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Note 4 - Real Estate Assets | 12 Months Ended
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Dec. 31, 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 December 31, 2022, the Company owned or had an equity interest in:
| • | Eight office buildings and one industrial building (“Office/Industrial Properties”) which total approximately rentable 756,265 square feet;
| • | Three retail shopping centers (“Retail Properties”) which total approximately 65,242 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 five affiliated limited partnerships and one wholly-owned corporation.
A summary of the properties owned by the Company as of December 31, 2022 and 2021 is as follows:
|  | Date |  |  |  | Real estate assets, net |
Property Name |  | Acquired |  | Location |  | December 31, 2022 |  |  | December 31, 2021 |
World Plaza (1) |  | September 2007 |  | San Bernardino, CA |  | $ | — |  |  | $ | 9,272,213 |
Genesis Plaza (2) |  | August 2010 |  | San Diego, CA |  |  | 7,995,980 |  |  |  | 8,310,803 |
Dakota Center |  | May 2011 |  | Fargo, ND |  |  | 8,569,537 |  |  |  | 8,607,360 |
Grand Pacific Center (6) |  | March 2014 |  | Bismarck, ND |  |  | 5,228,006 |  |  |  | 5,457,447 |
Arapahoe Center |  | December 2014 |  | Centennial, CO |  |  | 8,664,604 |  |  |  | 8,821,278 |
Union Town Center |  | December 2014 |  | Colorado Springs, CO |  |  | 9,039,039 |  |  |  | 9,169,387 |
West Fargo Industrial |  | August 2015 |  | Fargo, ND |  |  | 6,893,292 |  |  |  | 7,025,325 |
300 N.P. |  | August 2015 |  | Fargo, ND |  |  | 2,899,694 |  |  |  | 2,929,563 |
Research Parkway |  | August 2015 |  | Colorado Springs, CO |  |  | 2,319,588 |  |  |  | 2,375,943 |
One Park Center |  | August 2015 |  | Westminster, CO |  |  | 7,991,809 |  |  |  | 7,992,420 |
Shea Center II (5) |  | December 2015 |  | Highlands Ranch, CO |  |  | 19,501,998 |  |  |  | 20,246,645 |
Mandolin (3) |  | August 2021 |  | Houston, TX |  |  | 4,783,985 |  |  |  | 4,875,696 |
Baltimore |  | December 2021 |  | Baltimore, MD |  |  | 8,690,874 |  |  |  | 8,891,810 |
Presidio Property Trust, Inc. properties |  |  |  |  |  |  |  | 92,578,406 |  |  |  | 103,975,890 |
Model Home properties (4) |  | 2017 - 2022 |  | FL, TX, WI |  |  | 37,933,824 |  |  |  | 34,089,046 |
Total real estate assets and lease intangibles, net |  |  |  |  |  |  | $ | 130,512,230 |  |  | $ | 138,064,936 |
(1) | This property was sold during the year ended December 31, 2022.
(2) | 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.
(3) | 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.
(4) | Includes six Model Homes listed as held for sale as of December 31, 2022.
(5) | On December 31, 2022, the lease for our largest tenant, Halliburton Energy Services, Inc., expired. Halliburton Energy Services, Inc. was located in our Shea Center II property in Colorado, and made up approximately 8.57% of our annual base rent. The tenant did not renew the lease and we placed approximately $1.1 million in a reserve account with our lender to cover future mortgage payments, if necessary. Our management team is working to fill the 45,535 square foot space as quickly as possible, and has already leased approximately 20% of the space to a tenant during January 2023.
(6) | Grand Pacific Center, Bismarck, ND, was removed from held for sale after signing a major lease with KLJ Engineering on December 7, 2022 for approximately 33,296 usable square feet, a term of 122 months, starting annualized rent of $532,736, and a commencement date estimated to be between November 1, 2023 and March 1, 2024.

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