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v3.20.2

Note 12 - Segments (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2020 | Dec. 31, 2019
Notes Tables |  |
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Office/Industrial Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  | $ | 4,198,849 |  |  | $ | 5,496,096 |  |  | $ | 9,183,790 |  |  | $ | 10,950,249 |
Property and related expenses |  |  | (1,657,836 | ) |  |  | (2,299,126 | ) |  |  | (3,673,459 | ) |  |  | (4,803,914 | )
Net operating income, as defined |  |  | 2,541,013 |  |  |  | 3,196,970 |  |  |  | 5,510,331 |  |  |  | 6,146,335 |
Model Home Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  |  | 1,093,015 |  |  |  | 1,001,918 |  |  |  | 2,209,745 |  |  |  | 2,083,602 |
Property and related expenses |  |  | (55,531 | ) |  |  | (48,187 | ) |  |  | (101,791 | ) |  |  | (98,609 | )
Net operating income, as defined |  |  | 1,037,484 |  |  |  | 953,731 |  |  |  | 2,107,954 |  |  |  | 1,984,993 |
Retail Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  |  | 829,540 |  |  |  | 622,973 |  |  |  | 1,757,020 |  |  |  | 1,266,400 |
Property and related expenses |  |  | (1,132,142 | ) |  |  | (178,689 | ) |  |  | (1,451,350 | ) |  |  | (387,029 | )
Net operating (loss) income, as defined |  |  | (302,602 | ) |  |  | 444,284 |  |  |  | 305,670 |  |  |  | 879,371 |
Reconciliation to net loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total net operating income, as defined, for reportable segments |  |  | 3,275,895 |  |  |  | 4,594,985 |  |  |  | 7,923,955 |  |  |  | 9,010,699 |
General and administrative expenses |  |  | (1,278,971 | ) |  |  | (1,419,668 | ) |  |  | (2,630,316 | ) |  |  | (3,180,371 | )
Depreciation and amortization |  |  | (1,622,230 | ) |  |  | (1,749,113 | ) |  |  | (3,196,756 | ) |  |  | (3,959,194 | )
Interest expense |  |  | (2,273,355 | ) |  |  | (2,491,870 | ) |  |  | (4,827,202 | ) |  |  | (5,037,073 | )
Other income (expense), net |  |  | 8,400 |  |  |  | 4,409 |  |  |  | 1,405 |  |  |  | 9,933 |
Income tax expense |  |  | (51,369 | ) |  |  | (191,809 | ) |  |  | (135,000 | ) |  |  | (273,239 | )
Gain on sale of real estate |  |  | 334,096 |  |  |  | 176,392 |  |  |  | 324,261 |  |  |  | 1,390,634 |
Net loss |  | $ | (1,607,534 | ) |  | $ | (1,076,674 | ) |  | $ | (2,539,653 | ) |  | $ | (2,038,611 | )
|  | For the Year Ended December 31, |
|  | 2019 |  |  | 2018 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Rental income |  | $ | 21,490,215 |  |  | $ | 24,037,363 |
Property and related expenses |  |  | (9,317,720 | ) |  |  | (9,494,885 | )
Net operating income, as defined |  |  | 12,172,495 |  |  |  | 14,542,478 |
Model Home Properties: |  |  |  |  |  |  |  |
Rental income |  |  | 4,194,489 |  |  |  | 4,642,159 |
Property and related expenses |  |  | (193,367 | ) |  |  | (174,238 | )
Net operating income, as defined |  |  | 4,001,122 |  |  |  | 4,467,921 |
Retail Properties: |  |  |  |  |  |  |  |
Rental income |  |  | 2,956,407 |  |  |  | 3,664,491 |
Property and related expenses |  |  | (899,487 | ) |  |  | (1,217,596 | )
Net operating income, as defined |  |  | 2,056,920 |  |  |  | 2,446,895 |
Reconciliation to net income: |  |  |  |  |  |  |  |
Total net operating income, as defined, for reportable segments |  |  | 18,230,537 |  |  |  | 21,457,294 |
General and administrative expenses |  |  | (5,268,315 | ) |  |  | (4,532,703 | )
Depreciation and amortization |  |  | (7,364,688 | ) |  |  | (9,101,605 | )
Interest expense |  |  | (10,649,646 | ) |  |  | (13,041,016 | )
Interest income |  |  | 141,306 |  |  |  | 55,909 |
Gain on sale of real estate |  |  | 6,319,272 |  |  |  | 12,200,138 |
Deferred offering cost |  |  | — |  |  |  | (1,507,599 | )
Impairment of real estate |  |  | — |  |  |  | (532,951 | )
Acquisition costs |  |  | (24,269 | ) |  |  | (26,177 | )
Income tax expense |  |  | (611,263 | ) |  |  | (518,567 | )
Net income |  | $ | 772,934 |  |  | $ | 4,452,723 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
Assets by Reportable Segment: |  | June 30, 2020 |  |  | December 31, 2019 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 103,838,473 |  |  | $ | 126,421,648 |
Total assets (2) |  | $ | 103,584,934 |  |  | $ | 131,180,612 |
Model Home Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 47,369,007 |  |  | $ | 48,466,371 |
Total assets (2) |  | $ | 50,721,230 |  |  | $ | 51,389,400 |
Retail Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 25,226,109 |  |  | $ | 25,318,601 |
Total assets (2) |  | $ | 26,493,119 |  |  | $ | 26,588,254 |
Reconciliation to Total Assets: |  |  |  |  |  |  |  |
Total assets for reportable segments |  | $ | 180,799,283 |  |  | $ | 209,158,266 |
Other unallocated assets: |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  |  | 2,023,182 |  |  |  | 1,591,041 |
Other assets, net |  |  | 11,398,663 |  |  |  | 10,035,101 |
Total Assets |  | $ | 194,221,128 |  |  | $ | 220,784,408 |
Assets by Reportable Segment: |  | December 31, 2019 |  |  | December 31, 2018 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 126,421,648 |  |  | $ | 138,694,773 |
Total assets (2) |  | $ | 131,180,612 |  |  | $ | 143,620,315 |
Model Home Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 48,466,371 |  |  | $ | 48,762,869 |
Total assets (2) |  | $ | 51,389,400 |  |  | $ | 48,864,060 |
Retail Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 25,318,601 |  |  | $ | 23,650,423 |
Total assets (2) |  | $ | 26,588,254 |  |  | $ | 27,702,384 |
Reconciliation to Total Assets: |  |  |  |  |  |  |  |
Total assets for reportable segments |  | $ | 209,158,266 |  |  | $ | 220,186,759 |
Other unallocated assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 10,391,275 |  |  |  | 9,776,215 |
Other assets, net |  |  | 1,234,867 |  |  |  | 3,087,066 |
Total Assets |  | $ | 220,784,408 |  |  | $ | 233,050,040 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] |
Capital Expenditures by Reportable Segment |  | For the Six Months Ended June 30, |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements |  | $ | 2,374,260 |  |  | $ | 4,645,667 |
Model Home Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties |  |  | 6,292,383 |  |  |  | 6,116,035 |
Retail Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements |  |  | 8,176 |  |  |  | 15,250 |
Totals: |  |  |  |  |  |  |  |
Acquisition of operating properties, net |  |  | 6,292,383 |  |  |  | 6,116,035 |
Capital expenditures and tenant improvements |  |  | 2,382,436 |  |  |  | 4,660,917 |
Total real estate investments |  | $ | 8,674,819 |  |  | $ | 10,776,952 |
|  | For the Year Ended December 31, |
|  | 2019 |  |  | 2018 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements |  | $ | 6,373,464 |  |  | $ | 3,340,023 |
Model Home Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties |  |  | 13,037,562 |  |  |  | 17,326,915 |
Retail Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements |  |  | 20,247 |  |  |  | 19,260 |
Totals: |  |  |  |  |  |  |  |
Acquisition of operating properties, net |  |  | 13,037,562 |  |  |  | 17,326,915 |
Capital expenditures and tenant improvements |  |  | 6,393,711 |  |  |  | 3,359,283 |
Total real estate investments |  | $ | 19,431,273 |  |  | $ | 20,686,198 |

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