Note 4 - Real Estate Assets

3 Months Ended

Mar. 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 March 31, 2022, the Company owned or had an equity interest in:

• Eight office buildings and One industrial property (“Office/Industrial Properties”) which total approximately 755,862 rentable square feet;

• Three retail shopping centers (“Retail Properties”) which total approximately 65,242 rentable square feet; and

•  85 model home residential properties (“Model Homes” or “Model Home Properties”), totaling approximately 260,144 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 March 31, 2022 and  December 31, 2021 is as follows:

	Date		Real estate assets, net (in thousands)
Property Name	Acquired	Location	March 31, 2022		December 31, 2021
World Plaza (1)	September 2007	San Bernardino, CA	$	—	$	9,272,213
Genesis Plaza (3)	August 2010	San Diego, CA		8,190,418		8,310,803
Dakota Center	May 2011	Fargo, ND		8,521,851		8,607,360
Grand Pacific Center (2)	March 2014	Bismarck, ND		5,389,189		5,457,447
Arapahoe Center	December 2014	Centennial, CO		8,767,598		8,821,278
Union Town Center	December 2014	Colorado Springs, CO		9,111,213		9,169,387
West Fargo Industrial	August 2015	Fargo, ND		6,972,701		7,025,325
300 N.P.	August 2015	Fargo, ND		2,964,085		2,929,563
Research Parkway	August 2015	Colorado Springs, CO		2,360,283		2,375,943
One Park Center	August 2015	Westminster, CO		8,033,021		7,992,420
Shea Center II	December 2015	Highlands Ranch, CO		19,992,449		20,246,645
Mandolin (4)	August 2021	Houston, TX		4,852,768		4,875,696
Baltimore	December 2021	Baltimore, MD		8,829,929		8,891,810
Presidio Property Trust, Inc. properties				93,985,505		103,975,890
Model Home properties (5)	2016 - 2022	IL, TX, WI		32,864,698		34,089,046
Total real estate assets and lease intangibles, net			$	126,850,203	$	138,064,936

(1) This property was sold during the three months ended March 31, 2022.

(2) This property is held for sale as of March 31, 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 March 31, 2022.