v3.26.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Assets [Abstract]    
Land $ 13,789,653 $ 16,390,250
Buildings and improvements 82,684,544 101,878,107
Tenant improvements 11,435,230 17,645,103
Lease intangibles 1,400,602 3,467,798
Real estate assets and lease intangibles held for investment, cost 109,310,029 139,381,258
Accumulated depreciation and amortization (26,266,550) (37,536,809)
Real estate assets and lease intangibles held for investment, net 83,043,479 101,844,449
Real estate assets held for sale, net 17,451,127 6,805,255
Real estate assets, net 100,494,606 108,649,704
Other assets:    
Cash, cash equivalents and restricted cash 5,171,903 7,422,359
Deferred leasing costs, net 1,230,452 1,340,853
Goodwill 1,317,000 1,317,000
Investment in Conduit Pharmaceuticals marketable securities (see Notes 2 & 9) 5,885 3,900
Deferred tax asset 223,388 223,388
Other Assets, Miscellaneous 2,803,541 3,095,670
Total other assets 10,752,169 13,403,170
TOTAL ASSETS [1] 111,246,775 122,052,874
Liabilities:    
Mortgage notes payable, net 64,160,535 81,936,586
Mortgage notes payable related to real estate assets held for sale, net 17,473,032 10,137,781
Mortgage notes payable, total net 81,633,567 92,074,367
Accounts payable and accrued liabilities 3,044,512 3,302,187
Accrued real estate taxes 1,378,644 1,785,029
Dividends payable - Series D Preferred Stock 0 190,220
Lease liability, net 33,756 40,108
Below-market leases, net 2,073 3,316
Total liabilities 86,092,552 97,395,227
Commitments and contingencies (see Note 10)
Equity:    
Additional paid-in capital 186,954,022 186,762,388
Dividends and accumulated losses (169,504,393) (169,945,302)
Total stockholders' equity before noncontrolling interest 17,472,508 16,839,965
Noncontrolling interest 7,681,715 7,817,682
Total equity 25,154,223 24,657,647
TOTAL LIABILITIES AND EQUITY 111,246,775 122,052,874
Series D Preferred Stock [Member]    
Equity:    
Series D Preferred Stock, $0.01 par value per share; 1,000,000 shares authorized; 973,736 shares issued and outstanding (liquidation preference $25.00 per share) as of March 31, 2026 and 973,736 shares issued and outstanding as of December 31, 2025 9,737 9,737
Common Class A [Member]    
Equity:    
Series A Common Stock, $0.01 par value per share, shares authorized: 100,000,000; 1,314,159 shares and 1,314,159 shares were issued and outstanding as of March 31, 2026 and December 31, 2025, respectively $ 13,142 $ 13,142
[1] As of March 31, 2026 and December 31, 2025, includes approximately $7.4 million and $8.6 million, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities.