3. REAL ESTATE ASSETS AND LEASE INTANGIBLES

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

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

Operations from each property are included in the Company's condensed consolidated financial statements from the date of acquisition.

Recent Acquisitions

In February 2014, NetREIT Dubose, Dubose Model Home Investors #201 LP and Dubose Model Home Investors #202 LP acquired six Model Home properties in Pennsylvania and leased it back to the home builder. The purchase price for the properties was $1.8 million. The purchase price paid was through a cash payment of $0.7 million and a promissory note $1.1 million.

Recent Dispositions

During the three months ended March 31, 2014, NetREIT Dubose and the other Model Home entities disposed of six Model Home properties. The sales price, net of selling costs, aggregated approximately $2.4 million and approximately $1.1 million in mortgage notes payable were retired in connection with these sales. The Company recognized a gain of $425,000 related to the sale of these Model Homes.

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

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

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

The weighted average amortization period for the intangible assets, in-place leases, leasing costs, tenant relationships and below-market leases acquired as of March 31, 2014 was 14.8 years.