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Note 4 - Real Property and Other Income, Expense
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Real Estate Owned [Text Block]

Note 4. Real Property and Other Income, Expense

 

The Company owns a two-building office complex in Austin, Texas, a portion of which serves as its corporate headquarters. This property is intended to accommodate the Company’s potential growth and expansion of its operations in the coming years. Maintenance, physical facilities, leasing, property management and other key responsibilities related to property ownership are outsourced to professional real-estate managers. The office complex has approximately 90,000 square feet of rentable space. At June 30, 2024, the Company occupied approximately 25% of the property with the remainder either leased or available for lease to third parties.

 

The Company records the net income from building operations and leases as other income, net, as leasing is not core to the Company’s operations. Building depreciation and amortization for space not occupied by the Company is included in general and administrative expense. Building depreciation and amortization for space occupied by the Company is allocated between general and administrative expense and research and development expense. Components of other income, net, for the periods presented were as follows (in thousands):

 

  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2024

  

2023

  

2024

  

2023

 

Lease revenue

 $314  $559  $717  $1,116 

Property operating expenses

  (215)  (356)  (458)  (723)

Other income, net

 $99  $203  $259  $393