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Note 3 - Recent Real Estate Transactions | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Real Estate Disclosure [Text Block] | 3. RECENT REAL ESTATE TRANSACTIONS Significant Transactions in 2023 and 2022 Acquisitions during the year ended December 31, 2023:
| • | We acquired 40 Model Home Properties and leased them back to the homebuilders under triple net leases during the year ended December 31, 2023. The purchase price for these properties was $21.9 million. The purchase price consisted of cash payments of $6.6 million and mortgage notes of $15.3 million.
Acquisitions during the year ended December 31, 2022:
| • | We acquired 31 Model Home Properties and leased them back to the homebuilders under triple net leases during the year ended December 31, 2022. The purchase price for the properties was $15.6 million. The purchase price consisted of cash payments of $4.8 million and mortgage notes of $10.8 million.
We review our portfolio of investment properties for value appreciation potential on an ongoing basis, and dispose of any properties that no longer satisfy our requirements in this regard, taking into account tax and other considerations. The proceeds from any such property sale, after repayment of any associated mortgage or repayment of secured or unsecured indebtedness, are available for investing in properties that we believe will have a greater likelihood of future price appreciation. Dispositions during the year ended December 31, 2023: During year ended December 31, 2023, we disposed of the following properties:
| • | 22 model homes for approximately $11.7 million and the Company recognized a gain of approximately $3.2 million.
Dispositions during the year ended December 31, 2022: During year ended December 31, 2022, we disposed of the following properties:
| • | World Plaza, which was sold on March 11, 2022, for approximately $10.0 million and the Company recognized a loss of approximately $0.3 million.
| • | 31 model homes for approximately $17.5 million and the Company recognized a gain of approximately $5.4 million.

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