XML 20 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
Mortgage Notes Payable (Details) (USD $)
 9 Months Ended 3 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
Sep. 30, 2014
Havana/Parker Complex [Member]
Sep. 30, 2013
Havana/Parker Complex [Member]
Sep. 30, 2014
Havana/Parker Complex [Member]
Dec. 31, 2013
Havana/Parker Complex [Member]
Payment
Sep. 30, 2014
Garden Gateway Plaza [Member]
Dec. 31, 2013
Garden Gateway Plaza [Member]
Sep. 30, 2014
Waterman Plaza [Member]
Dec. 31, 2013
Waterman Plaza [Member]
Sep. 30, 2014
Sparky's Thousand Palms Self-Storage [Member]
Dec. 31, 2013
Sparky's Thousand Palms Self-Storage [Member]
Sep. 30, 2014
Sparky's Hesperia East Self-Storage [Member]
Dec. 31, 2013
Sparky's Hesperia East Self-Storage [Member]
Sep. 30, 2014
Sparky's Rialto Self-Storage [Member]
Dec. 31, 2013
Sparky's Rialto Self-Storage [Member]
Sep. 30, 2014
Genesis Plaza [Member]
Dec. 31, 2013
Genesis Plaza [Member]
Sep. 30, 2014
Executive Office Park [Member]
Dec. 31, 2013
Executive Office Park [Member]
Sep. 30, 2014
Dakota Bank Buildings [Member]
Dec. 31, 2013
Dakota Bank Buildings [Member]
Sep. 30, 2014
Yucca Valley Retail Center [Member]
Dec. 31, 2013
Yucca Valley Retail Center [Member]
Sep. 30, 2014
Rangewood Medical Office Building [Member]
Dec. 31, 2013
Rangewood Medical Office Building [Member]
Sep. 30, 2014
Regatta Square [Member]
Dec. 31, 2013
Regatta Square [Member]
Sep. 30, 2014
Port of San Diego Complex [Member]
Dec. 31, 2013
Port of San Diego Complex [Member]
Sep. 30, 2014
Morena Office Center [Member]
Dec. 31, 2013
Morena Office Center [Member]
Sep. 30, 2014
Pacific Oaks Plaza [Member]
Dec. 31, 2013
Pacific Oaks Plaza [Member]
Sep. 30, 2014
Shoreline Medical Building [Member]
Dec. 31, 2013
Shoreline Medical Building [Member]
Sep. 30, 2014
Sparky's Three Properties [Member]
Dec. 31, 2013
Sparky's Three Properties [Member]
Sep. 30, 2014
The Presidio [Member]
Dec. 31, 2013
The Presidio [Member]
Sep. 30, 2014
Sparky's Lancaster Self Storage [Member]
Dec. 31, 2013
Sparky's Lancaster Self Storage [Member]
Sep. 30, 2014
Fontana Medical Plaza [Member]
Dec. 31, 2013
Fontana Medical Plaza [Member]
Sep. 30, 2014
Bismarck Office Building [Member]
Apr. 30, 2014
Bismarck Office Building [Member]
Dec. 31, 2013
Bismarck Office Building [Member]
Sep. 30, 2014
Union Terrace [Member]
Aug. 31, 2014
Union Terrace [Member]
Dec. 31, 2013
Union Terrace [Member]
Sep. 30, 2014
NetReit, Inc. [Member]
Dec. 31, 2013
NetReit, Inc. [Member]
Sep. 30, 2014
Collaterized Model Homes 1 [Member]
Dec. 31, 2013
Collaterized Model Homes 1 [Member]
Sep. 30, 2014
Collaterized Model Homes 2 [Member]
Dec. 31, 2013
Collaterized Model Homes 2 [Member]
Sep. 30, 2014
Collaterized Model Homes 3 [Member]
Dec. 31, 2013
Collaterized Model Homes 3 [Member]
Sep. 30, 2014
Collaterized Model Homes 4 [Member]
Dec. 31, 2013
Collaterized Model Homes 4 [Member]
Sep. 30, 2014
Collaterized Model Homes 5 [Member]
Dec. 31, 2013
Collaterized Model Homes 5 [Member]
Sep. 30, 2014
Collaterized Model Homes 6 [Member]
Dec. 31, 2013
Collaterized Model Homes 6 [Member]
Sep. 30, 2014
Collaterized Model Homes 7 [Member]
Dec. 31, 2013
Collaterized Model Homes 7 [Member]
Sep. 30, 2014
Collaterized Model Homes 8 [Member]
Dec. 31, 2013
Collaterized Model Homes 8 [Member]
Sep. 30, 2014
Collaterized Model Homes 9 [Member]
Dec. 31, 2013
Collaterized Model Homes 9 [Member]
Sep. 30, 2014
Collaterized Model Homes 10 [Member]
Dec. 31, 2013
Collaterized Model Homes 10 [Member]
Sep. 30, 2014
Collaterized Model Homes 11 [Member]
Dec. 31, 2013
Collaterized Model Homes 11 [Member]
Sep. 30, 2014
Model Home Properties [Member]
Dec. 31, 2013
Model Home Properties [Member]
Debt Instrument [Line Items]                                                                                                                                                          
Periodic payment           $ 24,330 [1]   $ 42,383   $ 25,995   $ 28,865   $ 5,171   $ 19,323   $ 28,219   $ 26,962   $ 36,031   $ 23,919   $ 9,858   $ 7,562   $ 61,573   $ 13,896   $ 9,450   $ 26,043   $ 42,788   $ 36,701   $ 13,200   $ 11,479   $ 42,735     $ 33,441         $ 5,062 [2]   $ 2,799   $ 6,016   $ 5,012   $ 13,758   $ 14,561   $ 8,047   $ 9,204   $ 13,181   $ 2,048   $ 2,445      
Interest rate (in hundredths)       6.51% [1]   6.51% [1]   5.00%   6.50%   5.50%   4.75%   4.75%   4.65%   5.79%   4.74%   5.62%   4.95%   4.95%   4.75%   4.50%   4.50%   5.10%   4.70%   5.60%   5.00%   4.75%   6.12% 6.12%   4.50% 4.50%       5.50% [2]   5.75%   5.75%   5.87%   5.48%   5.08%   5.00%           5.50%   5.13%      
Interest rate, minimum (in hundredths)                       5.50%                                                                                                               5.50%   5.07%              
Interest rate, maximum (in hundredths)                       10.50%                                                                                                               5.84%   5.13%              
Maturity date           Jul. 01, 2016 [1]   Feb. 05, 2020   Sep. 01, 2015   Mar. 01, 2034   Dec. 18, 2022   May 15, 2023   Sep. 01, 2015   Jul. 01, 2025   May 31, 2016   Apr. 11, 2015   Jan. 01, 2019   Jan. 01, 2019   Mar. 05, 2020   Jun. 01, 2021   Jun. 01, 2021   Jun. 01, 2022   Dec. 06, 2022   Jan. 06, 2015   Jun. 01, 2020   Aug. 28, 2019   Oct. 01, 2016     Aug. 31, 2024         Feb. 10, 2014 [2]   Dec. 15, 2015   Dec. 15, 2015       Dec. 15, 2017   Dec. 15, 2017               Feb. 13, 2019   Aug. 15, 2019      
Maturity date, minimum                                                                                                                       Apr. 15, 2017           Jan. 15, 2018   Jun. 30, 2014   Dec. 15, 2017              
Maturity date, maximum                                                                                                                       Jun. 15, 2017           Dec. 15, 2018   Jan. 15, 2018   Jul. 15, 2018              
Mortgage notes payable 99,402,457   89,551,724 3,098,780 [1]   3,098,780 [1] 3,098,780 [1] 7,003,156 7,119,544 3,391,155 3,457,973 4,127,864 4,215,349 835,950 890,774 2,130,979 2,166,791 4,523,780 4,618,147 4,396,657 4,447,699 11,033,087 5,417,950 3,011,523 3,095,974 1,108,586 1,155,305 1,222,266 1,244,615 10,429,338 10,608,385 2,366,704 2,411,282 1,609,338 1,639,658 3,875,133 3,959,914 8,018,686 8,116,028 5,393,008 5,492,375 1,919,652 1,965,504 1,954,607 1,990,880 3,337,405 3,200,000 0 6,600,000 6,600,000 0 91,387,654 77,112,927 329,840 [2] 1,222,266 [2] 278,314 778,823 0 639,007 508,917 3,212,444 1,505,683 1,777,808 1,411,063 1,343,658 934,187 593,505 671,238 2,871,286 1,375,537 0 277,096 0 722,928 0 8,014,803 12,438,797
Asset impairment       950,000 1,500,000 950,000                                                                                                                                              
Real estate assets, net 162,278,907   159,455,162 2,300,000   2,300,000                                                                                           147,799,500                                               14,479,400  
Number of reduced mortgage payments             11                                                                                                                                            
Total scheduled payments           402,000                                                                                                                                              
Repayment of mortgage notes payable $ 12,866,440 $ 26,284,654       $ 48,000                                                                                                                                              
[1] In the quarter ended September 30, 2014, the Company determined that an additional impairment existed on its Havana Parker property and recorded an asset impairment of $950,000. At September 30, 2014, the book value of the property was $2.3 million and the property was encumbered with a CMBS loan with a balance of $3.1 million and a maturity date of July 1, 2016. The Company commenced paying the net cash flow from the property in order to get the loan assigned to the proper Servicing Agent qualified to negotiate a modification of the loan. The net cash flow is substantially less than the monthly payment due. The Company has made reduced mortgage payments for the previous eleven (11) mortgage payments. In May 2013, months before the decision to pay only the net cash flow generated by the Property, the Company engaged a third party consultant with experience in modification of CMBS loans to have the terms of the loan modified by the lender on the property. Negotiations with the lender are currently ongoing. However, on March 4, 2014, the Company received a notice of foreclosure from the lender stating that the covenants of the deed of trust have been violated for failure to pay principal and interest when due together with all other payments provided for in the evidence of debt secured by the deed of trust and other violations. The date of any foreclosure sale has been extended while negotiations are underway. We expect that the debt balance will be reduced, the interest rate will be reduced significantly and an option to extend the maturity date of the loan for an addition year. We also expect we will be required to bring the unpaid accrued interest payments current. We have evaluated the potential loss contingency in accordance with generally accepted accounting principles and concluded that it is not likely at this time that the Company will experience further losses. However, if the negotiations are not successful, the Lender may move forward with the court action and foreclose on the property. The loan on the Havana Parker property is non-recourse. Except as noted above, the Company is in compliance with all conditions and covenants of its mortgage notes payable. The Company has evaluated the potential loss contingency in accordance with generally accepted accounting principles and concluded that it is not likely at this time that the Company will experience further losses. However, if the negotiations are not successful, the Lender may move forward with the court action and foreclose on the property. The loan on the Havana Parker property is non-recourse. Except as noted above, the Company is in compliance with all conditions and covenants of its mortgage notes payable.
[2] The Company is working with the lender to extend the maturity date of this loan. The Company anticipates that the lender will extend the due date of these loans until such time as the model home securing the loan is sold.