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Mortgage Notes Payable | 12 Months Ended
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Dec. 31, 2013
Mortgage Notes Payable [Abstract] |
Mortgage Notes Payable | 4. MORTGAGE NOTES PAYABLE Mortgage notes payable as of December 31, 2013 and December 31, 2012 consisted of the following:
|  | December 31, 2013 |  |  | December 31, 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. (1) |  | $ | 3,098,780 |  |  | $ | 3,163,018 |
Mortgage note payable in monthly installments of $42,383 through February 5, 2020, including interest at a fixed rate of 5.00%; collateralized by the leases and office buildings of the Garden Gateway Plaza property. |  |  | 7,119,544 |  |  |  | 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 |  |  | 3,457,973 |  |  |  | 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. |  |  | 4,215,349 |  |  |  | 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%; indexed to the 5 year Interest Rate Swap rate; collateralized by the Sparky's Hesperia East Self-Storage property. |  |  | 890,774 |  |  |  | 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 3, 2023; collateralized by the Sparky's Rialto Self-Storage property. |  |  | 2,166,791 |  |  |  | 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. |  |  | - |  |  |  | 1,020,943 |
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. |  |  | 4,618,147 |  |  |  | 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. |  |  | 4,447,699 |  |  |  | 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. |  |  | 5,417,950 |  |  |  | 5,532,953 |
Mortgage note payable in monthly installments of $23,919 through May 11, 2015, including interest at a fixed rate of 5.62%; collateralized by the Yucca Valley Retail Center. |  |  | 3,095,974 |  |  |  | 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. |  |  | 1,155,305 |  |  |  | 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. |  |  | 1,244,615 |  |  |  | 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. |  |  | 10,608,385 |  |  |  | 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 resetting at the 3rd and 6th anniversary to the lender's current rate on similar loans; collateralized by the Morena Office Center. |  |  | 2,411,282 |  |  |  | 2,468,148 |
Mortgage note payable in monthly installments of $9,450 through June 1, 2021, including interest at a fixed rate of 4.5% subject to resetting at the 3rd and 6th anniversary to the lender's current rate on similar loans; collateralized by the Pacific Oaks Plaza. |  |  | 1,639,658 |  |  |  | 1,678,335 |
Mortgage note payable in monthly installments of $26,043 through June 1, 2022, including interest at a fixed rate of 5.1% subject to resetting at the 3rd and 6th anniversary to the lender's current rate on similar loans; collateralized by the Shoreline Medical Office Building. |  |  | 3,959,914 |  |  |  | 4,067,514 |
Mortgage note payable in monthly installments of $42,788 through December 6, 2022, including interest at a fixed rate of 4.7%; collateralized by Sparky's Palm, Joshua and Sunrise Self-Storage properties. |  |  | 8,116,028 |  |  |  | 8,250,000 |
Mortgage note payable in monthly installments of $36,701 through January 6, 2015, including interest at a fixed rate of 5.6%; collateralized by The Presidio. |  |  | 5,492,375 |  |  |  | 5,617,671 |
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. |  |  | 1,965,504 |  |  |  | - |
Mortgage note payable in monthly installments of $11,479 through August 28, 2019, including interest at a fixed rate of 4.75%; collateralized by the Fontana Medical Plaza |  |  | 1,990,880 |  |  |  | - |
Subtotal, NetREIT, Inc. properties |  |  | 77,112,927 |  |  |  | 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.(2) |  |  | 1,222,266 |  |  |  | 1,628,170 |
Mortgage notes payable in monthly installments of $7,490; maturity date of September 15, 2015, including interest at a fixed rate of 5.75%; collateralized by 7 Model Home properties. |  |  | 778,823 |  |  |  | 407,480 |
Mortgage notes payable in monthly installments of $6,016 maturity date of December 15, 2015, including interest at a fixed rate of 5.75%; collateralized by 7 Model Home properties. |  |  | 639,007 |  |  |  | 1,545,578 |
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 15 Model Home properties. |  |  | 3,212,444 |  |  |  | 1,723,047 |
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. |  |  | 1,777,808 |  |  |  | 4,238,005 |
Mortgage notes payable in monthly installments of $14,561; maturity dates of December 15, 2017; including interest at fixed rate of 5.00%; collateralized by 10 Model Home properties. |  |  | 1,343,658 |  |  |  | 1,860,887 |
Mortgage notes payable in monthly installments of $4,691; maturity dates of January 15, 2018 through December 15, 2018; including interest at fixed rate of 5.07% to 5.50%; collateralized by 4 Model Home properties. |  |  | 593,505 |  |  |  | 3,855,324 |
Mortgage notes payable in monthly installments of $28,658; maturity dates of June 30, 2014 through January 15, 2018; including interest at fixed rate of 5.50% to 5.84%; collateralized by 14 Model Home properties. |  |  | 2,871,286 |  |  |  | - |
|  |  | 12,438,797 |  |  |  | 15,258,491 |
|  | $ | 89,551,724 |  |  | $ | 92,480,363 |
(1) | The Company is in technical default on this mortgage note payable while negotiating to have the terms modified by the lender. On March 4, 2014, the Company received legal notice from the lender of foreclosure proceedings (Note 10).
(2) | The Company is working with the lender to have the maturity date extended. The lender has a history of extending terms to coincide with the sale of the property securing the debt.
Except as noted above, the Company is in compliance with all conditions and covenants of its mortgage notes payable. Scheduled principal payments of mortgage notes payable as of December 31, 2013 is as follows:
Years Ending: |  | NetREIT, Inc. Principal Payments |  |  | Model Home Properties Principal Payments |  |  | Scheduled Principal Payments |
2014 |  | $ | 1,865,642 |  |  | $ | 1,954,058 |  |  | $ | 3,819,700 |
2015 |  |  | 16,461,854 |  |  |  | 2,547,020 |  |  |  | 19,008,874 |
2016 |  |  | 9,425,528 |  |  |  | 7,937,719 |  |  |  | 17,363,247 |
2017 |  |  | 1,411,509 |  |  |  | - |  |  |  | 1,411,509 |
2018 |  |  | 6,214,376 |  |  |  | - |  |  |  | 6,214,376 |
Thereafter |  |  | 41,734,018 |  |  |  | - |  |  |  | 41,734,018 |
Total |  | $ | 77,112,927 |  |  | $ | 12,438,797 |  |  | $ | 89,551,724 |

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