REAL ESTATE ASSETS

12 Months Ended

Dec. 31, 2019

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 seven states. As of December 31, 2019, the Company owned or had an equity interest in:

•Twelve office buildings and one industrial buildings (“Office/Industrial Properties”) which total approximately 1,192,566 rentable square feet,

•Four retail shopping centers (“Retail Properties”) which total approximately 131,722 rentable square feet,

•One hundred thirty-six model homes owned by our affiliated limited partnerships and one corporation (“Model Home Properties”).

The Company’s real estate assets consisted of the following as of December 31, 2019 and 2018:


			Real estate assets, net (in thousands)
Property Name	Acquired	Location	2019		2018
Garden Gateway Plaza (1)	March 2007	Colorado Springs, Colorado	$	11,428	$	11,166
World Plaza (1)	September 2007	San Bernardino, California	8,305		6,180
Executive Office Park	July 2008	Colorado Springs, Colorado	7,723		7,976
Waterman Plaza	August 2008	San Bernardino, California	4,889		4,977
Morena Office Center (2)	January 2009	San Diego, California	—		4,716
Genesis Plaza	August 2010	San Diego, California	8,789		8,449
Dakota Center	May 2011	Fargo, North Dakota	8,855		9,139
The Presidio (3)	November 2012	Aurora, Colorado	—		6,499
Grand Pacific Center	March 2014	Bismarck, North Dakota	5,914		5,814
Union Terrace (1)	August 2014	Lakewood, Colorado	8,425		7,983
Centennial Tech Center (1) (4)	December 2014	Colorado Springs, Colorado	13,132		12,960
Arapahoe Center	December 2014	Centennial, Colorado	9,748		10,251
Union Town Center	December 2014	Colorado Springs, Colorado	9,612		9,904
West Fargo Industrial	August 2015	Fargo, North Dakota	7,212		7,243
300 N.P.	August 2015	Fargo, North Dakota	3,405		3,543
Research Parkway	August 2015	Colorado Springs, Colorado	2,512		2,589
One Park Centre	August 2015	Westminster, Colorado	8,518		8,453
Highland Court	August 2015	Centennial, Colorado	11,421		11,845
Shea Center II	December 2015	Highlands Ranch, Colorado	21,853		22,658
Office/Industrial and Retail Properties			151,741		162,345
Model Home Properties	2012-2019	AZ, CA, FL, IL, NC, NJ, PA, SC, TX, UT	48,466		48,763
	Total real estate assets and lease intangibles held for investment, net				$	200,207	$	211,108

(1)Property held for sale as of December 31, 2019.

(2)Morena Office Center sold on January 15, 2019.

(3)The Presidio sold on July 31, 2019.

(4)Centennial Tech Center sold for approximately $15.0 million on February 5, 2020.

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, 2019 are expected to be as follows:



2020	$	16,907,553
2021	13,535,430
2022	10,425,658
2023	7,043,128
2024	5,336,123
Thereafter	5,428,467
Totals	$	58,676,359

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 months increments. Future minimum rental revenues under existing leases on Model Home Properties as of December 31, 2019 are expected to be as follows:



2020	$	3,016,320
2021	1,047,924
	$	4,064,244