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Note 13 - Segments (Tables)

9 Months Ended

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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