XML 37 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8

Real Estate Assets and Lease Intangibles (Tables)

9 Months Ended

Sep. 30, 2014

Real Estate Assets and Lease Intangibles [Abstract]

Real Estate Properties Owned

A summary of the properties owned by the Company as of September 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		$	2,329.6
Garden Gateway Plaza	March 2007	Colorado Springs, Colorado			115,052		Office			12,208.8
World Plaza	September 2007	San Bernardino, California			55,098		Retail			6,564.8
Regatta Square	October 2007	Denver, Colorado			5,983		Retail			1,907.3
Sparky's Palm Self-Storage	November 2007	Highland, California			60,865		Self-Storage			4,293.7
Sparky's Joshua Self-Storage	December 2007	Hesperia, California			151,000		Self-Storage			6,696.1
Executive Office Park	July 2008	Colorado Springs, Colorado			65,084		Office			8,296.1
Waterman Plaza	August 2008	San Bernardino, California			21,170		Retail			6,029.5
Pacific Oaks Plaza	September 2008	Escondido, California			16,000		Office			4,315.2
Morena Office Center	January 2009	San Diego, California			26,784		Office			5,514.2
Fontana Medical Plaza	February 2009	Fontana, California			10,500		Office			1,920.9
Rangewood Medical Office Building	March 2009	Colorado Springs, Colorado			18,222		Office			2,374.9
Sparky's Thousand Palms Self-Storage	August 2009	Thousand Palms, California			113,126		Self-Storage			5,401.4
Sparky's Hesperia East Self-Storage	December 2009	Hesperia, California			73,640		Self-Storage			2,385.5
Sparky's Rialto Self-Storage	May 2010	Rialto, California			101,359		Self-Storage			4,707.5
Genesis Plaza	August 2010	San Diego, California			57,685		Office			8,711.8
Dakota Bank Buildings	May 2011	Fargo, North Dakota			119,749		Office			10,064.0
Yucca Valley Retail Center	September 2011	Yucca Valley, California			103,596		Retail			7,283.8
Sparky's Sunrise Self-Storage	December 2011	Hesperia, California			93,851		Self-Storage			2,149.1
Port of San Diego Complex	December 2011	San Diego, California			146,700		Industrial			13,893.5
Shoreline Medical Building	May 2012	Half Moon Bay, California			15,335		Office			6,028.2
The Presidio	November 2012	Colorado Springs, Colorado			80,800		Office			6,752.9
Sparky's Lancaster	May 2013	Lancaster, CA			71,000		Self-Storage			3,626.5
Bismarck	April 2014	Bismarck, ND			93,000		Office			5,082.7
Union Terrace	August 2014	Lakewood, CO			84,000		Office			9,261.5
NetREIT, Inc. properties										147,799.5
				Model Homes
Model Home properties held in limited partnerships	Various in 2009-2014	CA, AZ, WA, TX, SC, NC and NJ			41		Residential			10,390.1
Model Home properties held in income and investment funds	Various in 2010-2014	CA, AZ, TX, SC, PA, NJ			14		Residential			4,089.3
Model Home properties					55					14,479.4
Total real estate assets and lease intangibles, net									$	162,278.9

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

Components of Real Estate Assets

		September 30, 2014				December 31, 2013
Land		$	42,758,064			$	41,882,217
Buildings and other			128,861,514				128,085,648
Tenant improvements			10,740,256				7,344,151
Lease intangibles			5,595,554				4,569,854
			187,955,388				181,881,870
Less:
Accumulated depreciation and amortization			(25,676,481	)			(22,426,708	)
Real estate assets, net		$	162,278,907			$	159,455,162

Properties Acquired and Sold

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

		Land				Buildings and other				Tenant 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
Union Terrace		$	1,717,000			$	5,267,900			$	1,643,300			$	370,100			$	426,700			$	9,425,000

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:

		September 30, 2014												December 31, 2013
		Lease intangibles				Accumulated amortization				Lease intangibles net				Lease intangibles				Accumulated amortization				Lease intangibles net
In-place leases		$	2,549,859			$	(1,737,418	)		$	812,441			$	2,015,459			$	(1,493,808	)		$	521,651
Leasing costs			1,940,285				(1,149,492	)			790,793				1,448,985				(999,444	)			449,541
Tenant relationships			332,721				(332,721	)			-				332,721				(332,721	)			-
Below-market leases			(841,425	)			86,499				(754,926	)			(841,425	)			65,463				(775,962	)
Above-market leases			1,614,114				(1,156,745	)			457,369				1,614,114				(1,018,516	)			595,598
		$	5,595,554			$	(4,289,877	)		$	1,305,677			$	4,569,854			$	(3,779,026	)		$	790,828

Estimated Aggregate Amortization Expense for Five Succeeding Fiscal Years and Thereafter

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

		Estimated Aggregate Net Amortization Expense
Three months remaining in 2014		$	212,224
2015			611,168
2016			250,315
2017			130,380
2018			81,797
Thereafter			19,793
		$	1,305,677

X

- Definition

Tabular disclosure of all information related to any significant acquisition and disposal. Disclosure may include methodology and assumptions, type of asset, asset classification, useful life, useful purpose, acquisition cost, method of acquisition or disposal, depreciation method, gain (loss) on disposal pretax and net of tax, date of acquisition or disposal and restrictions on amount of proceeds from donated assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

+ Details

Name:	us-gaap_PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_RealEstateAndAccumulatedDepreciationDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 6

-Subparagraph a

-Article 5



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 970

-SubTopic 360

-Section S99

-Paragraph 1

-Subparagraph (SX 210.12-28)

-URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 28

-Article 12



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph c

-Subparagraph Schedule III

-Article 5



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 10

-Subparagraph 4

-Article 9



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 11

-Article 9

+ Details

Name:	us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275

+ Details

Name:	us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275

+ Details

Name:	us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration