Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2014

6. MORTGAGE NOTES PAYABLE

Mortgage notes payable consisted of the following at December 31, 2014 and 2013:
			Principal as of December 31,		Loan	Interest
Mortgage note property		Notes	2014	2013	Type	Rate (1)	Maturity

Havana Parker property			$2,500,000	$3,098,780	Fixed	6.51%	7/1/16
Garden Gateway Plaza			6,963,381	7,119,544	Fixed	5.00%	4/5/20
Waterman property			3,368,146	3,457,973	Fixed	6.50%	9/1/15
Sparky’s Thousand Palms		(2)	4,092,100	4,215,349	Variable	5.50%	3/1/34
Sparky's Hesperia East		(3)	830,883	890,774	Variable	4.75%	12/18/22
Sparky's Rialto		(4)	2,119,037	2,166,791	Fixed (reset)	4.75%	5/3/18
Genesis Plaza			4,491,588	4,618,147	Fixed	4.65%	9/1/15
Executive Office Park		(5)	4,379,854	4,447,699	Fixed (reset)	5.80%	7/1/25
Dakota Bank Building			10,993,386	5,417,950	Fixed	4.74%	7/6/24
Yucca Valley Retail Center			2,982,411	3,095,974	Fixed	5.62%	4/11/15
Rangewood Medical Office Building			1,092,778	1,155,305	Fixed	4.95%	1/1/19
Regatta Square property			1,214,799	1,244,615	Fixed	4.95%	1/1/19
Port of San Diego Complex			10,368,228	10,608,385	Fixed	4.75%	3/5/20
Morena Office Center		(6)	2,351,805	2,411,282	Fixed (reset)	4.50%	1/1/21
Pacific Oaks Plaza		(6)	1,599,204	1,639,658	Fixed (reset)	4.50%	6/1/21
Shoreline Medical Office Building		(6)	3,846,697	3,959,914	Fixed (reset)	5.10%	6/1/22
Sparky's Palm, Joshua and Sunrise			7,986,522	8,116,028	Fixed	4.70%	12/6/22
The Presidio			6,000,000	5,492,375	Fixed	4.54%	12/1/24
Sparky's Lancaster			1,903,982	1,965,504	Fixed	5.00%	6/1/20
Fontana Medical Plaza			-	1,990,880	Fixed	4.75%	8/28/19
Bismarck Office Building			3,321,198	-	Fixed	6.12%	10/1/16
Union Terrace Building			6,600,000	-	Fixed	4.50%	9/5/24
Centennial Tech Center			10,250,000	-	Fixed	4.34%	12/5/24
Arapahoe Service Center			8,500,000	-	Fixed	4.34%	1/5/25
Union Town Center			8,440,000	-	Fixed	4.28%	1/5/25

Subtotal, NetREIT, Inc. properties			116,195,999	77,112,927
Model Home mortgage notes		(7)	7,703,299	12,438,797	Fixed	(7)	2015-19
Mortgage Notes Payable, total			$123,899,298	$89,551,724

(1)	Interest rates as of December 31, 2014
(2)	Interest at variable rate ranging from 5.50%-10.50%.
(3)	Interest at a variable rate indexed to the 5 year interest rate swap .
(4)	Interest subject to reset; thereafter, monthly payments of $11,982, including interest at rate indexed to 5-year Treasury Rate + 3%
(5)	Interest rate is subject to reset on July 1, 2018.
(6)	Interest rate subject to resetting on the 3r^dand 6^th loan anniversary.
(7)	Each Model Home has a standalone mortgage note at interest rates ranging from 4.9% to 5.8% (at December 31, 2014).

Scheduled Principal Payments of Mortgage Notes Payable

Scheduled principal payments of mortgage notes payable are as follows:


				Model Home
		NetREIT, Inc.		Properties		Scheduled
		Principal		Principal		Principal
Years Ending December 31:		Payments		Payments		Payments
2015	$	12,383,176		410,603		12,793,779
2016		7,085,079		1,122,737		8,207,816
2017		1,501,774		2,210,768		3,712,542
2018		5,641,001		1,546,748		7,187,749
2019		2,413,466		2,412,442		4,825,908
Thereafter		87,171,504		-		87,171,504
Total	$	116,196,000	$	7,703,298	$	123,899,298