Note 3 - Recent Real Estate Transactions

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Real Estate Disclosure [Text Block]

3. RECENT REAL ESTATE TRANSACTIONS

Acquisitions during the nine months ended September 30, 2022: 

• The Company acquired 15 model homes for approximately $8.1 million. The purchase price was paid through cash payments of approximately $2.5 million and mortgage notes of approximately $5.6 million.

Acquisitions during the nine months ended September 30, 2021: 

• The Company acquired six model homes for approximately $2.9 million.  These acquisitions were paid for with approximately $0.9 million in cash payments and approximately $2.0 million in mortgage loans.  There were no other commercial properties acquired during this period.

• On August 17, 2021, the Company, through its 61.3% owned subsidiaries NetREIT Palm Self Storage, LP and NetREIT Highland LLC, acquired a single story newly constructed 10,500 square foot building in Houston, Texas for a purchase price of approximately $4.9 million, in connection with a like-kind exchange transaction pursued under Section 1031 of the Code 1986, as amended (the "Internal Revenue Code").  The building is 100% occupied under a 15-year triple net lease.

Dispositions during the nine months ended September 30, 2022:

• World Plaza, which was sold on March 11, 2022, for approximately $10.0 million and the Company recognized a loss of approximately $0.3 million.

• The Company sold 25 model homes for approximately $13.5 million and recognized a gain of approximately $4.3 million.

Dispositions during the nine months ended September 30, 2021:

• Waterman Plaza, which was sold on January 28, 2021, for approximately $3.5 million and the Company recognized a loss of approximately $0.2 million.

• Garden Gateway, which was sold on February 19, 2021, for approximately $11.2 million and the Company recognized a loss of approximately $1.4 million.

• Highland Court, which was sold on May 20, 2021 for approximately $10.2 million and the Company recognized a loss of approximately $1.6 million.

• Executive Office Park, which was sold on May 21, 2021 for approximately $8.1 million and the Company recognized a gain of approximately $2.5 million.

• The Company sold 39 model homes for approximately $19.0 million and recognized a gain of approximately $2.9 million.