XML 24 R10.htm IDEA: XBRL DOCUMENT
v3.22.1

Note 4 - Real Estate Assets | 12 Months Ended
--- | ---
Dec. 31, 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 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 four states. As of December 31, 2021, the Company owned or had an equity interest in:
| • | Eight office buildings and one industrial buildings (“Office/Industrial Properties”) which total approximately rentable 757,578 square feet;
| • | Four retail shopping centers (“Retail Properties”) which total approximately 121,052 rentable square feet;
| • | 92 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, 2021 and 2020:
|  | Date |  |  |  | Real estate assets, net |
Property Name |  | Acquired |  | Location |  | 2021 |  |  | 2020 |
Garden Gateway Plaza (1) |  | March 2007 |  | Colorado Springs, CO |  | $ | — |  |  | $ | 11,464,531 |
World Plaza (2) |  | September 2007 |  | San Bernardino, CA |  |  | 9,272,213 |  |  |  | 9,272,213 |
Executive Office Park (1) |  | July 2008 |  | Colorado Springs, CO |  |  | — |  |  |  | 5,105,831 |
Waterman Plaza (1) |  | August 2008 |  | San Bernardino, CA |  |  | — |  |  |  | 3,500,002 |
Genesis Plaza (3) |  | August 2010 |  | San Diego, CA |  |  | 8,310,803 |  |  |  | 8,651,177 |
Dakota Center |  | May 2011 |  | Fargo, ND |  |  | 8,607,360 |  |  |  | 8,597,493 |
Grand Pacific Center (6) |  | March 2014 |  | Bismarck, ND |  |  | 5,457,447 |  |  |  | 5,683,823 |
Arapahoe Center |  | December 2014 |  | Centennial, CO |  |  | 8,821,278 |  |  |  | 9,233,078 |
Union Town Center |  | December 2014 |  | Colorado Springs, CO |  |  | 9,169,387 |  |  |  | 9,344,563 |
West Fargo Industrial |  | August 2015 |  | Fargo, ND |  |  | 7,025,325 |  |  |  | 7,061,122 |
300 N.P. |  | August 2015 |  | Fargo, ND |  |  | 2,929,563 |  |  |  | 3,279,522 |
Research Parkway |  | August 2015 |  | Colorado Springs, CO |  |  | 2,375,943 |  |  |  | 2,438,594 |
One Park Center |  | August 2015 |  | Westminster, CO |  |  | 7,992,420 |  |  |  | 8,586,309 |
Highland Court (1)(4) |  | August 2015 |  | Centennial, CO |  |  | — |  |  |  | 10,500,001 |
Shea Center II |  | December 2015 |  | Highlands Ranch, CO |  |  | 20,246,645 |  |  |  | 21,026,112 |
Mandolin (4) |  | August 2021 |  | Houston, TX |  |  | 4,875,696 |  |  |  | — |
Baltimore |  | December 2021 |  | Baltimore, MD |  |  | 8,891,810 |  |  |  | — |
Presidio Property Trust, Inc. properties |  |  |  |  |  |  |  | 103,975,890 |  |  |  | 123,744,371 |
Model Home properties (5) |  |  | 2014 - 2021 |  | AZ, FL, IL, PA, TX, WI |  |  | 34,089,046 |  |  |  | 42,509,596 |
Total real estate assets and lease intangibles, net |  |  |  |  |  |  | $ | 138,064,936 |  |  | $ | 166,253,967 |
(1) | This property was sold during the year ended December 31, 2021.
(2) | This property is held for sale as of December 31, 2021.
(3) | Genesis Plaza is owned by two tenants-in-common, each of which own 57% and 43%, respectively, and we beneficially own an aggregate of 76.4%, based on our ownership percentages of each tenant-in-common.
(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 Code 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 six Model Homes listed as held for sale as of December 31, 2021.
(6) | Property was listed as held for sale in February 2022.
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, 2021 are expected to be as follows:
2022 |  | $ | 3,362,188 |
2023 |  |  | 1,990,408 |
2024 |  |  | 1,136,825 |
2025 |  |  | 1,210,653 |
2026 |  |  | 2,218,671 |
Thereafter |  |  | 1,540,799 |
Totals |  | $ | 11,459,544 |
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, 2021 are expected to be as follows:
2022 |  | $ | 2,121,864 |
2023 |  |  | 540,504 |
|  | $ | 2,662,368 |

X
- Definition The entire disclosure for certain real estate assets. + References No definition available. + Details
Name: | sqft_RealEstateAssetsTextBlock
Namespace Prefix: | sqft_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration