XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.25.2

Note 13 - Segments | 6 Months Ended
--- | ---
Jun. 30, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 13. SEGMENTS The Company’s reportable segments consist of three types of real estate properties for which the Company’s chief operating decision maker (CODM), which is our Chief Executive Officer ("CEO"), as the CEO has the final decision when allocating capital and personnel to the various segments, internally evaluate operating performance and financial results: Office/Industrial Properties, Model Home Properties and Retail Properties. The Company also has certain corporate-level activities including accounting, finance, legal administration, and management information systems which are not considered separate operating segments. There is no material inter-segment activity. The CODM evaluates the performance of our segments based upon an internal net operating income (“NOI”), which is a non-GAAP supplemental financial measure on a quarterly basis as disclosed in the 10-Qs and 10-Ks. We believe that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. The Company defines NOI for its segments as operating revenues (rental income, tenant reimbursements, parking income, and other operating income, net of provision for bad debt) less rental operating costs (property operating expenses, real estate taxes, insurance, utilities, repairs and maintenance, and asset management fees) excluding interest expense. NOI excludes certain items that are not considered to be controllable in connection with the management of an asset such as non-property income & expenses, depreciation & amortization, real estate acquisition fees & expenses, non-cash impairments and corporate general & administrative expenses. Quarterly, the Company reviews and tests for non-cash impairments, as required by GAAP, on all our properties (i.e., Office/Industrial Properties, Retail Properties, and Model Home Properties); however, the CODM does not consider those non-cash impairments with evaluating the segment’s cash operations and NOI. The CODM uses NOI to evaluate and assess each segments' performance and in deciding how to allocate resources. For Model Home performance, the CODM also includes the gain or loss on sale of real estate assets net of any impairments, because we believe that is a major component in the operating success of the segment and part of the business model for Model Homes. The gain on sale of model homes resulted in cash flows to the Company that the CODM can decide on how to allocate to future operations. The following tables compare the Company’s segment activity and NOI and adjusted NOI for Model Home income to its results of operations and financial position as of and for the six months ended June 30, 2025 and 2024, respectively. The line items listed in the below NOI tables include the significant expense considered by the CODM for cash allocations on future investments. The Other Non-Segment & Consolidating Items represent corporate activity, the investment in Conduit, and other eliminating items for consolidation. The information for Corporate and Other are presented to reconcile back to the consolidated statement of operations, but is not considered a reportable segment. This includes the loss on Conduit marketable securities. The following tables compare the Company's segment activity to its results of operations and financial position as of and for the three and six months ended June 30, 2025, and June 30, 2024:
|  | For the Six Months Ended June 30, 2025 |
|  | Retail |  |  | Office/Industrial |  |  | Model Homes |  |  | Corporate and Other |  |  | Total |
Rental revenue |  | $ | 300,013 |  |  | $ | 4,920,507 |  |  | $ | 1,934,822 |  |  | $ | — |  |  | $ | 7,155,342 |
Recovery revenue |  |  | 56,439 |  |  |  | 1,102,401 |  |  |  | — |  |  |  | — |  |  |  | 1,158,840 |
Other operating revenue |  |  | 400 |  |  |  | 127,255 |  |  |  | (1,326 | ) |  |  | 63,414 |  |  |  | 189,743 |
Total revenues |  |  | 356,852 |  |  |  | 6,150,163 |  |  |  | 1,933,496 |  |  |  | 63,414 |  |  |  | 8,503,925 |
Rental operating costs |  |  | 105,392 |  |  |  | 3,167,862 |  |  |  | 98,097 |  |  |  | (296,103 | ) |  |  | 3,075,248 |
Net Operating Income (NOI) |  |  | 251,460 |  |  |  | 2,982,301 |  |  |  | 1,835,399 |  |  |  | 359,517 |  |  |  | 5,428,677 |
Gain on Sale - Model Homes |  |  | — |  |  |  | — |  |  |  | 564,258 |  |  |  | — |  |  |  | 564,258 |
Impairment of Model Homes |  |  | — |  |  |  | — |  |  |  | (117,712 | ) |  |  | — |  |  |  | (117,712 | )
Adjusted NOI |  | $ | 251,460 |  |  | $ | 2,982,301 |  |  | $ | 2,281,945 |  |  | $ | 359,517 |  |  | $ | 5,875,223 |
|  | For the Six Months Ended June 30, 2024 |
|  | Retail |  |  | Office/Industrial |  |  | Model Homes |  |  | Corporate and Other |  |  | Total |
Rental revenue |  | $ | 773,696 |  |  | $ | 4,773,051 |  |  | $ | 2,351,463 |  |  | $ | — |  |  | $ | 7,898,210 |
Recovery revenue |  |  | 192,372 |  |  |  | 1,023,343 |  |  |  | — |  |  |  | — |  |  |  | 1,215,715 |
Other operating revenue |  |  | 63,174 |  |  |  | 116,143 |  |  |  | 72,904 |  |  |  | 10,457 |  |  |  | 262,678 |
Total revenues |  |  | 1,029,242 |  |  |  | 5,912,537 |  |  |  | 2,424,367 |  |  |  | 10,457 |  |  |  | 9,376,603 |
Rental operating costs |  |  | 296,595 |  |  |  | 3,008,035 |  |  |  | 82,936 |  |  |  | (331,494 | ) |  |  | 3,056,072 |
Net Operating Income (NOI) |  |  | 732,647 |  |  |  | 2,904,502 |  |  |  | 2,341,431 |  |  |  | 341,951 |  |  |  | 6,320,531 |
Gain on Sale - Model Home |  |  | — |  |  |  | — |  |  |  | 2,829,998 |  |  |  | — |  |  |  | 2,829,998 |
Impairment of Model Homes |  |  | — |  |  |  | — |  |  |  | (196,793 | ) |  |  | — |  |  |  | (196,793 | )
Adjusted NOI |  | $ | 732,647 |  |  | $ | 2,904,502 |  |  | $ | 4,974,636 |  |  | $ | 341,951 |  |  | $ | 8,953,736 |
|  | For the Three Months Ended June 30, 2025 |
|  | Retail |  |  | Office/Industrial |  |  | Model Homes |  |  | Corporate and Other |  |  | Total |
Rental revenue |  | $ | 93,574 |  |  | $ | 2,452,956 |  |  | $ | 1,019,301 |  |  | $ | — |  |  | $ | 3,565,831 |
Recovery revenue |  |  | - |  |  |  | 715,922 |  |  |  | — |  |  |  | — |  |  |  | 715,922 |
Other operating revenue |  |  | - |  |  |  | 64,893 |  |  |  | 428 |  |  |  | 31,666 |  |  |  | 96,987 |
Total revenues |  |  | 93,574 |  |  |  | 3,233,771 |  |  |  | 1,019,729 |  |  |  | 31,666 |  |  |  | 4,378,740 |
Rental operating costs |  |  | 4,824 |  |  |  | 1,549,497 |  |  |  | 49,940 |  |  |  | (141,656 | ) |  |  | 1,462,605 |
Net Operating Income (NOI) |  |  | 88,750 |  |  |  | 1,684,274 |  |  |  | 969,789 |  |  |  | 173,322 |  |  |  | 2,916,135 |
Gain on Sale - Model Homes |  |  | — |  |  |  | — |  |  |  | 323,359 |  |  |  | — |  |  |  | 323,359 |
Impairment of Model Homes |  |  | — |  |  |  | — |  |  |  | (90,769 | ) |  |  | — |  |  |  | (90,769 | )
Adjusted NOI |  | $ | 88,750 |  |  | $ | 1,684,274 |  |  | $ | 1,202,379 |  |  | $ | 173,322 |  |  | $ | 3,148,725 |
|  | For the Three Months Ended June 30, 2024 |
|  | Retail |  |  | Office/Industrial |  |  | Model Homes |  |  | Corporate and Other |  |  | Total |
Rental revenue |  | $ | 390,812 |  |  | $ | 2,408,910 |  |  | $ | 1,107,631 |  |  | $ | — |  |  | $ | 3,907,353 |
Recovery revenue |  |  | 84,441 |  |  |  | 482,404 |  |  |  | — |  |  |  | — |  |  |  | 566,845 |
Other operating revenue |  |  | 600 |  |  |  | 59,703 |  |  |  | 47,784 |  |  |  | 4,256 |  |  |  | 112,343 |
Total revenues |  |  | 475,853 |  |  |  | 2,951,017 |  |  |  | 1,155,415 |  |  |  | 4,256 |  |  |  | 4,586,541 |
Rental operating costs |  |  | 156,640 |  |  |  | 1,462,471 |  |  |  | 41,706 |  |  |  | (168,322 | ) |  |  | 1,492,495 |
Net Operating Income (NOI) |  |  | 319,213 |  |  |  | 1,488,546 |  |  |  | 1,113,709 |  |  |  | 172,578 |  |  |  | 3,094,046 |
Gain on Sale - Model Home |  |  | — |  |  |  | — |  |  |  | 811,903 |  |  |  | — |  |  |  | 811,903 |
Impairment of Model Homes |  |  | — |  |  |  | — |  |  |  | (101,245 | ) |  |  | — |  |  |  | (101,245 | )
Adjusted NOI |  | $ | 319,213 |  |  | $ | 1,488,546 |  |  | $ | 1,824,367 |  |  | $ | 172,578 |  |  | $ | 3,804,704 |
Since a significant portion of the total operating expense for Retail and Office/Industrial are recouped as part of recovery revenue, the CODM looks at NOI as a whole when reviewing the segments. For the Model Home segment, the properties are leased on a triple net basis and the tenants are responsible for a significant portion of the operating expenses. Therefore, the CODM focuses on Model Home revenue, any impairments and the gain on sale of model homes. The CODM reviews on a regular basis the GAAP performance of each segment, including the significant segment expenses reported for GAAP shown in the table below. Our significant segment expenses include consolidated expense categories presented in our consolidated statements of operations, as well as rental operating costs. This information is provided to the CODM and factors into the CODM’s decision making for company-wide strategy. The following tables compare the Company’s segment activity and to its results of GAAP operations and financial position as of and for the six months ended June 30, 2025 and 2024, respectively. The information for Corporate and Other are presented to reconcile back to the consolidated statement of operations, but is not considered a reportable segment as noted above.
|  | For the Six Months Ended June 30, 2025 |
|  | Retail |  |  | Office/Industrial |  |  | Model Homes |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 356,452 |  |  | $ | 6,022,908 |  |  | $ | 1,934,822 |  |  | $ | — |  |  | $ | 8,314,182 |
Fees and other income |  |  | 400 |  |  |  | 127,255 |  |  |  | (1,326 | ) |  |  | 63,414 |  |  |  | 189,743 |
Total revenue |  |  | 356,852 |  |  |  | 6,150,163 |  |  |  | 1,933,496 |  |  |  | 63,414 |  |  |  | 8,503,925 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental operating costs |  |  | 105,392 |  |  |  | 3,167,862 |  |  |  | 98,097 |  |  |  | (296,103 | ) |  |  | 3,075,248 |
General and administrative |  |  | — |  |  |  | 16,850 |  |  |  | 417,895 |  |  |  | 2,450,889 |  |  |  | 2,885,634 |
Depreciation and amortization |  |  | 54,617 |  |  |  | 1,954,744 |  |  |  | 443,967 |  |  |  | 2,468 |  |  |  | 2,455,796 |
Impairment of goodwill and real estate assets |  |  | — |  |  |  | 4,226,620 |  |  |  | 117,712 |  |  |  | — |  |  |  | 4,344,332 |
Total costs and expenses |  |  | 160,009 |  |  |  | 9,366,076 |  |  |  | 1,077,671 |  |  |  | 2,157,254 |  |  |  | 12,761,010 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense - mortgage notes |  |  | (198,039 | ) |  |  | (1,813,284 | ) |  |  | (974,346 | ) |  |  | (2,672 | ) |  |  | (2,988,341 | )
Interest and other income, net |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | 10,339 |  |  |  | 10,354 |
Net loss in Conduit Pharmaceuticals marketable securities (see footnote 9) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (184,459 | ) |  |  | (184,459 | )
Gain on sales of real estate, net |  |  | 4,213,068 |  |  |  | — |  |  |  | 564,259 |  |  |  | — |  |  |  | 4,777,327 |
Income tax (expense) benefit |  |  | — |  |  |  | — |  |  |  | (52,481 | ) |  |  | 23,980 |  |  |  | (28,501 | )
Total other income (expense), net |  |  | 4,015,029 |  |  |  | (1,813,284 | ) |  |  | (462,553 | ) |  |  | (152,812 | ) |  |  | 1,586,380 |
Net income (loss) |  |  | 4,211,872 |  |  |  | (5,029,197 | ) |  |  | 393,272 |  |  |  | (2,246,652 | ) |  |  | (2,670,705 | )
Less: Income attributable to noncontrolling interests |  |  | — |  |  |  | (29,614 | ) |  |  | (310,854 | ) |  |  | — |  |  |  | (340,468 | )
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders |  | $ | 4,211,872 |  |  | $ | (5,058,811 | ) |  | $ | 82,418 |  |  | $ | (2,246,652 | ) |  | $ | (3,011,173 | )
|  | For the Six Months Ended June 30, 2024 |
|  | Retail |  |  | Office/Industrial |  |  | Model Homes |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 966,068 |  |  | $ | 5,796,394 |  |  | $ | 2,351,463 |  |  | $ | — |  |  | $ | 9,113,925 |
Fees and other income |  |  | 63,174 |  |  |  | 116,143 |  |  |  | 72,904 |  |  |  | 10,457 |  |  |  | 262,678 |
Total revenue |  |  | 1,029,242 |  |  |  | 5,912,537 |  |  |  | 2,424,367 |  |  |  | 10,457 |  |  |  | 9,376,603 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental operating costs |  |  | 296,595 |  |  |  | 3,008,035 |  |  |  | 82,936 |  |  |  | (331,494 | ) |  |  | 3,056,072 |
General and administrative |  |  | — |  |  |  | — |  |  |  | 444,669 |  |  |  | 3,842,697 |  |  |  | 4,287,366 |
Depreciation and amortization |  |  | 237,878 |  |  |  | 1,938,072 |  |  |  | 517,170 |  |  |  | 9,268 |  |  |  | 2,702,388 |
Impairment of goodwill and real estate assets |  |  | — |  |  |  | — |  |  |  | 196,793 |  |  |  | — |  |  |  | 196,793 |
Total costs and expenses |  |  | 534,473 |  |  |  | 4,946,107 |  |  |  | 1,241,568 |  |  |  | 3,520,471 |  |  |  | 10,242,619 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense - mortgage notes |  |  | (289,488 | ) |  |  | (1,692,231 | ) |  |  | (1,056,702 | ) |  |  | (2,630 | ) |  |  | (3,041,051 | )
Interest and other income, net |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | 9,837 |  |  |  | 9,852 |
Net gain in Conduit Pharmaceuticals marketable securities (see footnote 9) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13,888,667 | ) |  |  | (13,888,667 | )
Gain on sales of real estate, net |  |  | — |  |  |  | — |  |  |  | 2,829,998 |  |  |  | — |  |  |  | 2,829,998 |
Income tax (expense) benefit |  |  | — |  |  |  | — |  |  |  | (139,107 | ) |  |  | (21,479 | ) |  |  | (160,586 | )
Total other income (expense), net |  |  | (289,488 | ) |  |  | (1,692,231 | ) |  |  | 1,634,204 |  |  |  | (13,902,939 | ) |  |  | (14,250,454 | )
Net income (loss) |  |  | 205,281 |  |  |  | (725,801 | ) |  |  | 2,817,003 |  |  |  | (17,412,953 | ) |  |  | (15,116,470 | )
Less: Income attributable to noncontrolling interests |  |  | — |  |  |  | (61,194 | ) |  |  | (1,912,039 | ) |  |  | — |  |  |  | (1,973,233 | )
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders |  | $ | 205,281 |  |  | $ | (786,995 | ) |  | $ | 904,964 |  |  | $ | (17,412,953 | ) |  | $ | (17,089,703 | )
|  | For the Three Months Ended June 30, 2025 |
|  | Retail |  |  | Office/Industrial |  |  | Model Homes |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 93,574 |  |  | $ | 3,168,878 |  |  | $ | 1,019,301 |  |  | $ | — |  |  | $ | 4,281,753 |
Fees and other income |  |  | - |  |  |  | 64,893 |  |  |  | 428 |  |  |  | 31,666 |  |  |  | 96,987 |
Total revenue |  |  | 93,574 |  |  |  | 3,233,771 |  |  |  | 1,019,729 |  |  |  | 31,666 |  |  |  | 4,378,740 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental operating costs |  |  | 4,824 |  |  |  | 1,549,497 |  |  |  | 49,940 |  |  |  | (141,656 | ) |  |  | 1,462,605 |
General and administrative |  |  | — |  |  |  | — |  |  |  | 187,935 |  |  |  | 1,035,723 |  |  |  | 1,223,658 |
Depreciation and amortization |  |  | 22,928 |  |  |  | 955,575 |  |  |  | 231,954 |  |  |  | 1,234 |  |  |  | 1,211,691 |
Impairment of goodwill and real estate assets |  |  | — |  |  |  | 4,226,620 |  |  |  | 90,769 |  |  |  | — |  |  |  | 4,317,389 |
Total costs and expenses |  |  | 27,752 |  |  |  | 6,731,692 |  |  |  | 560,598 |  |  |  | 895,301 |  |  |  | 8,215,343 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense - mortgage notes |  |  | (39,942 | ) |  |  | (921,953 | ) |  |  | (514,636 | ) |  |  | (1,339 | ) |  |  | (1,477,870 | )
Interest and other income, net |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | 5,198 |  |  |  | 5,206 |
Net loss in Conduit Pharmaceuticals marketable securities (see footnote 9) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,802 | ) |  |  | (7,802 | )
Gain on sales of real estate, net |  |  | — |  |  |  | — |  |  |  | 323,359 |  |  |  | — |  |  |  | 323,359 |
Income tax (expense) benefit |  |  | — |  |  |  | — |  |  |  | (30,309 | ) |  |  | (23,601 | ) |  |  | (53,910 | )
Total other income (expense), net |  |  | (39,942 | ) |  |  | (921,953 | ) |  |  | (221,578 | ) |  |  | (27,544 | ) |  |  | (1,211,017 | )
Net income (loss) |  |  | 25,880 |  |  |  | (4,419,874 | ) |  |  | 237,553 |  |  |  | (891,179 | ) |  |  | (5,047,620 | )
Less: Income attributable to noncontrolling interests |  |  | — |  |  |  | (11,655 | ) |  |  | (217,250 | ) |  |  | — |  |  |  | (228,905 | )
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders |  | $ | 25,880 |  |  | $ | (4,431,529 | ) |  | $ | 20,303 |  |  | $ | (891,179 | ) |  | $ | (5,276,525 | )
|  | For the Three Months Ended June 30, 2024 |
|  | Retail |  |  | Office/Industrial |  |  | Model Homes |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 475,253 |  |  | $ | 2,891,314 |  |  | $ | 1,107,631 |  |  | $ | — |  |  | $ | 4,474,198 |
Fees and other income |  |  | 600 |  |  |  | 59,703 |  |  |  | 47,784 |  |  |  | 4,256 |  |  |  | 112,343 |
Total revenue |  |  | 475,853 |  |  |  | 2,951,017 |  |  |  | 1,155,415 |  |  |  | 4,256 |  |  |  | 4,586,541 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental operating costs |  |  | 156,640 |  |  |  | 1,462,471 |  |  |  | 41,706 |  |  |  | (168,322 | ) |  |  | 1,492,495 |
General and administrative |  |  | — |  |  |  | — |  |  |  | 236,747 |  |  |  | 1,966,169 |  |  |  | 2,202,916 |
Depreciation and amortization |  |  | 120,585 |  |  |  | 985,733 |  |  |  | 240,556 |  |  |  | 4,496 |  |  |  | 1,351,370 |
Impairment of goodwill and real estate assets |  |  | — |  |  |  | — |  |  |  | 101,245 |  |  |  | — |  |  |  | 101,245 |
Total costs and expenses |  |  | 277,225 |  |  |  | 2,448,204 |  |  |  | 620,254 |  |  |  | 1,802,343 |  |  |  | 5,148,026 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense - mortgage notes |  |  | (144,576 | ) |  |  | (881,309 | ) |  |  | (498,591 | ) |  |  | (1,369 | ) |  |  | (1,525,845 | )
Interest and other income, net |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | 5,198 |  |  |  | 5,206 |
Net gain in Conduit Pharmaceuticals marketable securities (see footnote 9) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,027,433 | ) |  |  | (10,027,433 | )
Gain on sales of real estate, net |  |  | — |  |  |  | — |  |  |  | 811,903 |  |  |  | — |  |  |  | 811,903 |
Income tax (expense) benefit |  |  | — |  |  |  | — |  |  |  | (53,484 | ) |  |  | (27,537 | ) |  |  | (81,021 | )
Total other income (expense), net |  |  | (144,576 | ) |  |  | (881,309 | ) |  |  | 259,836 |  |  |  | (10,051,141 | ) |  |  | (10,817,190 | )
Net income (loss) |  |  | 54,052 |  |  |  | (378,496 | ) |  |  | 794,997 |  |  |  | (11,849,228 | ) |  |  | (11,378,675 | )
Less: Income attributable to noncontrolling interests |  |  | — |  |  |  | (37,040 | ) |  |  | (432,325 | ) |  |  | — |  |  |  | (469,365 | )
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders |  | $ | 54,052 |  |  | $ | (415,536 | ) |  | $ | 362,672 |  |  | $ | (11,849,228 | ) |  | $ | (11,848,040 | )
|  | June 30, |  |  | December 31, |
Assets by Reportable Segment: |  | 2025 |  |  | 2024 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 69,162,017 |  |  | $ | 74,425,180 |
Total assets (2) |  | $ | 70,228,381 |  |  | $ | 76,292,662 |
Model Home Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 40,850,511 |  |  | $ | 37,416,000 |
Total assets (2) |  | $ | 41,464,138 |  |  | $ | 38,166,964 |
Retail Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 4,554,707 |  |  | $ | 15,743,789 |
Total assets (2) |  | $ | 4,703,901 |  |  | $ | 16,673,605 |
Reconciliation to Total Assets: |  |  |  |  |  |  |  |
Total assets for reportable segments |  | $ | 116,396,420 |  |  | $ | 131,133,231 |
Corporate and other assets: |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  |  | 1,243,312 |  |  |  | 564,922 |
Other assets, net |  |  | 10,760,681 |  |  |  | 10,871,497 |
Total Assets |  | $ | 128,400,413 |  |  | $ | 142,569,650 |
(1) | Includes lease intangibles.
(2) | Includes land, buildings and improvements, cash, cash equivalents, and restricted cash, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis.
|  | For the Six Months Ended June 30, |
Capital Expenditures by Reportable Segment |  | 2025 |  |  | 2024 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements, office |  | $ | 709,531 |  |  | $ | 1,010,815 |
Model Home Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties, model home |  |  | 9,444,465 |  |  |  | 5,740,918 |
Retail Properties: |  |  |  |  |  |  |  |
Capital expenditures and tenant improvements, retail |  |  | — |  |  |  | 203,121 |
Totals: |  |  |  |  |  |  |  |
Acquisition of operating properties, net |  |  | 9,444,465 |  |  |  | 5,740,918 |
Capital expenditures and tenant improvements |  |  | 709,531 |  |  |  | 1,213,936 |
Total real estate investments |  | $ | 10,153,996 |  |  | $ | 6,954,854 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration