XML 47 R32.htm IDEA: XBRL DOCUMENT v3.21.4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
Integer
$ / shares
shares
Mar. 31, 2021
USD ($)
Sep. 30, 2020
USD ($)
$ / shares
shares
Sep. 30, 2021
USD ($)
Integer
$ / shares
Sep. 30, 2020
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Dec. 31, 2019
USD ($)
$ / shares
Property, Plant and Equipment [Line Items]              
Amortization of above and below Market Leases $ 6,000   $ 26,000 $ 4,000 $ 84,000 $ 100,000 $ 100,000
Amortization of financing costs 68,000   116,000 275,000 369,000 200,000 300,000
Deferred costs, total 1,300,000     1,300,000   1,900,000 2,100,000
Operating lease, iInitial direct cost expense, over term 85,000   106,000 257,000 306,000 400,000 600,000
Cash equivalents, at carrying value, total 27,800,000     27,800,000   11,500,000  
Restricted cash, total $ 3,800,000     $ 3,800,000   4,200,000  
Number of real estate properties held for sale | Integer 1     1      
Unamortized Deferred Stock Costs $ 2,000     $ 2,000   109,000  
Real estate investment property and lease intangibles, net 125,888,000     125,888,000   166,254,000 200,207,000
Impairment of real estate   300,000 845,674 1,730,851
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | shares 401,167   212,517        
Amortization of intangible assets, total           400,000 600,000
Asset impairment charges           $ 0 0
Finite-Lived Intangible Asset, Useful Life           39 years  
Depreciation and amortization       4,104,018 4,823,673 $ 6,274,321 7,364,688
Cash, FDIC insured amount           250,000  
Escrow deposit           9,800,000  
Restricted Cash           4,100,000  
Accounts receivables           70,000 21,000
Amortization of Debt Issuance Costs       $ 431,806 $ 992,705 1,287,430 965,239
Deferred Offering Costs           108,660
Noninterest Expense Offering Cost           $ 530,639
Percentage of Distributed Taxable Income to Qualify as REIT           90.00%  
Earnings Per Share, Basic and Diluted | $ / shares $ 0.13   $ 0.20 $ 0.33 $ 0.54 $ 0.85 $ 0.07
Domestic Tax Authority [Member]              
Property, Plant and Equipment [Line Items]              
Operating Loss Carryforwards, Total           $ 11,000,000.0  
Mortgage Notes [Member]              
Property, Plant and Equipment [Line Items]              
Debt Issuance Costs, Net           800,000 $ 1,100,000
Amortization of Debt Issuance Costs           400,000 500,000
Notes Payable to Banks [Member] | Polar Multi Strategy Master Fund [Member]              
Property, Plant and Equipment [Line Items]              
Debt Issuance Costs, Net           200,000  
Amortization of Debt Issuance Costs           900,000 400,000
Series D Preferred Stock [Member]              
Property, Plant and Equipment [Line Items]              
Adjustments to additional paid in capital, stock issued, issuance costs       $ 2,500,000      
Class A Common Stock and Related Warrants [Member]              
Property, Plant and Equipment [Line Items]              
Adjustments to additional paid in capital, stock issued, issuance costs       $ 1,100,000      
Series B Preferred Stock [Member]              
Property, Plant and Equipment [Line Items]              
Unamortized Deferred Stock Costs             100,000
Model Home [Member]              
Property, Plant and Equipment [Line Items]              
Number of real estate properties held for sale | Integer 3     3      
Highland Court [Member]              
Property, Plant and Equipment [Line Items]              
Real estate investment property and lease intangibles, net [1],[2]     [1],[2]   10,500,000 [1],[2],[3] 11,421,000 [3]
Impairment of real estate   $ 300,000       1,300,000 $ 400,000
Highland Court [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member]              
Property, Plant and Equipment [Line Items]              
Disposal group, including discontinued operation, consideration           $ 10,200,000  
Maximum [Member]              
Property, Plant and Equipment [Line Items]              
Amortization of value in place leases (Year)       10 years   10 years  
Investment in real estate and accumulated depreciation, life used for depreciation (Year)       5 years   5 years  
Finite-Lived Intangible Asset, Useful Life           10 years  
Maximum [Member] | Furniture and Fixtures [Member]              
Property, Plant and Equipment [Line Items]              
Lessee, operating lease, remaining lease term           5 years  
Minimum [Member]              
Property, Plant and Equipment [Line Items]              
Investment in real estate and accumulated depreciation, life used for depreciation (Year)       1 year   1 year  
Finite-Lived Intangible Asset, Useful Life           1 year  
Minimum [Member] | Furniture and Fixtures [Member]              
Property, Plant and Equipment [Line Items]              
Lessee, operating lease, remaining lease term           4 years  
[1] 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.
[2] This property was sold during the nine months ended September 30, 2021.
[3] Property held for sale as of December 31, 2020.