Note 12 - Segments (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Office/Industrial Properties:
Rental, fees and other income	$	3,175,608		$	2,888,361		$	9,448,747		$	10,149,013
Property and related expenses		(1,278,805	)		(1,171,387	)		(3,809,729	)		(4,288,142	)
Net operating income, as defined		1,896,803			1,716,974			5,639,018			5,860,871
Model Home Properties:
Rental, fees and other income		718,331			739,558			2,125,623			2,528,748
Property and related expenses		(23,479	)		(25,804	)		(76,687	)		(106,304	)
Net operating income, as defined		694,852			713,754			2,048,936			2,422,444
Retail Properties:
Rental, fees and other income		498,038			748,312			1,722,723			2,213,808
Property and related expenses		(131,943	)		(217,379	)		(490,481	)		(644,862	)
Net operating income, as defined		366,095			530,933			1,232,242			1,568,946
Reconciliation to net income (loss):
Total net operating income, as defined, for reportable segments		2,957,750			2,961,661			8,920,196			9,852,261
General and administrative expenses		(1,509,139	)		(1,479,261	)		(4,306,835	)		(4,361,297	)
Depreciation and amortization		(1,318,164	)		(1,306,874	)		(3,973,582	)		(4,104,018	)
Interest expense		(1,382,120	)		(1,030,883	)		(3,485,693	)		(3,822,313	)
Gain on extinguishment of government debt		—			—			—			10,000
Other income (expense), net		590,586			(13,886	)		757,318			(67,329	)
Income tax expense		(294,996	)		(182,607	)		(819,520	)		(471,506	)
Gain on sale of real estate		1,307,258			627,322			4,057,527			2,060,336
Net income (loss)	$	351,175		$	(424,528	)	$	1,149,411		$	(903,866	)

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

	September 30,		December 31,
Assets by Reportable Segment:	2022		2021
Office/Industrial Properties:
Land, buildings and improvements, net (1)	$	77,305,021	$	78,240,086
Total assets (2)	$	79,625,203	$	76,453,436
Model Home Properties:
Land, buildings and improvements, net (1)	$	33,214,543	$	34,089,046
Total assets (2)	$	31,237,396	$	31,047,202
Retail Properties:
Land, buildings and improvements, net (1)	$	16,237,143	$	25,693,239
Total assets (2)	$	16,857,792	$	27,579,469
Reconciliation to Total Assets:
Total assets for reportable segments	$	127,720,391	$	135,080,107
Other unallocated assets:
Cash, cash equivalents and restricted cash		9,800,631		6,738,345
Other assets, net		151,101,776		19,378,311
Total Assets	$	288,622,798	$	161,196,763

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

	For the Nine Months Ended September 30,
Capital Expenditures by Reportable Segment	2022		2021
Office/Industrial Properties:
Capital expenditures and tenant improvements	$	1,832,806	$	1,054,202
Model Home Properties:
Acquisition of operating properties		8,087,250		2,851,800
Retail Properties:
Acquisition of operating properties		—		4,906,266
Capital expenditures and tenant improvements		106,906		67,849
Totals:
Acquisition of operating properties, net		8,087,250		7,758,066
Capital expenditures and tenant improvements		1,939,712		1,122,051
Total real estate investments	$	10,026,962	$	8,880,117