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]

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	%

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

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