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Note 12 - Segments (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Office/Industrial Properties:
Rental, fees and other income		$	2,928,103			$	3,175,608			$	8,810,167			$	9,448,747
Property and related expenses			(1,303,654	)			(1,278,805	)			(3,966,587	)			(3,809,729	)
Net operating income, as defined			1,624,449				1,896,803				4,843,580				5,639,018
Model Home Properties:
Rental, fees and other income			1,093,778				718,331				2,970,940				2,125,623
Property and related expenses			(44,201	)			(23,479	)			(121,998	)			(76,687	)
Net operating income, as defined			1,049,577				694,852				2,848,942				2,048,936
Retail Properties:
Rental, fees and other income			457,292				498,038				1,396,160				1,722,723
Property and related expenses			(125,623	)			(131,943	)			(391,772	)			(490,481	)
Net operating income, as defined			331,669				366,095				1,004,388				1,232,242
Reconciliation to net income:
Total net operating income, as defined, for reportable segments			3,005,695				2,957,750				8,696,910				8,920,196
General and administrative expenses			(1,635,610	)			(1,509,139	)			(5,413,413	)			(4,306,835	)
Depreciation and amortization			(1,351,705	)			(1,318,164	)			(4,054,109	)			(3,973,582	)
Interest expense			(1,375,199	)			(1,382,120	)			(3,579,381	)			(3,485,693	)
Loss on Conduit marketable securities			(17,682,154	)			—				(17,682,154	)			—
Gain on deconsolidation of SPAC			40,321,483				—				40,321,483				—
Other income, net			254,486				590,586				1,394,687				757,318
Income tax expense			(134,620	)			(294,996	)			(632,147	)			(819,520	)
Gain on sale of real estate			757,285				1,307,258				2,294,574				4,057,527
Net income		$	22,159,661			$	351,175			$	21,346,450			$	1,149,411

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

		September 30,				December 31,
Assets by Reportable Segment:		2023				2022
Office/Industrial Properties:
Land, buildings and improvements, net (1)		$	76,477,337			$	76,400,983
Total assets (2)		$	77,334,728			$	79,057,998
Model Home Properties:
Land, buildings and improvements, net (1)		$	45,991,453			$	37,933,824
Total assets (2)		$	45,181,672			$	35,274,545
Retail Properties:
Land, buildings and improvements, net (1)		$	15,959,020			$	16,142,613
Total assets (2)		$	16,534,252			$	16,810,627
Reconciliation to Total Assets:
Total assets for reportable segments		$	139,050,652			$	131,143,170
Other unallocated assets:
Cash, cash equivalents and restricted cash			2,380,691				8,570,121
Other assets, net			36,502,046				151,638,363
Total Assets		$	177,933,389			$	291,351,654

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

		For the Nine Months Ended September 30,
Capital Expenditures by Reportable Segment		2023				2022
Office/Industrial Properties:
Capital expenditures and tenant improvements		$	2,691,721			$	1,832,806
Model Home Properties:
Acquisition of operating properties			13,715,923				8,087,250
Retail Properties:
Capital expenditures and tenant improvements			126,065				106,906
Totals:
Acquisition of operating properties, net			13,715,923				8,087,250
Capital expenditures and tenant improvements			2,817,786				1,939,712
Total real estate investments		$	16,533,709			$	10,026,962

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