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Mortgage Notes Payable (Tables)

6 Months Ended

Jun. 30, 2015

Mortgage Notes Payable [Abstract]

Mortgage Notes Payable

7. MORTGAGE NOTES PAYABLE

Mortgage notes payable consisted of the following:
					Principal as of					Loan		Interest
				June 30,			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					6,882,329			6,963,381		Fixed		5.00%		4/5/20
Waterman Plaza					-			3,368,146		Fixed		6.50%		9/1/15
Sparky’s Thousand Palms		(2)			-			4,092,100		Variable		5.50%	*	3/1/34
Sparky's Hesperia East		(3)			-			830,883		Variable		4.75%	*	12/18/22
Sparky's Rialto		(4)			-			2,119,037		Fixed		4.75%	*	5/3/18
Genesis Plaza					4,426,071			4,491,588		Fixed		4.65%		9/1/15
Executive Office Park		(5)			4,343,396			4,379,854		Fixed		5.80%		7/1/25
Dakota Bank Buildings					10,908,136			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					1,060,119			1,092,778		Fixed		4.95%		1/1/19
Regatta Square					1,199,085			1,214,799		Fixed		4.95%		1/1/19
Port of San Diego Complex					10,243,812			10,368,228		Fixed		4.75%		3/5/20
Morena Office Center		(6)			2,320,618			2,351,805		Fixed		4.50%		1/1/21
Pacific Oaks Plaza		(6)			1,577,992			1,599,204		Fixed		4.50%		6/1/21
Shoreline Medical Building		(6)			3,787,093			3,846,697		Fixed		5.10%		6/1/22
Sparky's Palm, Joshua and Sunrise					-			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					-			1,903,982		Fixed		5.00%	*	6/1/20
Bismarck Office Building					3,286,301			3,321,198		Fixed		4.50%		9/5/24
Union Terrace Building					6,600,000			6,600,000		Fixed		4.34%		12/5/24
Centennial Tech Center					10,250,000			10,250,000		Fixed		4.34%		1/5/25
Arapahoe Service Center					8,500,000			8,500,000		Fixed		4.28%		1/5/25
Union Town Center					8,440,000			8,440,000		Fixed		4.28%		1/5/25

Subtotal, NetREIT, Inc. properties					98,324,952			116,195,999
Model Home mortgage notes		(7)			10,290,663			7,703,299		Fixed				2015-19
Mortgage Notes Payable, total				$	108,615,615		$	123,899,298

(1)	Interest rates as of June 30, 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 6th loan anniversary.
(7)	Each Model Home has a standalone mortgage note at interest rates ranging from 4.9% to 5.8% (at June 30, 2015).

*	Mortgage notes payable, aggregating $16,932,524 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
Six months remaining in 2015	$	5,003,011		$	413,854		$	5,416,865
Years ending December 31:
2016		7,022,347			562,848			7,585,195
2017		1,456,439			1,214,340			2,670,779
2018		5,600,548			1,807,633			7,408,181
2019		2,455,970			1,190,745			3,646,715
Thereafter		76,786,637			5,101,243			81,887,880
Total	$	98,324,952		$	10,290,663		$	108,615,615