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Mortgage Notes Payable | 6 Months Ended
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Jun. 30, 2013
Mortgage Loans On Real Estate [Abstract] |
Mortgage Notes Payable Disclosure [Text Block] |
4. MORTGAGE NOTES PAYABLE |  |  |  |  |
Mortgage notes payable as of June 30, 2013 and December 31, 2012 consisted of the following:
| June 30, |  | December 31,
| 2013 |  | 2012
Mortgage note payable in monthly installments of $24,330 |  |  |  |  |
through July 1, 2016, including interest at a fixed rate of 6.51%; |  |  |  |  |
collateralized by the Havana/Parker Complex property. | $ | 3,119,976 |  | $ | 3,163,018
Mortgage note payable in monthly installments of $42,383 through April 5, |  |  |  |  |
2020, including interest at a fixed rate of 5.00%; collateralized by the leases |  |  |  |  |
and office buildings of the Garden Gateway Plaza property. (1) |  | 7,194,752 |  |  | 9,248,703
Mortgage note payable in monthly installments of $25,995 through September |  |  |  |  |
1, 2015, including interest at a fixed rate of 6.50%; collateralized by the |  |  |  |  |
Waterman Plaza Property |  | 3,500,747 |  |  | 3,542,157
Mortgage note payable in monthly installments of $28,865 through March 1, |  |  |  |  |
2034, including interest at a variable rate ranging from 5.5% to 10.5%; |  |  |  |  |
with a current rate of 5.5% collateralized by the Sparky’s Thousand Palms |  |  |  |  |
Self-Storage property. |  | 4,271,705 |  |  | 4,326,536
Mortgage note payable in monthly installments of $5,171 through December |  |  |  |  |
18, 2022, including interest at a variable rate of currently of 4.75%; |  |  |  |  |
through December 20, 2020 indexed to the 5 year Interest Rate Swap rate; |  |  |  |  |
collateralized by the Sparky’s Hesperia East Self-Storage property. (2) |  | 898,470 |  |  | 1,666,713
Mortgage note payable in monthly installments of $17,226 through |  |  |  |  |
May 3, 2012, including interest at a fixed rate of 5.00%; monthly installments |  |  |  |  |
of $19,323 from June 3, 2012, including interest at 4.75% |  |  |  |  |
to maturity, or May 15, 2023; collateralized by the Sparky’s Rialto |  |  |  |  |
Self-Storage property. (3) |  | 2,189,387 |  |  | 2,512,003
Mortgage note payable in monthly installments of $6,638 through July 1, |  |  |  |  |
2018, including interest at a fixed rate of 5.80%; collateralized |  |  |  |  |
by the Casa Grande Apartment property (1). |  | - |  |  | 1,020,943
Mortgage note payable in monthly installments of $28,219 through |  |  |  |  |
September 1, 2015, including interest at a fixed rate of 4.65%; |  |  |  |  |
collateralized by the Genesis Plaza property. |  | 4,679,258 |  |  | 4,738,967
Mortgage note payable in monthly installments of $26,962 through July 1, |  |  |  |  |
2025, including interest at a fixed rate of 5.79% through July 1, 2018; |  |  |  |  |
collateralized by the Executive Office Park property. |  | 4,479,110 |  |  | 4,511,736
Mortgage note payable in monthly installments sufficient to amortize the note |  |  |  |  |
on a 25 year schedule and the current month interest charge (currently, |  |  |  |  |
approximately $36,200), interest at a variable rate of 3.0% over the one month |  |  |  |  |
libor with a floor of 5.75% (current rate) and a ceiling of 9.75% through |  |  |  |  |
May 31, 2016; collateralized by the Dakota Bank Building property. |  | 5,474,970 |  |  | 5,532,953
Mortgage note payable in monthly installments of $23,919 through April 11, |  |  |  |  |
2015, including interest at a fixed rate of 5.62%; collateralized |  |  |  |  |
by the Yucca Valley Retail Center. |  | 3,150,134 |  |  | 3,203,262
Mortgage note payable in monthly installments of $9,858 through January 1, |  |  |  |  |
2019, including interest at a fixed rate of 4.95%; collateralized |  |  |  |  |
by the Rangewood Medical Office Building. |  | 1,185,187 |  |  | 1,214,819
Mortgage note payable in monthly installments of $7,562 through January 1, |  |  |  |  |
2019, including interest at a fixed rate of 4.95%; collateralized |  |  |  |  |
by Regatta Square. |  | 1,258,723 |  |  | 1,272,994
Mortgage note payable in monthly installments of $61,573 through March 5, |  |  |  |  |
2020, including interest at a fixed rate of 4.75%; |  |  |  |  |
collateralized by the Port of San Diego Complex. (1) |  | 10,724,261 |  |  | 9,185,400
Mortgage note payable in monthly installments of $13,896 through June 1, |  |  |  |  |
2021, including interest at a fixed rate of 4.5% subject to reseting at the 3rd |  |  |  |  |
and 6th anniversary to the lender's current rate on similar loans; |  | 2,439,582 |  |  | 2,468,148
collateralized by the Morena Office Center. |  |  |  |  |
Mortgage note payable in monthly installments of $9,450 through June 1, |  |  |  |  |
2021, including interest at a fixed rate of 4.5% subject to reseting at the 3rd |  |  |  |  |
and 6th anniversary to the lender's current rate on similar loans; |  | 1,658,905 |  |  | 1,678,335
collateralized by the Pacific Oaks Plaza. |  |  |  |  |
Mortgage note payable in monthly installments of $26,043 through June 1, |  |  |  |  |
2022, including interest at a fixed rate of 5.1% subject to reseting at the 3rd |  |  |  |  |
and 6th anniversary to the lender's current rate on similar loans; |  | 4,013,554 |  |  | 4,067,514
collateralized by the Shoreline Medical Office Building. |  |  |  |  |
Mortgage note payable in monthly installments of $42,788 through December |  |  |  |  |
6, 2022, including interest at a fixed rate of 4.7%; collateralized by |  | 8,176,901 |  |  | 8,250,000
Sparky's Palm, Joshua and Sunrise Self-Storage properties. |  |  |  |  |
Mortgage note payable in monthly installments of $36,701 through January |  |  |  |  |
6, 2015, including interest at a fixed rate of 5.6%; collateralized by |  | 5,554,609 |  |  | 5,617,671
The Presidio. |  |  |  |  |
Mortgage note payable in monthly installments of $13,200 through |  |  |  |  |
June 1, 2020, including interest at a fixed rate of 5.0%; collateralized by |  |  |  |  |
Sparky's Lancaster Self- Storage. |  | 1,995,133 |  |  | -
Subtotal, NetREIT, Inc. properties |  | 75,965,364 |  |  | 77,221,872
Mortgage notes payable in monthly installments of $20,588; maturity date of |  |  |  |  |
February 10, 2014, including interest at a fixed rate of 5.50%; |  |  |  |  |
collateralized by 7 Model Home properties. |  | 1,552,340 |  |  | 1,628,170
Mortgage notes payable in monthly installments of $2,250; maturity date of |  |  |  |  |
September 15, 2015, including interest at a fixed rate of 5.75%; |  |  |  |  |
collateralized by 2 Model Home properties. |  | 236,827 |  |  | 407,480
Mortgage notes payable in monthly installments of $14,104 maturity date of |  |  |  |  |
December 15, 2015, including interest at a fixed rate of 5.75%; |  |  |  |  |
collateralized by 12 Model Home properties. |  | 1,243,768 |  |  | 1,545,578
Mortgage notes payable in monthly installments of $15,683, maturities |  |  |  |  |
varying from February 15, 2016 to August 15, 2016, including |  |  |  |  |
interest at fixed rates from 5.75%, to 6.30%; collateralized by 12 |  |  |  |  |
Model Home properties. |  | 1,231,164 |  |  | 1,723,047
Mortgage notes payable in monthly installments of $35,594; maturity dates |  |  |  |  |
of April 15, 2017 through June 15, 2017; including interest at fixed rate |  |  |  |  |
of 5.50%; collateralized by 16 Model Home properties. |  | 3,466,735 |  |  | 4,238,005
Mortgage notes payable in monthly installments of $14,732; maturity dates |  |  |  |  |
of December 15, 2017; including interest at fixed rate of 5.00%; |  |  |  |  |
collateralized by 13 Model Home properties. |  | 1,820,368 |  |  | 1,860,887
Mortgage notes payable in monthly installments of $33,298; maturity dates |  |  |  |  |
of June 30, 2013 through January 15, 2018; including interest at fixed |  |  |  |  |
rate of 5.50% to 5.84%; collateralized by 15 Model Home properties. |  | 3,276,744 |  |  | 3,855,324
Mortgage notes payable in monthly installments of $2,864; maturity date |  |  |  |  |
of January 15, 2018; including interest at fixed rate of 5.00%; |  |  |  |  |
collateralized by 2 Model Home properties. |  | 206,658 |  |  | -
Mortgage notes payable in monthly installments of $2,642; maturity date |  |  |  |  |
of January 15, 2018; including interest at fixed rate of 5.00%; |  |  |  |  |
collateralized by 2 Model Home properties. |  | 315,790 |  |  | -
|  | 13,350,394 |  |  | 15,258,491
| $ | 89,315,758 |  | $ | 92,480,363
These notes were refinanced and extended in early 2013. The refinancings included a paydown on the Garden Gateway note and an increase in the mortgage note secured by the Port of San Diego Complex. Paydown only. Paydown, interest rate reduction, and an extended maturity date. T he Company is in compliance with all conditions and covenants of its mortgage notes payable. Scheduled principal payments of mortgage notes payable as of June 30, 2013 is as follows:
|  |  |  |  |  | Model Home |  |  |
|  |  | NetREIT, Inc. |  |  | Properties |  |  | Scheduled
|  |  | Principal |  |  | Principal |  |  | Principal
Years Ending: |  |  | Payments |  |  | Payments |  |  | Payments
Six month period ending December 31,2013 |  | $ | 884,454 |  | $ | 568,298 |  | $ | 1,452,752
2014 |  |  | 1,819,793 |  |  | 2,063,262 |  |  | 3,883,055
2015 |  |  | 16,411,563 |  |  | 1,857,650 |  |  | 18,269,213
2016 |  |  | 9,352,108 |  |  | 1,699,749 |  |  | 11,051,857
2017 |  |  | 999,326 |  |  | 6,819,555 |  |  | 7,818,881
Thereafter |  |  | 46,498,120 |  |  | 341,880 |  |  | 46,840,000
Total |  | $ | 75,965,364 |  | $ | 13,350,394 |  | $ | 89,315,758

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