Note 4 - Real Estate Assets

9 Months Ended

Sep. 30, 2023

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 five states. As of September 30, 2023, the Company owned or had an equity interest in:

• Eight office buildings and one industrial property (“Office/Industrial Properties”) which total approximately 758,356 rentable square feet;

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

• 102 model home residential properties (“Model Homes” or “Model Home Properties”), totaling approximately 309,257 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 September 30, 2023 and  December 31, 2022 is as follows:

	Date		Real estate assets, net
Property Name	Acquired	Location	September 30, 2023		December 31, 2022
Genesis Plaza (1)	August 2010	San Diego, CA	$	7,697,493	$	7,995,980
Dakota Center	May 2011	Fargo, ND		8,923,571		8,569,537
Grand Pacific Center (2)	March 2014	Bismarck, ND		6,084,032		5,228,006
Arapahoe Center	December 2014	Centennial, CO		8,565,680		8,664,604
Union Town Center	December 2014	Colorado Springs, CO		8,969,912		9,039,039
West Fargo Industrial	August 2015	Fargo, ND		6,874,243		6,893,292
300 N.P.	August 2015	Fargo, ND		2,801,682		2,899,694
Research Parkway	August 2015	Colorado Springs, CO		2,273,906		2,319,588
One Park Center	August 2015	Westminster, CO		7,754,915		7,991,809
Shea Center II	December 2015	Highlands Ranch, CO		19,274,869		19,501,998
Mandolin (3)	August 2021	Houston, TX		4,715,201		4,783,985
Baltimore	December 2021	Baltimore, MD		8,522,343		8,690,874
Presidio Property Trust, Inc. properties				92,457,847		92,578,406
Model Home properties (4)	2017 - 2023	AZ, FL, IL, TX, WI		45,990,458		37,933,824
Total real estate assets and lease intangibles, net			$	138,448,305	$	130,512,230

(1) 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%.

(2) Grand Pacific Center property and entered into a 10 year lease with KLJ Engineering LLC to occupy 33,296 square feet of the building.  The lease will commence when the tenant improvements have been substantially completed.

(3) 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 Model Homes listed as held for sale as of September 30, 2023. and December 31, 2022, respectively.