3. RECENT REAL ESTATE TRANSACTIONS

On August 8, 2015, the Company acquired seven industrial buildings referred to as West Fargo Industrial located in West Fargo, North Dakota for a purchase price of $7.9 million paid through cash payment of $3.4 million and a promissory note of $4.5 million.

On August 8, 2015, the Company acquired an office building referred to as 300 N.P. located in West Fargo, North Dakota for a purchase price of $3.8 million paid all through a cash payment.

On August 13, 2015 the Company acquired a retail building referred to as Research Parkway located in Colorado Springs, Colorado for a purchase price of $2.8 million paid all through a cash payment.

On August 26, 2015 the Company and NetREIT Palm Self-Storage LP acquired an office building referred to as Highland Court located in Centennial, Colorado for a purchase price $13.0 million paid through a cash payment of $6 million and a note of $7 million.

On August 28, 2015, the Company acquired an office building referred to as One Parke Center located in Westminster, Colorado for a purchase price of $9.1 million paid through a cash payment of $2.6 million and a note of $6.6 million.

During the nine months ended September 30, 2015, NetREIT Dubose and the other Model Home entities acquired seventeen Model Home properties in various states and leased them back to the homebuilders. The purchase price for the properties was $5.7 million. The purchase price paid was through cash payments of $2.3 million and promissory notes of $3.4 million.

The Company allocated the purchase price of the properties acquired during the nine months ended September 30, 2015 as follows:

			Buildings		Tenant		Leases		Leasing		Total
	Land		and Other		Improvements		in Place		Costs		Purchase Price
West Fargo Industrial	$	1,693,035	$	6,021,166	$	3,166	$	99,595	$	83,038	$	7,900,000
300 N.P.		135,430		3,429,097		53,272		127,852		104,349		3,850,000
Research Parkway		407,722		2,283,689		38,022		50,300		70,267		2,850,000
Highland Court		3,608,028		6,939,286		1,412,097		621,323		469,266		13,050,000
One Park Centre		1,205,552		7,047,875		274,591		366,121		255,861		9,150,000
Model Homes Properties		797,000		4,931,263		-		-		-		5,728,263
	$	7,846,767	$	30,652,376	$	1,781,148	$	1,265,191	$	982,781	$	42,528,263

For the nine months ended September 30, 2015, the Company recognized an aggregate of $567,000 of total revenues and an aggregate of $138,000 of operating expenses from these properties.

On April 10, 2015, the Company sold 100% of the Sparky’s Self-Storage Portfolio. The net sales price was approximately $34 million and approximately $16.9 million in mortgage notes payable were repaid in connection the sale. The Company recognized a gain on sale of approximately $4.7 million.

On April 24, 2015, the Company sold a parcel of land and its building at the Yucca Valley Retail Center for approximately $1.5 million and recognized a gain of approximately $1.1 million.

During the nine months ended September 30, 2015, NetREIT Dubose and the other Model Home entities disposed of five Model Home properties. The sales price, net of selling costs, aggregated to approximately $1.5 million and approximately $702,000 in mortgage notes payable were repaid in connection with these sales. The Company recognized a gain of $156,000 related to the sale of these Model Homes.