XML 37 R28.htm IDEA: XBRL DOCUMENT v3.23.1

Note 12 - Segments (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

		Three Months Ended March 31,
		2023				2022
Office/Industrial Properties:
Rental, fees and other income		$	2,861,998			$	3,122,888
Property and related expenses			(1,460,690	)			(1,356,534	)
Net operating income, as defined			1,401,308				1,766,354
Model Home Properties:
Rental, fees and other income			855,120				710,328
Property and related expenses			(30,996	)			(27,768	)
Net operating income, as defined			824,124				682,560
Retail Properties:
Rental, fees and other income			458,867				753,341
Property and related expenses			(137,798	)			(212,587	)
Net operating income, as defined			321,069				540,754
Reconciliation to net income (loss):
Total net operating income, as defined, for reportable segments			2,546,501				2,989,668
General and administrative expenses			(1,964,620	)			(1,583,691	)
Depreciation and amortization			(1,333,574	)			(1,339,225	)
Interest expense			(867,767	)			(1,017,713	)
Other income (expense), net			742,117				73,605
Income tax expense			(148,453	)			(265,239	)
Gain on sale of real estate			417,337				1,522,785
Net income (loss)		$	(608,459	)		$	380,190

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

		March 31,				December 31,
Assets by Reportable Segment:		2023				2022
Office/Industrial Properties:
Land, buildings and improvements, net (1)		$	76,116,400			$	76,400,983
Total assets (2)		$	76,869,980			$	79,057,998
Model Home Properties:
Land, buildings and improvements, net (1)		$	41,682,418			$	37,933,824
Total assets (2)		$	39,449,936			$	35,274,545
Retail Properties:
Land, buildings and improvements, net (1)		$	16,042,219			$	16,142,613
Total assets (2)		$	16,746,992			$	16,810,627
Reconciliation to Total Assets:
Total assets for reportable segments		$	133,066,908			$	131,143,170
Other unallocated assets:
Cash, cash equivalents and restricted cash			5,955,178				8,570,121
Other assets, net			37,952,342				151,638,363
Total Assets		$	176,974,428			$	291,351,654

Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block]

		For the Three Months Ended March 31,
Capital Expenditures by Reportable Segment		2023				2022
Office/Industrial Properties:
Capital expenditures and tenant improvements		$	597,873			$	319,737
Model Home Properties:
Acquisition of operating properties			5,039,455				2,427,890
Retail Properties:
Acquisition of operating properties			—				—
Capital expenditures and tenant improvements			—				—
Totals:
Acquisition of operating properties, net			5,039,455				2,427,890
Capital expenditures and tenant improvements			597,873				319,737
Total real estate investments		$	5,637,328			$	2,747,627

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_TableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration