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Note 4 - Real Estate Assets

12 Months Ended

Dec. 31, 2020

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:

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Ten office buildings and one industrial buildings (“Office/Industrial Properties”) which total approximately 982,796 rentable square feet;

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Four retail shopping centers (“Retail Properties”) which total approximately 131,722 rentable square feet;

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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