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Mortgage Notes Payable (Tables) | 6 Months Ended
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Jun. 30, 2016
Mortgage Loans On Real Estate [Abstract] |
Mortgage Notes Payable | Mortgage notes payable consisted of the following:
|  |  |  | Principal as of |  |  |  |  |  |  |  |  |
|  |  |  | June 30, |  |  | December 31, |  |  | Loan |  | Interest |  |  |
Mortgage note property |  | Notes |  | 2016 |  |  | 2015 |  |  | Type |  | Rate (1) |  |  | Maturity
Havana/Parker Complex |  |  |  | $ | - |  |  | $ | 2,500,000 |  |  | Fixed |  |  | 6.51 | % |  | 7/1/2016
Bismarck Office Building |  |  |  |  | 3,215,526 |  |  |  | 3,252,016 |  |  | Fixed |  |  | 6.12 | % |  | 10/1/2016
Rangewood Medical Office Building |  |  |  |  | 992,904 |  |  |  | 1,027,085 |  |  | Fixed |  |  | 4.95 | % |  | 1/1/2019
Regatta Square |  |  |  |  | 1,167,064 |  |  |  | 1,183,473 |  |  | Fixed |  |  | 4.95 | % |  | 1/1/2019
Port of San Diego Complex |  |  |  |  | 9,985,952 |  |  |  | 10,097,726 |  |  | Fixed |  |  | 4.75 | % |  | 3/5/2020
Garden Gateway Plaza |  |  |  |  | 6,714,030 |  |  |  | 6,799,229 |  |  | Fixed |  |  | 5.00 | % |  | 4/5/2020
West Fargo Industrial |  |  |  |  | 4,467,724 |  |  |  | 4,500,000 |  |  | Fixed |  |  | 4.79 | % |  | 8/4/2020
Morena Office Center |  | (2) |  |  | 2,257,456 |  |  |  | 2,289,899 |  |  | Fixed |  |  | 4.50 | % |  | 1/1/2021
Waterman Plaza |  |  |  |  | 3,984,214 |  |  |  | - |  |  | Fixed |  |  | 4.25 | % |  | 4/29/2021
Pacific Oaks Plaza |  | (4) |  |  | 1,534,825 |  |  |  | 1,556,891 |  |  | Fixed |  |  | 4.50 | % |  | 6/1/2021
Shoreline Medical Building |  | (2) |  |  | 3,665,188 |  |  |  | 3,727,569 |  |  | Fixed |  |  | 5.10 | % |  | 6/1/2022
Highland Court |  |  |  |  | 6,894,361 |  |  |  | 6,958,147 |  |  | Fixed |  |  | 3.82 | % |  | 8/28/2022
Dakota Bank Buildings |  |  |  |  | 10,764,874 |  |  |  | 10,825,201 |  |  | Fixed |  |  | 4.74 | % |  | 7/6/2024
Union Terrace Building |  |  |  |  | 6,600,000 |  |  |  | 6,600,000 |  |  | Fixed |  |  | 4.50 | % |  | 9/5/2024
The Presidio |  |  |  |  | 6,000,000 |  |  |  | 6,000,000 |  |  | Fixed |  |  | 4.54 | % |  | 12/1/2024
Centennial Tech Center |  |  |  |  | 10,157,066 |  |  |  | 10,237,591 |  |  | Fixed |  |  | 4.34 | % |  | 1/5/2025
Arapahoe Service Center |  |  |  |  | 8,500,000 |  |  |  | 8,500,000 |  |  | Fixed |  |  | 4.34 | % |  | 1/5/2025
Union Town Center |  |  |  |  | 8,440,000 |  |  |  | 8,440,000 |  |  | Fixed |  |  | 4.28 | % |  | 1/5/2025
Yucca Valley Retail Center |  |  |  |  | 6,000,000 |  |  |  | 6,000,000 |  |  | Fixed |  |  | 4.30 | % |  | 4/11/2025
Executive Office Park |  | (3) |  |  | 4,269,782 |  |  |  | 4,307,975 |  |  | Fixed |  |  | 5.80 | % |  | 7/1/2025
Genesis Plaza |  |  |  |  | 6,500,000 |  |  |  | 6,500,000 |  |  | Fixed |  |  | 4.65 | % |  | 8/25/2025
One Parke Centre |  |  |  |  | 6,610,000 |  |  |  | 6,610,000 |  |  | Fixed |  |  | 4.77 | % |  | 9/5/2025
Shea Center II |  |  |  |  | 17,727,500 |  |  |  | 17,727,500 |  |  | Fixed |  |  | 4.92 | % |  | 1/5/2026
Subtotal, NetREIT, Inc. properties |  |  |  |  | 136,448,466 |  |  |  | 135,640,302 |  |  |  |  |  | 4.71 | % |  |
Model Home mortgage notes |  |  |  |  | 12,465,756 |  |  |  | 9,050,268 |  |  | Fixed |  | (5) |  |  | 2016-2020
Mortgage Notes Payable |  |  |  | $ | 148,914,222 |  |  | $ | 144,690,570 |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  |  |  | (2,062,643 | ) |  |  | (2,052,169 | ) |  |  |  |  |  |  |  |
Mortgage Notes Payable, net |  |  |  | $ | 146,851,579 |  |  | $ | 142,638,401 |  |  |  |  |  |  |  |  |
(1) Interest rates as of June 30, 2016. (2) Interest rate subject to resetting on the 6th loan anniversary. (3) Interest rate is subject to reset on July 1, 2018. (4) Interest rate is subject to reset on April 28, 2017. (5) Each Model Home has a standalone mortgage note at interest rates ranging from 3.8% to 5.8% per annum (at June 30, 2016). The Company is in compliance with all conditions and covenants of its mortgage notes payable.
Scheduled Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable were as follows as of June 30, 2016:
|  | NetREIT, Inc. |  |  | Model Homes |  |  | Principal |
|  | Notes Payable |  |  | Notes Payable |  |  | Payments |
Six months remaining in 2016 |  | $ | 4,037,266 |  |  | $ | 504,693 |  |  | $ | 4,541,959 |
Years ending December 31: |  |  |  |  |  |  |  |  |  |  |  |
2017 |  |  | 1,887,497 |  |  |  | 1,493,704 |  |  | $ | 3,381,201 |
2018 |  |  | 6,100,425 |  |  |  | 1,224,712 |  |  | $ | 7,325,137 |
2019 |  |  | 3,010,927 |  |  |  | 6,797,220 |  |  | $ | 9,808,147 |
2020 |  |  | 2,422,274 |  |  |  | 2,445,427 |  |  | $ | 4,867,701 |
Thereafter |  |  | 118,990,077 |  |  |  | - |  |  | $ | 118,990,077 |
Total |  | $ | 136,448,466 |  |  | $ | 12,465,756 |  |  | $ | 148,914,222 |

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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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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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