Note 13 - Segments (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	For the Year Ended December 31,
	2020			2019
Office/Industrial Properties:
Rental, fees and other income	$	17,580,472		$	21,490,215
Property and related expenses		(7,977,561	)		(9,317,720	)
Net operating income, as defined		9,602,911			12,172,495
Model Home Properties:
Rental, fees and other income		4,251,980			4,194,489
Property and related expenses		(202,667	)		(193,367	)
Net operating income, as defined		4,049,313			4,001,122
Retail Properties:
Rental, fees and other income		2,971,125			2,956,407
Property and related expenses		(2,368,906	)		(899,487	)
Net operating income, as defined		602,219			2,056,920
Reconciliation to net loss:
Total net operating income, as defined, for reportable segments		14,254,443			18,230,537
General and administrative expenses		(5,751,754	)		(5,268,315	)
Depreciation and amortization		(6,274,321	)		(7,364,688	)
Interest expense		(8,813,067	)		(10,649,646	)
Deferred offering costs		(530,639	)		—
Other income (expense), net		(20,636	)		117,037
Income tax expense		(370,884	)		(611,263	)
Gain on sale of real estate		1,245,460			6,319,272
Net loss	$	(6,261,398	)	$	772,934

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	December 31,		December 31,
Assets by Reportable Segment:	2020		2019
Office/Industrial Properties:
Land, buildings and improvements, net (1)	$	99,120,649	$	126,421,648
Total assets (2)	$	100,046,782	$	131,180,612
Model Home Properties:
Land, buildings and improvements, net (1)	$	42,509,596	$	48,466,371
Total assets (2)	$	42,246,022	$	51,389,400
Retail Properties:
Land, buildings and improvements, net (1)	$	24,555,371	$	25,318,601
Total assets (2)	$	26,108,109	$	26,588,254
Reconciliation to Total Assets:
Total assets for reportable segments	$	168,400,913	$	209,158,266
Other unallocated assets:
Cash, cash equivalents and restricted cash		2,149,088		1,591,041
Other assets, net		15,018,615		10,035,101
Total Assets	$	185,568,616	$	220,784,408

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]

	For the Year Ended December 31,
Capital Expenditures by Reportable Segment	2020		2019
Office/Industrial Properties:
Capital expenditures and tenant improvements	$	2,825,168	$	6,373,464
Model Home Properties:
Acquisition of operating properties		10,161,613		13,037,562
Retail Properties:
Capital expenditures and tenant improvements		9,205		20,247
Totals:
Acquisition of operating properties, net		10,161,613		13,037,562
Capital expenditures and tenant improvements		2,834,373		6,393,711
Total real estate investments	$	12,995,986	$	19,431,273