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Note 3 - Recent Real Estate Transactions

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Real Estate Disclosure [Text Block]

3. RECENT REAL ESTATE TRANSACTIONS

Acquisitions during the six months ended June 30, 2025: 

• The Company acquired 22 model homes for approximately $9.4 million. The purchase price was paid through cash payments of approximately $2.8 million and mortgage notes of approximately $6.6 million.

Acquisitions during the six months ended June 30, 2024: 

• The Company acquired 12 model homes for approximately $5.7 million. The purchase price was paid through cash payments of approximately $1.7 million and mortgage notes of approximately $4.0 million.

Dispositions during the six months ended June 30, 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 13 model homes for approximately $5.9 million, net of sales costs, and recognized a gain of approximately $0.6 million.

Dispositions during the six months ended June 30, 2024: 

• The Company sold 42 model homes for approximately $20.1 million, net of sales costs, and recognized a gain of approximately $2.8 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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