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REAL ESTATE ASSETS (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2020 | Dec. 31, 2019
Real Estate Properties Owned | A summary of the properties owned by the Company as of March 31, 2020 is as follows:
Property Name |  | Date Acquired |  | Location |  | Real estate assets, net (in thousands) |
Garden Gateway Plaza (1) |  | March 2007 |  | Colorado Springs, Colorado |  | $ | 11,440 |
World Plaza (1) |  | September 2007 |  | San Bernardino, California |  |  | 8,334 |
Executive Office Park (2) |  | July 2008 |  | Colorado Springs, Colorado |  |  | 7,654 |
Waterman Plaza |  | August 2008 |  | San Bernardino, California |  |  | 4,867 |
Genesis Plaza |  | August 2010 |  | San Diego, California |  |  | 8,721 |
Dakota Center |  | May 2011 |  | Fargo, North Dakota |  |  | 8,772 |
Grand Pacific Center |  | March 2014 |  | Bismarck, North Dakota |  |  | 5,885 |
Arapahoe Center |  | December 2014 |  | Centennial, Colorado |  |  | 9,619 |
Union Town Center |  | December 2014 |  | Colorado Springs, Colorado |  |  | 9,552 |
West Fargo Industrial |  | August 2015 |  | West Fargo, North Dakota |  |  | 7,188 |
300 N.P. |  | August 2015 |  | Fargo, North Dakota |  |  | 3,371 |
Research Parkway |  | August 2015 |  | Colorado Springs, Colorado |  |  | 2,492 |
One Park Center |  | August 2015 |  | Westminster, Colorado |  |  | 8,898 |
Highland Court |  | August 2015 |  | Centennial, Colorado |  |  | 11,260 |
Shea Center II |  | December 2015 |  | Highlands Ranch, Colorado |  |  | 21,706 |
Presidio Property Trust, Inc. properties |  |  |  |  |  |  | 129,759 |
Model Home properties |  | 2014-2020 |  | AZ, FL, IL, PA, TX, WI |  |  | 49,433 |
Total real estate assets and lease intangibles, net |  | $ | 179,192 |
(1) | Properties held for sale as of March 31, 2020.
(2) | One of four buildings in the property is held for sale as of March 31, 2020.
| 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.
Geographic Locations of Real Estate Properties Owned | The following tables show a list of commercial properties owned by the Company grouped by state and geographic region as of March 31, 2020:
State |  | No. of Properties |  |  | Aggregate Square Feet |  |  | Approximate % of Square Feet |  |  | Current Base Annual Rent |  |  | Approximate % of Aggregate Annual Rent |
California |  |  | 3 |  |  |  | 134,787 |  |  |  | 11.9 | % |  | $ | 2,369,118 |  |  |  | 15.8 | %
Colorado |  |  | 8 |  |  |  | 597,912 |  |  |  | 52.9 | % |  |  | 9,115,780 |  |  |  | 60.7 | %
North Dakota |  |  | 4 |  |  |  | 397,039 |  |  |  | 35.2 | % |  |  | 3,528,918 |  |  |  | 23.5 | %
Total |  |  | 15 |  |  |  | 1,129,738 |  |  |  | 100.0 | % |  | $ | 15,013,816 |  |  |  | 100.0 | %
The following tables show a list of our Model Home properties by geographic region as of March 31, 2020:
Geographic Region |  | No. of Properties |  |  | Aggregate Square Feet |  |  | Approximate % of Square Feet |  |  | Current Base Annual Rent |  |  | Approximate of Aggregate % Annual Rent |
Southwest |  |  | 111 |  |  |  | 323,635 |  |  |  | 82.9 | % |  | $ | 3,301,032 |  |  |  | 79.7 | %
Southeast |  |  | 20 |  |  |  | 45,727 |  |  |  | 11.7 | % |  |  | 551,088 |  |  |  | 13.3 | %
Midwest |  |  | 2 |  |  |  | 6,602 |  |  |  | 1.7 | % |  |  | 99,276 |  |  |  | 2.4 | %
East |  |  | 2 |  |  |  | 5,255 |  |  |  | 1.3 | % |  |  | 70,716 |  |  |  | 1.7 | %
Northeast |  |  | 3 |  |  |  | 9,271 |  |  |  | 2.4 | % |  |  | 121,020 |  |  |  | 2.9 | %
Total |  |  | 138 |  |  |  | 390,490 |  |  |  | 100.0 | % |  | $ | 4,143,132 |  |  |  | 100.0 | %
Office/Industrial and Retail Properties |  |
Summary of Future Minimum Rental Revenues under Existing Leases |  | 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
Model Home properties |  |
Summary of Future Minimum Rental Revenues under Existing Leases |  | 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 |

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