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Mortgage Notes Payable (Tables) | 3 Months Ended
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Mar. 31, 2015
Mortgage Notes Payable [Abstract] |
Mortgage Notes Payable |
7. MORTGAGE NOTES PAYABLE
Mortgage notes payable consisted of the following:
|  |  |  |  | Principal as of |  | Loan |  | Interest |  |
|  |  |  | March 31, |  | December 31, |  |  |  |  |  |
Mortgage note property | Notes |  | 2015 |  | 2014 |  | Type |  | Rate (1) |  | Maturity
Havana/Parker Complex |  |  | $ | 2,500,000 |  | $ | 2,500,000 |  | Fixed |  | 6.51% |  | 7/1/16
Garden Gateway Plaza |  |  |  | 6,923,108 |  |  | 6,963,381 |  | Fixed |  | 5.00% |  | 4/5/20
Waterman Plaza |  |  |  | 3,344,766 |  |  | 3,368,146 |  | Fixed |  | 6.50% |  | 9/1/15
Sparky’s Thousand Palms | (2) |  |  | 4,061,637 |  |  | 4,092,100 |  | Variable |  | 5.50% | * | 3/1/34
Sparky's Hesperia East | (3) |  |  | 825,643 |  |  | 830,883 |  | Variable |  | 4.75% | * | 12/18/22
Sparky's Rialto | (4) |  |  | 2,106,389 |  |  | 2,119,037 |  | Fixed (reset) |  | 4.75% | * | 5/3/18
Genesis Plaza |  |  |  | 4,459,019 |  |  | 4,491,588 |  | Fixed |  | 4.65% |  | 9/1/15
Executive Office Park | (5) |  |  | 4,361,410 |  |  | 4,379,854 |  | Fixed (reset) |  | 5.80% |  | 7/1/25
Dakota Bank Buildings |  |  |  | 10,950,293 |  |  | 10,993,386 |  | Fixed |  | 4.74% |  | 7/6/24
Yucca Valley Retail Center |  |  |  | 6,000,000 |  |  | 2,982,411 |  | Fixed |  | 4.30% |  | 4/11/25
Rangewood Medical Office Building |  |  |  | 1,076,476 |  |  | 1,092,778 |  | Fixed |  | 4.95% |  | 1/1/19
Regatta Square |  |  |  | 1,206,908 |  |  | 1,214,799 |  | Fixed |  | 4.95% |  | 1/1/19
Port of San Diego Complex |  |  |  | 10,306,389 |  |  | 10,368,228 |  | Fixed |  | 4.75% |  | 3/5/20
Morena Office Center | (6) |  |  | 2,336,155 |  |  | 2,351,805 |  | Fixed (reset) |  | 4.50% |  | 1/1/21
Pacific Oaks Plaza | (6) |  |  | 1,588,559 |  |  | 1,599,204 |  | Fixed (reset) |  | 4.50% |  | 6/1/21
Shoreline Medical Building | (6) |  |  | 3,816,816 |  |  | 3,846,697 |  | Fixed (reset) |  | 5.10% |  | 6/1/22
Sparky's Palm, Joshua and Sunrise |  |  |  | 7,951,878 |  |  | 7,986,522 |  | Fixed |  | 4.70% | * | 12/6/22
The Presidio |  |  |  | 6,000,000 |  |  | 6,000,000 |  | Fixed |  | 4.54% |  | 12/1/24
Sparky's Lancaster |  |  |  | 1,888,116 |  |  | 1,903,982 |  | Fixed |  | 5.00% | * | 6/1/20
Bismarck Office Building |  |  |  | 3,303,603 |  |  | 3,321,198 |  | Fixed |  | 6.12% |  | 10/1/16
Union Terrace Building |  |  |  | 6,600,000 |  |  | 6,600,000 |  | Fixed |  | 4.50% |  | 9/5/24
Centennial Tech Center |  |  |  | 10,250,000 |  |  | 10,250,000 |  | Fixed |  | 4.34% |  | 12/5/24
Arapahoe Service Center |  |  |  | 8,500,000 |  |  | 8,500,000 |  | Fixed |  | 4.34% |  | 1/5/25
Union Town Center |  |  |  | 8,440,000 |  |  | 8,440,000 |  | Fixed |  | 4.28% |  | 1/5/25
Subtotal, NetREIT, Inc. properties |  |  |  | 118,797,165 |  |  | 116,195,999 |  |  |  |  |  |
Model Home mortgage notes |  |  |  | 9,581,761 |  |  | 7,703,299 |  | Fixed |  | (7) |  | 2015-19
Mortgage Notes Payable, total |  |  | $ | 128,378,926 |  | $ | 123,899,298 |  |  |  |  |  |
(1) | Interest rates as of March 31, 2015
(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 3rd and 6th loan anniversary.
(7) | Each Model Home has a standalone mortgage note at interest rates ranging from 4.9% to 5.8% (at March 31, 2015).
* | Mortgage notes payable, aggregating $16,833,662 were paid off in connection with the sale of the self-storage facilities on
| April 10, 2015. Refer to Note 6. |  |  |  |  |  |  |  |  |  |  |
Scheduled Principal Payments of Mortgage Notes Payable |
| NetREIT, Inc. |  | Model Homes |  | Principal
| Notes Payable |  | Notes Payable |  | Payments
Nine months remaining in 2015 | $ | 9,058,278 |  | $ | 643,724 |  | $ | 9,702,002
Years ending December 31: |  |  |  |  |  |  |  |
2016 |  | 7,347,969 |  |  | 534,865 |  |  | 7,882,834
2017 |  | 1,902,235 |  |  | 1,172,647 |  |  | 3,074,882
2018 |  | 6,069,489 |  |  | 1,921,589 |  |  | 7,991,078
2019 |  | 2,951,652 |  |  | 1,172,173 |  |  | 4,123,825
Thereafter |  | 91,467,540 |  |  | 4,136,765 |  |  | 95,604,305
Total | $ | 118,797,163 |  | $ | 9,581,763 |  | $ | 128,378,926

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- Definition Tabular disclosure of the aggregate amount of payments due on known contractual obligations for the five years following the date of the latest balance sheet and the combined aggregate amount of maturities of known contractual obligations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph a -Subparagraph 5 + Details
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