Real Estate Assets and Lease Intangibles (Tables)

9 Months Ended

Sep. 30, 2013

Real Estate Assets Held for Development and Sale [Abstract]

Real Estate Properties Owned [Table Text Block]

3. REAL ESTATE ASSETS AND LEASE INTANGIBLES
A summary of the properties owned by the Company as of September 30, 2013 is as follows:
						Real estate
		Date		Square	Property	assets, net
	Property Name	Acquired	Location	Footage	Description	(in thousands)
	Havana/Parker Complex	June 2006	Aurora, Colorado	114,000	Office		3,580.2
	Garden Gateway Plaza	March 2007	Colorado Springs, Colorado	115,052	Office		12,189.7
	World Plaza	September 2007	San Bernardino, California	55,098	Retail		6,730.9
	Regatta Square	October 2007	Denver, Colorado	5,983	Retail		1,945.7
	Sparky’s Palm Self-Storage	November 2007	Highland, California	50,250	Self-Storage		4,404.0
	Sparky’s Joshua Self-Storage	December 2007	Hesperia, California	149,750	Self-Storage		6,858.4
	Executive Office Park	July 2008	Colorado Springs, Colorado	65,084	Office		8,433.8
	Waterman Plaza	August 2008	San Bernardino, California	21,170	Retail		6,165.6
	Pacific Oaks Plaza	September 2008	Escondido, California	16,000	Office		4,379.9
	Morena Office Center	January 2009	San Diego, California	26,784	Office		6,211.6
	Fontana Medical Plaza	February 2009	Fontana, California	10,500	Office		1,996.1
	Rangewood Medical Office Building	March 2009	Colorado Springs, Colorado	18,222	Office		2,275.3
	Sparky’s Thousand Palms Self-Storage	August 2009	Thousand Palms, California	113,126	Self-Storage		5,580.9
	Sparky’s Hesperia East Self-Storage	December 2009	Hesperia, California	72,940	Self-Storage		2,665.7
	Sparky’s Rialto Self-Storage	May 2010	Rialto, California	101,343	Self-Storage		4,810.0
	Genesis Plaza	August 2010	San Diego, California	57,685	Office		8,945.1
	Dakota Bank Buildings	May 2011	Fargo, North Dakota	119,749	Office		9,711.9
	Yucca Valley Retail Center	September 2011	Yucca Valley, California	103,596	Retail		7,248.8
	Sparky’s Sunrise Self-Storage	December 2011	Hesperia, California	93,851	Self-Storage		2,173.1
	Port of San Diego Complex	December 2011	San Diego, California	146,700	Industrial		14,211.4
	Shoreline Medical Building	May 2012	Half Moon Bay, California	15,335	Office		6,168.5
	The Presidio	November 2012	Aurora, Colorado	80,800	Office		6,936.4
	Sparky’s Lancaster Self-Storage	May 2013	Lancaster, California	71,000	Self-Storage		3,639.9
	NetREIT, Inc properties						137,262.9
				Homes
	Model Home properties	Various in	CA, AZ, TX, NC
	held in limited partnerships	2009-2013	FL and NJ	61	Residential		17,471.9
	Model Home properties	Various in
	held in income and investment funds	2003-2008,
		2010-2013	CA, AZ, TX, SC, PA, NJ	16	Residential		5,821.7
	Model Home properties						23,293.6
			Total real estate assets and lease intangibles, net			$	160,556.5

Real Estate Disclosure [Text Block]

The following table sets forth the components of the Company’s real estate assets:
		September 30,		December 31,
		2013		2012
	Land	$	41,765,725	$	41,617,925
	Buildings and other		128,347,781		130,471,526
	Tenant improvements		7,297,825		7,112,494
	Lease intangibles		4,569,864		4,569,854
			181,981,195		183,771,799
	Less:
	Accumulated depreciation and amortization		(21,424,740)		(18,133,080)
	Real estate assets, net	$	160,556,455	$	165,638,719

Real Estate By Major Property Class [Table Text Block]

The Company allocated the purchase price of the properties acquired during the nine months ended September 30, 2013
	as follows:
							Total
					Buildings		Purchase
			Land		and other		Price
Sparky's Lancaster
	Self-Storage	$	949,000	$	2,701,000	$	3,650,000
Model Home
	Properties		234,150		1,436,909		1,671,059
The Company allocation of the properties sold during the nine months ended September 30, 2013 is as follows:
					Buildings		Total
			Land		and other		Cost
Model Home
	Properties	$	820,016	$	5,370,976	$	6,190,992
Casa Grande
	Apartments		220,572		1,190,822		1,411,394
The Company allocated the purchase price of the properties acquired during the year ended December 31, 2012
	as follows:
							Tenant						Total
					Buildings		Improve-		In-place		Leasing		Purchase
			Land		and other		ments		Leases		Costs		Price
Rite Aid		$	366,000	$	759,000	$	-	$	-	$	-	$	1,125,000
Shoreline
	Medical Building		1,820,000		4,311,000		-		83,000		136,000		6,350,000
The Presidio			1,325,000		4,969,400		816,500		27,400		136,700		7,275,000
Model Home
	Properties		1,923,852		15,214,443		-		-		-		17,138,295
The Company allocation of the properties sold during the year ended December 31, 2012 is as follows:
					Buildings		Total
			Land		and other		Cost
Model Home
	Properties	$	1,213,417	$	8,196,975	$	9,410,392
Rialto land			159,775		-		159,775
7-Eleven			553,359		714,680		1,268,039

ScheduleOfPropertySubjectToOrAvailableForOperatingLeaseTextBlock

Lease Intangibles
The following table summarizes the net value of other intangible assets and the accumulated amortization for each
class of intangible asset:
			September 30, 2013						December 31, 2012
							Lease						Lease
			Lease		Accumulated		intangibles,		Lease		Accumulated		intangibles,
			intangibles		amortization		net		intangibles		amortization		net
In-place leases		$	2,015,459	$	(1,435,123)	$	580,336	$	2,015,459	$	(1,229,792)	$	785,667
Leasing costs			1,448,985		(958,055)		490,930		1,448,985		(807,816)		641,169
Tenant
	relationships		332,721		(332,721)		-		332,721		(332,721)		-
Below-market
	leases		(841,425)		58,451		(782,974)		(841,425)		37,415		(804,010)
Above-market
	leases		1,614,124		(972,440)		641,684		1,614,114		(821,947)		792,167
		$	4,569,864	$	(3,639,888)	$	929,976	$	4,569,854	$	(3,154,861)	$	1,414,993

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

As of September 30, 2013, the estimated aggregate amortization expense for each of the five succeeding fiscal years
and thereafter is as follows:
		Estimated
		Aggregate
		Amortization
		Expense
Three month period ending December 31, 2013	$	139,138
2014		532,314
2015		388,282
2016		157,215
2017		53,591
Thereafter (principally below market rent amortization)		(340,564)
	$	929,976
The weighted average amortization period for the intangible assets, in-place leases, leasing costs, tenant
relationships and below-market leases acquired as of September 30, 2013 was 14.2 years.