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Note 4 - Real Estate Assets 1 | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2020 | Dec. 31, 2019
Notes to Financial Statements |  |
Real Estate Assets [Text Block] | 4. REAL ESTATE ASSETS A summary of the properties owned by the Company as of June 30, 2020 is as follows:
Property Name |  | Date Acquired |  | Location |  | Real estate assets, net (in thousands)
Garden Gateway Plaza (1) |  | March 2007 |  | Colorado Springs, Colorado |  | $ | 11,445 |
World Plaza (1) |  | September 2007 |  | San Bernardino, California |  |  | 9,271 |
Executive Office Park (2) |  | July 2008 |  | Colorado Springs, Colorado |  |  | 7,623 |
Waterman Plaza |  | August 2008 |  | San Bernardino, California |  |  | 4,000 |
Genesis Plaza |  | August 2010 |  | San Diego, California |  |  | 8,947 |
Dakota Center |  | May 2011 |  | Fargo, North Dakota |  |  | 8,724 |
Grand Pacific Center |  | March 2014 |  | Bismarck, North Dakota |  |  | 5,823 |
Arapahoe Center |  | December 2014 |  | Centennial, Colorado |  |  | 9,492 |
Union Town Center |  | December 2014 |  | Colorado Springs, Colorado |  |  | 9,482 |
West Fargo Industrial |  | August 2015 |  | West Fargo, North Dakota |  |  | 7,136 |
300 N.P. |  | August 2015 |  | Fargo, North Dakota |  |  | 3,336 |
Research Parkway |  | August 2015 |  | Colorado Springs, Colorado |  |  | 2,473 |
One Park Center |  | August 2015 |  | Westminster, Colorado |  |  | 8,789 |
Highland Court |  | August 2015 |  | Centennial, Colorado |  |  | 11,136 |
Shea Center II |  | December 2015 |  | Highlands Ranch, Colorado |  |  | 21,470 |
Presidio Property Trust, Inc. properties |  |  |  |  |  |  | 129,147 |
Model Home properties (3) |  | 2014-2020 |  | AZ, FL, IL, PA, TX, WI |  |  | 47,369 |
Total real estate assets and lease intangibles, net |  | $ | 176,516 |
( 1 ) | Properties held for sale as of June 30, 2020.
( 2 ) | One of the four buildings at the property is held for sale as of June 30, 2020.
( 3 ) | Includes four Model Homes that are listed as held for sale as of June 30, 2020.
Geographic Diversification Tables The following tables show a list of commercial properties owned by the Company grouped by state and geographic region as of June 30, 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 | % |  | $ | 1,901,873 |  |  |  | 13.2 | %
Colorado |  |  | 8 |  |  |  | 597,912 |  |  |  | 52.9 | % |  |  | 9,120,615 |  |  |  | 63.0 | %
North Dakota |  |  | 4 |  |  |  | 397,039 |  |  |  | 35.2 | % |  |  | 3,452,183 |  |  |  | 23.8 | %
Total |  |  | 15 |  |  |  | 1,129,738 |  |  |  | 100.0 | % |  | $ | 14,474,671 |  |  |  | 100.0 | %
The following tables show a list of our Model Home properties by geographic region as of June 30, 2020:
Geographic Region |  | No. of Properties |  |  | Aggregate Square Feet |  |  | Approximate % of Square Feet |  |  | Current Base Annual Rent |  |  | Approximate of Aggregate % Annual Rent |
Southwest |  |  | 105 |  |  |  | 308,071 |  |  |  | 82.2 | % |  | $ | 3,116,028 |  |  |  | 78.7 | %
Southeast |  |  | 20 |  |  |  | 45,727 |  |  |  | 12.2 | % |  |  | 551,088 |  |  |  | 13.9 | %
Midwest |  |  | 2 |  |  |  | 6,602 |  |  |  | 1.7 | % |  |  | 99,276 |  |  |  | 2.5 | %
East |  |  | 2 |  |  |  | 5,255 |  |  |  | 1.4 | % |  |  | 70,716 |  |  |  | 1.8 | %
Northeast |  |  | 3 |  |  |  | 9,271 |  |  |  | 2.5 | % |  |  | 121,020 |  |  |  | 3.1 | %
Total |  |  | 132 |  |  |  | 374,926 |  |  |  | 100.0 | % |  | $ | 3,958,128 |  |  |  | 100.0 | %
| 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 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 |

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