XML 37 R28.htm IDEA: XBRL DOCUMENT v3.23.2

Note 12 - Segments (Tables)

6 Months Ended

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

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