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Recent Real Estate Transactions | 6 Months Ended
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Jun. 30, 2016
Real Estate [Abstract] |
Recent Real Estate Transactions | 3. RECENT REAL ESTATE TRANSACTIONS During the six months ended June 30, 2016, NetREIT Dubose and the other Model Home entities acquired twenty-five Model Home properties in Texas and leased them back to the homebuilders. The purchase price for the properties was $7.8 million. The purchase price paid was through cash payments of $2.4 million and promissory notes of $5.4 million. The Company allocated the purchase price of the properties acquired during the three months ended June 30, 2016 as follows:
|  |  |  |  |  | Buildings |  |  | Total |
|  | Land |  |  | and Other |  |  | Purchase Price |
Model Homes Properties |  | $ | 934,000 |  |  | $ | 6,835,000 |  |  | $ | 7,769,000 |
|  | $ | 934,000 |  |  | $ | 6,835,000 |  |  | $ | 7,769,000 |
On June 7, 2016, the Company sold a parcel of land and its building at the Yucca Valley Retail Center for approximately $1.3 million and recognized a gain of approximately $831,000. During the six months ended June 30, 2016, the Company disposed of fifteen Model Homes for approximately $4.4 million and approximately $1.7 million in mortgage notes payable were repaid in connection with these sales. The Company recognized a gain of $557,000 related to the sale of these Model Homes. During the six months ended June 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. 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 $1.0 million. During the six months ended June 30, 2015, NetREIT Dubose and the other Model Home entities disposed of four Model Home properties. The sales price, net of selling costs, aggregated to approximately $1.4 million and approximately $514,000 in mortgage notes payable were repaid in connection with these sales. The Company recognized a gain of $126,000 related to the sale of these Model Homes.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 210 -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-06(1)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e604059-122996 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(d)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 235 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-24) -URI http://asc.fasb.org/extlink&oid=34714203&loc=d3e608456-123001 + Details
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