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Note 3 - Recent Real Estate Transactions

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Real Estate Disclosure [Text Block]

3. RECENT REAL ESTATE TRANSACTIONS

Acquisitions during the nine months ended September 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 nine months ended September 30, 2024: 

• The Company acquired 19 model homes for approximately $9.7 million. The purchase price was paid through cash payments of approximately $3.0 million and mortgage notes of approximately $6.7 million.

Dispositions during the nine months ended September 30, 2025:

	•	On February 7, 2025, the Company sold two commercial properties, Union Town Center and Research Parkway, to a single buyer for approximately $15.9 million, net of selling costs, and recognized a net gain of approximately $4.5 million, net of closing costs.
	•	The Company sold 16 model homes for approximately $7.4 million, net of sales costs, and recognized a gain of approximately $0.6 million.

Dispositions during the nine months ended September 30, 2024: 

• The Company sold 46 model homes for approximately $22.3 million, net of sales costs, and recognized a gain of approximately $3.2 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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