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Note 3 - Recent Real Estate Transactions

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Real Estate Disclosure [Text Block]

3. RECENT REAL ESTATE TRANSACTIONS

Acquisitions during the three months ended March 31, 2025: 

• The Company acquired 12 model homes for approximately $4.3 million. The purchase price was paid through cash payments of approximately $3.0 million and mortgage notes of approximately $1.3 million.

Acquisitions during the three months ended March 31, 2024: 

• The Company acquired five model homes for approximately $2.2 million. The purchase price was paid through cash payments of approximately $0.6 million and mortgage notes of approximately $1.6 million.

Dispositions during the three months ended March 31, 2025:

	•	On February 7, 2025, the Company sold two commercial properties, Union Town Center and Research Parkway, to a single buyer for approximately $17.0 million and recognized a net gain of approximately $4.2 million, net of closing costs.
	•	The Company sold 6 model homes for approximately $2.8 million, net of sales costs, and recognized a gain of approximately $0.2 million.

Dispositions during the three months ended March 31, 2024: 

• The Company sold 27 model homes for approximately $12.6 million, net of sales costs, and recognized a gain of approximately $2.0 million.

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- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

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