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Note 4 - Real Estate Assets

9 Months Ended

Sep. 30, 2021

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.