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Real Estate Assets and Lease Intangibles (Tables)
 12 Months Ended
Dec. 31, 2013
Real Estate Assets and Lease Intangibles [Abstract]  
Real Estate Properties Owned
A summary of the properties owned by the Company as of December 31, 2013 is as follows:

Property Name
Date Acquired
Location
 
Square Footage
 
Property Description
 
Real Estate Assets, Net (in thousands)
 
Havana/Parker Complex
June 2006
Aurora, Colorado
  
114,000
 
Office
 
$
3,510.2
 
Garden Gateway Plaza
March 2007
Colorado Springs, Colorado
  
115,052
 
Office
  
12,390.9
 
World Plaza
September 2007
San Bernardino, California
  
55,098
 
Retail
  
6,700.2
 
Regatta Square
October 2007
Denver, Colorado
  
5,983
 
Retail
  
1,936.1
 
Sparky's Palm Self-Storage
November 2007
Highland, California
  
50,250
 
Self-Storage
  
4,376.4
 
Sparky's Joshua Self-Storage
December 2007
Hesperia, California
  
149,750
 
Self-Storage
  
6,815.3
 
Executive Office Park
July 2008
Colorado Springs, Colorado
  
65,084
 
Office
  
8,401.3
 
Waterman Plaza
August 2008
San Bernardino, California
  
21,170
 
Retail
  
6,128.9
 
Pacific Oaks Plaza
September 2008
Escondido, California
  
16,000
 
Office
  
4,354.9
 
Morena Office Center
January 2009
San Diego, California
  
26,784
 
Office
  
5,666.6
 
Fontana Medical Plaza
February 2009
Fontana, California
  
10,500
 
Office
  
1,977.3
 
Rangewood Medical Office Building
March 2009
Colorado Springs, Colorado
  
18,222
 
Office
  
2,255.8
 
Sparky's Thousand Palms Self-Storage
August 2009
Thousand Palms, California
  
113,126
 
Self-Storage
  
5,544.9
 
Sparky's Hesperia East Self-Storage
December 2009
Hesperia, California
  
72,940
 
Self-Storage
  
2,656.4
 
Sparky's Rialto Self-Storage
May 2010
Rialto, California
  
101,343
 
Self-Storage
  
4,784.3
 
Genesis Plaza
August 2010
San Diego, California
  
57,685
 
Office
  
8,860.5
 
Dakota Bank Buildings
May 2011
Fargo, North Dakota
  
119,749
 
Office
  
9,797.9
 
Yucca Valley Retail Center
September 2011
Yucca Valley, California
  
103,596
 
Retail
  
7,166.1
 
Sparky's Sunrise Self-Storage
December 2011
Hesperia, California
  
93,851
 
Self-Storage
  
2,165.6
 
Port of San Diego Complex
December 2011
San Diego, California
  
146,700
 
Industrial
  
14,134.0
 
Shoreline Medical Building
May 2012
Half Moon Bay, California
  
15,335
 
Office
  
6,131.6
 
The Presidio
November 2012
Colorado Springs, Colorado
  
80,800
 
Office
  
6,977.2
 
Sparky's Lancaster Self-Storage
May 2013
Lancaster, CA
  
71,000
 
Self-Storage
  
3,629.5
 
 
 
 
    
 
    
 NetREIT, Inc. properties
 
 
    
 
  
136,361.9
 
 
 
   
 
Homes
 
 
    
Model Home properties held in limited partnerships
Various in 2009-2013
CA, AZ, WA, TX, SC, NC and NJ
  
61
 
Residential
  
17,150.0
 
 
 
 
    
 
    
Model Home properties held in income and investment funds
Various in 2003-2008, 2010 - 2013
CA, AZ, TX, SC, PA, NJ
  
16
 
Residential
  
5,943.3
 
 
 
 
    
 
    
 Model Home properties
 
 
    
 
  
23,093.3
 
 
 
 
    
 
    
 
  
Total real estate assets and lease intangibles, net
 
$
159,455.2
 

A summary of the properties owned by the Company as of December 31, 2012 is as follows:

Property Name
Date Acquired
Location
 
Square Footage
 
Property Description
 
Real Estate Assets, Net (in thousands)
 
Casa Grande Apartments
April 1999
Cheyenne, Wyoming
  
29,250
 
Residential
 
$
1,381.4
 
Havana/Parker Complex
June 2006
Aurora, Colorado
  
114,000
 
Office
  
5,262.9
 
Garden Gateway Plaza
March 2007
Colorado Springs, Colorado
  
115,052
 
Office
  
12,507.2
 
World Plaza
September 2007
San Bernardino, California
  
55,098
 
Retail
  
6,852.5
 
Regatta Square
October 2007
Denver, Colorado
  
5,983
 
Retail
  
1,977.6
 
Sparky's Palm Self-Storage
November 2007
Highland, California
  
50,250
 
Self-Storage
  
4,486.8
 
Sparky's Joshua Self-Storage
December 2007
Hesperia, California
  
149,750
 
Self-Storage
  
6,983.5
 
Executive Office Park
July 2008
Colorado Springs, Colorado
  
65,084
 
Office
  
8,544.2
 
Waterman Plaza
August 2008
San Bernardino, California
  
21,170
 
Retail
  
6,280.3
 
Pacific Oaks Plaza
September 2008
Escondido, California
  
16,000
 
Office
  
4,430.2
 
Morena Office Center
January 2009
San Diego, California
  
26,784
 
Office
  
5,887.0
 
Fontana Medical Plaza
February 2009
Fontana, California
  
10,500
 
Office
  
2,052.5
 
Rangewood Medical Office Building
March 2009
Colorado Springs, Colorado
  
18,222
 
Office
  
2,335.1
 
Sparky's Thousand Palms Self-Storage
August 2009
Thousand Palms, California
  
113,126
 
Self-Storage
  
5,688.7
 
Sparky's Hesperia East Self-Storage
December 2009
Hesperia, California
  
72,940
 
Self-Storage
  
2,693.6
 
Sparky's Rialto Self-Storage
May 2010
Rialto, California
  
101,343
 
Self-Storage
  
4,882.0
 
Genesis Plaza
August 2010
San Diego, California
  
57,685
 
Office
  
9,161.5
 
Dakota Bank Buildings
May 2011
Fargo, North Dakota
  
119,749
 
Office
  
8,732.6
 
Yucca Valley Retail Center
September 2011
Yucca Valley, California
  
103,596
 
Retail
  
7,503.1
 
Sparky's Sunrise Self-Storage
December 2011
Hesperia, California
  
93,851
 
Self-Storage
  
2,195.8
 
Port of San Diego Complex
December 2011
San Diego, California
  
146,700
 
Industrial
  
14,275.1
 
Shoreline Medical Building
May 2012
Half Moon Bay, California
  
15,335
 
Office
  
6,269.6
 
The Presidio
November 2012
Aurora, Colorado
  
80,800
 
Office
  
7,237.8
 
 
 
 
    
 
    
NetREIT, Inc. properties
 
 
    
 
  
137,621.0
 
 
 
   
 
Homes
 
 
    
Model Home properties held in limited partnerships
Various in 2009-2012
CA, AZ, WA, TX, SC, NC and NJ
  
74
 
Residential
  
21,552.2
 
 
 
 
    
 
    
Model Home properties held in income and investment funds
Various in 2003-2008, 2010 & 2011
CA, AZ, TX, SC, PA, NJ
  
18
 
Residential
  
6,465.5
 
 
 
 
    
 
    
Model Home properties
 
 
    
 
  
28,017.7
 
 
 
 
    
 
    
 
  
Total real estate assets and lease intangibles, net
 
$
165,638.7
 
Components of Real Estate Assets
The following table sets forth the components of the Company's real estate assets:

 
 
December 31, 2013
  
December 31, 2012
 
Land
 
$
41,882,217
  
$
41,617,925
 
Buildings and other
  
128,085,648
   
130,471,526
 
Tenant improvements
  
7,344,151
   
7,112,494
 
Lease intangibles
  
4,569,854
   
4,569,854
 
 
  
181,881,870
   
183,771,799
 
Less:
        
Accumulated depreciation and amortization
  
(22,426,708
)
  
(18,133,080
)
Real estate assets, net
 
$
159,455,162
  
$
165,638,719
 
Properties Acquired and Sold
The Company allocated the purchase price of the properties acquired during the year ended December 31, 2013 as follows:

 
Land
 
Buildings and other
 
Total Purchase Price
 
 
 
 
 
Sparky's Lancaster Self-Storage
 
$
949,000
  
$
2,701,000
  
$
3,650,000
 
Model Home Properties
  
713,630
   
345,759
   
1,059,389
 
 
The Company allocation of the properties sold during the year ended December 31, 2013 is as follows:

 
 
Land
  
Buildings and other
  
Total Cost
 
 
 
  
  
 
Model Home Properties
 
$
1,183,379
  
$
7,743,608
  
$
8,926,987
 
Casa Grande Apartments
  
220,572
   
1,190,822
   
1,411,394
 

The Company allocated the purchase price of the properties acquired during the year ended December 31, 2012 as follows:
 
 
 
Land
  
Buildings and other
  
Tenant Improve-ments
  
In-place Leases
  
Leasing Costs
  
Total Purchase
Price
 
 
 
  
  
  
  
  
 
Rite Aid
 
$
366,000
  
$
759,000
  
$
-
  
$
-
  
$
-
  
$
1,125,000
 
Shoreline Medical Building
  
1,820,000
   
4,311,000
   
-
   
83,000
   
136,000
   
6,350,000
 
The Presidio
  
1,325,000
   
4,969,400
   
816,500
   
27,400
   
136,700
   
7,275,000
 
Model Home Properties
  
1,923,852
   
15,214,443
   
-
   
-
   
-
   
17,138,295
 
 
The Company allocation of the properties sold during the year ended December 31, 2012 is as follows:
 
 
 
Land
  
Buildings and other
  
Total Cost
 
 
 
  
  
 
Model Home Properties
 
$
1,213,417
  
$
8,196,975
  
$
9,410,392
 
Rialto land
  
159,775
   
-
   
159,775
 
7-Eleven
  
553,359
   
714,680
   
1,268,039
 
Net Value of Other Intangible Assets
Lease Intangibles

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

 
 
December 31, 2013
  
December 31, 2012
 
 
 
Lease intangibles
  
Accumulated
amortization
  
Lease intangibles, net
  
Lease intangibles
  
Accumulated
amortization
  
Lease intangibles, net
 
In-place leases
 
$
2,015,459
  
$
(1,493,808
)
 
$
521,651
  
$
2,015,459
  
$
(1,229,792
)
 
$
785,667
 
Leasing costs
  
1,448,985
   
(999,444
)
  
449,541
   
1,448,985
   
(807,816
)
  
641,169
 
Tenant relationships
  
332,721
   
(332,721
)
  
-
   
332,721
   
(332,721
)
  
-
 
Below-market leases
  
(841,425
)
  
65,463
   
(775,962
)
  
(841,425
)
  
37,415
   
(804,010
)
Above-market leases
  
1,614,114
   
(1,018,516
)
  
595,598
   
1,614,114
   
(821,947
)
  
792,167
 
 
 
$
4,569,854
  
$
(3,779,026
)
 
$
790,828
  
$
4,569,854
  
$
(3,154,861
)
 
$
1,414,993
 
Estimated Aggregate Amortization Expense for Five Succeeding Fiscal Years and Thereafter
As of December 31, 2013, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows:

 
 
Estimated Aggregate Amortization Expense
 
2014
 
$
532,314
 
2015
  
388,282
 
2016
  
157,215
 
2017
  
53,591
 
2018
  
31,265
 
Thereafter (principally below market rent amortization)
  
(371,839
)
 
 
$
790,828