XML 50 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Note 3 - Recent Real Estate Transactions
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Notes to Financial Statements    
Real Estate Disclosure [Text Block]
3.
RECENT REAL ESTATE TRANSACTIONS
 
During the
six
months ended
June 30, 2020,
the Company disposed of the following properties:
 
 
•
Centennial Tech Center, which was sold on
February 
5,
2020
for approximately
$15.0
 million and the Company recognized a loss of approximately
$913,000.
 
 
•
Union Terrace, which was sold on
March 
13,
2020
for approximately
$11.3
 million and the Company recognized a gain of approximately
$688,000.
 
During the
six
months ended
June 30, 2020,
the Company disposed of
21
model homes for approximately
$8.0
 million and recognized a gain of approximately
$557,000.
 
During the
six
months ended
June 30, 2020,
the Company acquired
17
model homes for approximately
$6.3
million. The purchase price was paid through cash payments of approximately
$1.9
million and mortgage notes of approximately
$4.4
million.
 
During the
six
months ended
June 30, 2019,
the Company disposed of the following property:
 
 
•
Morena Office Center, which was sold on
January 
15,
2019
for approximately
$5.6
 million and the Company recognized a gain of approximately
$700,000.
 
 
•
Nightingale land was sold on
May 8, 2019
for approximately
$875,000
and recognized a loss of approximately
$93,000.
 
During the
six
months ended
June 
30,
2019,
the Company disposed of
26
model homes for approximately
$9.4
million and recognized a gain of approximately
$783,000.
 
During the
six
months ended
June 
30,
2019,
the Company acquired
18
model homes for approximately
$6.1
 million. The purchase price was paid through cash payments of approximately
$1.8
 million and mortgage notes of approximately
$4.3
 million.
3.
RECENT REAL ESTATE TRANSACTIONS
 
During year ended
December 
31,
2019
and
2018
we disposed of the following properties:
 
 
•
Morena Office Center, which was sold on
January 
15,
2019
for approximately
$5.6
 million and the Company recognized a gain of approximately
$700,000.
 
 
•
Nightingale land, which was sold on
May 
8,
2019
for approximately
$875,000
and the Company recognized a loss of approximately
$93,000.
 
 
•
On
July 
1,
2019,
NetREIT Genesis, LLC sold a
43%
tenants-in-common interest in Genesis Plaza (“TIC Interest”) for
$5.6
 million to a newly formed entity, NetREIT Genesis II, LLC, in which NetREIT Casa Grande LP is the sole member. NetREIT Casa Grande LP owned and sold Morena Office Center on
January 
15,
2019.
The sale of the TIC Interest was structured as a
1031
exchange and included
$2.9
 million in cash and assumption of debt. The Company remains a guarantor of the debt and NetREIT Genesis, LLC and NetREIT Genesis II, LLC are jointly and severally liable for the debt securing Genesis Plaza, the financial terms and conditions of which remain materially unchanged.
 
 
•
The Presidio office building, which was sold on
July 
31,
2019
for approximately
$12.3
 million and the Company recognized a gain of approximately
$4.5
 million.
 
 
•
During the year ended
December 
31,
2019,
we disposed of
41
model homes for approximately
$14.6
 million and recognized a gain of approximately
$1.2
 million.
 
 
•
In
December 
31,
2018,
we sold the following:
 
 
•
Port of San Diego Complex for approximately
$24.8
 million and recognized a gain of approximately
$10.0
 million.
 
 
•
Yucca Valley Retail Center for approximately
$7.8
 million and recognized a gain of approximately
$1.4
 million.
 
 
•
Pacific Oaks Plaza for approximately
$3.9
 million and recognized a loss of approximately
$232,000.
 
 
•
During the year ended
December 
31,
2018,
we disposed of
33
model homes for approximately
$12.6
 million and recognized a gain of approximately
$988,000.
 
During the year ended
December 
31,
2019,
the Company acquired
33
Model Homes properties and leased them back to the home builders. The purchase price for the properties totaled
$13.0
 million. The Company allocated the purchase price of the properties acquired during
2019
as follows:
 
   
Land
    
Buildings
and Other
    
Total
Purchase Price
  
Model Home Properties
   $
2,495,436
     $
10,542,126
     $
13,037,562
  
 
During the year ended
December 
31,
2019,
the Company disposed of real estate assets with a net carrying value of approximately
$25.1
 million and recorded a gain on sale of approximately
$6.3
 million