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Note 11 - Concentration of Credit Risk
12 Months Ended
Dec. 31, 2019
Credit Concentration Risk [Member]  
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]
11.
Concentration of Credit Risk
 
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions and generally limits the amount of credit exposure in any
one
financial institution. The Company maintains bank account balances, which exceed insured limits. The Company has
not
experienced any losses in such accounts and believes that it is
not
exposed to any significant credit risk on cash. Management does
not
believe significant credit risk existed at
December 31, 2019
and
2018.
As the Company executes on the sale of its assets, its regional concentration in tenants will lessen thereby resulting in the increased credit risk from exposure of the local economies.
 
For the year ended
December 31, 2019
rental income from the Company’s
three
largest tenants represented approximately
23%,
20%
and
7%
of total rental income. The
three
largest tenants by revenue as of
December 31, 2019
consist of a state agency located in the industrial park, a medical tenant in the Cortlandt Manor Medical Center and a tenant in the industrial park that recently expanded its space. During the year ended
December 31, 2018
we increased the space leased to the state agency, by approximately
93%,
which increased the concentration of credit risk respectively.
 
The current economic challenges facing state and local budgets impacted most of the Company’s largest tenants. In addition, the current economic challenges stemming from the coronavirus are disproportionately impacting small businesses which comprise
39%
of our expected
2020
rental revenue. There can be
no
assurance that the Company’s leases will renew for the same square footage, at favorable rates net of tenant improvements, if at all.