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Note 4 - Real Estate Assets | 9 Months Ended
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Sep. 30, 2021
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 triple-net leased model home properties. We have five commercial properties located in Colorado, four in North Dakota, two in Southern California and one in Texas. Our model home properties are located in four states. As of September 30, 2021, the Company owned or had an equity interest in:
| • | Seven office buildings and one industrial property (“Office/Industrial Properties”) which total approximately 724,000 rentable square feet;
| • | Four retail shopping centers (“Retail Properties”) which total approximately 121,000 rentable square feet; and
| • | 85 model home residential properties (“Model Homes” or “Model Home Properties”), totaling approximately 276,000 square feet, leased back on a triple-net basis to homebuilders that are owned by six affiliated limited partnerships and one wholly-owned corporation, all of which we control.
A summary of the properties owned by the Company as of September 30, 2021 and December 31, 2020 is as follows:
|  | Date |  |  |  | Real estate assets, net (in thousands) |
Property Name |  | Acquired |  | Location |  | 2021 |  |  | 2020 |
Garden Gateway Plaza (1) |  | March 2007 |  | Colorado Springs, Colorado |  |  | — |  |  | $ | 11,465 |
World Plaza (2) |  | September 2007 |  | San Bernardino, California |  |  | 9,272 |  |  |  | 9,272 |
Executive Office Park (1) |  | July 2008 |  | Colorado Springs, Colorado |  |  | — |  |  |  | 5,106 |
Waterman Plaza (1) |  | August 2008 |  | San Bernardino, California |  |  | — |  |  |  | 3,500 |
Genesis Plaza (3) |  | August 2010 |  | San Diego, California |  |  | 8,412 |  |  |  | 8,651 |
Dakota Center |  | May 2011 |  | Fargo, North Dakota |  |  | 8,694 |  |  |  | 8,597 |
Grand Pacific Center |  | March 2014 |  | Bismarck, North Dakota |  |  | 5,525 |  |  |  | 5,684 |
Arapahoe Center |  | December 2014 |  | Centennial, Colorado |  |  | 8,901 |  |  |  | 9,233 |
Union Town Center |  | December 2014 |  | Colorado Springs, Colorado |  |  | 9,212 |  |  |  | 9,345 |
West Fargo Industrial |  | August 2015 |  | Fargo, North Dakota |  |  | 6,996 |  |  |  | 7,061 |
300 N.P. |  | August 2015 |  | Fargo, North Dakota |  |  | 3,218 |  |  |  | 3,280 |
Research Parkway |  | August 2015 |  | Colorado Springs, Colorado |  |  | 2,392 |  |  |  | 2,438 |
One Park Center |  | August 2015 |  | Westminster, Colorado |  |  | 8,072 |  |  |  | 8,586 |
Highland Court (1) (4) |  | August 2015 |  | Centennial, Colorado |  |  | — |  |  |  | 10,500 |
Shea Center II |  | December 2015 |  | Highlands Ranch, Colorado |  |  | 20,340 |  |  |  | 21,026 |
Mandolin (4) |  | August 2021 |  | Houston, Texas |  |  | 4,899 |  |  |  | — |
Presidio Property Trust, Inc. properties |  |  |  |  |  |  |  | 95,933 |  |  |  | 123,744 |
Model Home properties (5) |  | 2014 - 2020 |  | TX, FL, IL, WI |  |  | 29,955 |  |  |  | 42,510 |
Total real estate assets and lease intangibles, net |  |  |  |  |  |  | $ | 125,888 |  |  | $ | 166,254 |
(1) This property was sold during the nine months ended September 30, 2021. (2) This property is held for sale as of September 30, 2021. (3) Genesis Plaza is owned by two tenants-in-common, each of which owns 57% and 43%, respectively, and we beneficially own an aggregate of 76.4%. (4) A portion of the proceeds from the sale of Highland Court were used in like-kind exchange transactions pursued under Section 1031 of the Internal Revenue for the acquisition of our Mandolin property. Mandolin is owned by NetREIT Palm Self-Storage LP, through its wholly owned subsidiary NetREIT Highland LLC, and the Company is the sole general partner and owns 61.3% of NetREIT Palm Self-Storage LP. (5) Includes three Model Homes listed as held for sale as of September 30, 2021.

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