XML 42 R32.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Note 12 - Segments (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

		Year Ended December 31,
		2023				2022
Office/Industrial Properties:
Rental, fees and other income		$	11,648,034			$	12,702,986
Property and related expenses			(7,264,029	)			(5,148,110	)
Net operating income, as defined			4,384,005				7,554,876
Model Home Properties:
Rental, fees and other income			4,132,130				2,909,871
Property and related expenses			(588,477	)			(102,660	)
Net operating income, as defined			3,543,653				2,807,211
Retail Properties:
Rental, fees and other income			1,884,330				2,224,479
Property and related expenses			(537,389	)			(663,681	)
Net operating income, as defined			1,346,941				1,560,798
Reconciliation to net income:
Total net operating income, as defined, for reportable segments			9,274,599				11,922,885
Goodwill impairment			(849,000	)			—
General and administrative expenses			(6,790,432	)			(6,163,816	)
Depreciation and amortization			(5,425,739	)			(5,465,015	)
Interest expense			(5,004,889	)			(4,712,487	)
Gain on marketable securities			1,414,420				2,018,847
Loss on Conduit marketable securities			(23,359,774	)			—
Gain on deconsolidation of SPAC			40,321,483				—
Other income, net			20,878				21,075
Income tax expense			335,780				(1,215,873	)
Gain on sale of real estate			3,240,200				5,079,912
Net income		$	13,177,526			$	1,485,528

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

		December 31,				December 31,
Assets by Reportable Segment:		2023				2022
Office/Industrial Properties:
Land, buildings and improvements, net (1)		$	77,472,724			$	76,400,983
Total assets (2)		$	78,140,372			$	79,057,998
Model Home Properties:
Land, buildings and improvements, net (1)		$	50,790,147			$	37,933,824
Total assets (2)		$	51,456,292			$	35,274,545
Retail Properties:
Land, buildings and improvements, net (1)		$	15,877,190			$	16,142,613
Total assets (2)		$	16,539,399			$	16,810,627
Reconciliation to Total Assets:
Total assets for reportable segments		$	146,136,063			$	131,143,170
Other unallocated assets:
Cash, cash equivalents and restricted cash			277,143				8,570,121
Other assets, net			29,549,432				151,638,363
Total Assets		$	175,962,638			$	291,351,654

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

		For the Year Ended December 31,
Capital Expenditures by Reportable Segment		2023				2022
Office/Industrial Properties:
Capital expenditures and tenant improvements, office		$	6,512,594			$	1,994,371
Model Home Properties:
Acquisition of operating properties, model home			21,909,963				15,673,575
Retail Properties:
Capital expenditures and tenant improvements, retail			150,522				113,134
Totals:
Acquisition of operating properties, net			21,909,963				15,673,575
Capital expenditures and tenant improvements			6,663,116				2,107,505
Total real estate investments		$	28,573,079			$	17,781,080

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