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Note 12 - Segments (Tables) | 6 Months Ended
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Jun. 30, 2023
Notes Tables |
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Office/Industrial Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  | $ | 3,020,066 |  |  | $ | 3,150,251 |  |  | $ | 5,882,064 |  |  | $ | 6,273,139 |
Property and related expenses |  |  | (1,202,243 | ) |  |  | (1,174,391 | ) |  |  | (2,662,932 | ) |  |  | (2,530,925 | )
Net operating income, as defined |  |  | 1,817,823 |  |  |  | 1,975,860 |  |  |  | 3,219,132 |  |  |  | 3,742,214 |
Model Home Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  |  | 1,022,041 |  |  |  | 696,964 |  |  |  | 1,877,161 |  |  |  | 1,407,292 |
Property and related expenses |  |  | (46,801 | ) |  |  | (25,440 | ) |  |  | (77,797 | ) |  |  | (53,208 | )
Net operating income, as defined |  |  | 975,240 |  |  |  | 671,524 |  |  |  | 1,799,364 |  |  |  | 1,354,084 |
Retail Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  |  | 480,001 |  |  |  | 471,344 |  |  |  | 938,868 |  |  |  | 1,224,685 |
Property and related expenses |  |  | (128,351 | ) |  |  | (145,951 | ) |  |  | (266,149 | ) |  |  | (358,538 | )
Net operating income, as defined |  |  | 351,650 |  |  |  | 325,393 |  |  |  | 672,719 |  |  |  | 866,147 |
Reconciliation to net income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total net operating income, as defined, for reportable segments |  |  | 3,144,713 |  |  |  | 2,972,777 |  |  |  | 5,691,215 |  |  |  | 5,962,445 |
General and administrative expenses |  |  | (1,813,184 | ) |  |  | (1,214,005 | ) |  |  | (3,777,804 | ) |  |  | (2,797,696 | )
Depreciation and amortization |  |  | (1,368,829 | ) |  |  | (1,316,193 | ) |  |  | (2,702,403 | ) |  |  | (2,655,418 | )
Interest expense |  |  | (1,336,415 | ) |  |  | (1,085,860 | ) |  |  | (2,204,182 | ) |  |  | (2,103,573 | )
Other income (expense), net |  |  | 398,085 |  |  |  | 93,128 |  |  |  | 1,140,201 |  |  |  | 166,733 |
Income tax expense |  |  | (349,074 | ) |  |  | (259,285 | ) |  |  | (497,527 | ) |  |  | (524,524 | )
Gain on sale of real estate |  |  | 1,119,952 |  |  |  | 1,227,484 |  |  |  | 1,537,289 |  |  |  | 2,750,269 |
Net income (loss) |  | $ | (204,752 | ) |  | $ | 418,046 |  |  | $ | (813,211 | ) |  | $ | 798,236 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|  | June 30, |  |  | December 31, |
Assets by Reportable Segment: |  | 2023 |  |  | 2022 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 75,552,573 |  |  | $ | 76,400,983 |
Total assets (2) |  | $ | 76,832,793 |  |  | $ | 79,057,998 |
Model Home Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 47,267,669 |  |  | $ | 37,933,824 |
Total assets (2) |  | $ | 45,944,301 |  |  | $ | 35,274,545 |
Retail Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 16,035,143 |  |  | $ | 16,142,613 |
Total assets (2) |  | $ | 16,698,766 |  |  | $ | 16,810,627 |
Reconciliation to Total Assets: |  |  |  |  |  |  |  |
Total assets for reportable segments |  | $ | 139,475,860 |  |  | $ | 131,143,170 |
Other unallocated assets: |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  |  | 2,570,236 |  |  |  | 8,570,121 |
Other assets, net |  |  | 37,005,592 |  |  |  | 151,638,363 |
Total Assets |  | $ | 179,051,688 |  |  | $ | 291,351,654 |
Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block] |
|  | For the Six Months Ended June 30, |
Capital Expenditures by Reportable Segment |  | 2023 |  |  | 2022 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements |  | $ | 905,132 |  |  | $ | 832,990 |
Model Home Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties |  |  | 12,932,128 |  |  |  | 4,646,330 |
Retail Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties |  |  | — |  |  |  | — |
Capital expenditures and tenant improvements |  |  | 96,704 |  |  |  | — |
Totals: |  |  |  |  |  |  |  |
Acquisition of operating properties, net |  |  | 12,932,128 |  |  |  | 4,646,330 |
Capital expenditures and tenant improvements |  |  | 1,001,836 |  |  |  | 832,990 |
Total real estate investments |  | $ | 13,933,964 |  |  | $ | 5,479,320 |

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