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Note 13 - Segments (Tables)

6 Months Ended

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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