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Note 4 - Real Estate Assets | 9 Months Ended
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Sep. 30, 2022
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, one in Southern California, one in Texas and one in Maryland. Our model home properties are located in three states. As of September 30, 2022, the Company owned or had an equity interest in:
| • | Eight office buildings and one industrial property (“Office/Industrial Properties”) which total approximately 756,112 rentable square feet;
| • | Three retail shopping centers (“Retail Properties”) which total approximately 65,242 rentable square feet; and
| • | 82 model home residential properties (“Model Homes” or “Model Home Properties”), totaling approximately 253,124 square feet, leased back on a triple-net basis to homebuilders that are owned by five 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, 2022 and December 31, 2021 is as follows:
|  | Date |  |  |  | Real estate assets, net (in thousands) |
Property Name |  | Acquired |  | Location |  | September 30, 2022 |  |  | December 31, 2021 |
World Plaza (1) |  | September 2007 |  | San Bernardino, CA |  | $ | — |  |  | $ | 9,272,213 |
Genesis Plaza (3) |  | August 2010 |  | San Diego, CA |  |  | 8,170,819 |  |  |  | 8,310,803 |
Dakota Center |  | May 2011 |  | Fargo, ND |  |  | 8,601,434 |  |  |  | 8,607,360 |
Grand Pacific Center (2) |  | March 2014 |  | Bismarck, ND |  |  | 5,278,224 |  |  |  | 5,457,447 |
Arapahoe Center |  | December 2014 |  | Centennial, CO |  |  | 8,723,921 |  |  |  | 8,821,278 |
Union Town Center |  | December 2014 |  | Colorado Springs, CO |  |  | 9,095,203 |  |  |  | 9,169,387 |
West Fargo Industrial |  | August 2015 |  | Fargo, ND |  |  | 6,967,696 |  |  |  | 7,025,325 |
300 N.P. |  | August 2015 |  | Fargo, ND |  |  | 2,931,963 |  |  |  | 2,929,563 |
Research Parkway |  | August 2015 |  | Colorado Springs, CO |  |  | 2,335,027 |  |  |  | 2,375,943 |
One Park Center |  | August 2015 |  | Westminster, CO |  |  | 8,125,318 |  |  |  | 7,992,420 |
Shea Center II |  | December 2015 |  | Highlands Ranch, CO |  |  | 19,795,329 |  |  |  | 20,246,645 |
Mandolin (4) |  | August 2021 |  | Houston, TX |  |  | 4,806,913 |  |  |  | 4,875,696 |
Baltimore |  | December 2021 |  | Baltimore, MD |  |  | 8,740,516 |  |  |  | 8,891,810 |
Presidio Property Trust, Inc. properties |  |  |  |  |  |  |  | 93,572,363 |  |  |  | 103,975,890 |
Model Home properties (5) |  | 2017 - 2022 |  | IL, TX, WI |  |  | 33,214,543 |  |  |  | 34,089,046 |
Total real estate assets and lease intangibles, net |  |  |  |  |  |  | $ | 126,786,906 |  |  | $ | 138,064,936 |
(1) This property was sold during the nine months ended September 30, 2022. (2) This property is held for sale as of September 30, 2022. (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) 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 Model Homes listed as held for sale as of September 30, 2022.

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