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Real Estate Assets | 12 Months Ended
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Dec. 31, 2018
Real Estate Assets [Abstract] |
Real Estate Assets | 4. REAL ESTATE ASSETS The Company owns a diverse portfolio of real estate assets. The primary types of properties the Company invests in are office, industrial, retail, and NNN leased model home properties located primarily in Southern California and Colorado, with four properties located in North Dakota. Our model home properties are located in ten states. As of December 31, 2018, the Company owned or had an equity interest in:
| • | Fourteen office buildings and one industrial buildings (“Office/Industrial Properties”) which total approximately 1,300,653 rentable square feet,
| • | Four retail shopping centers (“Retail Properties”) which total approximately 131,010 rentable square feet,
| • | One hundred forty-four model homes owned by our affiliated limited partnerships and one limited liability company (“Model Home Properties”).
The Company’s real estate assets consisted of the following as of December 31, 2018 and 2017:
|  |  |  |  |  | Real estate assets, net (in thousands) |
Property Name |  | Acquired |  | Location |  | 2018 |  |  | 2017 |
Garden Gateway Plaza |  | March 2007 |  | Colorado Springs, Colorado |  | $ | 11,166 |  |  | $ | 11,434 |
World Plaza |  | September 2007 |  | San Bernardino, California |  |  | 6,180 |  |  |  | 5,743 |
Executive Office Park |  | July 2008 |  | Colorado Springs, Colorado |  |  | 7,976 |  |  |  | 8,076 |
Waterman Plaza |  | August 2008 |  | San Bernardino, California |  |  | 4,977 |  |  |  | 5,624 |
Pacific Oaks Plaza (2)(3) |  | September 2008 |  | Escondido, California |  |  | - |  |  |  | 4,040 |
Morena Office Center (1) |  | January 2009 |  | San Diego, California |  |  | 4,716 |  |  |  | 4,870 |
Genesis Plaza |  | August 2010 |  | San Diego, California |  |  | 8,449 |  |  |  | 8,609 |
Dakota Center |  | May 2011 |  | Fargo, North Dakota |  |  | 9,139 |  |  |  | 9,635 |
Yucca Valley Retail Center (2)(4) |  | September 2011 |  | Yucca Valley, California |  |  | - |  |  |  | 6,605 |
Port of San Diego Complex (2)(5) |  | December 2011 |  | San Diego, California |  |  | - |  |  |  | 13,888 |
The Presidio |  | November 2012 |  | Aurora, Colorado |  |  | 6,499 |  |  |  | 6,415 |
Grand Pacific Center |  | March 2014 |  | Bismarck, North Dakota |  |  | 5,814 |  |  |  | 5,854 |
Union Terrace |  | August 2014 |  | Lakewood, Colorado |  |  | 7,983 |  |  |  | 8,287 |
Centennial Tech Center |  | December 2014 |  | Colorado Springs, Colorado |  |  | 12,960 |  |  |  | 13,431 |
Arapahoe Center |  | December 2014 |  | Centennial, Colorado |  |  | 10,251 |  |  |  | 10,638 |
Union Town Center |  | December 2014 |  | Colorado Springs, Colorado |  |  | 9,904 |  |  |  | 10,209 |
West Fargo Industrial |  | August 2015 |  | Fargo, North Dakota |  |  | 7,243 |  |  |  | 7,455 |
300 N.P. |  | August 2015 |  | Fargo, North Dakota |  |  | 3,543 |  |  |  | 3,636 |
Research Parkway |  | August 2015 |  | Colorado Springs, Colorado |  |  | 2,589 |  |  |  | 2,686 |
One Park Centre |  | August 2015 |  | Westminster, Colorado |  |  | 8,453 |  |  |  | 8,514 |
Highland Court |  | August 2015 |  | Centennial, Colorado |  |  | 11,845 |  |  |  | 12,287 |
Shea Center II |  | December 2015 |  | Highlands Ranch, Colorado |  |  | 22,658 |  |  |  | 23,352 |
Office/Industrial and Retail Properties |  |  |  |  |  |  | 162,345 |  |  |  | 191,288 |
Model Home Properties |  | 2011-2018 |  | AZ, CA, FL, IL, NC, NJ, PA, SC, TX, UT |  |  | 48,763 |  |  |  | 43,246 |
|  | Total real estate assets and lease intangibles held for investment, net |  | $ | 211,108 |  |  | $ | 234,534 |
(1) | Property held for sale as of December 31, 2018 and sold for $5.6 million on January 15, 2019.
(2) | Property held for sale as of December 31, 2017.
(3) | Pacific Oaks Plaza was sold on December 27, 2018.
(4) | Yucca Valley Retail Center was sold on December 31, 2018.
(5) | Port of San Diego Complex was sold on December 20, 2018.
The Company’s commercial properties are leased to tenants under non-cancelable operating leases for which terms and expirations vary. Future minimum rental revenues under existing leases on Office/Industrial and Retail Properties as of December 31, 2018 are expected to be as follows:
2019 |  |  | $ | 16,810,794 |
2020 |  |  |  | 14,429,223 |
2021 |  |  |  | 10,649,516 |
2022 |  |  |  | 7,425,332 |
2023 |  |  |  | 4,178,058 |
Thereafter |  |  |  | 4,615,807 |
Totals |  |  | $ | 58,108,730 |
The Company generally rents Model Home Properties to homebuilders under non-cancelable lease agreements with a term of 18 months with an option to extend in six month increments. Future minimum rental revenues under existing leases on Model Home Properties as of December 31, 2018 are expected to be as follows:
2019 |  |  | $ | 2,716,596 |
2020 |  |  |  | 1,421,568 |
|  |  | $ | 4,138,164 |

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