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Note 13 - Segments (Tables) | 9 Months Ended
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Sep. 30, 2024
Notes Tables |
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Office/Industrial Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  | $ | 3,208,628 |  |  | $ | 2,928,103 |  |  | $ | 9,131,620 |  |  | $ | 8,810,167 |
Property and related expenses |  |  | (1,418,979 | ) |  |  | (1,303,654 | ) |  |  | (4,095,521 | ) |  |  | (3,966,587 | )
Net operating income, as defined |  |  | 1,789,649 |  |  |  | 1,624,449 |  |  |  | 5,036,099 |  |  |  | 4,843,580 |
Model Home Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  |  | 1,002,831 |  |  |  | 1,093,778 |  |  |  | 3,427,200 |  |  |  | 2,970,940 |
Property and related expenses |  |  | (38,215 | ) |  |  | (44,201 | ) |  |  | (121,151 | ) |  |  | (121,998 | )
Net operating income, as defined |  |  | 964,616 |  |  |  | 1,049,577 |  |  |  | 3,306,049 |  |  |  | 2,848,942 |
Retail Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental, fees and other income |  |  | 511,915 |  |  |  | 457,292 |  |  |  | 1,541,156 |  |  |  | 1,396,160 |
Property and related expenses |  |  | (140,821 | ) |  |  | (125,623 | ) |  |  | (437,415 | ) |  |  | (391,772 | )
Net operating income, as defined |  |  | 371,094 |  |  |  | 331,669 |  |  |  | 1,103,741 |  |  |  | 1,004,388 |
Reconciliation to net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total net operating income, as defined, for reportable segments |  |  | 3,125,359 |  |  |  | 3,005,695 |  |  |  | 9,445,889 |  |  |  | 8,696,910 |
General and administrative expenses |  |  | (1,629,919 | ) |  |  | (1,635,610 | ) |  |  | (5,917,286 | ) |  |  | (5,413,413 | )
Depreciation and amortization |  |  | (1,455,882 | ) |  |  | (1,351,705 | ) |  |  | (4,158,270 | ) |  |  | (4,054,109 | )
Impairment of real estate assets |  |  | (697,146 | ) |  |  | — |  |  |  | (893,939 | ) |  |  | — |
Interest expense |  |  | (1,473,528 | ) |  |  | (1,375,199 | ) |  |  | (4,514,579 | ) |  |  | (3,579,381 | )
Loss on Conduit Pharmaceuticals marketable securities |  |  | (3,932,770 | ) |  |  | (17,682,154 | ) |  |  | (17,821,437 | ) |  |  | (17,682,154 | )
Gain on deconsolidation of SPAC |  |  | — |  |  |  | 40,321,483 |  |  |  | — |  |  |  | 40,321,483 |
Other income, net |  |  | 5,263 |  |  |  | 254,486 |  |  |  | 15,116 |  |  |  | 1,394,687 |
Income tax expense |  |  | (6,911 | ) |  |  | (134,620 | ) |  |  | (167,496 | ) |  |  | (632,147 | )
Gain on sale of real estate |  |  | 361,151 |  |  |  | 757,285 |  |  |  | 3,191,149 |  |  |  | 2,294,574 |
Net income (loss) |  | $ | (5,704,383 | ) |  | $ | 22,159,661 |  |  | $ | (20,820,853 | ) |  | $ | 21,346,450 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|  | September 30, |  |  | December 31, |
Assets by Reportable Segment: |  | 2024 |  |  | 2023 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 75,568,001 |  |  | $ | 77,472,724 |
Total assets (2) |  | $ | 75,689,711 |  |  | $ | 78,140,372 |
Model Home Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 40,082,995 |  |  | $ | 50,790,147 |
Total assets (2) |  | $ | 40,392,853 |  |  | $ | 51,456,292 |
Retail Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 15,760,917 |  |  | $ | 15,877,190 |
Total assets (2) |  | $ | 16,580,539 |  |  | $ | 16,539,399 |
Reconciliation to Total Assets: |  |  |  |  |  |  |  |
Total assets for reportable segments |  | $ | 132,663,103 |  |  | $ | 146,136,063 |
Other unallocated assets: |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  |  | 1,528,436 |  |  |  | 277,143 |
Other assets, net |  |  | 11,653,691 |  |  |  | 29,549,432 |
Total Assets |  | $ | 145,845,230 |  |  | $ | 175,962,638 |
Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block] |
|  | For the Nine Months Ended September 30, |
Capital Expenditures by Reportable Segment |  | 2024 |  |  | 2023 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements, office |  | $ | 1,462,957 |  |  | $ | 2,691,721 |
Model Home Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties, model home |  |  | 9,729,351 |  |  |  | 13,715,923 |
Retail Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements, retail |  |  | 211,321 |  |  |  | 126,065 |
Totals: |  |  |  |  |  |  |  |
Acquisition of operating properties, net |  |  | 9,729,351 |  |  |  | 13,715,923 |
Capital expenditures and tenant improvements |  |  | 1,674,278 |  |  |  | 2,817,786 |
Total real estate investments |  | $ | 11,403,629 |  |  | $ | 16,533,709 |

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