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Note 13 - Segments (Tables) | 6 Months Ended
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Jun. 30, 2024
Notes Tables |
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Office/Industrial Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  | $ | 2,955,272 |  |  | $ | 3,020,066 |  |  | $ | 5,922,992 |  |  | $ | 5,882,064 |
Property and related expenses |  |  | (1,294,149 | ) |  |  | (1,202,243 | ) |  |  | (2,676,542 | ) |  |  | (2,662,932 | )
Net operating income, as defined |  |  | 1,661,123 |  |  |  | 1,817,823 |  |  |  | 3,246,450 |  |  |  | 3,219,132 |
Model Home Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  |  | 1,155,416 |  |  |  | 1,022,041 |  |  |  | 2,424,369 |  |  |  | 1,877,161 |
Property and related expenses |  |  | (142,951 | ) |  |  | (46,801 | ) |  |  | (279,728 | ) |  |  | (77,797 | )
Net operating income, as defined |  |  | 1,012,465 |  |  |  | 975,240 |  |  |  | 2,144,641 |  |  |  | 1,799,364 |
Retail Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  |  | 475,853 |  |  |  | 480,001 |  |  |  | 1,029,241 |  |  |  | 938,868 |
Property and related expenses |  |  | (156,640 | ) |  |  | (128,351 | ) |  |  | (296,594 | ) |  |  | (266,149 | )
Net operating income, as defined |  |  | 319,213 |  |  |  | 351,650 |  |  |  | 732,647 |  |  |  | 672,719 |
Reconciliation to net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total net operating income, as defined, for reportable segments |  |  | 2,992,801 |  |  |  | 3,144,713 |  |  |  | 6,123,738 |  |  |  | 5,691,215 |
General and administrative expenses |  |  | (2,202,916 | ) |  |  | (1,813,184 | ) |  |  | (4,287,366 | ) |  |  | (3,777,804 | )
Depreciation and amortization |  |  | (1,351,370 | ) |  |  | (1,368,829 | ) |  |  | (2,702,388 | ) |  |  | (2,702,403 | )
Interest expense |  |  | (1,525,845 | ) |  |  | (1,336,415 | ) |  |  | (3,041,051 | ) |  |  | (2,204,182 | )
Loss on Conduit Pharmaceuticals marketable securities |  |  | (10,027,433 | ) |  |  | — |  |  |  | (13,888,667 | ) |  |  | — |
Other income, net |  |  | 5,206 |  |  |  | 398,085 |  |  |  | 9,852 |  |  |  | 1,140,201 |
Income tax expense |  |  | (81,021 | ) |  |  | (349,074 | ) |  |  | (160,586 | ) |  |  | (497,527 | )
Gain on sale of real estate |  |  | 811,903 |  |  |  | 1,119,952 |  |  |  | 2,829,998 |  |  |  | 1,537,289 |
Net loss |  | $ | (11,378,675 | ) |  | $ | (204,752 | ) |  | $ | (15,116,470 | ) |  | $ | (813,211 | )
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|  | June 30, |  |  | December 31, |
Assets by Reportable Segment: |  | 2024 |  |  | 2023 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 76,768,551 |  |  | $ | 77,472,724 |
Total assets (2) |  | $ | 77,076,636 |  |  | $ | 78,140,372 |
Model Home Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 38,253,777 |  |  | $ | 50,790,147 |
Total assets (2) |  | $ | 39,538,041 |  |  | $ | 51,456,292 |
Retail Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 15,863,447 |  |  | $ | 15,877,190 |
Total assets (2) |  | $ | 16,541,354 |  |  | $ | 16,539,399 |
Reconciliation to Total Assets: |  |  |  |  |  |  |  |
Total assets for reportable segments |  | $ | 133,156,031 |  |  | $ | 146,136,063 |
Other unallocated assets: |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  |  | 2,469,278 |  |  |  | 277,143 |
Other assets, net |  |  | 14,912,974 |  |  |  | 29,549,432 |
Total Assets |  | $ | 150,538,283 |  |  | $ | 175,962,638 |
Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block] |
|  | For the Six Months Ended June 30, |
Capital Expenditures by Reportable Segment |  | 2024 |  |  | 2023 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements, office |  | $ | 1,010,815 |  |  | $ | 905,132 |
Model Home Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties, model home |  |  | 5,740,918 |  |  |  | 12,932,128 |
Retail Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements, retail |  |  | 203,121 |  |  |  | 96,704 |
Totals: |  |  |  |  |  |  |  |
Acquisition of operating properties, net |  |  | 5,740,918 |  |  |  | 12,932,128 |
Capital expenditures and tenant improvements |  |  | 1,213,936 |  |  |  | 1,001,836 |
Total real estate investments |  | $ | 6,954,854 |  |  | $ | 13,933,964 |

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