Note 10 - Concentration of Credit Risk |
3 Months Ended | ||
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Mar. 31, 2025 | |||
| Notes to Financial Statements | |||
| Concentration Risk Disclosure [Text Block] |
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions and generally limits the amount of credit exposure in any one financial institution. The Company maintains bank account balances, which exceed insured limits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash. Management does not believe significant credit risk existed on March 31, 2025 and December 31, 2024. As the Company executes on the sale of its assets, its regional concentration in tenants will increase thereby resulting in the increased credit risk from exposure of the local economies.
For the three months ended March 31, 2025 rental income from the Company’s three largest tenants represented approximately 25%, 22% and 12% of total rental income. The three largest tenants by revenue as of March 31, 2025 consist of New York Presbyterian Medical Group located in the Cortlandt Manor Medical Center, Stony Brook University Hospital located in the industrial park and an athletic facility in the industrial park.
There can be no assurance that the Company’s leases will renew for the same square footage, at favorable rates net of tenant improvements, if at all.
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