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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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