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Real Estate Assets and Lease Intangibles (Tables)

6 Months Ended

Jun. 30, 2014

Real Estate Assets and Lease Intangibles [Abstract]

Real Estate Properties Owned

A summary of the properties owned by the Company as of June 30, 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		$	3,357.6
Garden Gateway Plaza	March 2007	Colorado Springs, Colorado			115,052		Office			12,306.4
World Plaza	September 2007	San Bernardino, California			55,098		Retail			6,608.0
Regatta Square	October 2007	Denver, Colorado			5,983		Retail			1,916.9
Sparky's Palm Self-Storage	November 2007	Highland, California			50,250		Self-Storage			4,321.3
Sparky's Joshua Self-Storage	December 2007	Hesperia, California			149,750		Self-Storage			6,739.0
Executive Office Park	July 2008	Colorado Springs, Colorado			65,084		Office			8,330.4
Waterman Plaza	August 2008	San Bernardino, California			21,170		Retail			6,055.6
Pacific Oaks Plaza	September 2008	Escondido, California			16,000		Office			4,339.5
Morena Office Center	January 2009	San Diego, California			26,784		Office			5,566.9
Fontana Medical Plaza	February 2009	Fontana, California			10,500		Office			1,939.7
Rangewood Medical Office Building	March 2009	Colorado Springs, Colorado			18,222		Office			2,318.2
Sparky's Thousand Palms Self-Storage	August 2009	Thousand Palms, California			113,126		Self-Storage			5,437.3
Sparky's Hesperia East Self-Storage	December 2009	Hesperia, California			72,940		Self-Storage			2,394.8
Sparky's Rialto Self-Storage	May 2010	Rialto, California			101,343		Self-Storage			4,732.8
Genesis Plaza	August 2010	San Diego, California			57,685		Office			8,712.7
Dakota Bank Buildings	May 2011	Fargo, North Dakota			119,749		Office			10,165.2
Yucca Valley Retail Center	September 2011	Yucca Valley, California			103,596		Retail			7,362.3
Sparky's Sunrise Self-Storage	December 2011	Hesperia, California			93,851		Self-Storage			2,150.5
Port of San Diego Complex	December 2011	San Diego, California			146,700		Industrial			13,969.4
Shoreline Medical Building	May 2012	Half Moon Bay, California			15,335		Office			6,062.7
The Presidio	November 2012	Colorado Springs, Colorado			80,800		Office			6,836.9
Sparky's Lancaster Self-Storage	May 2013	Lancaster, CA			71,000		Self-Storage			3,637.9
Bismarck	May 2014	Bismarck, ND			93,000		Office			5,251.5
NetREIT, Inc. properties										140,513.5
				Model Homes
Model Home properties held in limited partnerships	Various in 2009-2013	CA, AZ, WA, TX, SC, NC and NJ			50		Residential			13,465.2
Model Home properties held in income and investment funds	Various in 2010-2014	CA, AZ, TX, SC, PA, NJ			17		Residential			5,284.2
Model Home properties										18,749.4
Total real estate assets and lease intangibles, net									$	159,262.9

Components of Real Estate Assets

The following table sets forth the components of the Company's real estate assets:

		June 30, 2014				December 31, 2013
Land		$	41,614,553			$	41,882,217
Buildings and other			128,827,321				128,085,648
Tenant improvements			8,553,210				7,344,151
Lease intangibles			4,798,754				4,569,854
			183,793,838				181,881,870
Less:
Accumulated depreciation and amortization			(24,530,903	)			(22,426,708	)
Real estate assets, net		$	159,262,935			$	159,455,162

Properties Acquired and Sold

The Company allocated the purchase price of the properties acquired during the six months ended June 30, 2014 as follows:

		Land				Buildings and other				Improvements				In-place leases				Leasing costs				Total Purchase Price
Model Home Properties		$	371,300			$	1,410,000			$	-			$	-			$	-			$	1,781,300
Bismarck Office Building		$	413,000			$	4,233,700			$	474,400			$	164,300			$	64,600			$	5,350,000

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:

		June 30, 2014												December 31, 2013
		Lease intangibles				Accumulated amortization				Lease intangibles net				Lease intangibles				Accumulated amortization				Lease intangibles net
In-place leases		$	2,179,759			$	(1,629,220	)		$	550,539			$	2,015,459			$	(1,493,808	)		$	521,651
Leasing costs			1,513,585				(1,087,876	)			425,709				1,448,985				(999,444	)			449,541
Tenant relationships			332,721				(332,721	)			-				332,721				(332,721	)			-
Below-market leases			(841,425	)			79,487				(761,938	)			(841,425	)			65,463				(775,962	)
Above-market leases			1,614,114				(1,110,669	)			503,445				1,614,114				(1,018,516	)			595,598
		$	4,798,754			$	(4,080,999	)		$	717,755			$	4,569,854			$	(3,779,026	)		$	790,828

Estimated Aggregate Amortization Expense for Five Succeeding Fiscal Years and Thereafter

As of June 30, 2014, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows:

		Estimated Aggregate Amortization Expense
Six months remaining in 2014		$	349,408
2015			489,421
2016			164,385
2017			57,213
2018			31,265
Thereafter (principally below market rent amortization)			(373,937	)
		$	717,755

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