CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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| Revenues | ||||
| Rental income | $ 3,062,588 | $ 2,983,039 | $ 6,062,640 | $ 5,896,500 |
| Total revenues | 3,194,378 | 3,109,038 | 6,320,682 | 6,143,078 |
| Expenses | ||||
| Property operations | 1,179,041 | 1,171,169 | 2,387,940 | 2,402,285 |
| General and administrative | 778,695 | 892,822 | 1,565,587 | 1,695,550 |
| Depreciation and amortization | 407,717 | 409,136 | 814,563 | 816,064 |
| Business development | 2,275 | |||
| Total expenses | 2,365,453 | 2,473,127 | 4,768,090 | 4,916,174 |
| Operating income | 828,925 | 635,911 | 1,552,592 | 1,226,904 |
| Other income (expense) | ||||
| Dividend and interest income | 73,130 | 87,450 | 141,729 | 142,327 |
| Unrealized (loss) gain on marketable equity securities | (23,447) | 79,530 | (36,792) | (95,348) |
| Interest expense | (214,392) | (211,361) | (438,161) | (416,203) |
| Total other expense, net | (164,709) | (44,381) | (333,224) | (369,224) |
| Net income and comprehensive income | $ 664,216 | $ 591,530 | $ 1,219,368 | $ 857,680 |
| Earnings per share | ||||
| Basic | $ 0.06 | $ 0.05 | $ 0.11 | $ 0.08 |
| Diluted | $ 0.06 | $ 0.05 | $ 0.11 | $ 0.08 |
| Weighted average shares outstanding | ||||
| Basic | 11,161,473 | 11,087,539 | 11,151,123 | 11,080,489 |
| Diluted | 11,250,678 | 11,134,894 | 11,212,867 | 11,121,296 |
| Other property related income | ||||
| Revenues | ||||
| Revenues | $ 113,008 | $ 108,489 | $ 220,878 | $ 212,339 |
| Management fees and other income | ||||
| Revenues | ||||
| Revenues | $ 18,782 | $ 17,510 | $ 37,164 | $ 34,239 |
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- Definition Property operations. No definition available.
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- Definition Business development involves the development of products and services, their delivery, design and their implementation. Business development includes a number of techniques designed to grow an economic enterprise. Such techniques include, but are not limited to, assessments of marketing opportunities and target markets, intelligence gathering on customers and competitors, generating leads for possible sales, follow-up sales activity, formal proposal writing and business model design. Business development involves evaluating a business and then realizing its full potential, using such tools as marketing, sales, information management and customer service. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of unrealized gain (loss) on investment in marketable security. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of operating lease income from lease payments paid and payable to lessor. Excludes variable lease payments not included in measurement of lease receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after discount, accretion and premium amortization, of interest income and dividend income classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Details
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