Note 4 - Cost of Construction and Constructed Assets

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Cost of Construction and Constructed Assets [Text Block]

4. Cost of Construction and Constructed Assets

The Company’s portfolio as of March 31, 2023 includes the following completed and in-development projects:

● Sugar Land Regional Airport (“SGR”), Sugar Land, TX (Houston area);

● Miami-Opa Locka Executive Airport (“OPF”), Opa-Locka, FL (Miami area);

● Nashville International Airport (“BNA”), Nashville, TN;

● Centennial Airport (“APA”), Englewood, CO (Denver area);

● Phoenix Deer Valley Airport (“DVT”), Phoenix, AZ; and

● Addison Airport (“ADS”), Addison, TX (Dallas area).

Constructed assets, net, and cost of construction, consists of the following:

	March 31, 2023			December 31, 2022
Constructed assets, net of accumulated depreciation:
Buildings, SGR (Phase I), BNA, and OPF (Phase I)	$	80,123		$	40,921
Accumulated depreciation		(1,604	)		(1,212	)
	$	78,519		$	39,709
Cost of construction:
OPF (Phase II), APA, DVT, and ADS	$	17,568		$	48,242

Depreciation expense for the three months ended March 31, 2023 and 2022 totaled $392 and $135, respectively.