SQFTP Presidio Property Trust Inc

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. ORGANIZATION

The Company or one of its affiliates operates the following partnerships during the periods covered by these condensed consolidated financial statements:

	•	The Company is the sole general partner and limited partner in two limited partnerships (NetREIT Palm Self-Storage LP and NetREIT Casa Grande LP), both of which, at June 30, 2023, had ownership interests in an entity that owns income producing real estate. The Company refers to these entities collectively as the "NetREIT Partnerships".

	•	The Company is the general and limited partner in five limited partnerships that purchase model homes and lease them back to homebuilders (Dubose Model Home Investors #202, LP, Dubose Model Home Investors #203, LP, Dubose Model Home Investors #204, LP, Dubose Model Home Investors #205, LP, and Dubose Model Home Investors #206, LP). The Company refers to these entities collectively as the “Model Home Partnerships”.

Note 2 - Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Significant Accounting Policies [Text Block]

2. SIGNIFICANT ACCOUNTING POLICIES

•

Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;

•

Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.

	*For the Three Months Ended June 30,*				*For the Six Months Ended June 30,*
	*2023*		*2022*		*2023*		*2022*

Common Stock Warrants		2,000,000		2,000,000		2,000,000		2,000,000
Placement Agent Warrants		80,000		80,000		80,000		80,000
Series A Warrants		14,450,069		14,450,069		14,450,069		14,450,069
Unvested Common Stock Grants		1,302,254		577,567		1,302,254		577,567
Total potentially dilutive shares		17,832,323		17,107,636		17,832,323		17,107,636

Subsequent Events. We evaluate subsequent events up until the date the condensed consolidated financial statements are issued.

Note 3 - Recent Real Estate Transactions

6 Months Ended

Jun. 30, 2023

Real Estate Disclosure [Text Block]

3. RECENT REAL ESTATE TRANSACTIONS

Acquisitions during the six months ended June 30, 2023:

•

The Company acquired 23 model homes for approximately $12.9 million. The purchase price was paid through cash payments of approximately $3.9 million and mortgage notes of approximately $9.0 million.

Acquisitions during the six months ended June 30, 2022:

•

Dispositions during the six months ended June 30, 2023:

•

The Company sold 10 model homes for approximately $5.0 million and recognized a gain of approximately $1.5 million.

Dispositions during the six months ended June 30, 2022:

•

The Company sold World Plaza, on March 11, 2022, for approximately $10.0 million and recognized a loss of approximately $0.3 million.

•

The Company sold 18 model homes for approximately $10.0 million and recognized a gain of approximately $3.0 million.

Note 4 - Real Estate Assets

6 Months Ended

Jun. 30, 2023

Real Estate Assets [Text Block]

4. REAL ESTATE ASSETS

	•	Eight office buildings and one industrial property (“Office/Industrial Properties”) which total approximately 756,823 rentable square feet;

	•	Three retail shopping centers (“Retail Properties”) which total approximately 65,242 rentable square feet; and

	•	105 model home residential properties (“Model Homes” or “Model Home Properties”), totaling approximately 319,236 square feet, leased back on a triple-net basis to homebuilders, that are owned by five affiliated limited partnerships and one wholly-owned corporation, all of which we control.

A summary of the properties owned by the Company as of June 30, 2023 and December 31, 2022 is as follows:

	*Date*		*Real estate assets, net (in thousands)*
Property Name	*Acquired*	*Location*	*June 30, 2023*		*December 31, 2022*
Genesis Plaza (1)	August 2010	San Diego, CA	$	7,733,468	$	7,995,980
Dakota Center	May 2011	Fargo, ND		8,765,789		8,569,537
Grand Pacific Center	March 2014	Bismarck, ND		5,336,520		5,228,006
Arapahoe Center	December 2014	Centennial, CO		8,588,221		8,664,604
Union Town Center	December 2014	Colorado Springs, CO		9,007,880		9,039,039
West Fargo Industrial	August 2015	Fargo, ND		6,781,836		6,893,292
300 N.P.	August 2015	Fargo, ND		2,835,104		2,899,694
Research Parkway	August 2015	Colorado Springs, CO		2,289,133		2,319,588
One Park Center	August 2015	Westminster, CO		7,785,463		7,991,809
Shea Center II	December 2015	Highlands Ranch, CO		19,172,919		19,501,998
Mandolin (2)	August 2021	Houston, TX		4,738,129		4,783,985
Baltimore	December 2021	Baltimore, MD		8,578,520		8,690,874
Presidio Property Trust, Inc. properties				91,612,982		92,578,406
Model Home properties (3)	2017 - 2023	AZ, FL, IL, TX, WI		47,267,669		37,933,824
Total real estate assets and lease intangibles, net			$	138,880,651	$	130,512,230

(1)	Genesis Plaza is owned by two tenants-in-common, each of which owns 57% and 43%, respectively, and we beneficially own an aggregate of 76.4%.

(2)	Mandolin is owned by NetREIT Palm Self-Storage LP, through its wholly owned subsidiary NetREIT Highland LLC, and the Company is the sole general partner and owns 61.3% of NetREIT Palm Self-Storage LP.

(3)	Includes Model Homes listed as held for sale as of June 30, 2023. and December 31, 2022, respectively.

Note 5 - Lease Intangibles

6 Months Ended

Jun. 30, 2023

Intangible Assets Disclosure [Text Block]

5. LEASE INTANGIBLES

The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset:

	June 30, 2023							December 31, 2022
	Lease Intangibles		Accumulated Amortization			Lease Intangibles, net		Lease Intangibles		Accumulated Amortization			Lease Intangibles, net
In-place leases	$	2,515,264	$	(2,490,125	)	$	25,139	$	2,515,264	$	(2,485,234	)	$	30,030
Leasing costs		1,261,390		(1,240,463	)		20,927		1,261,390		(1,236,591	)		24,799
Above-market leases		333,485		(333,485	)		—		333,485		(333,485	)		—
	$	4,110,139	$	(4,064,073	)	$	46,066	$	4,110,139	$	(4,055,310	)	$	54,829

The net value of acquired intangible liabilities was approximately $15,753 and $18,240 relating to below-market leases at June 30, 2023 and December 31, 2022, respectively.

Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows:

2023	$	8,763
2024		17,526
2025		15,670
2026		4,107
Total	$	46,066

Note 6 - Other Assets

6 Months Ended

Jun. 30, 2023

Other Assets Disclosure [Text Block]

6. OTHER ASSETS

Other assets consist of the following:

	*June 30,*		*December 31,*
	*2023*		*2022*
Deferred rent receivable	$	1,881,839	$	1,641,831
Investment in marketable securities		759,600		797,749
Prepaid expenses, deposits and other		725,096		619,621
Notes receivable		316,374		316,374
Accounts receivable, net		447,490		67,780
Right-of-use assets, net		30,926		45,843
Other intangibles, net		-		22,483
Total other assets	$	4,161,325	$	3,511,681

Note 7 - Mortgage Notes Payable

6 Months Ended

Jun. 30, 2023

Mortgage Notes Payable Disclosure [Text Block]

7. MORTGAGE NOTES PAYABLE

Mortgage notes payable consist of the following:

	*Principal as of*
	*June 30,*			*December 31,*			*Loan*	*Interest*
Mortgage note property	*2023*			*2022*			*Type*	*Rate (1)*			*Maturity*
Dakota Center		9,321,018			9,442,976		Fixed		4.74	%	7/6/2024
Research Parkway		1,618,782			1,648,237		Fixed		3.94	%	1/5/2025
Arapahoe Service Center		7,514,694			7,602,273		Fixed		4.34	%	1/5/2025
Union Town Center		7,948,249			8,025,300		Fixed		4.28	%	1/5/2025
One Park Centre		6,103,844			6,163,177		Fixed		4.77	%	9/5/2025
Genesis Plaza		5,996,779			6,055,682		Fixed		4.71	%	9/6/2025
Shea Center II		17,090,897			17,229,573		Fixed		4.92	%	1/5/2026
West Fargo Industrial (2)		3,969,781			4,030,297		Fixed		3.27	%	8/5/2029
Grand Pacific Center (3)		3,816,980			3,496,330		Fixed		6.35	%	5/5/2033
Baltimore		5,670,000			5,670,000		Fixed		4.67	%	4/6/2032
Mandolin		3,604,414			3,635,362		Fixed		4.35	%	4/20/2029
Subtotal, Presidio Property Trust, Inc. Properties	$	72,655,438		$	72,999,207
Model Home mortgage notes (4)		31,527,788			24,752,448		Fixed					2023 - 2028
Mortgage Notes Payable	$	104,183,226		$	97,751,655
Unamortized loan costs		(844,267	)		(852,956	)
Mortgage Notes Payable, net	$	103,338,959		$	96,898,699

(1)	Interest rates as of June 30, 2023.
(2)	Interest rate was reset on August 5, 2023, to 6.70%. The loan agreement states that the lender may, upon not less than sixty (60) days prior, give written notice to the Company to increase the interest rate effective on August 5, 2023, and August 5, 2026, to the rate then being quoted by the lender for new three-year commercial mortgage loans of similar size and quality with like terms and security (provided that in no event shall the new rate be less than the initial rate).
(3)	On May 5, 2023, the Company, through its subsidiary, refinanced the mortgage loan on our Grand Pacific Center property and entered into a construction loan related to the tenant improvement associated with the KLJ Engineering LLC lease to occupy 33,296 square feet of the building. The refinanced loan is for approximately $3.8 million, a term of 10 years, with an interest rate of 6.35%, for the first 60 months. The interest rate is subject to reset in year five. The construction loan is for approximately $2.7 million, a term of 10 years, and will begin amortizing in year three, with an interest rate of 6.35%, for the first 60 months. The interest rate is subject to reset in year five.
(4)	As of June 30, 2023, there were four model homes included as real estate assets held for sale. Our model homes have stand-alone mortgage notes at interest rates ranging from 2.50% to 6.70% per annum as of June 30, 2023.

The Company is in compliance with all material conditions and covenants of its mortgage notes payable.

Scheduled principal payments of mortgage notes payable were as follows as of June 30, 2023:

	*Presidio Property*		*Model*
	*Trust, Inc.*		*Homes*		*Total Principal*
Years ending December 31:	*Notes Payable*		*Notes Payable*		*Payments*
2023	$	704,249	$	3,097,313	$	3,801,562
2024		10,399,349		12,538,361		22,937,710
2025		28,773,463		10,527,628		39,301,091
2026		16,651,236		150,639		16,801,875
2027		294,780		150,639		445,419
Thereafter		15,832,361		5,063,208		20,895,569
Total	$	72,655,438	$	31,527,788	$	104,183,226

Note 8 - Notes Payable

6 Months Ended

Jun. 30, 2023

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

8. NOTES PAYABLE

Note 9 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Text Block]

9. COMMITMENTS AND CONTINGENCIES

Note 10 - Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Equity [Text Block]

10. STOCKHOLDERS' EQUITY

Dividends:

Voting Rights:

Liquidation Preference:

Redemption:

Series A Common Stock

Quarter Ended	*2023*		*2022*
	*Distributions Declared*		*Distributions Declared*
March 31	$	0.022	$	0.105
June 30		0.023		0.106
Total	$	0.045	$	0.211

Series D Preferred Stock

Month	*2023*		*2022*
	*Distributions Declared*		*Distributions Declared*
January	$	0.19531	$	0.19531
February		0.19531		0.19531
March		0.19531		0.19531
April		0.19531		0.19531
May		0.19531		0.19531
June		0.19531		0.19531
Total	$	1.17186	$	1.17186

Note 11 - Share-based Incentive Plan

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Text Block]

11. SHARE-BASED INCENTIVE PLAN

A summary of the activity for the Company’s restricted stock was as follows:

Outstanding shares:	*Common Shares*

Balance at December 31, 2022		349,042
Granted		1,006,430
Forfeited		(11,401	)
Vested		(41,817	)
Balance at June 30, 2023		1,302,254

The non-vested restricted shares outstanding as of June 30, 2023, will vest over the next one to five years.

Note 12 - Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting Disclosure [Text Block]

12. SEGMENTS

	*Three Months Ended June 30,*						*Six Months Ended June 30,*
	*2023*			*2022*			*2023*			*2022*
Office/Industrial Properties:
Rental, fees and other income	$	3,020,066		$	3,150,251		$	5,882,064		$	6,273,139
Property and related expenses		(1,202,243	)		(1,174,391	)		(2,662,932	)		(2,530,925	)
Net operating income, as defined		1,817,823			1,975,860			3,219,132			3,742,214
Model Home Properties:
Rental, fees and other income		1,022,041			696,964			1,877,161			1,407,292
Property and related expenses		(46,801	)		(25,440	)		(77,797	)		(53,208	)
Net operating income, as defined		975,240			671,524			1,799,364			1,354,084
Retail Properties:
Rental, fees and other income		480,001			471,344			938,868			1,224,685
Property and related expenses		(128,351	)		(145,951	)		(266,149	)		(358,538	)
Net operating income, as defined		351,650			325,393			672,719			866,147
Reconciliation to net income (loss):
Total net operating income, as defined, for reportable segments		3,144,713			2,972,777			5,691,215			5,962,445
General and administrative expenses		(1,813,184	)		(1,214,005	)		(3,777,804	)		(2,797,696	)
Depreciation and amortization		(1,368,829	)		(1,316,193	)		(2,702,403	)		(2,655,418	)
Interest expense		(1,336,415	)		(1,085,860	)		(2,204,182	)		(2,103,573	)
Other income (expense), net		398,085			93,128			1,140,201			166,733
Income tax expense		(349,074	)		(259,285	)		(497,527	)		(524,524	)
Gain on sale of real estate		1,119,952			1,227,484			1,537,289			2,750,269
Net income (loss)	$	(204,752	)	$	418,046		$	(813,211	)	$	798,236

	*June 30,*		*December 31,*
Assets by Reportable Segment:	*2023*		*2022*
Office/Industrial Properties:
Land, buildings and improvements, net (1)	$	75,552,573	$	76,400,983
Total assets (2)	$	76,832,793	$	79,057,998
Model Home Properties:
Land, buildings and improvements, net (1)	$	47,267,669	$	37,933,824
Total assets (2)	$	45,944,301	$	35,274,545
Retail Properties:
Land, buildings and improvements, net (1)	$	16,035,143	$	16,142,613
Total assets (2)	$	16,698,766	$	16,810,627
Reconciliation to Total Assets:
Total assets for reportable segments	$	139,475,860	$	131,143,170
Other unallocated assets:
Cash, cash equivalents and restricted cash		2,570,236		8,570,121
Other assets, net		37,005,592		151,638,363
Total Assets	$	179,051,688	$	291,351,654

⁽¹⁾	Includes lease intangibles and the land purchase option related to property acquisitions.

⁽²⁾	Includes land, buildings and improvements, cash, cash equivalents, and restricted cash, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis.

	*For the Six Months Ended June 30,*
Capital Expenditures by Reportable Segment	*2023*		*2022*
Office/Industrial Properties:
Capital expenditures and tenant improvements	$	905,132	$	832,990
Model Home Properties:
Acquisition of operating properties		12,932,128		4,646,330
Retail Properties:
Acquisition of operating properties		—		—
Capital expenditures and tenant improvements		96,704		—
Totals:
Acquisition of operating properties, net		12,932,128		4,646,330
Capital expenditures and tenant improvements		1,001,836		832,990
Total real estate investments	$	13,933,964	$	5,479,320

Note 13 - Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Text Block]

13. SUBSEQUENT EVENTS

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Consolidation, Policy [Policy Text Block]

Use of Estimates, Policy [Policy Text Block]

Real Estate, Policy [Policy Text Block]

Deferred Leasing Costs [Policy Text Block]

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Real Estate Held for Development and Sale, Policy [Policy Text Block]

Deferred Charges, Policy [Policy Text Block]

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Fair Value Measurement, Policy [Policy Text Block]

•

Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;

•

Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.

Earnings Per Share, Policy [Policy Text Block]

	*For the Three Months Ended June 30,*				*For the Six Months Ended June 30,*
	*2023*		*2022*		*2023*		*2022*

Common Stock Warrants		2,000,000		2,000,000		2,000,000		2,000,000
Placement Agent Warrants		80,000		80,000		80,000		80,000
Series A Warrants		14,450,069		14,450,069		14,450,069		14,450,069
Unvested Common Stock Grants		1,302,254		577,567		1,302,254		577,567
Total potentially dilutive shares		17,832,323		17,107,636		17,832,323		17,107,636

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

Shares Subject to Mandatory Redemption, Changes in Redemption Value, Policy [Policy Text Block]

Derivatives, Policy [Policy Text Block]

Subsequent Events, Policy [Policy Text Block]

Subsequent Events. We evaluate subsequent events up until the date the condensed consolidated financial statements are issued.

New Accounting Pronouncements, Policy [Policy Text Block]

Note 2 - Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	*For the Three Months Ended June 30,*				*For the Six Months Ended June 30,*
	*2023*		*2022*		*2023*		*2022*

Common Stock Warrants		2,000,000		2,000,000		2,000,000		2,000,000
Placement Agent Warrants		80,000		80,000		80,000		80,000
Series A Warrants		14,450,069		14,450,069		14,450,069		14,450,069
Unvested Common Stock Grants		1,302,254		577,567		1,302,254		577,567
Total potentially dilutive shares		17,832,323		17,107,636		17,832,323		17,107,636

Note 4 - Real Estate Assets (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Real Estate Properties [Table Text Block]

	*Date*		*Real estate assets, net (in thousands)*
Property Name	*Acquired*	*Location*	*June 30, 2023*		*December 31, 2022*
Genesis Plaza (1)	August 2010	San Diego, CA	$	7,733,468	$	7,995,980
Dakota Center	May 2011	Fargo, ND		8,765,789		8,569,537
Grand Pacific Center	March 2014	Bismarck, ND		5,336,520		5,228,006
Arapahoe Center	December 2014	Centennial, CO		8,588,221		8,664,604
Union Town Center	December 2014	Colorado Springs, CO		9,007,880		9,039,039
West Fargo Industrial	August 2015	Fargo, ND		6,781,836		6,893,292
300 N.P.	August 2015	Fargo, ND		2,835,104		2,899,694
Research Parkway	August 2015	Colorado Springs, CO		2,289,133		2,319,588
One Park Center	August 2015	Westminster, CO		7,785,463		7,991,809
Shea Center II	December 2015	Highlands Ranch, CO		19,172,919		19,501,998
Mandolin (2)	August 2021	Houston, TX		4,738,129		4,783,985
Baltimore	December 2021	Baltimore, MD		8,578,520		8,690,874
Presidio Property Trust, Inc. properties				91,612,982		92,578,406
Model Home properties (3)	2017 - 2023	AZ, FL, IL, TX, WI		47,267,669		37,933,824
Total real estate assets and lease intangibles, net			$	138,880,651	$	130,512,230

Note 5 - Lease Intangibles (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	June 30, 2023							December 31, 2022
	Lease Intangibles		Accumulated Amortization			Lease Intangibles, net		Lease Intangibles		Accumulated Amortization			Lease Intangibles, net
In-place leases	$	2,515,264	$	(2,490,125	)	$	25,139	$	2,515,264	$	(2,485,234	)	$	30,030
Leasing costs		1,261,390		(1,240,463	)		20,927		1,261,390		(1,236,591	)		24,799
Above-market leases		333,485		(333,485	)		—		333,485		(333,485	)		—
	$	4,110,139	$	(4,064,073	)	$	46,066	$	4,110,139	$	(4,055,310	)	$	54,829

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

2023	$	8,763
2024		17,526
2025		15,670
2026		4,107
Total	$	46,066

Note 6 - Other Assets (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Other Assets [Table Text Block]

	*June 30,*		*December 31,*
	*2023*		*2022*
Deferred rent receivable	$	1,881,839	$	1,641,831
Investment in marketable securities		759,600		797,749
Prepaid expenses, deposits and other		725,096		619,621
Notes receivable		316,374		316,374
Accounts receivable, net		447,490		67,780
Right-of-use assets, net		30,926		45,843
Other intangibles, net		-		22,483
Total other assets	$	4,161,325	$	3,511,681

Note 7 - Mortgage Notes Payable (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Debt [Table Text Block]

	*Principal as of*
	*June 30,*			*December 31,*			*Loan*	*Interest*
Mortgage note property	*2023*			*2022*			*Type*	*Rate (1)*			*Maturity*
Dakota Center		9,321,018			9,442,976		Fixed		4.74	%	7/6/2024
Research Parkway		1,618,782			1,648,237		Fixed		3.94	%	1/5/2025
Arapahoe Service Center		7,514,694			7,602,273		Fixed		4.34	%	1/5/2025
Union Town Center		7,948,249			8,025,300		Fixed		4.28	%	1/5/2025
One Park Centre		6,103,844			6,163,177		Fixed		4.77	%	9/5/2025
Genesis Plaza		5,996,779			6,055,682		Fixed		4.71	%	9/6/2025
Shea Center II		17,090,897			17,229,573		Fixed		4.92	%	1/5/2026
West Fargo Industrial (2)		3,969,781			4,030,297		Fixed		3.27	%	8/5/2029
Grand Pacific Center (3)		3,816,980			3,496,330		Fixed		6.35	%	5/5/2033
Baltimore		5,670,000			5,670,000		Fixed		4.67	%	4/6/2032
Mandolin		3,604,414			3,635,362		Fixed		4.35	%	4/20/2029
Subtotal, Presidio Property Trust, Inc. Properties	$	72,655,438		$	72,999,207
Model Home mortgage notes (4)		31,527,788			24,752,448		Fixed					2023 - 2028
Mortgage Notes Payable	$	104,183,226		$	97,751,655
Unamortized loan costs		(844,267	)		(852,956	)
Mortgage Notes Payable, net	$	103,338,959		$	96,898,699

Contractual Obligation, Fiscal Year Maturity [Table Text Block]

	*Presidio Property*		*Model*
	*Trust, Inc.*		*Homes*		*Total Principal*
Years ending December 31:	*Notes Payable*		*Notes Payable*		*Payments*
2023	$	704,249	$	3,097,313	$	3,801,562
2024		10,399,349		12,538,361		22,937,710
2025		28,773,463		10,527,628		39,301,091
2026		16,651,236		150,639		16,801,875
2027		294,780		150,639		445,419
Thereafter		15,832,361		5,063,208		20,895,569
Total	$	72,655,438	$	31,527,788	$	104,183,226

Note 10 - Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Common Class A [Member]

Dividends Declared [Table Text Block]

Quarter Ended	*2023*		*2022*
	*Distributions Declared*		*Distributions Declared*
March 31	$	0.022	$	0.105
June 30		0.023		0.106
Total	$	0.045	$	0.211

Month	*2023*		*2022*
	*Distributions Declared*		*Distributions Declared*
January	$	0.19531	$	0.19531
February		0.19531		0.19531
March		0.19531		0.19531
April		0.19531		0.19531
May		0.19531		0.19531
June		0.19531		0.19531
Total	$	1.17186	$	1.17186

Note 11 - Share-based Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

Outstanding shares:	*Common Shares*

Balance at December 31, 2022		349,042
Granted		1,006,430
Forfeited		(11,401	)
Vested		(41,817	)
Balance at June 30, 2023		1,302,254

Note 12 - Segments (Tables)

6 Months Ended

Jun. 30, 2023

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

	*Three Months Ended June 30,*						*Six Months Ended June 30,*
	*2023*			*2022*			*2023*			*2022*
Office/Industrial Properties:
Rental, fees and other income	$	3,020,066		$	3,150,251		$	5,882,064		$	6,273,139
Property and related expenses		(1,202,243	)		(1,174,391	)		(2,662,932	)		(2,530,925	)
Net operating income, as defined		1,817,823			1,975,860			3,219,132			3,742,214
Model Home Properties:
Rental, fees and other income		1,022,041			696,964			1,877,161			1,407,292
Property and related expenses		(46,801	)		(25,440	)		(77,797	)		(53,208	)
Net operating income, as defined		975,240			671,524			1,799,364			1,354,084
Retail Properties:
Rental, fees and other income		480,001			471,344			938,868			1,224,685
Property and related expenses		(128,351	)		(145,951	)		(266,149	)		(358,538	)
Net operating income, as defined		351,650			325,393			672,719			866,147
Reconciliation to net income (loss):
Total net operating income, as defined, for reportable segments		3,144,713			2,972,777			5,691,215			5,962,445
General and administrative expenses		(1,813,184	)		(1,214,005	)		(3,777,804	)		(2,797,696	)
Depreciation and amortization		(1,368,829	)		(1,316,193	)		(2,702,403	)		(2,655,418	)
Interest expense		(1,336,415	)		(1,085,860	)		(2,204,182	)		(2,103,573	)
Other income (expense), net		398,085			93,128			1,140,201			166,733
Income tax expense		(349,074	)		(259,285	)		(497,527	)		(524,524	)
Gain on sale of real estate		1,119,952			1,227,484			1,537,289			2,750,269
Net income (loss)	$	(204,752	)	$	418,046		$	(813,211	)	$	798,236

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

	*June 30,*		*December 31,*
Assets by Reportable Segment:	*2023*		*2022*
Office/Industrial Properties:
Land, buildings and improvements, net (1)	$	75,552,573	$	76,400,983
Total assets (2)	$	76,832,793	$	79,057,998
Model Home Properties:
Land, buildings and improvements, net (1)	$	47,267,669	$	37,933,824
Total assets (2)	$	45,944,301	$	35,274,545
Retail Properties:
Land, buildings and improvements, net (1)	$	16,035,143	$	16,142,613
Total assets (2)	$	16,698,766	$	16,810,627
Reconciliation to Total Assets:
Total assets for reportable segments	$	139,475,860	$	131,143,170
Other unallocated assets:
Cash, cash equivalents and restricted cash		2,570,236		8,570,121
Other assets, net		37,005,592		151,638,363
Total Assets	$	179,051,688	$	291,351,654

Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block]

	*For the Six Months Ended June 30,*
Capital Expenditures by Reportable Segment	*2023*		*2022*
Office/Industrial Properties:
Capital expenditures and tenant improvements	$	905,132	$	832,990
Model Home Properties:
Acquisition of operating properties		12,932,128		4,646,330
Retail Properties:
Acquisition of operating properties		—		—
Capital expenditures and tenant improvements		96,704		—
Totals:
Acquisition of operating properties, net		12,932,128		4,646,330
Capital expenditures and tenant improvements		1,001,836		832,990
Total real estate investments	$	13,933,964	$	5,479,320

Note 1 - Organization (Details Textual) $ in Millions	6 Months Ended
Note 1 - Organization (Details Textual) $ in Millions	Jun. 30, 2023 USD ($)
Number of Limited Liability Companies	2
Number of Limited Partnerships in which Company is Sole General Partner	5
Future Principal Mortgage Notes Payables, Due	$ 3.8
Model Home Properties [Member]
Number of Limited Partnerships in which Company is Sole General Partner	5
Future Principal Mortgage Notes Payables, Due	$ 3.1
Commercial Property [Member]
Number of Real Estate Properties, Fee Simple	12
Commercial Property [Member] \| Partially Owned Properties [Member]
Number of Real Estate Properties, Fee Simple	2

Note 2 - Significant Accounting Policies (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Mar. 31, 2023	Dec. 31, 2022 USD ($)
Amortization of above and below Market Leases	$ 1,200	$ 13,700	$ 2,500	$ 27,400
Deferred Costs	1,500,000		1,500,000			$ 1,500,000
Operating Lease, Initial Direct Cost Expense, over Term	122,000	94,000	228,000	189,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	8,700,791		8,700,791			16,516,725
Restricted Cash	3,700,000		3,700,000			4,400,000
Cash, Uninsured Amount	$ 1,800,000		$ 1,800,000			8,800,000
Number of Model Homes, Held for Sale	4		4
Marketable Securities	$ 759,600		$ 759,600			797,749
Marketable Securities, Cost Basis	800,000		$ 800,000			900,000
Excise Tax Liability on Spac Redemptions, Percentage			1.00%
Excise Tax Liability on Spac Redemptions, Amount	1,140,683		$ 1,140,683
Common Class A [Member]
Stock Redeemed or Called During Period, Shares (in shares) \| shares			11,037,272
Stock Redeemed or Called During Period, Value			$ 114,068,280
Fair Value, Inputs, Level 1 [Member]
Cash Equivalents, at Carrying Value	23,300,000		23,300,000			136,900,000
Marketable Securities	800,000		800,000			$ 800,000
US Treasury Securities [Member]
Cash Equivalents, at Carrying Value	1,000,000.0		1,000,000.0
Lease Intangibles [Member]
Amortization of Intangible Assets	$ 4,400	$ 50,000	$ 8,800	$ 102,000
Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year)	1 year		1 year
Leasehold Improvements [Member] \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year)					10 years
Furniture and Fixtures [Member] \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year)	5 years		5 years
Furniture and Fixtures [Member] \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year)	1 year		1 year
SPAC, Murphy Canyon Acquisition Corp. [Member]
Equity Method Investment, Ownership Percentage					64.99%

Note 2 - Significant Accounting Policies - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive securities (in shares)	17,832,323	17,107,636	17,832,323	17,107,636
Common Stock Warrants [Member]
Antidilutive securities (in shares)	2,000,000	2,000,000	2,000,000	2,000,000
Placement Agent Warrants [Member]
Antidilutive securities (in shares)	80,000	80,000	80,000	80,000
Series A Warrants [Member]
Antidilutive securities (in shares)	14,450,069	14,450,069	14,450,069	14,450,069
Unvested Common Stock Grants [Member]
Antidilutive securities (in shares)	1,302,254	577,567	1,302,254	577,567

Note 3 - Recent Real Estate Transactions (Details Textual) $ in Millions		6 Months Ended
	Mar. 11, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Discontinued Operations, Disposed of by Sale [Member]
Number of Real Estate Properties		10	18
Proceeds from Sale of Real Estate		$ 5.0	$ 10.0
Gain (Loss) on Sale of Properties		$ 1.5	$ 3.0
Model Home [Member]
Number of Real Estate Properties		23	8
Real Estate Property, Consideration Transferred, Total		$ 12.9	$ 4.6
Payments to Acquire Residential Real Estate		3.9	1.4
Model Home [Member] \| Mortgage Notes [Member]
Notes Payable		$ 9.0	$ 3.2
Waterman Plaza [Member] \| Discontinued Operations [Member]
Proceeds from Sale of Real Estate	$ 10.0
Gain (Loss) on Sale of Properties	$ (0.3)

Note 4 - Real Estate Assets (Details Textual)	6 Months Ended
Note 4 - Real Estate Assets (Details Textual)	Jun. 30, 2023 ft² a	Mar. 31, 2023 ft²
Number of States Real Estate Property is Located	5
Number of Limited Partnerships in which Company is Sole General Partner	5
Number of Limited Liability Companies	2
NetREIT Palm Self-Storage LP [Member]
Noncontrolling Interest, Ownership Percentage by Parent	61.30%
Office/Industrial Properties [Member]
Area of Real Estate Property (Square Foot)		756,823
Retail Properties [Member]
Area of Real Estate Property (Square Foot)	65,242
Model Home [Member]
Number of Real Estate Properties	105
Area of Real Estate Property (Square Foot) \| a	319,236
Number of Limited Partnerships in which Company is Sole General Partner	5
Number of Limited Liability Companies	1
Industrial Buildings [Member] \| Office/Industrial Properties [Member]
Number of Real Estate Properties		1
Genesis Plaza [Member]
Percentage Beneficial Ownership in Property		76.40%
Genesis Plaza [Member] \| Tenant-in-common One [Member]
Percentage Ownership in Property	57.00%
Genesis Plaza [Member] \| Tenant-in-common Two [Member]
Percentage Ownership in Property	43.00%
COLOMBIA
Number of Real Estate Properties	5
NORTH DAKOTA
Number of Real Estate Properties	4
SOUTH DAKOTA
Number of Real Estate Properties	1
TEXAS
Number of Real Estate Properties	1
MARYLAND
Number of Real Estate Properties	1

Note 4 - Real Estate Assets - Summary of Properties Owned (Details) - USD ($)

6 Months Ended

Jun. 30, 2023

Dec. 31, 2022

$ 138,880,651

$ 130,512,230

Genesis Plaza [Member]

^[1]

San Diego, CA

^[1]

$ 7,733,468

7,995,980

Dakota Center [Member]

Fargo, ND

Grand Pacific Center [Member]

$ 8,765,789

8,569,537

Bismarck, ND

$ 5,336,520

5,228,006

Arapahoe Center [Member]

Centennial, CO

Union Town Center [Member]

$ 8,588,221

8,664,604

Colorado Springs, CO

West Fargo Industrial [Member]

$ 9,007,880

9,039,039

Fargo, ND

$ 6,781,836

6,893,292

The 300 N.P [Member]

Fargo, ND

Research Parkway [Member]

$ 2,835,104

2,899,694

Colorado Springs, CO

$ 2,289,133

2,319,588

One Park Centre [Member]

Westminster, CO

$ 7,785,463

7,991,809

Shea Center II [Member]

Highlands Ranch, CO

$ 19,172,919

19,501,998

Mandolin [Member]

^[2]

Houston, TX

^[2]

$ 4,738,129

4,783,985

Baltimore [Member]

Baltimore, MD

Presidio Property Trust, Inc. Properties [Member]

$ 8,578,520

8,690,874

Model Home Properties [Member]

$ 91,612,982

92,578,406

^[3]

AZ, FL, IL, TX, WI

Mortgage Notes Payable, net

^[3]

$ 47,267,669

$ 37,933,824

[1]	Genesis Plaza is owned by two tenants-in-common, each of which owns 57% and 43%, respectively, and we beneficially own an aggregate of 76.4%.
[2]	Mandolin is owned by NetREIT Palm Self-Storage LP, through its wholly owned subsidiary NetREIT Highland LLC, and the Company is the sole general partner and owns 61.3% of NetREIT Palm Self-Storage LP.
[3]	Includes Model Homes listed as held for sale as of March 31, 2023. and December 31, 2022, respectively.

Note 5 - Lease Intangibles (Details Textual) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Gross, Total	$ 4,110,139	$ 4,110,139
Below Market Lease, Net	15,753	18,240
Real Estate Assets Held for Sale [Member]
Finite-Lived Intangible Assets, Gross, Total	$ 0	$ 0

Note 5 - Lease Intangibles - Net Value of Other Intangibles (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Lease intangibles, gross	$ 4,110,139	$ 4,110,139
Accumulated Amortization	(4,064,073)	(4,055,310)
Lease Intangibles, net	46,066	54,829
Leases, Acquired-in-Place [Member]
Lease intangibles, gross	2,515,264	2,515,264
Accumulated Amortization	(2,490,125)	(2,485,234)
Lease Intangibles, net	25,139	30,030
Leasing Costs [Member]
Lease intangibles, gross	1,261,390	1,261,390
Accumulated Amortization	(1,240,463)	(1,236,591)
Lease Intangibles, net	20,927	24,799
Above Market Lease [Member]
Lease intangibles, gross	333,485	333,485
Accumulated Amortization	(333,485)	(333,485)
Lease Intangibles, net	$ 0	$ 0

Note 5 - Lease Intangibles - Amortization Expense (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
2023	$ 8,763
2024	17,526
2025	15,670
2026	4,107
Total	$ 46,066	$ 54,829

Note 6 - Other Assets (Details Textual)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Number of Publicly Traded REITs in which Common Shares are Owned	18	18
Number of Publicly Traded REITs in which Options are Owned	2	3
Investments, Fair Value Disclosure		$ 798,206
Derivative, Fair Value, Net	$ 395
Marketable Securities	759,600	797,749
Marketable Securities, Real Estate Investment Trust [Member] \| Covered Call Option Contract [Member]
Investments, Fair Value Disclosure	$ 759,995
Derivative, Fair Value, Net		$ 457

Note 6 - Other Assets - Other Assets (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Investment in marketable securities	$ 759,600	$ 797,749
Total other assets	16,831,150	23,968,241
Other Assets [Member]
Deferred rent receivable	1,881,839	1,641,831
Investment in marketable securities	759,600	797,749
Prepaid expenses, deposits and other	725,096	619,621
Notes receivable	316,374	316,374
Accounts receivable, net	447,490	67,780
Right-of-use assets, net	30,926	45,843
Other intangibles, net	0	22,483
Total other assets	$ 4,161,325	$ 3,511,681

Note 7 - Mortgage Notes Payable (Details Textual) $ in Millions	May 05, 2023 USD ($) ft²	Aug. 05, 2023	Jun. 30, 2023
Refinanced Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.35%
Debt Instrument, Face Amount	$ 3.8
Debt Instrument, Term (Year)	10 years
Construction Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.35%
Debt Instrument, Face Amount	$ 2.7
Debt Instrument, Term (Year)	10 years
Model Home [Member]
Number of Real Estate Properties Held for Sale			4
Model Home [Member] \| Mortgage Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		6.70%
Model Home [Member] \| Mortgage Notes [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage			2.50%
Model Home [Member] \| Mortgage Notes [Member] \| Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage			6.70%
Grand Pacific Center [Member]
Area of Real Estate Property (Square Foot) \| ft²	33,296

Note 7 - Mortgage Notes Payable - Mortgage Notes Payable (Details) - USD ($)

Jun. 30, 2023

Dec. 31, 2022

$ 103,338,959

$ 96,898,699

Mortgage Notes [Member]

Mortgage Notes [Member] | Dakota Center [Member]

104,183,226

97,751,655

Unamortized loan costs

(844,267)

(852,956)

$ 9,321,018

9,442,976

Mortgage Notes [Member] | Research Parkway [Member]

^[1]

4.74%

$ 1,618,782

1,648,237

Mortgage Notes [Member] | Arapahoe Center [Member]

^[1]

3.94%

$ 7,514,694

7,602,273

Mortgage Notes [Member] | Union Town Center [Member]

^[1]

4.34%

$ 7,948,249

8,025,300

Mortgage Notes [Member] | One Park Centre [Member]

^[1]

4.28%

$ 6,103,844

6,163,177

Mortgage Notes [Member] | Genesis Plaza [Member]

^[1]

4.77%

$ 5,996,779

6,055,682

Mortgage Notes [Member] | Shea Center II [Member]

^[1]

4.71%

$ 17,090,897

17,229,573

Mortgage Notes [Member] | West Fargo Industrial [Member]

^[1]

4.92%

^[2]

$ 3,969,781

4,030,297

Mortgage Notes [Member] | Grand Pacific Center [Member]

^[1],[2]

3.27%

^[3]

$ 3,816,980

3,496,330

Mortgage Notes [Member] | Baltimore [Member]

^[1],[3]

6.35%

$ 5,670,000

5,670,000

Mortgage Notes [Member] | Mandolin [Member]

^[1]

4.67%

$ 3,604,414

3,635,362

Mortgage Notes [Member] | Subtotal, Presidio Property Trust, Inc. Properties [Member]

^[1]

4.35%

Mortgage Notes [Member] | Model Home [Member]

$ 72,655,438

72,999,207

^[4]

$ 31,527,788

$ 24,752,448

[1]	Interest rates as of March 31, 2023.
[2]	Interest rate is subject to possible reset on August 5, 2023. The lender may, upon not less than sixty (60) days prior written notice to the Company, increase the interest rate effective on the August 5, 2023 and August 5, 2026, to the rate then being quoted by the lender for new three-year commercial mortgage loans of similar size and quality with like terms and security (provided that in no event shall the new rate be less than the initial rate).
[3]	Interest rate is subject to possible reset on September 1, 2023. The lender may, upon not less than sixty (60) days prior written notice to the Company, increase the interest rate effective on September 1, 2023 and September 1, 2030 to the rate then being quoted by the lender for new seven-year commercial mortgage loans of similar size and quality with like terms and security (provided that in no event shall the new rate be less than the initial rate).
[4]	As of March 31, 2023 there were six model homes included as real estate assets held for sale. Our model homes have stand-alone mortgage notes at interest rates ranging from 2.50% to 6.7% per annum as of March 31, 2023.

Note 7 - Mortgage Notes Payable - Scheduled Principal Payments of Mortgage Notes Payable (Details)	Jun. 30, 2023 USD ($)
2023	$ 3,801,562
2024	22,937,710
2025	39,301,091
2026	16,801,875
2027	445,419
Thereafter	20,895,569
Total	104,183,226
Presidio Property Trust, Inc Notes Payable [Member]
2023	704,249
2024	10,399,349
2025	28,773,463
2026	16,651,236
2027	294,780
Thereafter	15,832,361
Total	72,655,438
Model Home Properies Notes Payable [Member]
2023	3,097,313
2024	12,538,361
2025	10,527,628
2026	150,639
2027	150,639
Thereafter	5,063,208
Total	$ 31,527,788

Note 8 - Notes Payable (Details Textual) - USD ($)			1 Months Ended
Note 8 - Notes Payable (Details Textual) - USD ($)	Aug. 17, 2020	Apr. 22, 2020	Apr. 30, 2022	Mar. 31, 2022	Dec. 20, 2021	Sep. 03, 2021	Aug. 17, 2021
Refinanced NetREIT Promissory Notes [Member]
Proceeds from Short-Term Debt, Total			$ 3,700,000
Refinanced PPT Baltimore Promissory Note [Member]
Proceeds from Short-Term Debt, Total				$ 5,670,000
Majority Owned Subsidiary NetREIT Highland [Member] \| Promissory Note for the Acquisition of the Mandolin Property in Houston, Texas [Member]
Debt Instrument, Face Amount							$ 1,560,000
Debt Instrument, Interest Rate, Stated Percentage							4.00%
Repayments of Short-Term Debt, Total			$ 1,560,000
Majority Owned Subsidiary, PPT Baltimore [Member] \| Promissory Note Issued for Acquisition of Baltimore Property in Baltimore, MD [Member]
Debt Instrument, Face Amount					$ 5,650,000
Debt Instrument, Interest Rate, Stated Percentage					4.50%
Repayments of Short-Term Debt, Total				$ 5,650,000
Promissory Notes for the Refinancing of Four Model Home Properties in Texas and Wisconsin [Member] \| Majority Owned Subsidiary Dubose Model Home Investors 202 LP and 204 LP [Member]
Debt Instrument, Face Amount						$ 1,310,000
Promissory Notes for the Refinancing of Four Model Home Properties in Texas and Wisconsin [Member] \| Majority Owned Subsidiary Dubose Model Home Investors 202 LP and 204 LP [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage						3.00%
Promissory Notes for the Refinancing of Four Model Home Properties in Texas and Wisconsin [Member] \| Majority Owned Subsidiary Dubose Model Home Investors 202 LP and 204 LP [Member] \| Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage						5.50%
Economic Injury Disaster Loan [Member]
Proceeds from Issuance of Unsecured Debt	$ 150,000	$ 10,000

Note 9 - Commitments and Contingencies (Details Textual)					1 Months Ended	6 Months Ended
	Jan. 26, 2023 shares	Nov. 08, 2022 shares	Feb. 07, 2022 USD ($) $ / shares shares	Jan. 07, 2022 USD ($) shares	Feb. 28, 2023 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	May 11, 2023 USD ($)	Mar. 03, 2023 USD ($)	Mar. 01, 2023 shares
Capital Expenditures Incurred but Not yet Paid						$ 3,700,000
Murphy Canyon Acquisition Sponsor, LLC [Member]
Financing Receivable, after Allowance for Credit Loss						750,000
Murphy Canyon Acquisition Sponsor, LLC [Member] \| Maximum [Member]
Financing Receivable, after Allowance for Credit Loss									$ 1,500,000
Murphy Canyon Acquisition Sponsor, LLC [Member]
Intangible Assets, Net (Excluding Goodwill)								$ 5,000,001
Trust for the SPAC Class A Common Stockholders [Member]
Cash Withdrawn From Trust Account						114,100,000
Trust Account, Income Tax Withdraws					$ 200,050
Trust Account, Extension Payments					$ 155,403
Investments						23,300,000	$ 135,100,000
Investment Income, Net						$ 939,522
Trust Investment Income							$ 201,767
Annual Yield Return						0.97%
Debt, Weighted Average Interest Rate						4.77%
Common Class A [Member]
Stock Redeemed or Called During Period, Shares (in shares) \| shares						11,037,272
Stock Subject to Possible Redemption, Shares (in shares) \| shares										2,187,728
The “Merger Consideration” [Member]
Stock Redeemed or Called During Period, Shares (in shares) \| shares	11,037,272
The “Merger Consideration” [Member] \| Common Class A [Member]
Stock Issued During Period, Shares, Acquisitions (in shares) \| shares		65,000,000
SPAC, Initial Public Offering [Member] \| Murphy Canyon Acquisition Sponsor, LLC [Member]
Proceeds from Issuance of Common Stock			$ 132,250,000	$ 132,250,000
Noncontrolling Interest, Ownership Percentage by Parent				23.50%
Units Issued During Period, Units, New Issues (in shares) \| shares			13,225,000	132,250,000
SPAC Units, Composition, Number of Shares Per Unit (in shares) \| shares				1
SPAC, Placement Units, Number of Units Purchased (in shares) \| shares			754,000
SPAC, Placement Units, Price Per Share (in dollars per share) \| $ / shares			$ 10.00
SPAC, Purchase Units, Payments for the Purchase of Equity			$ 7,540,000
Stock Issuance Costs			7,738,161
Underwriting Discounts and Commission			2,645,000
Deferred Underwriting Fees			4,628,750
Other Equity Offering Costs			$ 464,411
SPAC, Initial Public Offering [Member] \| Murphy Canyon Acquisition Sponsor, LLC [Member] \| Director [Member]
SPAC Placement Units, Number of Units to be Transferred, Total (in shares) \| shares			45,000
SPAC Placement Units, Number of Units to be Transferred			15,000

Note 10 - Stockholders' Equity (Details Textual)						3 Months Ended		6 Months Ended		12 Months Ended	137 Months Ended
Note 10 - Stockholders' Equity (Details Textual)	Jul. 12, 2021 $ / shares shares	Jun. 17, 2021 USD ($) shares	Jun. 17, 2021 USD ($) shares	Jun. 15, 2021 USD ($) $ / shares shares	Jan. 23, 2012 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 shares	Sep. 15, 2022 USD ($)	Jan. 21, 2022 $ / shares shares	Sep. 17, 2021 USD ($)	Aug. 31, 2021 $ / shares shares
Preferred Stock, Shares Authorized (in shares)						1,000,000		1,000,000			1,000,000
Shares Issued, Price Per Share (in dollars per share) \| $ / shares					$ 19.00
Maximum Individual Common Stock Ownership, Percentage						9.80%		9.80%			9.80%
Stock Repurchased During Period, Value \| $								$ 211,872
Number of Limited Partnerships in which Company is Sole General Partner								5
Registered Shares of Common Stock Pursuant to Dividend Reinvestment Plan (in shares)					3,000,000
Common Stock, Percentage of Purchase Price Per Share					95.00%
Payment of Sales, Commission or Dealer Manager Fee \| $					$ 0
Notice Period for Amendments to Dividend Reinvestment Plan (Day)					30 days
Stock Issued During Period, Value, Dividend Reinvestment Plan \| $											$ 17,400,000
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares)											917,074
Commercial Property [Member] \| Partially Owned Properties [Member]
Number of Real Estate Properties						2		2			2
Class A Common Stock and Accompanying Common Stock Warrants [Member]
Shares Issued, Price Per Share (in dollars per share) \| $ / shares	$ 5.00
Class A Common Stock and Accompanying Pre-funded Warrants [Member]
Shares Issued, Price Per Share (in dollars per share) \| $ / shares	$ 4.99
Common Stock Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	2,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares	$ 5.50
Warrants and Rights Outstanding, Term (Year)	5 years
Pre-funded Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	1,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares	$ 0.01
Placement Agent Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)																80,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares																$ 6.25
Warrants and Rights Outstanding, Term (Year)																5 years
Class of Warrant or Right, Securities Called By Warrants or Rights, Percentage of Class of Stock																4.00%
Common Stock Warrants and Placement Agent Warrants [Member]
Class of Warrant or Right, Exercised During Period (in shares)										0
Series A Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares														$ 7.00
Warrants and Rights Outstanding, Term (Year)														5 years
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)														1
Series D Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)						1,000,000		1,000,000		1,000,000	1,000,000
Stock Issued During Period, Shares, New Issues (in shares)			920,000	800,000
Shares Issued, Price Per Share (in dollars per share) \| $ / shares				$ 25.00
Proceeds from Issuance of Preferred Stock and Preference Stock \| $			$ 20,500,000	$ 18,100,000
Preferred Stock, Dividend Rate, Percentage								9.375%
Preferred Stock, Liquidation Preference Per Share (in dollars per share) \| $ / shares						$ 25.00		$ 25.00		$ 25.00	$ 25.00
Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share) \| $ / shares								$ 2.34375
Preferred Stock, Number of Board of Directors Entitled to Vote if Dividends not Paid for 18 Monthly Dividend Periods						2		2			2
Preferred Stock, Percentage of Outstanding Shares Required to Authorize Senior Ranking Stock						66.67%		66.67%			66.67%
Preferred Stock, Redemption Price Per Share (in dollars per share) \| $ / shares						$ 25.00		$ 25.00			$ 25.00
Preferred Stock, Dividends Per Share, Declared (in dollars per share) \| $ / shares								$ 1.17186	$ 1.17186
Payments of Dividends \| $								$ 500,000
Stock Repurchase Program, Authorized Amount \| $													$ 4,000,000
Stock Repurchased During Period, Shares (in shares)								12,612		6,013
Stock Repurchased, Average Cost Per Share (in dollars per share) \| $ / shares								$ 16.80		$ 20.31
Stock Repurchased, Commission Per Share (in dollars per share) \| $ / shares								0.035		$ 0.035
Stock Repurchased During Period, Value \| $										$ 122,141
Series D Preferred Stock [Member] \| Monthly Dividends [Member]
Preferred Stock, Dividends Per Share, Declared (in dollars per share) \| $ / shares								$ 0.19531
Series D Preferred Stock [Member] \| Over-Allotment Option [Member]
Stock Issued During Period, Shares, New Issues (in shares)		120,000
Proceeds from Issuance of Preferred Stock and Preference Stock \| $		$ 2,700,000
Option to Purchase Additional Shares, Period (Day)				45 days
Common Class A [Member]
Stock Issued During Period, Shares, New Issues (in shares)	1,000,000
Payments of Dividends \| $						$ 300,000	$ 1,300,000	$ 600,000	$ 2,600,000
Common Stock, Shares Authorized (in shares)						100,000,000		100,000,000		100,000,000	100,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares						$ 0.01		$ 0.01		$ 0.01	$ 0.01
Common Stock, Shares, Issued, Total (in shares)						11,849,710		11,849,710		11,807,893	11,849,710
Stock Repurchase Program, Authorized Amount \| $													$ 6,000,000		$ 10,000,000
Stock Repurchased During Period, Shares (in shares)								0		196,631
Stock Repurchased, Average Cost Per Share (in dollars per share) \| $ / shares										$ 1.59
Stock Repurchased, Commission Per Share (in dollars per share) \| $ / shares										$ 0.035
Stock Repurchased During Period, Value \| $										$ 313,578
Common Class B [Member]
Common Stock, Shares Authorized (in shares)												1,000
Common Class C [Member]
Common Stock, Shares Authorized (in shares)						9,000,000		9,000,000			9,000,000
Common Stock, Shares, Issued, Total (in shares)						0		0			0
Common Stock, Number of Entitled Votes						1		1			1

Note 10 - Stockholders' Equity - Dividends Declared (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Common Class A [Member]
Cash Dividend Declared (in dollars per share)	$ 0.045	$ 0.211
Common Class A [Member] \| Dividends Declared, March 31 [Member]
Cash Dividend Declared (in dollars per share)	0.022	0.105
Common Class A [Member] \| Dividends Declared, June [Member]
Cash Dividend Declared (in dollars per share)	0.023	0.106
Series D Preferred Stock [Member]
Distributions Declared (in dollars per share)	1.17186	1.17186
Series D Preferred Stock [Member] \| Dividends Declared, January [Member]
Distributions Declared (in dollars per share)	0.19531	0.19531
Series D Preferred Stock [Member] \| Dividends Declared, June [Member]
Distributions Declared (in dollars per share)	0.19531	0.19531
Series D Preferred Stock [Member] \| Dividends Declared, February [Member]
Distributions Declared (in dollars per share)	0.19531	0.19531
Series D Preferred Stock [Member] \| Dividends Declared, March [Member]
Distributions Declared (in dollars per share)	0.19531	0.19531
Series D Preferred Stock [Member] \| Dividends Declared, April [Member]
Distributions Declared (in dollars per share)	0.19531	0.19531
Series D Preferred Stock [Member] \| Dividends Declared, May [Member]
Distributions Declared (in dollars per share)	$ 0.19531	$ 0.19531

Note 11 - Share-based Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 01, 2023	May 26, 2022	Jan. 23, 2012	Dec. 31, 2006
Shares Issued, Price Per Share (in dollars per share)								$ 19.00
Share-Based Payment Arrangement, Expense	$ 0.3		$ 0.5	$ 0.3	$ 0.6
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 2.4			$ 2.4
The 2017 Incentive Award Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)						3,500,000	2,500,000
Restricted Stock [Member]
Shares Issued, Price Per Share (in dollars per share)									$ 20.00
Minimum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		3 years
Minimum [Member] \| Nonvested Resctricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				1 year
Maximum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		10 years
Maximum [Member] \| Nonvested Resctricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				5 years

Note 11 - Share-based Incentive Plan - Summary of Activity for Restricted Stock (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2023 shares
Balance (in shares)	349,042
Granted (in shares)	1,006,430
Forfeited (in shares)	(11,401)
Vested (in shares)	(41,817)
Balance (in shares)	1,302,254

Note 12 - Segments (Details Textual)	6 Months Ended
Note 12 - Segments (Details Textual)	Jun. 30, 2023
Number of Reportable Segments	3

Note 12 - Segments - Operating Income by Segment (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Rental, fees and other income	$ 4,543,872		$ 4,320,860		$ 8,665,364	$ 8,894,001
Property and related expenses	(1,399,159)		(1,348,083)		(2,974,149)	(2,931,556)
General and administrative expenses	(1,813,184)		(1,214,005)		(3,777,804)	(2,797,696)
Depreciation and amortization	(1,368,829)		(1,316,193)		(2,702,403)	(2,655,418)
Interest expense	(1,336,415)		(1,085,860)		(2,204,182)	(2,103,573)
Other income (expense), net	398,085		93,128		1,140,201	166,733
Income tax expense	(349,074)		(259,285)		(497,527)	(524,524)
Gain on sale of real estate	1,119,952		1,227,484		1,537,289	2,750,269
Net income (loss)	(204,752)	$ (608,459)	418,046	$ 380,190	(813,211)	798,236
Operating Segments [Member]
Net operating income, as defined	3,144,713		2,972,777		5,691,215	5,962,445
Office/Industrial Properties [Member] \| Operating Segments [Member]
Rental, fees and other income	3,020,066		3,150,251		5,882,064	6,273,139
Property and related expenses	(1,202,243)		(1,174,391)		(2,662,932)	(2,530,925)
Net operating income, as defined	1,817,823		1,975,860		3,219,132	3,742,214
Model Home Properties [Member] \| Operating Segments [Member]
Rental, fees and other income	1,022,041		696,964		1,877,161	1,407,292
Property and related expenses	(46,801)		(25,440)		(77,797)	(53,208)
Net operating income, as defined	975,240		671,524		1,799,364	1,354,084
Retail Properties [Member] \| Operating Segments [Member]
Rental, fees and other income	480,001		471,344		938,868	1,224,685
Property and related expenses	(128,351)		(145,951)		(266,149)	(358,538)
Net operating income, as defined	$ 351,650		$ 325,393		$ 672,719	$ 866,147

Note 12 - Segments - Assets by Reportable Segment (Details) - USD ($)

Jun. 30, 2023

Dec. 31, 2022

Cash, cash equivalents and restricted cash

$ 179,051,688

$ 291,351,654

8,700,791

16,516,725

Other assets, net

16,831,150

23,968,241

Operating Segments [Member]

Segment Reconciling Items [Member]

139,475,860

131,143,170

Cash, cash equivalents and restricted cash

179,051,688

291,351,654

2,570,236

8,570,121

Other assets, net

37,005,592

151,638,363

Office/Industrial Properties [Member] | Operating Segments [Member]

Land, buildings and improvements, net

^[1]

75,552,573

76,400,983

Model Home Properties [Member] | Operating Segments [Member]

^[2]

76,832,793

79,057,998

Land, buildings and improvements, net

^[1]

47,267,669

37,933,824

Retail Properties [Member] | Operating Segments [Member]

^[2]

45,944,301

35,274,545

Land, buildings and improvements, net

^[1]

16,035,143

16,142,613