | 0 | 123,000 |
Rental property: | ||
Operating expenses | 566,610 | 541,931 |
Interest and fees on mortgage debt | 72,397 | 43,637 |
Real estate taxes | 41,069 | 36,081 |
Depreciation on real estate | 50,905 | 50,016 |
Amortization and mortgage costs | 21,078 | 5,678 |
Total | 1,666,941 | 1,773,649 |
Other Income: | ||
Gain on the extinguishment of debt | 228,261 | 0 |
Loss on deconsolidation of subsidiaries | 0 | (516,982) |
Other income | 0 | 259,851 |
Investment income | 11,259 | 218,231 |
Net loss | $ (495,377) | $ (941,050) |
Net loss per Common Share -basic and diluted | $ (0.12) | $ (0.22) |
Weighted Average Number of Shares Outstanding - | ||
basic | 4,288,680 | 4,263,406 |
diluted | 4,288,680 | 4,263,406 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS (DEFICIT) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [member] | Noncontrolling Interest [Member] |
Balance at Dec. 31, 2013 | $ (830,322) | $ 36 | $ 2,374,988 | $ (2,688,364) | $ (516,982) |
Net loss | (941,050) | (941,050) | |||
Stock based compensation | 123,000 | 6 | 122,994 | ||
Issuance of warrants | 425,000 | 425,000 | |||
Deconsolidation of subsidiaries | 516,982 | 516,982 | |||
Balance at Dec. 31, 2014 | (706,390) | 42 | 2,922,982 | (3,629,414) | 0 |
Net loss | (495,377) | 0 | 0 | (495,377) | |
Stock based compensation | 185,489 | 185,489 | 0 | ||
Balance at Dec. 31, 2015 | $ (1,016,278) | $ 42 | $ 3,108,471 | $ (4,124,791) | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net loss | $ (495,377) | $ (941,050) |
Adjustments to reconcile net loss to net cash flow from operating activities: | ||
Depreciation and amortization | 71,983 | 54,274 |
Amortization of discounts on notes and fees | 0 | (1,285) |
Investment income | (8,900) | (214,979) |
Stock based compensation | 0 | 123,000 |
Non-cash compensation | 2,680 | 0 |
Bad debt recovery | (5,523) | 0 |
Deconsolidation of subsidiaries | 0 | 516,982 |
Gain on debt extinguishment | (228,261) | 0 |
Decrease (Increase) in: | ||
Other receivables | 7,090 | (10,957) |
Discontinued operations assets | 0 | 45,793 |
Prepaid expenses | 9,681 | 30,974 |
Other assets | (277,366) | 78,236 |
Increase (decreases) in: | ||
Accounts payable and accrued liabilities | 275,830 | 196,568 |
Discontinued operations liabilities | 0 | (48,368) |
Other liabilities | (147,028) | (52,883) |
Total adjustments | (299,814) | 717,355 |
Net cash flow used in operating activities | (795,191) | (223,695) |
Cash Flows from Investing Activities: | ||
Payments received on notes receivable | 405 | 2,904 |
Investment income Broadway Partners Fund II | 8,900 | 214,979 |
Payments disbursed for capital improvements | (13,613) | (3,997) |
Net cash flow (used in) from investing activities | (4,308) | 213,886 |
Cash Flows from Financing Activities: | ||
Proceeds of Line of credit | (500,000) | 0 |
Proceeds of mortgage financing | 1,750,000 | 0 |
Principal payments on mortgage debt | (450,192) | (24,655) |
Net cash flow from (used in) financing activities | 799,808 | (24,655) |
Net increase (decrease) in Cash | 309 | (34,464) |
Cash, Beginning of Year | 442,613 | 477,077 |
Cash, End of Year | 442,922 | 442,613 |
Supplemental cash flow information: | ||
Interest paid in cash | 63,358 | 43,637 |
Schedule of non-cash investing and financing activates | ||
Issuance of warrants for accrued salaries | 0 | 425,000 |
Issuance of a stock option for accrued deferred compensation | $ 185,489 | $ 0 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Text Block] | 1. Organization and Summary of Significant Accounting Policies Organization Presidential Realty Corporation (“Presidential” or the “Company”) is operated as a self-administrated, self-managed Real Estate Investment Trust (“REIT”). The Company is engaged principally in the ownership of income producing real estate. Presidential operates in a single business segment, investments in real estate related assets Basis of Presentation and Going Concern Considerations At December 31, 2015, the Company had a loss from continuing operations. This combined with a history of operating losses and working capital deficiency, has been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. Our ability to continue as a going concern is dependent upon the successful execution of strategies to achieve profitability and to increase working capital by raising debt and/or equity. The accompanying financial statements do not include any adjustments that may result from this uncertainty. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results. Real Estate Real estate is stated at cost. Generally, depreciation is provided on the straight-line method over the assets’ estimated useful lives, which range from twenty to thirty-nine years for buildings and improvements and from three to ten years for furniture and equipment. Maintenance and repairs are charged to operations as incurred and renewals and replacements are capitalized. The Company reviews each of its property investments for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment of properties is determined to exist when estimated amounts recoverable through future operations on an undiscounted basis are below the properties carrying value. If a property is determined to be impaired, it is written down to its estimated fair value. Net mortgage portfolio represents the outstanding principal amounts of notes receivable reduced by discounts. The primary forms of collateral on all notes receivable are real estate and ownership interests in entities that own real property, and may include borrower personal guarantees. The Company periodically evaluates the collectability of both accrued interest on and principal of its notes receivable to determine whether they are impaired. A mortgage loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms of the loan. The Company also considers loan modifications as possible indicators of impairment. When a mortgage loan is considered to be impaired, the Company establishes a valuation allowance equal to the difference between a) the carrying value of the loan, and b) the present value of the expected cash flows from the loan at its effective interest rate, or at the estimated fair value of the real estate collateralizing the loan. Income on impaired loans, including interest, and the recognition of deferred gains and unamortized discounts, is recognized only as cash is received. Presidential follows the guidance of the Property, Plant and Equipment Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) as it pertains to sales of real estate. Accordingly, the gains on certain transactions were deferred and were recognized on the installment method until such transactions complied with the criteria for full profit recognition. At December 31, 2015 and 2014, the Company had no deferred gains. Presidential assigned discounted values to long-term notes received from the sales of properties to reflect the difference between the stated interest rates on the notes and market interest rates at the time the notes were made. Such discounts are being amortized using the interest method. The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company acts as lessor under operating leases. Rental revenue is recorded on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs. Recognition of rental revenue is generally discontinued when the rental is delinquent for ninety days or more, or earlier if management determines that collection is doubtful. Certain items in the December 31, 2014 consolidated financial statements and notes have been reclassified to conform to the December 31, 2015 presentation. The Company assesses the collectability of amounts due from tenants and other receivables, using indicators such as past-due accounts, the nature and age of the receivable, the payment history and the ability of the tenant or debtor to meet its payment obligations. Management’s estimate of allowances for doubtful accounts is subject to revision as these factors change. Rental revenue is recorded on the accrual method and rental revenue recognition is generally discontinued when the tenant in occupancy is delinquent for ninety days or more. Bad debt expense is charged for vacated tenant accounts and subsequent receipts collected for those receivables will reduce bad debt expense. For the years ended December 31, 2015 and 2014, bad debt expense for continuing operations relating to tenant obligations was $ 790 9,835 Basic net income (loss) per share data is computed by dividing net income (loss) by the weighted average number of shares of Class A and Class B common stock outstanding (excluding non-vested shares) during each year. Diluted net income per share is computed by dividing net income by the weighted average shares outstanding, including the dilutive effect, if any, of non-vested shares. For the years ended December 31, 2015 and 2014, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000 1,700,000 Cash includes cash on hand, cash in banks and cash in money market funds. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of income and expense for the reporting period. Actual results could differ from those estimates. The Company follows the guidance of ASC Topic 718 in accounting for stock-based compensation. Shares of Class B common stock granted are fully vested upon the grant date. The Company recorded the market value of the grants that were earned and vested in 2015 and 2014 to expense in each year. The Company follows the guidance of the recognition of current and deferred income tax accounts, including accrued interest and penalties, in accordance with ASC 740-10-25. Under this guidance, if the Company’s tax positions in relation to certain transactions were examined and were not ultimately upheld, the Company would be required to pay an income tax assessment and related interest. Alternatively, the Company could elect to pay a deficiency dividend to its shareholders in order to continue to qualify as a REIT and the related interest assessment to the taxing authorities. In April 2015, the FASB issued ASU 2015-3, to simplify the presentation of debt issuance costs. This update requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the associated debt liability, consistent with the required presentation for debt discounts. This update is effective for interim and annual periods beginning after December 15, 2015. The adoption of this standard will change the Company’s current practice of presenting debt issuance costs as an asset and will result in the reduction of total assets and total liabilities in an amount equal to the balance of unamortized debt issuance costs at each balance sheet date. Debt issuance costs are currently presented separately on the Company’s condensed consolidated balance sheets in other assets and amounted to $ 150,438 14,195 In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s financial position or results of operations. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | 2. Real Estate 2015 2014 Land $ 79,100 $ 79,100 Buildings 995,215 989,340 Furniture and equipment 44,030 52,372 Total $ 1,118,345 $ 1,120,812 Rental revenue from the Maple Tree property constituted all of the rental revenue for the Company in 2015 and 2014. |
Investments in Partnership
Investments in Partnership | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 3. Investments in Partnership We received distributions from Broadway Partners Fund II in the amount of $ 8,900 214,979 . |
Mortgage Debt
Mortgage Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 4. Mortgage Debt a. On June 8, 2012, we closed on a mortgage and line of credit for a combined total of $1,000,000 with Country Bank for Savings on the Mapletree Industrial Center (the “Mapletree Property”). The mortgage is for $500,000 at a 5% interest rate, for a term of 5 years. Thereafter the interest will adjust monthly equal to the bank’s Prime Rate, plus 1% with an interest rate floor of 5%, for a term of 15 years. We received $459,620 of net proceeds. The line of credit is for $500,000, with an interest rate of 1% over the bank’s Prime Rate (3.25% at December 31, 2014). The balance outstanding at December 31, 2014 was $500,000. The line of credit is due on demand. Both the mortgage and the line of credit are secured by the Mapletree Property. The outstanding balance of the mortgage and line of credit, combined, at December 31, 2014 was $940,654. b. On July 28, 2015, Palmer-Mapletree LLC, a wholly-owned subsidiary of the Company entered into a Loan Agreement (the “Loan Agreement”) with Natixis Real Estate Capital LLC providing for a mortgage loan in the principal amount of $1,750,000 (the “Loan”) at an interest rate of 6.031%. $934,794 of the loan proceeds were used to repay the prior mortgage loan and line of credit with Country Bank for Savings. The Loan replaces the prior loan agreement and mortgage on the Mapletree Property which was entered into on June 8, 2012 with Country Bank for Savings (see Note 4a). $123,757 of the Loan proceeds were set aside for capital improvements and reserves for the property. We received net proceeds of $585,125. The Loan matures on August 5, 2025 and requires monthly payments of $11,308. The outstanding balance of the loan at December 31, 2015 was $1,740,462. The Company is required to maintain certain Financial Covenants. The Company was in compliance with the covenants at December 31, 2015. 2016 31,634 2017 33,596 2018 35,680 2019 37,892 2020 40,241 Thereafter 1,561,419 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 5. Income Taxes Presidential has elected to qualify as a Real Estate Investment Trust under the Internal Revenue Code. A REIT which distributes at least 90 ASC 740 prescribes a more likely than not recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken. If the Company’s tax position in relation to a transaction was not likely to be upheld, the Company would be required to record the accrual for the tax and interest thereon. As of December 31, 2015, the tax years that remain open to examination by the federal, state and local taxing authorities are the 2012 2014 tax years and the Company was not required to accrue any liability for those tax years. The Company has accumulated a net operating loss carry forward of approximately $ 20,000,000 For the year ended December 31, 2014, the Company recorded a tax loss of approximately $ 200,000 05 For the year ended December 31, 2015, the Company recorded a loss of approximately $ 197,700 05 As previously stated, in order to maintain REIT status, Presidential is required to distribute 90% of its REIT taxable income (exclusive of capital gains). As a result of the operating loss for 2015 there is no requirement to make a distribution in 2016. In addition, no provision for federal income taxes was required at December 31, 2015 and 2014. |
Commitments, Contingencies and
Commitments, Contingencies and Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 6. Commitments, Contingencies and Related parties A. Commitments and Contingencies 1) Presidential is not a party to any material legal proceedings. The Company may from time to time be a party to routine litigation incidental to the ordinary course of its business. 2) In the opinion of management, the Company’s Mapletree Property is adequately covered by insurance in accordance with normal insurance practices. B. Related Parties 1) Executive Employment Agreements a. Nickolas W. Jekogian On January 8, 2014, the Company and Mr. Nicholas W. Jekogian, Chairman and Chief Executive Officer of the Company, entered into an amendment to Mr. Jekogian’s employment agreement dated November 8, 2011. The amendment provides for (i) the extension of the employment term from May 3, 2013 to December 31, 2015, (ii) continuation of Mr. Jekogian’s base salary through the balance of the term at the rate of $ 225,000 200,000 1,700,000 425,000 Mr. Jekogian’s employment agreement, as amended, expired at December 31, 2015 but the board agreed to continue Mr. Jekogian’s employment on the same terms as the agreement until otherwise terminated by the board. b. Alexander Ludwig On January 8, 2014, the Company and Mr. Alexander Ludwig, a Director, President, Chief Operating Officer and Principal Financial Officer of the Company entered into an amendment to Mr. Ludwig’s employment agreement dated November 8, 2011. The amendment provides for (i) the extension of the employment term from May 3, 2013 to December 31, 2015, (ii) continuation of Mr. Ludwig’s base salary through the balance of the term at the rate of $ 225,000 200,000 Mr. Ludwig’s employment agreement, as amended, expired at December 31, 2015 but the board agreed to continue Mr. Ludwig’s employment on the same terms as the agreement until otherwise terminated by the board . 2) Other liabilities On May 12, 2015 the Company and three former officers entered into agreements that if the Company were to refinance the Mapletree Property, then they would accept, in lieu of the deferred compensation owed to them in the amount of $ 563,750 50,000 150,000 On July 28, 2015 the Company successfully refinanced the Mapletree Property and made payments of $ 50,000 413,750 20,000,000 5 180 days, therefore a discount for lack of marketability was applied. The Company recorded an extinguishment of debt gain of $ 228,261 185,489 These options were valued using a monte carlo model valuation methodology. The model embodies relevant assumptions that address the features underlying these instruments. Significant assumption used in the monte carlo model to value these options were, the following: Exercises price - $ 1.00 5 29.19 108.6 1.61 0 During 2014 we paid the former officers of the Company $ 10,000 30,000 0 563,750 C. Property Management Agreement On November 8, 2011, the Company and Signature Community Management (“Signature”), (an entity owned by our CEO) entered into a Property Management Agreement pursuant to which the Company retained Signature as the exclusive, managing and leasing agent for the Company’s Mapletree Property. Signature receives compensation of 5 40,500 38,000 D. Asset Management Agreement On November 8, 2011, the Company entered into an Asset Management Agreement with Signature pursuant to which the Company engaged Signature to oversee the Mapletree Property. Signature will receive an asset management fee of 1.5 12,167 11,000 E. Sublease The Company subleases their executive office space under a month to month lease with Signature for a monthly rental payment of $ 1,100 13,200 13,200 |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | 7. Other Income During 2014, the Company sold environmental tax credits from the state of Massachusetts for approximately $ 260,000 19,500 |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 8. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of its mortgage portfolio and cash. The Company generally maintains its cash in money market funds with financial institutions. Although the Company may maintain balances at these institutions in excess of the FDIC insurance limit, the Company does not anticipate and has not experienced any losses. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | 9. Common Stock The Class A and Class B common stock of Presidential have identical rights except that the holders of Class A common stock are entitled to elect two-thirds of the Board of Directors and the holders of the Class B common stock are entitled to elect one-third of the Board of Directors. Other than as described in Note 11, no shares of common stock of Presidential are reserved. |
Warrants and Options
Warrants and Options | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options [Text Block] | 10. Warrants and Options The Company issued to Mr. Nicholas W. Jekogian our CEO a Warrant in January 2014 to purchase 1,700,000 0.10 425,000 On November 8, 2011, the Company issued 740,000 1.25 148,000 0.00 592,000 0 592,000 The weighted-average fair value per share of the options granted is $ 1.00 |
Stock Compensation
Stock Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock Compensation On August 15, 2012 the stockholders approved the 2012 Incentive Plan which reserves 1,000,000 100,000 payment for the exercise price or surrendered to us for tax withholding purposes, shares of Class B common stock allocable to such Award may again be available for Awards under the 2012 Incentive Plan. In 2005, shareholders approved the adoption of the Company’s 2005 Restricted Stock Plan (the “2005 Plan”). The 2005 Plan provided that a total of 115,000 among other things, to determine the terms and conditions of any award under the 2005 Plan. The 2005 Plan expired on June 15, 2015. During January 2014, the Company issued 615,000 123,000 Value Shares at Date of Vested Date of Issuance Issued Grant Shares Balance, December 31, 2013 27,100 - 27,100 Shares issued in 2014 615,000 0.20 615,000 Balance, December 31, 2014 642,100 0.20 642,100 Shares issued in 2015 - - - Balance, December 31, 2015 642,100 642,100 |
Estimated Fair Value of Financi
Estimated Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 12. Estimated Fair Value of Financial Instruments Estimated fair values of the Company’s financial instruments as of December 31, 2015 and 2014 were determined using available market information and various valuation estimation methodologies. Considerable judgment was required to interpret the effects on fair value of such items as future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. The estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Also, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair values. However, we believe reported amounts approximate fair value. |
Future Minimum Annual Base Rent
Future Minimum Annual Base Rents | 12 Months Ended |
Dec. 31, 2015 | |
Future Minimum Annual Base Rents [Abstract] | |
Future Minimum Annual Base Rents [Text Block] | 13. Future Minimum Annual Base Rents Future minimum annual base rental revenue for the next five years for commercial real estate owned at December 31, 2015, and subject to non-cancelable operating leases is as follows: Year Ending December 31, 2016 $ 549,510 2017 189,017 2018 78,152 2019 69,352 2020 69,352 Thereafter 358,318 Total $ 1,313,701 |
Organization and Summary of S20
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization and Description Of Business Accounting [Policy Text Block] | Organization Presidential Realty Corporation (“Presidential” or the “Company”) is operated as a self-administrated, self-managed Real Estate Investment Trust (“REIT”). The Company is engaged principally in the ownership of income producing real estate. Presidential operates in a single business segment, investments in real estate related assets |
Basis Of Presentation and Going Concern Considerations [Policy Text Block] | Basis of Presentation and Going Concern Considerations At December 31, 2015, the Company had a loss from continuing operations. This combined with a history of operating losses and working capital deficiency, has been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. Our ability to continue as a going concern is dependent upon the successful execution of strategies to achieve profitability and to increase working capital by raising debt and/or equity. The accompanying financial statements do not include any adjustments that may result from this uncertainty. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results. |
Real Estate, Policy [Policy Text Block] | Real Estate Real estate is stated at cost. Generally, depreciation is provided on the straight-line method over the assets’ estimated useful lives, which range from twenty to thirty-nine years for buildings and improvements and from three to ten years for furniture and equipment. Maintenance and repairs are charged to operations as incurred and renewals and replacements are capitalized. The Company reviews each of its property investments for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment of properties is determined to exist when estimated amounts recoverable through future operations on an undiscounted basis are below the properties carrying value. If a property is determined to be impaired, it is written down to its estimated fair value. |
Mortgage Portfolio [Policy Text Block] | Mortgage Portfolio Net mortgage portfolio represents the outstanding principal amounts of notes receivable reduced by discounts. The primary forms of collateral on all notes receivable are real estate and ownership interests in entities that own real property, and may include borrower personal guarantees. The Company periodically evaluates the collectability of both accrued interest on and principal of its notes receivable to determine whether they are impaired. A mortgage loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms of the loan. The Company also considers loan modifications as possible indicators of impairment. When a mortgage loan is considered to be impaired, the Company establishes a valuation allowance equal to the difference between a) the carrying value of the loan, and b) the present value of the expected cash flows from the loan at its effective interest rate, or at the estimated fair value of the real estate collateralizing the loan. Income on impaired loans, including interest, and the recognition of deferred gains and unamortized discounts, is recognized only as cash is received. |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Sale of Real Estate Presidential follows the guidance of the Property, Plant and Equipment Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) as it pertains to sales of real estate. Accordingly, the gains on certain transactions were deferred and were recognized on the installment method until such transactions complied with the criteria for full profit recognition. At December 31, 2015 and 2014, the Company had no deferred gains. |
Discounts On Notes Receivable [Policy Text Block] | Discounts on Notes Receivable Presidential assigned discounted values to long-term notes received from the sales of properties to reflect the difference between the stated interest rates on the notes and market interest rates at the time the notes were made. Such discounts are being amortized using the interest method. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. |
Revenue Recognition Leases, Operating [Policy Text Block] | Rental Revenue Recognition The Company acts as lessor under operating leases. Rental revenue is recorded on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs. Recognition of rental revenue is generally discontinued when the rental is delinquent for ninety days or more, or earlier if management determines that collection is doubtful. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain items in the December 31, 2014 consolidated financial statements and notes have been reclassified to conform to the December 31, 2015 presentation. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Doubtful Accounts The Company assesses the collectability of amounts due from tenants and other receivables, using indicators such as past-due accounts, the nature and age of the receivable, the payment history and the ability of the tenant or debtor to meet its payment obligations. Management’s estimate of allowances for doubtful accounts is subject to revision as these factors change. Rental revenue is recorded on the accrual method and rental revenue recognition is generally discontinued when the tenant in occupancy is delinquent for ninety days or more. Bad debt expense is charged for vacated tenant accounts and subsequent receipts collected for those receivables will reduce bad debt expense. For the years ended December 31, 2015 and 2014, bad debt expense for continuing operations relating to tenant obligations was $ 790 9,835 |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Share Basic net income (loss) per share data is computed by dividing net income (loss) by the weighted average number of shares of Class A and Class B common stock outstanding (excluding non-vested shares) during each year. Diluted net income per share is computed by dividing net income by the weighted average shares outstanding, including the dilutive effect, if any, of non-vested shares. For the years ended December 31, 2015 and 2014, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000 1,700,000 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Cash includes cash on hand, cash in banks and cash in money market funds. |
Use of Estimates, Policy [Policy Text Block] | Management Estimates The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of income and expense for the reporting period. Actual results could differ from those estimates. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Accounting for Stock Awards The Company follows the guidance of ASC Topic 718 in accounting for stock-based compensation. Shares of Class B common stock granted are fully vested upon the grant date. The Company recorded the market value of the grants that were earned and vested in 2015 and 2014 to expense in each year. |
Income Tax Uncertainties, Policy [Policy Text Block] | Accounting for Uncertainty in Income Taxes The Company follows the guidance of the recognition of current and deferred income tax accounts, including accrued interest and penalties, in accordance with ASC 740-10-25. Under this guidance, if the Company’s tax positions in relation to certain transactions were examined and were not ultimately upheld, the Company would be required to pay an income tax assessment and related interest. Alternatively, the Company could elect to pay a deficiency dividend to its shareholders in order to continue to qualify as a REIT and the related interest assessment to the taxing authorities. |
New Accounting Pronouncements, Policy [Policy Text Block] | In April 2015, the FASB issued ASU 2015-3, to simplify the presentation of debt issuance costs. This update requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the associated debt liability, consistent with the required presentation for debt discounts. This update is effective for interim and annual periods beginning after December 15, 2015. The adoption of this standard will change the Company’s current practice of presenting debt issuance costs as an asset and will result in the reduction of total assets and total liabilities in an amount equal to the balance of unamortized debt issuance costs at each balance sheet date. Debt issuance costs are currently presented separately on the Company’s condensed consolidated balance sheets in other assets and amounted to $ 150,438 14,195 In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s financial position or results of operations. |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | 2015 2014 Land $ 79,100 $ 79,100 Buildings 995,215 989,340 Furniture and equipment 44,030 52,372 Total $ 1,118,345 $ 1,120,812 |
Mortgage Debt (Tables)
Mortgage Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities of Mortgage for the next five years are as follows: 2016 31,634 2017 33,596 2018 35,680 2019 37,892 2020 40,241 Thereafter 1,561,419 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following is a summary of the Company’s activity for the 2012 and 2005 Plans in 2015 and 2014: Value Shares at Date of Vested Date of Issuance Issued Grant Shares Balance, December 31, 2013 27,100 - 27,100 Shares issued in 2014 615,000 0.20 615,000 Balance, December 31, 2014 642,100 0.20 642,100 Shares issued in 2015 - - - Balance, December 31, 2015 642,100 642,100 |
Future Minimum Annual Base Re24
Future Minimum Annual Base Rents (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Future Minimum Annual Base Rents [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum annual base rental revenue for the next five years for commercial real estate owned at December 31, 2015, and subject to non-cancelable operating leases is as follows: Year Ending December 31, 2016 $ 549,510 2017 189,017 2018 78,152 2019 69,352 2020 69,352 Thereafter 358,318 Total $ 1,313,701 |
Organization and Summary of S25
Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | ||
Allowance For Doubtful Other Receivables, Current | $ 790 | $ 9,835 |
Debt Instrument, Unamortized Discount | $ 150,438 | $ 14,195 |
Warrant [Member] | ||
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,700,000 | |
Equity Option [Member] | ||
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 740,000 |
Real Estate (Details)
Real Estate (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate [Line Items] | ||
Land | $ 79,100 | $ 79,100 |
Buildings | 995,215 | 989,340 |
Furniture and equipment | 44,030 | 52,372 |
Total | $ 1,118,345 | $ 1,120,812 |
Investments in Partnership (Det
Investments in Partnership (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 8,900 | $ 214,979 |
Mortgage Debt (Details)
Mortgage Debt (Details) | Dec. 31, 2015USD ($) |
2,016 | $ 31,634 |
2,017 | 33,596 |
2,018 | 35,680 |
2,019 | 37,892 |
2,020 | 40,241 |
Thereafter | $ 1,561,419 |
Mortgage Debt (Details Textual)
Mortgage Debt (Details Textual) - USD ($) | Jun. 08, 2012 | Jul. 28, 2015 | Dec. 31, 2014 | Dec. 31, 2015 |
Mortgage Debt [Line Items] | ||||
Mortgage and Line Of Credit Total | $ 1,000,000 | $ 940,654 | ||
Mortgage Loans on Real Estate, Interest Rate | 5.00% | |||
Mortgage Debt Maturity Period | 5 years | |||
Mortgage Loan Interest Rate Adjustment Description | interest will adjust monthly equal to the banks Prime Rate, plus 1% with an interest rate floor of 5%, for a term of 15 years | |||
Proceeds From Mortgage Loan | $ 459,620 | |||
Line of Credit Facility, Amount Outstanding | $ 500,000 | $ 500,000 | $ 0 | |
Line of Credit Facility, Interest Rate Description | with an interest rate of 1% over the bank’s Prime Rate | |||
Line of Credit Facility, Interest Rate During Period | 3.25% | |||
Secured Debt | $ 500,000 | $ 440,654 | 1,740,462 | |
Palmer-Mapletree LLC [Member] | Loans Agreement [Member] | ||||
Mortgage Debt [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,750,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.031% | |||
Repayments of Debt | $ 934,794 | |||
Debt Instrument, Maturity Date | Aug. 5, 2025 | |||
Debt Instrument, Periodic Payment, Total | $ 11,308 | |||
Loans Payable, Total | $ 1,740,462 | |||
Proceeds from Issuance of Debt | 585,125 | |||
Amount Transferred to Property Reserve | $ 123,757 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | ||
Real Estate Investment Trust Taxable Income (Loss) | $ 197,700 | $ 200,000 |
Real Estate Investment Trust Taxable Income Loss Per Share | $ 0.05 | $ 0.05 |
Operating Loss Expiration Term | expiring from 2028 through 2034. | |
Operating Loss Carryforwards | $ 20,000,000 | |
Real Estate Investment Trust Taxable Income Distributable To Shareholder | 90.00% |
Commitments, Contingencies an31
Commitments, Contingencies and Related parties (Details Textual) - USD ($) | May. 12, 2015 | Jan. 08, 2014 | Nov. 08, 2011 | Jul. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments, Contingencies and Related parties [Line Items] | ||||||
Operating Leases, Rent Expense, Sublease Rentals | $ 13,200 | |||||
Operating Leases Rent Expense Sublease Rentals Per Monthly | 1,100 | |||||
Management fee of monthly rental income from tenants | 5.00% | |||||
Asset Management Fees | 12,167 | $ 11,000 | ||||
Operating Leases, Rent Expense | 13,200 | 13,200 | ||||
Property Management Fee | 40,500 | 38,000 | ||||
Asset Management Fee Percentage | 1.50% | |||||
Total potential cash payment on possible refinancing | $ 150,000 | |||||
Related Party Transaction, Amounts of Transaction | 30,000 | |||||
Due to Related Parties | 563,750 | 0 | 563,750 | |||
Potential Cash Payment to Each Former Officers | $ 50,000 | |||||
Related Party Transaction, Amount of Transaction with Each Former Officer | 10,000 | |||||
Gains (Losses) on Extinguishment of Debt, Total | $ 228,261 | $ 228,261 | $ 0 | |||
Deferred Compensation Liability, Current and Noncurrent | 413,750 | |||||
Fair Value Of Stock Options Issued | $ 185,489 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||||
Proceeds from Issuance Initial Public Offering | $ 20,000,000 | |||||
Fair Value Assumptions, Exercise Price | $ 1 | |||||
Fair Value Assumptions, Expected Term | 5 years | |||||
Fair Value Assumptions Expected Marketability | 29.19% | |||||
Fair Value Assumptions, Expected Volatility Rate | 108.60% | |||||
Fair Value Assumptions, Risk Free Interest Rate | 1.61% | |||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||
Common Class B [Member] | ||||||
Commitments, Contingencies and Related parties [Line Items] | ||||||
Warrants Issued For Cancellation Of Deferred Compensation, Shares | 1,700,000 | |||||
Warrants Issued For Cancellation Of Deferred Compensation, Value | $ 425,000 | |||||
Chief Operating Officer [Member] | ||||||
Commitments, Contingencies and Related parties [Line Items] | ||||||
Base Salary | 225,000 | |||||
Removal of Cap | 200,000 | |||||
Director, Chairman Of Board Of Directors and Chief Executive Officer [Member] | ||||||
Commitments, Contingencies and Related parties [Line Items] | ||||||
Base Salary | 225,000 | |||||
Removal of Cap | $ 200,000 | |||||
Palmer Mapletree Property [Member] | ||||||
Commitments, Contingencies and Related parties [Line Items] | ||||||
Repayments of Related Party Debt | $ 50,000 |
Other Income (Details Textual)
Other Income (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Nonoperating Income | $ 0 | $ 259,851 |
Other Nonoperating Expense | $ 19,500 |
Warrants and Options (Details T
Warrants and Options (Details Textual) - USD ($) | Jan. 08, 2014 | Nov. 08, 2011 | Dec. 31, 2015 | Dec. 31, 2014 |
Warrants and Stock Options [Line Items] | ||||
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price | $ 1.25 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 148,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 592,000 | |||
Stock Based Compensation | $ 0 | |||
Compensation Expense Recognition Upon Achievement Of Performance Milestones | $ 592,000 | $ 592,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 740,000 | |||
Common Class B [Member] | ||||
Warrants and Stock Options [Line Items] | ||||
Warrants Issued For Cancellation Of Deferred Compensation, Shares | 1,700,000 | |||
Warrants Issued For Cancellation Of Deferred Compensation, Value | $ 425,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.10 |
Stock Compensation (Details)
Stock Compensation (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Value at Date of Grant | $ 0 | $ 0.20 |
Balance, Intrinsic value | $ 0.20 | 0 |
Balance, Intrinsic value | $ 0.20 | |
Issued Restricted Shares Activity [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance | 642,100 | 27,100 |
Shares issued | 0 | 615,000 |
Balance | 642,100 | 642,100 |
Vested Restricted Shares Activity [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance | 642,100 | 27,100 |
Shares issued | 0 | 615,000 |
Balance | 642,100 | 642,100 |
Stock Compensation (Details Tex
Stock Compensation (Details Textual) - USD ($) | Aug. 15, 2012 | Jan. 31, 2014 | Dec. 31, 2005 |
Restricted Stock Plan 2005 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 115,000 | ||
Common Class B [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,000,000 | ||
Stock Issued During Period, Shares, Issued for Services | 615,000 | ||
Stock Issued During Period, Value, Issued for Services | $ 123,000 | ||
Common Class B [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Granted, Value, Share-based Compensation, Gross | $ 100,000 |
Future Minimum Annual Base Re36
Future Minimum Annual Base Rents (Details) | Dec. 31, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 549,510 |
2,017 | 189,017 |
2,018 | 78,152 |
2,019 | 69,352 |
2,020 | 69,352 |
Thereafter | 358,318 |
Total | $ 1,313,701 |