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Note 4 - Real Estate Assets | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Real Estate Assets [Text Block] | 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, 2020, the Company owned or had an equity interest in:
| • | Ten office buildings and one industrial buildings (“Office/Industrial Properties”) which total approximately 982,796 rentable square feet;
| • | Four retail shopping centers (“Retail Properties”) which total approximately 131,722 rentable square feet;
| • | 118 homes owned by our affiliated limited partnerships and one corporation (“Model Homes” or “Model Home Properties”) leased back on a triple-net basis to homebuilders that are owned by six affiliated limited partnerships and one wholly-owned corporation.
The Company’s real estate assets consisted of the following as of December 31, 2020 and 2019:
|  | Date |  |  |  | Real estate assets, net (in thousands) |
Property Name |  | Acquired |  | Location |  | 2020 |  |  | 2019 |
Garden Gateway Plaza (1) |  | March 2007 |  | Colorado Springs, Colorado |  | $ | 11,465 |  |  | $ | 11,428 |
World Plaza (1) |  | September 2007 |  | San Bernardino, California |  |  | 9,272 |  |  |  | 8,305 |
Executive Office Park (3) |  | July 2008 |  | Colorado Springs, Colorado |  |  | 5,106 |  |  |  | 7,723 |
Waterman Plaza (1) |  | August 2008 |  | San Bernardino, California |  |  | 3,500 |  |  |  | 4,889 |
Genesis Plaza |  | August 2010 |  | San Diego, California |  |  | 8,651 |  |  |  | 8,789 |
Dakota Center |  | May 2011 |  | Fargo, North Dakota |  |  | 8,597 |  |  |  | 8,855 |
Grand Pacific Center |  | March 2014 |  | Bismarck, North Dakota |  |  | 5,684 |  |  |  | 5,914 |
Union Terrace (4) |  | August 2014 |  | Lakewood, CO |  |  | — |  |  |  | 8,425 |
Centennial Tech Center (4) |  | December 2014 |  | Colorado Springs, Colorado |  |  | — |  |  |  | 13,132 |
Arapahoe Center |  | December 2014 |  | Centennial, Colorado |  |  | 9,233 |  |  |  | 9,748 |
Union Town Center |  | December 2014 |  | Colorado Springs, Colorado |  |  | 9,345 |  |  |  | 9,612 |
West Fargo Industrial |  | August 2015 |  | Fargo, North Dakota |  |  | 7,061 |  |  |  | 7,212 |
300 N.P. |  | August 2015 |  | Fargo, North Dakota |  |  | 3,280 |  |  |  | 3,405 |
Research Parkway |  | August 2015 |  | Colorado Springs, Colorado |  |  | 2,438 |  |  |  | 2,512 |
One Park Center |  | August 2015 |  | Westminster, Colorado |  |  | 8,586 |  |  |  | 8,518 |
Highland Court (1) |  | August 2015 |  | Centennial, Colorado |  |  | 10,500 |  |  |  | 11,421 |
Shea Center II |  | December 2015 |  | Highlands Ranch, Colorado |  |  | 21,026 |  |  |  | 21,853 |
Presidio Property Trust, Inc. properties |  |  |  |  |  |  |  | 123,744 |  |  |  | 151,741 |
Model Home properties (2) |  |  | 2014 - 2020 |  | AZ, FL, IL, PA, TX, WI |  |  | 42,510 |  |  |  | 48,466 |
Total real estate assets and lease intangibles, net |  |  |  |  |  |  | $ | 166,254 |  |  | $ | 200,207 |
(1) | Property held for sale as of December 31, 2020.
(2) | Includes seven Model Homes that are listed as held for sale as of December 31, 2020.
(3) | One of four buildings within this property was sold as of December 31, 2020.
(4) | This property was sold during the year ended December 31, 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, 2020 are expected to be as follows:
2021 |  | $ | 3,259,261 |
2022 |  |  | 3,406,500 |
2023 |  |  | 2,564,601 |
2024 |  |  | 1,211,331 |
2025 |  |  | 1,526,142 |
Thereafter |  |  | 2,477,552 |
Totals |  | $ | 14,445,387 |
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, 2020 are expected to be as follows:
2021 |  | $ | 2,784,108 |
2022 |  |  | 696,768 |
|  | $ | 3,480,876 |

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