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Real Estate Assets and Lease Intangibles (Tables) | 3 Months Ended
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Mar. 31, 2014
Real Estate Assets and Lease Intangibles [Abstract] |
Real Estate Properties Owned | A summary of the properties owned by the Company as of March 31, 2014 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 |  | $ | 3,435.0 |
Garden Gateway Plaza | March 2007 | Colorado Springs, Colorado |  |  | 115,052 |  | Office |  |  | 12,408.1 |
World Plaza | September 2007 | San Bernardino, California |  |  | 55,098 |  | Retail |  |  | 6,649.1 |
Regatta Square | October 2007 | Denver, Colorado |  |  | 5,983 |  | Retail |  |  | 1,926.5 |
Sparky's Palm Self-Storage | November 2007 | Highland, California |  |  | 50,250 |  | Self-Storage |  |  | 4,348.8 |
Sparky's Joshua Self-Storage | December 2007 | Hesperia, California |  |  | 149,750 |  | Self-Storage |  |  | 6,772.4 |
Executive Office Park | July 2008 | Colorado Springs, Colorado |  |  | 65,084 |  | Office |  |  | 8,360.0 |
Waterman Plaza | August 2008 | San Bernardino, California |  |  | 21,170 |  | Retail |  |  | 6,092.3 |
Pacific Oaks Plaza | September 2008 | Escondido, California |  |  | 16,000 |  | Office |  |  | 4,355.6 |
Morena Office Center | January 2009 | San Diego, California |  |  | 26,784 |  | Office |  |  | 5,619.6 |
Fontana Medical Plaza | February 2009 | Fontana, California |  |  | 10,500 |  | Office |  |  | 1,958.5 |
Rangewood Medical Office Building | March 2009 | Colorado Springs, Colorado |  |  | 18,222 |  | Office |  |  | 2,282.4 |
Sparky's Thousand Palms Self-Storage | August 2009 | Thousand Palms, California |  |  | 113,126 |  | Self-Storage |  |  | 5,473.2 |
Sparky's Hesperia East Self-Storage | December 2009 | Hesperia, California |  |  | 72,940 |  | Self-Storage |  |  | 2,647.1 |
Sparky's Rialto Self-Storage | May 2010 | Rialto, California |  |  | 101,343 |  | Self-Storage |  |  | 4,758.6 |
Genesis Plaza | August 2010 | San Diego, California |  |  | 57,685 |  | Office |  |  | 8,766.1 |
Dakota Bank Buildings | May 2011 | Fargo, North Dakota |  |  | 119,749 |  | Office |  |  | 10,078.4 |
Yucca Valley Retail Center | September 2011 | Yucca Valley, California |  |  | 103,596 |  | Retail |  |  | 7,273.2 |
Sparky's Sunrise Self-Storage | December 2011 | Hesperia, California |  |  | 93,851 |  | Self-Storage |  |  | 2,158.0 |
Port of San Diego Complex | December 2011 | San Diego, California |  |  | 146,700 |  | Industrial |  |  | 14,051.7 |
Shoreline Medical Building | May 2012 | Half Moon Bay, California |  |  | 15,335 |  | Office |  |  | 6,097.2 |
The Presidio | November 2012 | Colorado Springs, Colorado |  |  | 80,800 |  | Office |  |  | 6,898.1 |
Sparky's Lancaster Self-Storage | May 2013 | Lancaster, CA |  |  | 71,000 |  | Self-Storage |  |  | 3,640.7 |
NetREIT, Inc properties |  |  |  |  |  |  |  |  |  | 136,050.6 |
|  |  |  | Homes |  |  |  |  |  |
Model Home properties held in limited partnerships | Various in 2009-2013 | CA, AZ, WA, TX, SC, NC and NJ |  |  | 63 |  | Residential |  |  | 16,878.8 |
Model Home properties held in income and investment funds | Various in 2010 - 2013 | CA, AZ, TX, SC, PA, NJ |  |  | 18 |  | Residential |  |  | 5,836.0 |
Model Home properties |  |  |  |  |  |  |  |  |  | 22,714.8 |
|  | Total real estate assets and lease intangibles, net |  | $ | 158,765.4 |
Components of Real Estate Assets | The following table sets forth the components of the Company's real estate assets:
|  | March 31, 2014 |  |  | December 31, 2013 |
Land |  | $ | 41,785,890 |  |  | $ | 41,882,217 |
Buildings and other |  |  | 128,524,460 |  |  |  | 128,085,648 |
Tenant improvements |  |  | 7,380,015 |  |  |  | 7,344,151 |
Lease intangibles |  |  | 4,569,854 |  |  |  | 4,569,854 |
|  |  | 182,260,219 |  |  |  | 181,881,870 |
Less: |  |  |  |  |  |  |  |
Accumulated depreciation and amortization |  |  | (23,494,789 | ) |  |  | (22,426,708 | )
Real estate assets, net |  | $ | 158,765,430 |  |  | $ | 159,455,162 |
Properties Acquired and Sold | The Company allocated the purchase price of the properties acquired during the three months ended March 31, 2014 as follows:
|  | Land |  |  | Buildings and other |  |  | Total Purchase Price |
Model Home Properties |  | $ | 371,300 |  |  | $ | 1,410,000 |  |  | $ | 1,781,300 |
The Company allocation of the properties sold during the three months ended March 31, 2014 is as follows:
|  | Land |  |  | Buildings and other |  |  | Total Purchase Price |
Model Home Properties |  | $ | 431,877 |  |  | $ | 1,313,542 |  |  | $ | 1,745,419 |
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:
|  | March 31, 2014 |  |  | December 31, 2013 |
|  | Lease intangibles |  |  | Accumulated amortization |  |  | Lease intangibles net |  |  | Lease intangibles |  |  | Accumulated amortization |  |  | Lease intangibles net |
In-place leases |  | $ | 2,015,459 |  |  | $ | (1,552,356 | ) |  | $ | 463,103 |  |  | $ | 2,015,459 |  |  | $ | (1,493,808 | ) |  | $ | 521,651 |
Leasing costs |  |  | 1,448,985 |  |  |  | (1,040,464 | ) |  |  | 408,521 |  |  |  | 1,448,985 |  |  |  | (999,444 | ) |  |  | 449,541 |
Tenant relationships |  |  | 332,721 |  |  |  | (332,721 | ) |  |  | - |  |  |  | 332,721 |  |  |  | (332,721 | ) |  |  | - |
Below-market leases |  |  | (841,425 | ) |  |  | 72,475 |  |  |  | (768,950 | ) |  |  | (841,425 | ) |  |  | 65,463 |  |  |  | (775,962 | )
Above-market leases |  |  | 1,614,114 |  |  |  | (1,064,592 | ) |  |  | 549,522 |  |  |  | 1,614,114 |  |  |  | (1,018,516 | ) |  |  | 595,598 |
|  | $ | 4,569,854 |  |  | $ | (3,917,658 | ) |  | $ | 652,196 |  |  | $ | 4,569,854 |  |  | $ | (3,779,026 | ) |  | $ | 790,828 |
Estimated Aggregate Amortization Expense for Five Succeeding Fiscal Years and Thereafter | As of March 31, 2014, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows:
|  | Estimated Aggregate Amortization Expense |
Nine months remaining in 2014 |  | $ | 393,674 |
2015 |  |  | 388,282 |
2016 |  |  | 157,215 |
2017 |  |  | 53,591 |
2018 |  |  | 31,265 |
Thereafter (principally below market rent amortization) |  |  | (371,831 | )
|  | $ | 652,196 |

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