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Note 4 - Real Property and Other Income, Expense

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Real Estate Owned [Text Block]

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. Maintenance, physical facilities, leasing, property management and other key responsibilities related to property ownership are outsourced to professional real-estate managers. The office complex measures approximately 90,000 rentable square feet. At December 31, 2024, the Company occupied approximately 25% of the property with the remainder either leased or available for lease to third parties. Gross rental income under existing third-party leases at December 31, 2024 is expected to total $0.3 million in 2025, $0.4 million in 2026 and $0.2 million in 2027.

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):

		*Years ended December 31,*
		*2024*				*2023*				*2022*

Lease revenue		$	1,244			$	2,283			$	2,459
Property operating expenses			(832	)			(1,376	)			(1,462	)
Other income, net		$	411			$	907			$	997

The Company had accrued property taxes related to the building totaling $254,000 and $338,000 at December 31, 2024 and 2023, respectively, included in other current liabilities.