Leases office and industrial properties to businesses, model homes to homebuilders, and retail space to commercial tenants.
10-K for FY2025, filed Mar 27, 2026
Commercial tenants and homebuilders pay rent to use the properties over their lease terms; commercial tenants also reimburse recoverable operating expenses.
10-K for FY2025, filed Mar 27, 2026Most of our office and retail properties are leased to a variety of tenants ranging from small businesses to large public companies, many…View ↗
Revenue Recognition and Accounts Receivables. We recognize minimum rent, including rental abatements, lease incentives and contractual…View ↗
We record property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable…View ↗
10-K for FY2025, filed Mar 27, 2026
FY2025 revenue by reportable segment ↗$16.8M
10-K for FY2025, filed Mar 27, 2026
$16.8M ↗| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Retail Properties
Recurring
|
3.2%
FY2022: 13%
|
Retail Properties, FY2025
$544K Sources
|
Recurring |
|
Office/Industrial Properties
Recurring
10-K for FY2025, filed Mar 27, 2026 |
73%
FY2022: 72%
|
Office/Industrial Properties, FY2025
$12.2M Sources
|
Recurring |
|
Model Home Properties
Recurring
10-K for FY2025, filed Mar 27, 2026 |
24%
FY2022: 16%
|
Model Home Properties, FY2025
$4M Sources
|
Recurring |
Small businesses and large public companies lease commercial space; homebuilders sell model homes to the company and lease them back under triple-net leases.
10-K for FY2025, filed Mar 27, 2026
No. It lost $8.3M in FY2025.
10-K for FY2025, filed Mar 27, 2026
10-Q for Q2 FY2026, filed Aug 13, 2026
−$3.8MView ↗
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
Shrinking. Revenue fell 13% in 4 years, from $19.2M in FY2021 to $16.8M in FY2025, about 3% a year.
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