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Recent Real Estate Transactions
 6 Months Ended
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.