Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 04, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001080657 | |
Entity Registrant Name | Presidio Property Trust, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-34049 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 33-0841255 | |
Entity Address, Address Line One | 4995 Murphy Canyon Road, Suite 300 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92123 | |
City Area Code | 760 | |
Local Phone Number | 471-8536 | |
Title of 12(b) Security | Series A Common Stock | |
Trading Symbol | SQFT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,422,036 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Real estate assets and lease intangibles: | ||
Land | $ 24,063,107 | $ 24,490,342 |
Buildings and improvements | 133,689,849 | 133,767,144 |
Tenant improvements | 15,095,039 | 14,043,829 |
Lease intangibles | 5,321,295 | 5,321,295 |
Real estate assets and lease intangibles held for investment, cost | 178,169,290 | 177,622,610 |
Accumulated depreciation and amortization | (31,769,133) | (27,970,897) |
Real estate assets and lease intangibles held for investment, net | 146,400,157 | 149,651,713 |
Real estate assets held for sale, net | 27,551,655 | 50,554,907 |
Real estate assets, net | 173,951,812 | 200,206,620 |
Cash, cash equivalents and restricted cash | 10,006,026 | 10,391,275 |
Deferred leasing costs, net | 1,721,939 | 2,053,927 |
Goodwill | 2,423,000 | 2,423,000 |
Other assets, net | 3,715,172 | 5,709,586 |
TOTAL ASSETS | 191,817,949 | 220,784,408 |
Liabilities: | ||
Mortgage notes payable, net | 107,114,310 | 109,795,546 |
Mortgage notes payable related to properties held for sale, net | 16,422,504 | 32,597,446 |
Mortgage notes payable, total net | 123,536,814 | 142,392,992 |
Note payable, net | 8,424,574 | 12,238,692 |
Accounts payable and accrued liabilities | 5,266,774 | 5,673,815 |
Accrued real estate taxes | 1,972,841 | 2,987,601 |
Lease liability, net | 108,743 | 560,188 |
Below-market leases, net | 187,493 | 309,932 |
Total liabilities | 139,497,239 | 164,163,220 |
Commitments and contingencies (Note 9) | ||
Equity: | ||
Additional paid-in capital | 153,358,708 | 152,129,120 |
Dividends and accumulated losses | (117,815,335) | (113,037,144) |
Total stockholders' equity before noncontrolling interest | 35,632,593 | 39,180,794 |
Noncontrolling interest | 16,688,117 | 17,440,394 |
Total equity | 52,320,710 | 56,621,188 |
TOTAL LIABILITIES AND EQUITY | 191,817,949 | 220,784,408 |
Common Class A [Member] | ||
Equity: | ||
Series A Common Stock, $0.01 par value, shares authorized: 100,000,000; 8,922,036 and 8,881,842 shares were both issued and outstanding at September 30, 2020 and December 31, 2019, respectively | $ 89,220 | $ 88,818 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - Common Class A [Member] - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 8,922,036 | 8,881,842 |
Common stock, shares outstanding (in shares) | 8,922,036 | 8,881,842 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Rental income | $ 5,433,303 | $ 6,677,145 | $ 18,098,514 | $ 20,371,900 |
Fees and other income | 230,265 | 323,725 | 715,609 | 929,221 |
Total revenue | 5,663,568 | 7,000,870 | 18,814,123 | 21,301,121 |
Costs and expenses: | ||||
Rental operating costs | 2,108,621 | 2,533,064 | 6,489,547 | 7,822,616 |
General and administrative | 1,366,380 | 1,451,873 | 3,996,696 | 4,632,244 |
Depreciation and amortization | 1,626,917 | 1,755,253 | 4,823,673 | 5,714,446 |
Impairment of real estate assets | 0 | 0 | 845,674 | 0 |
Total costs and expenses | 5,101,918 | 5,740,190 | 16,155,590 | 18,169,306 |
Other income (expense): | ||||
Interest expense-Series B preferred stock | 0 | (924,538) | 0 | (2,200,262) |
Interest and other income (expense), net | (12,270) | 9,294 | (10,865) | 19,227 |
Gain on sales of real estate, net | 332,714 | 4,853,186 | 656,975 | 6,243,819 |
Income tax expense | (122,602) | (338,713) | (257,602) | (611,952) |
Total other income (expense), net | (1,946,118) | 1,692,909 | (6,582,654) | (2,216,838) |
Net (loss) income | (1,384,468) | 2,953,589 | (3,924,121) | 914,977 |
Less: (Loss) income attributable to noncontrolling interests | (363,777) | (416,725) | (854,070) | (1,366,104) |
Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders | $ (1,748,245) | $ 2,536,864 | $ (4,778,191) | $ (451,127) |
Basic (loss) income per common share (in dollars per share) | $ (0.20) | $ 0.29 | $ (0.54) | $ (0.05) |
Weighted average number of common shares outstanding - basic (in shares) | 8,922,525 | 8,852,348 | 8,900,547 | 8,860,228 |
Diluted (loss) income per common share (in dollars per share) | $ (0.20) | $ 0.27 | $ (0.54) | $ (0.05) |
Weighted average number of common shares outstanding - diluted (in shares) | 8,922,525 | 9,275,427 | 8,900,547 | 8,860,228 |
Mortgage Notes [Member] | ||||
Other income (expense): | ||||
Interest expense | $ (1,439,771) | $ (1,723,844) | $ (4,605,175) | $ (5,485,194) |
Notes Payable [Member] | ||||
Other income (expense): | ||||
Interest expense | $ (704,189) | $ (182,476) | $ (2,365,987) | $ (182,476) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 8,860,711 | |||||
Balance at Dec. 31, 2018 | $ 88,608 | $ 151,670,625 | $ (111,343,840) | $ 40,415,393 | $ 15,725,650 | $ 56,141,043 |
Net (loss) income | 0 | 0 | (1,728,392) | (1,728,392) | 766,455 | (961,937) |
Distributions in excess of contributions received | $ 0 | 0 | 0 | 0 | (258,708) | (258,708) |
Repurchase of common stock (in shares) | (7,161) | |||||
Repurchase of common stock | $ (72) | (52,077) | 0 | (52,149) | 0 | (52,149) |
Dividends | $ 0 | 0 | (150) | (150) | 0 | (150) |
Vesting of restricted stock (in shares) | 13,424 | |||||
Vesting of restricted stock | $ 134 | 230,749 | 0 | 230,883 | 0 | 230,883 |
Balance (in shares) at Mar. 31, 2019 | 8,866,974 | |||||
Balance at Mar. 31, 2019 | $ 88,670 | 151,849,297 | (113,072,382) | 38,865,585 | 16,233,397 | 55,098,982 |
Balance (in shares) at Dec. 31, 2018 | 8,860,711 | |||||
Balance at Dec. 31, 2018 | $ 88,608 | 151,670,625 | (111,343,840) | 40,415,393 | 15,725,650 | 56,141,043 |
Net (loss) income | 914,977 | |||||
Balance (in shares) at Sep. 30, 2019 | 8,845,189 | |||||
Balance at Sep. 30, 2019 | $ 88,452 | 151,685,879 | (112,878,063) | 38,896,268 | 16,463,292 | 55,359,560 |
Balance (in shares) at Mar. 31, 2019 | 8,866,974 | |||||
Balance at Mar. 31, 2019 | $ 88,670 | 151,849,297 | (113,072,382) | 38,865,585 | 16,233,397 | 55,098,982 |
Net (loss) income | 0 | 0 | (1,259,598) | (1,259,598) | 182,924 | (1,076,674) |
Contributions received from noncontrolling interests, net of distributions paid | $ 0 | 0 | 0 | 0 | 195,178 | 195,178 |
Repurchase of common stock (in shares) | (9,085) | |||||
Repurchase of common stock | $ (91) | (68,043) | 0 | (68,134) | 0 | (68,134) |
Dividends | $ 0 | 0 | (1,082,947) | (1,082,947) | 0 | (1,082,947) |
Balance (in shares) at Jun. 30, 2019 | 8,857,889 | |||||
Balance at Jun. 30, 2019 | $ 88,579 | 151,781,254 | (115,414,927) | 36,454,906 | 16,611,499 | 53,066,405 |
Net (loss) income | 0 | 0 | 2,536,864 | 2,536,864 | 416,725 | 2,953,589 |
Distributions in excess of contributions received | $ 0 | 0 | 0 | 0 | (564,932) | (564,932) |
Repurchase of common stock (in shares) | (12,700) | |||||
Repurchase of common stock | $ (127) | (95,375) | 0 | (95,502) | 0 | (95,502) |
Balance (in shares) at Sep. 30, 2019 | 8,845,189 | |||||
Balance at Sep. 30, 2019 | $ 88,452 | 151,685,879 | (112,878,063) | 38,896,268 | 16,463,292 | 55,359,560 |
Balance (in shares) at Dec. 31, 2019 | 8,881,842 | |||||
Balance at Dec. 31, 2019 | $ 88,818 | 152,129,120 | (113,037,144) | 39,180,794 | 17,440,394 | 56,621,188 |
Net (loss) income | 0 | 0 | (1,107,130) | (1,107,130) | 175,011 | (932,119) |
Distributions in excess of contributions received | $ 0 | 0 | 0 | 0 | (277,472) | (277,472) |
Balance (in shares) at Mar. 31, 2020 | 8,881,842 | |||||
Balance at Mar. 31, 2020 | $ 88,818 | 152,129,120 | (114,144,274) | 38,073,664 | 17,337,933 | 55,411,597 |
Balance (in shares) at Dec. 31, 2019 | 8,881,842 | |||||
Balance at Dec. 31, 2019 | $ 88,818 | 152,129,120 | (113,037,144) | 39,180,794 | 17,440,394 | 56,621,188 |
Net (loss) income | (3,924,121) | |||||
Issuance of stock for Limited Partnership interests | 59,274 | |||||
Issuance of stock for Limited Partnership interests | (1,200,000) | |||||
Balance (in shares) at Sep. 30, 2020 | 8,922,036 | |||||
Balance at Sep. 30, 2020 | $ 89,220 | 153,358,708 | (117,815,335) | 35,632,593 | 16,688,117 | 52,320,710 |
Balance (in shares) at Mar. 31, 2020 | 8,881,842 | |||||
Balance at Mar. 31, 2020 | $ 88,818 | 152,129,120 | (114,144,274) | 38,073,664 | 17,337,933 | 55,411,597 |
Net (loss) income | 0 | 0 | (1,922,816) | (1,922,816) | 315,282 | (1,607,534) |
Contributions received from noncontrolling interests, net of distributions paid | $ 0 | 0 | 0 | 0 | 66,697 | 66,697 |
Share reconciliation adjustment (in shares) | (16,080) | |||||
Share reconciliation adjustment | $ (162) | 162 | 0 | 0 | 0 | 0 |
Issuance of stock for Limited Partnership interests (in shares) | 59,274 | |||||
Issuance of stock for Limited Partnership interests | $ 594 | 1,247,396 | 0 | 1,247,990 | 0 | |
Issuance of stock for Limited Partnership interests | (1,247,990) | |||||
Balance (in shares) at Jun. 30, 2020 | 8,925,036 | |||||
Balance at Jun. 30, 2020 | $ 89,250 | 153,376,678 | (116,067,090) | 37,398,838 | 16,471,922 | 53,870,760 |
Net (loss) income | 0 | (1,748,245) | (1,748,245) | 363,777 | (1,384,468) | |
Distributions in excess of contributions received | $ 0 | 0 | 0 | 0 | (147,582) | (147,582) |
Repurchase of common stock (in shares) | (3,000) | |||||
Repurchase of common stock | $ (30) | (17,970) | 0 | (18,000) | 0 | (18,000) |
Balance (in shares) at Sep. 30, 2020 | 8,922,036 | |||||
Balance at Sep. 30, 2020 | $ 89,220 | $ 153,358,708 | $ (117,815,335) | $ 35,632,593 | $ 16,688,117 | $ 52,320,710 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (3,924,121) | $ 914,977 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,823,673 | 5,714,446 |
Stock compensation | 541,865 | 809,127 |
Bad debt expense | 93,958 | 19,088 |
Gain on sale of real estate assets, net | (656,975) | (6,243,819) |
Impairment of real estate assets | 845,674 | 0 |
Accretion of original issue discount | 1,013,405 | 48,793 |
Amortization of financing costs | 992,705 | 592,598 |
Amortization of above-market leases | 38,012 | 42,796 |
Amortization of below-market leases | (122,439) | (140,777) |
Straight-line rent adjustment | 67,732 | (26,590) |
Changes in operating assets and liabilities: | ||
Other assets | 2,171,813 | 1,709,386 |
Accounts payable and accrued liabilities | (1,974,401) | (244,791) |
Accrued real estate taxes | (1,014,760) | (817,366) |
Net cash provided by operating activities | 2,896,141 | 2,377,868 |
Cash flows from investing activities: | ||
Real estate acquisitions | (8,996,248) | (6,116,035) |
Additions to buildings and tenant improvements | (2,510,152) | (5,182,033) |
Additions to deferred leasing costs | (137,961) | (661,401) |
Proceeds from sales of real estate, net | 33,810,274 | 29,211,836 |
Net cash provided by investing activities | 22,165,913 | 17,252,367 |
Cash flows from financing activities: | ||
Proceeds from mortgage notes payable, net of issuance costs | 13,339,739 | 10,667,286 |
Repayment of mortgage notes payable | (32,399,522) | (20,723,326) |
Repayment of note payable | (5,224,402) | 0 |
Payment of extension costs, note payable | (351,025) | 0 |
Redemption of mandatorily redeemable preferred stock | 0 | (16,900,000) |
Payment of deferred offering costs | (435,736) | 0 |
Distributions to noncontrolling interests, net of contributions | (358,357) | (628,462) |
Repurchase of common stock | (18,000) | (215,206) |
Dividends paid to stockholders | 0 | (2,158,467) |
Net cash used in financing activities | (25,447,303) | (18,335,011) |
Net (decrease) increase in cash equivalents and restricted cash | (385,249) | 1,295,224 |
Cash, cash equivalents and restricted cash - beginning of period | 10,391,275 | 9,776,215 |
Cash, cash equivalents and restricted cash - end of period | 10,006,026 | 11,071,439 |
Supplemental disclosure of cash flow information: | ||
Interest paid-Series B preferred stock | 0 | 1,859,672 |
Interest paid-mortgage notes payable | 4,542,959 | 4,792,830 |
Interest paid-notes payable | 604,679 | 0 |
Non-cash financing activities: | ||
Issuance of stock for limited partnership interests | 1,247,990 | 0 |
Polar Multi-Strategy Master Fund [Member] | Notes Payable to Banks [Member] | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Amortization of financing costs | 748,000 | |
Cash flows from financing activities: | ||
Proceeds from note payable, net of issuance cost of $1.1 million | 0 | 11,623,164 |
Payment of extension costs, note payable | $ (351,000) | |
Payment of deferred offering costs | $ (1,100,000) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Payment of deferred offering costs | $ 0 |
Polar Multi-Strategy Master Fund [Member] | Notes Payable to Banks [Member] | |
Payment of deferred offering costs | $ (1,100,000) |
Note 1 - Organization
Note 1 - Organization | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization January 28, 1999, August 4, 2010. October 2017, • Ten office buildings and one • Four retail shopping centers (“Retail Properties”) which total approximately 131,722 rentable square feet; and • 128 model home residential properties (“Model Homes” or “Model Home Properties”) leased back on a triple-net basis to homebuilders that are owned by six affiliated limited partnerships and one wholly-owned corporation. The Company or one • The Company is the sole general partner and a limited partner in two • The Company is the general and/or limited partner in six limited partnerships that purchase Model Homes and lease them back to homebuilders (Dubose Model Home Investors #202, #203, #204, #205, #206, The Company has determined that the limited partnerships in which it owns less than 100% We have elected to be taxed as a REIT under Sections 856 860 not We, together with one no Initial Public Offering October 6, 2020, Reverse Stock Split. July 29, 2020, one Liquidity. September 17, 2019 September 1, 2020, October 1, 2020 March 31, 2021 ( September 30, 2020 For the three 2020 December 31, 2021, December 31, 2020, may As the Company continues its operations, it may no not twelve |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. There have been no 10 December 31, 2019 December 31, 2019 10 March 13, 2020. Basis of Presentation. 10 8 X. three nine September 30, 2020 2019 not may December 31, 2020. 10 December 31, 2019 December 31, 2019 10 March 13, 2020. three nine September 30, 2020 not December 31, 2020 19” Principles of Consolidation. Use of Estimates. may Cash Equivalents and Restricted Cash. September 30, 2020 December 31, 2019 third Real Estate Held for Sale. real estate held for sale, net” for all prior periods presented in the accompanying condensed consolidated financial statements. As of September 30, 2020 Impairments of Real Estate Asset. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Although our strategy is to hold our properties over the long-term, if our strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may During the second 2020, second 2020 June 30, 2020. June 2020 Fair Value Measurements three one three • Level 1: • Level 2: not • Level 3: no When available, we utilize quoted market prices from independent third 1 2. not not third may third not not Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not Subsequent Events. Recently Issued and Adopted Accounting Pronouncements. March 2020, No. 2020 04, Reference Rate Reform not December 31, 2022, March 2020 no In June 2017, No. 2016 13, Financial Instruments – Credit Losses, February 2020 No. 2020 02, Financial Instruments—Credit Losses (Topic 326 842 2016 13 2016 13 2016 13 December 15, 2019, 2020 02 December 15, 2022. not In August 2018, No. 2018 13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement 820. December 15, 2019 January 1, 2020 no |
Note 3 - Recent Real Estate Tra
Note 3 - Recent Real Estate Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 3. During the nine September 30, 2020 • Centennial Tech Center, which was sold on February 5, 2020 • Union Terrace, which was sold on March 13, 2020 During the nine September 30, 2020 During the nine September 30, 2020 During the nine September 30, 2019 • Morena Office Center, which was sold on January 15, 2019 • Nightingale land was sold on May 8, 2019 • O n July 1, 2019, January 15, 2019. 1031 • The Presidio office building, which was sold on July 31, 2019 During the nine September 30, 2019 During the nine September 30, 2019 |
Note 4 - Real Estate Assets
Note 4 - Real Estate Assets | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Real Estate Assets [Text Block] | 4. A summary of the properties owned by the Company as of September 30, 2020 Real estate Date assets, net Property Name Acquired Location (in thousands) Garden Gateway Plaza (1) March 2007 Colorado Springs, Colorado $ 11,439 World Plaza (1) September 2007 San Bernardino, California 9,272 Executive Office Park (2) July 2008 Colorado Springs, Colorado 7,581 Waterman Plaza (1) August 2008 San Bernardino, California 3,986 Genesis Plaza August 2010 San Diego, California 8,816 Dakota Center May 2011 Fargo, North Dakota 8,655 Grand Pacific Center March 2014 Bismarck, North Dakota 5,754 Arapahoe Center December 2014 Centennial, Colorado 9,362 Union Town Center December 2014 Colorado Springs, Colorado 9,414 West Fargo Industrial August 2015 West Fargo, North Dakota 7,079 300 N.P. August 2015 Fargo, North Dakota 3,308 Research Parkway August 2015 Colorado Springs, Colorado 2,454 One Park Center August 2015 Westminster, Colorado 8,701 Highland Court August 2015 Centennial, Colorado 10,992 Shea Center II December 2015 Highlands Ranch, Colorado 21,193 Presidio Property Trust, Inc. properties 128,006 Model Home properties (3) 2014 2020 AZ, FL, IL, PA, TX, WI 45,946 Total real estate assets and lease intangibles, net $ 173,952 ( 1 September 30, 2020 ( 2 September 30, 2020 ( 3 September 30, 2020 Geographic Diversification Tables The following tables show a list of commercial properties owned by the Company grouped by state and geographic region as of September 30, 2020 Aggregate Current Approximate % No. of Square Approximate % Base Annual of Aggregate State Properties Feet of Square Feet Rent Annual Rent California 3 134,787 11.9 % $ 1,782,207 12.3 % Colorado 8 597,912 52.9 % 9,183,486 63.4 % North Dakota 4 397,039 35.2 % 3,525,685 24.3 % Total 15 1,129,738 100.0 % $ 14,491,378 100.0 % The following tables show a list of our Model Home properties by geographic region as of September 30, 2020 Current Approximate No. of Aggregate Approximate % Base Annual of Aggregate Geographic Region Properties Square Feet of Square Feet Rent % Annual Rent Southwest 104 305,203 83.7 % $ 3,036,024 80.2 % Southeast 18 41,621 11.4 % 499,320 13.2 % Midwest 2 6,602 1.8 % 99,276 2.6 % East 2 5,255 1.4 % 70,716 1.9 % Northeast 2 6,153 1.7 % 80,844 2.1 % Total 128 364,834 100 % $ 3,786,180 100 % |
Note 5 - Lease Intangibles
Note 5 - Lease Intangibles | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 5. The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset: September 30, 2020 December 31, 2019 Lease Accumulated Lease Lease Accumulated Lease Intangibles Amortization Intangibles, net Intangibles Amortization Intangibles, net In-place leases $ 3,186,889 $ (2,740,785 ) $ 446,104 $ 4,360,027 $ (3,283,027 ) $ 1,077,000 Leasing costs 1,800,921 (1,542,960 ) 257,961 2,937,976 (2,002,711 ) 935,265 Above-market leases 333,485 (278,751 ) 54,734 333,485 (240,739 ) 92,746 $ 5,321,295 $ (4,562,496 ) $ 758,799 $ 7,631,488 $ (5,526,477 ) $ 2,105,011 As of September 30, 2020 December 31, 2019 The net value of acquired intangible liabilities was $187,000 and $310,000 relating to below-market leases as of September 30, 2020 December 31, 2019 Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows: Three months remaining in 2020 $ 132,584 Years ending December 31: 2021 372,484 2022 202,479 2023 17,663 2024 17,663 Thereafter 15,926 Total $ 758,799 The weighted average remaining amortization period of the intangible assets as of September 30, 2020 |
Note 6 - Other Assets
Note 6 - Other Assets | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 6. Other assets consist of the following: September 30, December 31, 2020 2019 Deferred rent receivable $ 1,898,960 $ 2,680,886 Prepaid expenses, deposits and other 406,807 601,897 Accounts receivable, net 390,986 1,336,122 Right-of-use assets, net 108,826 561,375 Other intangibles, net 157,483 212,932 Notes receivable 316,374 316,374 Deferred offering costs 435,736 — Total other assets $ 3,715,172 $ 5,709,586 |
Note 7 - Mortgage Notes Payable
Note 7 - Mortgage Notes Payable | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Mortgage Notes Payable Disclosure [Text Block] | 7. Mortgage notes payable consist of the following: Principal as of September 30, December 31, Loan Interest Mortgage note property Notes 2020 2019 Type Rate (1) Maturity Waterman Plaza (3) (7) $ 3,240,076 $ 3,274,097 Variable 4.25 % 4/29/2021 World Plaza (3) (4) 5,828,395 4,979,384 Variable 2.91 % 7/5/2021 Garden Gateway Plaza (3) 5,914,955 6,071,315 Fixed 5.00 % 8/5/2021 300 N.P. 2,283,380 2,311,739 Fixed 4.95 % 6/11/2022 Highland Court 6,312,739 6,424,366 Fixed 3.82 % 9/1/2022 Dakota Center 9,954,740 10,111,693 Fixed 4.74 % 7/6/2024 Union Terrace (2 ) — 6,240,396 Fixed 4.50 % 8/5/2024 Centennial Tech Center (2 ) — 9,561,652 Fixed 4.43 % 12/5/2024 Research Parkway 1,773,846 1,813,305 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 7,971,736 8,085,727 Fixed 4.34 % 1/5/2025 Union Town Center 8,350,338 8,440,000 Fixed 4.28 % 1/5/2025 One Park Centre 6,411,646 6,487,532 Fixed 4.77 % 9/5/2025 Genesis Plaza 6,302,600 6,378,110 Fixed 4.71 % 9/6/2025 Shea Center II 17,727,500 17,727,500 Fixed 4.92 % 1/5/2026 Executive Office Park (3 ) 4,754,908 4,839,577 Fixed 4.83 % 6/1/2027 West Fargo Industrial 4,290,717 4,216,565 Fixed 3.27 % 8/5/2029 Grand Pacific Center (5 ) 3,767,027 3,851,962 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties $ 94,884,603 $ 110,814,920 Model Home mortgage notes (3 ) 29,514,663 32,644,129 Fixed (6 ) 2020 2023 Mortgage Notes Payable $ 124,399,266 $ 143,459,049 Unamortized loan costs (862,452 ) (1,066,057 ) Mortgage Notes Payable, net $ 123,536,814 $ 142,392,992 ( 1 Interest rates as of September 30, 2020 ( 2 Centennial Tech Center and Union Terrace were sold on February 5, 2020 March 13, 2020, ( 3 Properties held for sale as of September 30, 2020 ( 4 Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the nine September 30, 2020 ( 5 Interest rate is subject to reset on September 1, 2023. ( 6 Each model home has a stand-alone mortgage note at interest rates ranging from 2.50% to 5.63% per annum at September 30, 2020 ( 7 Interest on this loan resets annually at LIBOR plus 3.00%, with a floor of 4.25%. The Company is in compliance with all material conditions and covenants of its mortgage notes payable. Scheduled principal payments of mortgage notes payable were as follows as of September 30, 2020 Presidio Property Model Trust, Inc. Homes Total Principal Notes Payable Notes Payable Payments Three months remaining in 2020 $ 468,332 $ 1,112,728 $ 1,581,060 Years ending December 31: 2021 16,406,080 11,306,633 $ 27,712,713 2022 9,826,391 11,667,980 $ 21,494,371 2023 1,542,085 5,427,322 $ 6,969,407 2024 1,602,019 — $ 1,602,019 Thereafter 65,039,696 — 65,039,696 Total $ 94,884,603 $ 29,514,663 $ 124,399,266 |
Note 8 - Notes Payable
Note 8 - Notes Payable | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. On September 17, 2019, September 1, 2020, October 1, 2020 March 31, 2021, September 30, 2020, may not The principal balance of the Polar Note as of September 30, 2020 September 17, 2019 October 1, 2020. September 30, 2020 nine September 30, 2020 The Company incurred approximately $1.1 million in legal and underwriting costs related to the Polar Note transaction. These costs have been recorded as debt issuance costs on the accompanying condensed consolidated balance sheets as a direct deduction from the principal of the Note and were amortized over the original term of the Note. Amortization expense totaling approximately $748,000 was included in interest expenses for the nine September 30, 2020 4% September 30, 2020 Under the terms of the Polar Note, the Company is subject to certain financial covenants including maintaining a debt to property fair value ratio of no September 30, 2020 On April 22, 2020, 19 not no 2020 August 17, 2020 twelve 3.75% August 17, 2050. 19 On April 30, 2020, 19 eight two six June 5, 2020, 24 September 30, 2020 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may may The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not no not The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of September 30, 2020 not |
Note 10 - Series B Mandatorily
Note 10 - Series B Mandatorily Redeemable Preferred Stock | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Financial Instruments Subject to Mandatory Redemption Disclosure [Text Block] | 10. During the year ended December 31, 2019 September 30, 2020 December 31, 2019 nine September 30, 2019 three September 30, 2020 September 30, 2020 December 31, 2019 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Preferred Stock. may one Common Stock. not not not one Cash Dividends. nine September 30, 2020 nine September 30, 2019 Partnership Interests. one 2016. five first During the nine September 30, 2020 two Dividend Reinvestment Plan. may thirty January 23, 2012, December 7, 2018 October 6, 2020 September 30, 2020 nine September 30, 2020 Stock-Based Compensation. three September 30, 2020 2019 nine September 30, 2020 2019 |
Note 12 - Segments
Note 12 - Segments | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. The Company’s reportable segments consist of three not 2. no The Company evaluates the performance of its segments based upon net operating income (“NOI”), which is a non-GAAP supplemental financial measure. The Company defines NOI for its segments as operating revenues (rental income, tenant reimbursements and other operating income) less property and related expenses (property operating expenses, real estate taxes, insurance, asset management fees, impairments and provision for bad debt). NOI excludes certain items that are not The following tables reconcile the Company’s segment activity to its results of operations and financial position as of and for the three nine September 30, 2020 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Office/Industrial Properties: Rental, fees and other income $ 4,098,892 $ 5,137,114 $ 13,334,595 $ 16,087,363 Property and related expenses (1,813,950 ) (2,237,392 ) (5,539,320 ) (7,041,306 ) Net operating income, as defined 2,284,942 2,899,722 7,795,275 9,046,057 Model Home Properties: Rental, fees and other income 1,058,329 1,083,470 3,268,074 3,167,072 Property and related expenses (58,897 ) (42,258 ) (160,688 ) (140,866 ) Net operating income, as defined 999,432 1,041,212 3,107,386 3,026,206 Retail Properties: Rental, fees and other income 548,392 780,286 2,305,412 2,046,686 Property and related expenses (277,820 ) (253,414 ) (1,729,171 ) (640,444 ) Net operating (loss) income, as defined 270,572 526,872 576,241 1,406,242 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 3,554,946 4,467,806 11,478,902 13,478,505 General and administrative expenses (1,366,380 ) (1,451,873 ) (3,996,696 ) (4,632,244 ) Depreciation and amortization (1,626,917 ) (1,755,253 ) (4,823,673 ) (5,714,446 ) Interest expense (2,143,960 ) (2,830,858 ) (6,971,162 ) (7,867,932 ) Other income (expense), net (12,270 ) 9,294 (10,865 ) 19,227 Income tax expense (122,602 ) (338,713 ) (257,602 ) (611,952 ) Gain on sale of real estate 332,715 4,853,186 656,975 6,243,819 Net loss $ (1,384,468 ) $ 2,953,589 $ (3,924,121 ) $ 914,977 September 30, December 31, Assets by Reportable Segment: 2020 2019 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 102,805,132 $ 126,421,648 Total assets (2) $ 103,137,364 $ 131,180,612 Model Home Properties: Land, buildings and improvements, net (1) $ 45,945,657 $ 48,466,371 Total assets (2) $ 45,235,619 $ 51,389,400 Retail Properties: Land, buildings and improvements, net (1) $ 25,125,813 $ 25,318,601 Total assets (2) $ 26,449,473 $ 26,588,254 Reconciliation to Total Assets: Total assets for reportable segments $ 174,822,456 $ 209,158,266 Other unallocated assets: Cash, cash equivalents and restricted cash 1,913,279 1,591,041 Other assets, net 15,082,214 10,035,101 Total Assets $ 191,817,949 $ 220,784,408 ( 1 Includes lease intangibles and the land purchase option related to property acquisitions. ( 2 Includes land, buildings and improvements, cash, cash equivalents, and restricted cash, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis. For the Nine Months Ended September 30, Capital Expenditures by Reportable Segment 2020 2019 Office/Industrial Properties: Capital expenditures and tenant improvements $ 2,501,075 $ 5,161,786 Model Home Properties: Acquisition of operating properties 8,996,248 6,116,035 Retail Properties: Capital expenditures and tenant improvements 9,077 20,247 Totals: Acquisition of operating properties, net 8,996,248 6,116,035 Capital expenditures and tenant improvements 2,510,152 5,182,033 Total real estate investments $ 11,506,400 $ 11,298,068 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. Dividend On November 3, 2020, November 30, 2020 November 23, 2020. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. 10 8 X. three nine September 30, 2020 2019 not may December 31, 2020. 10 December 31, 2019 December 31, 2019 10 March 13, 2020. three nine September 30, 2020 not December 31, 2020 19” |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. may |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents and Restricted Cash. September 30, 2020 December 31, 2019 third |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Real Estate Held for Sale. real estate held for sale, net” for all prior periods presented in the accompanying condensed consolidated financial statements. As of September 30, 2020 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairments of Real Estate Asset. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Although our strategy is to hold our properties over the long-term, if our strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may During the second 2020, second 2020 June 30, 2020. June 2020 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements three one three • Level 1: • Level 2: not • Level 3: no When available, we utilize quoted market prices from independent third 1 2. not not third may third not not Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued and Adopted Accounting Pronouncements. March 2020, No. 2020 04, Reference Rate Reform not December 31, 2022, March 2020 no In June 2017, No. 2016 13, Financial Instruments – Credit Losses, February 2020 No. 2020 02, Financial Instruments—Credit Losses (Topic 326 842 2016 13 2016 13 2016 13 December 15, 2019, 2020 02 December 15, 2022. not In August 2018, No. 2018 13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement 820. December 15, 2019 January 1, 2020 no |
Note 4 - Real Estate Assets (Ta
Note 4 - Real Estate Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Real estate Date assets, net Property Name Acquired Location (in thousands) Garden Gateway Plaza (1) March 2007 Colorado Springs, Colorado $ 11,439 World Plaza (1) September 2007 San Bernardino, California 9,272 Executive Office Park (2) July 2008 Colorado Springs, Colorado 7,581 Waterman Plaza (1) August 2008 San Bernardino, California 3,986 Genesis Plaza August 2010 San Diego, California 8,816 Dakota Center May 2011 Fargo, North Dakota 8,655 Grand Pacific Center March 2014 Bismarck, North Dakota 5,754 Arapahoe Center December 2014 Centennial, Colorado 9,362 Union Town Center December 2014 Colorado Springs, Colorado 9,414 West Fargo Industrial August 2015 West Fargo, North Dakota 7,079 300 N.P. August 2015 Fargo, North Dakota 3,308 Research Parkway August 2015 Colorado Springs, Colorado 2,454 One Park Center August 2015 Westminster, Colorado 8,701 Highland Court August 2015 Centennial, Colorado 10,992 Shea Center II December 2015 Highlands Ranch, Colorado 21,193 Presidio Property Trust, Inc. properties 128,006 Model Home properties (3) 2014 2020 AZ, FL, IL, PA, TX, WI 45,946 Total real estate assets and lease intangibles, net $ 173,952 |
Schedule of Geographic Locations of Real Estate Properties [Table Text Block] | Aggregate Current Approximate % No. of Square Approximate % Base Annual of Aggregate State Properties Feet of Square Feet Rent Annual Rent California 3 134,787 11.9 % $ 1,782,207 12.3 % Colorado 8 597,912 52.9 % 9,183,486 63.4 % North Dakota 4 397,039 35.2 % 3,525,685 24.3 % Total 15 1,129,738 100.0 % $ 14,491,378 100.0 % Current Approximate No. of Aggregate Approximate % Base Annual of Aggregate Geographic Region Properties Square Feet of Square Feet Rent % Annual Rent Southwest 104 305,203 83.7 % $ 3,036,024 80.2 % Southeast 18 41,621 11.4 % 499,320 13.2 % Midwest 2 6,602 1.8 % 99,276 2.6 % East 2 5,255 1.4 % 70,716 1.9 % Northeast 2 6,153 1.7 % 80,844 2.1 % Total 128 364,834 100 % $ 3,786,180 100 % |
Note 5 - Lease Intangibles (Tab
Note 5 - Lease Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2020 December 31, 2019 Lease Accumulated Lease Lease Accumulated Lease Intangibles Amortization Intangibles, net Intangibles Amortization Intangibles, net In-place leases $ 3,186,889 $ (2,740,785 ) $ 446,104 $ 4,360,027 $ (3,283,027 ) $ 1,077,000 Leasing costs 1,800,921 (1,542,960 ) 257,961 2,937,976 (2,002,711 ) 935,265 Above-market leases 333,485 (278,751 ) 54,734 333,485 (240,739 ) 92,746 $ 5,321,295 $ (4,562,496 ) $ 758,799 $ 7,631,488 $ (5,526,477 ) $ 2,105,011 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Three months remaining in 2020 $ 132,584 Years ending December 31: 2021 372,484 2022 202,479 2023 17,663 2024 17,663 Thereafter 15,926 Total $ 758,799 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | September 30, December 31, 2020 2019 Deferred rent receivable $ 1,898,960 $ 2,680,886 Prepaid expenses, deposits and other 406,807 601,897 Accounts receivable, net 390,986 1,336,122 Right-of-use assets, net 108,826 561,375 Other intangibles, net 157,483 212,932 Notes receivable 316,374 316,374 Deferred offering costs 435,736 — Total other assets $ 3,715,172 $ 5,709,586 |
Note 7 - Mortgage Notes Payab_2
Note 7 - Mortgage Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Principal as of September 30, December 31, Loan Interest Mortgage note property Notes 2020 2019 Type Rate (1) Maturity Waterman Plaza (3) (7) $ 3,240,076 $ 3,274,097 Variable 4.25 % 4/29/2021 World Plaza (3) (4) 5,828,395 4,979,384 Variable 2.91 % 7/5/2021 Garden Gateway Plaza (3) 5,914,955 6,071,315 Fixed 5.00 % 8/5/2021 300 N.P. 2,283,380 2,311,739 Fixed 4.95 % 6/11/2022 Highland Court 6,312,739 6,424,366 Fixed 3.82 % 9/1/2022 Dakota Center 9,954,740 10,111,693 Fixed 4.74 % 7/6/2024 Union Terrace (2 ) — 6,240,396 Fixed 4.50 % 8/5/2024 Centennial Tech Center (2 ) — 9,561,652 Fixed 4.43 % 12/5/2024 Research Parkway 1,773,846 1,813,305 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 7,971,736 8,085,727 Fixed 4.34 % 1/5/2025 Union Town Center 8,350,338 8,440,000 Fixed 4.28 % 1/5/2025 One Park Centre 6,411,646 6,487,532 Fixed 4.77 % 9/5/2025 Genesis Plaza 6,302,600 6,378,110 Fixed 4.71 % 9/6/2025 Shea Center II 17,727,500 17,727,500 Fixed 4.92 % 1/5/2026 Executive Office Park (3 ) 4,754,908 4,839,577 Fixed 4.83 % 6/1/2027 West Fargo Industrial 4,290,717 4,216,565 Fixed 3.27 % 8/5/2029 Grand Pacific Center (5 ) 3,767,027 3,851,962 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties $ 94,884,603 $ 110,814,920 Model Home mortgage notes (3 ) 29,514,663 32,644,129 Fixed (6 ) 2020 2023 Mortgage Notes Payable $ 124,399,266 $ 143,459,049 Unamortized loan costs (862,452 ) (1,066,057 ) Mortgage Notes Payable, net $ 123,536,814 $ 142,392,992 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Presidio Property Model Trust, Inc. Homes Total Principal Notes Payable Notes Payable Payments Three months remaining in 2020 $ 468,332 $ 1,112,728 $ 1,581,060 Years ending December 31: 2021 16,406,080 11,306,633 $ 27,712,713 2022 9,826,391 11,667,980 $ 21,494,371 2023 1,542,085 5,427,322 $ 6,969,407 2024 1,602,019 — $ 1,602,019 Thereafter 65,039,696 — 65,039,696 Total $ 94,884,603 $ 29,514,663 $ 124,399,266 |
Note 12 - Segments (Tables)
Note 12 - Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Office/Industrial Properties: Rental, fees and other income $ 4,098,892 $ 5,137,114 $ 13,334,595 $ 16,087,363 Property and related expenses (1,813,950 ) (2,237,392 ) (5,539,320 ) (7,041,306 ) Net operating income, as defined 2,284,942 2,899,722 7,795,275 9,046,057 Model Home Properties: Rental, fees and other income 1,058,329 1,083,470 3,268,074 3,167,072 Property and related expenses (58,897 ) (42,258 ) (160,688 ) (140,866 ) Net operating income, as defined 999,432 1,041,212 3,107,386 3,026,206 Retail Properties: Rental, fees and other income 548,392 780,286 2,305,412 2,046,686 Property and related expenses (277,820 ) (253,414 ) (1,729,171 ) (640,444 ) Net operating (loss) income, as defined 270,572 526,872 576,241 1,406,242 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 3,554,946 4,467,806 11,478,902 13,478,505 General and administrative expenses (1,366,380 ) (1,451,873 ) (3,996,696 ) (4,632,244 ) Depreciation and amortization (1,626,917 ) (1,755,253 ) (4,823,673 ) (5,714,446 ) Interest expense (2,143,960 ) (2,830,858 ) (6,971,162 ) (7,867,932 ) Other income (expense), net (12,270 ) 9,294 (10,865 ) 19,227 Income tax expense (122,602 ) (338,713 ) (257,602 ) (611,952 ) Gain on sale of real estate 332,715 4,853,186 656,975 6,243,819 Net loss $ (1,384,468 ) $ 2,953,589 $ (3,924,121 ) $ 914,977 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, December 31, Assets by Reportable Segment: 2020 2019 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 102,805,132 $ 126,421,648 Total assets (2) $ 103,137,364 $ 131,180,612 Model Home Properties: Land, buildings and improvements, net (1) $ 45,945,657 $ 48,466,371 Total assets (2) $ 45,235,619 $ 51,389,400 Retail Properties: Land, buildings and improvements, net (1) $ 25,125,813 $ 25,318,601 Total assets (2) $ 26,449,473 $ 26,588,254 Reconciliation to Total Assets: Total assets for reportable segments $ 174,822,456 $ 209,158,266 Other unallocated assets: Cash, cash equivalents and restricted cash 1,913,279 1,591,041 Other assets, net 15,082,214 10,035,101 Total Assets $ 191,817,949 $ 220,784,408 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Nine Months Ended September 30, Capital Expenditures by Reportable Segment 2020 2019 Office/Industrial Properties: Capital expenditures and tenant improvements $ 2,501,075 $ 5,161,786 Model Home Properties: Acquisition of operating properties 8,996,248 6,116,035 Retail Properties: Capital expenditures and tenant improvements 9,077 20,247 Totals: Acquisition of operating properties, net 8,996,248 6,116,035 Capital expenditures and tenant improvements 2,510,152 5,182,033 Total real estate investments $ 11,506,400 $ 11,298,068 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Oct. 06, 2020USD ($)$ / sharesshares | Jul. 29, 2020 | Sep. 30, 2020USD ($)ft² | Dec. 31, 2016 | Sep. 01, 2020USD ($) | Sep. 17, 2019USD ($) | Jan. 23, 2012$ / shares |
Area of Real Estate Property (Square Foot) | ft² | 364,834 | ||||||
Number of Real Estate Properties | 128 | ||||||
Number of Limited Partnerships in which Company is Sole General Partner | 1 | ||||||
Number of Limited Liability Companies | 4 | ||||||
Percentage of Distributed Taxable Income to Qualify as REIT | 90.00% | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 19 | ||||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 1,581,060 | ||||||
Long-Term Debt, Maturity, Year One | $ 27,712,713 | ||||||
Commercial Property [Member] | |||||||
Area of Real Estate Property (Square Foot) | ft² | 1,129,738 | ||||||
Number of Real Estate Properties | 15 | ||||||
Mortgage Notes [Member] | |||||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 1,600,000 | ||||||
Long-Term Debt, Maturity, Year One | 27,700,000 | ||||||
Mortgage Notes [Member] | Model Home Properties [Member] | |||||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | 1,100,000 | ||||||
Mortgage Notes [Member] | Commercial Property [Member] | |||||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | 468,000 | ||||||
Polar Multi-Strategy Master Fund [Member] | Notes Payable to Banks [Member] | |||||||
Debt Instrument, Face Amount | $ 14,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||
Long-term Debt, Total | $ 8,800,000 | $ 8,800,000 | |||||
Debt Instrument, Renewal Fee Percentage | 4.00% | ||||||
Reverse Stock Split [Member] | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ||||||
IPO [Member] | Subsequent Event [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 500,000 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 5 | ||||||
Proceeds from Issuance of Common Stock | $ 2,300,000 | ||||||
IPO [Member] | Subsequent Event [Member] | Underwriting Discounts [Member] | |||||||
Payments of Stock Issuance Costs | 200,000 | ||||||
IPO [Member] | Subsequent Event [Member] | Other Expenses [Member] | |||||||
Payments of Stock Issuance Costs | $ 775,000 | ||||||
Office/Industrial Properties [Member] | |||||||
Area of Real Estate Property (Square Foot) | ft² | 998,016 | ||||||
Retail Properties [Member] | |||||||
Area of Real Estate Property (Square Foot) | ft² | 131,722 | ||||||
Model Home Properties [Member] | |||||||
Number of Real Estate Properties | 128 | ||||||
Number of Limited Partnerships in which Company is Sole General Partner | 6 | ||||||
Number of Limited Liability Companies | 1 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Cash Equivalents, at Carrying Value, Total | $ 6,800,000 | $ 6,800,000 | $ 5,700,000 | |||
Restricted Cash, Total | $ 3,200,000 | $ 3,200,000 | $ 4,700,000 | |||
Number of Real Estate Properties Held for Sale | 4 | 4 | ||||
Number of Real Estate Properties | 128 | 128 | ||||
Impairment of Real Estate | $ 0 | $ 0 | $ 845,674 | $ 0 | ||
Executive Park [Member] | ||||||
Number of Real Estate Properties Held for Sale | 1 | 1 | ||||
Number of Real Estate Properties | 4 | 4 | ||||
Model Home [Member] | ||||||
Number of Real Estate Properties Held for Sale | 1 | 1 | ||||
Number of Real Estate Properties | 25 | 18 | 25 | 18 | ||
Waterman Plaza [Member] | ||||||
Impairment of Real Estate | $ 845,000 |
Note 3 - Recent Real Estate T_2
Note 3 - Recent Real Estate Transactions (Details Textual) | Mar. 13, 2020USD ($) | Feb. 05, 2020USD ($) | Jul. 31, 2019USD ($) | Jul. 01, 2019USD ($) | May 08, 2019USD ($) | Jan. 15, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Number of Real Estate Properties | 128 | ||||||||
Notes Payable, Total | $ 8,424,574 | $ 12,238,692 | |||||||
Centennial Tech Center [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 15,000,000 | ||||||||
Gain (Loss) on Sale of Properties | $ (913,000) | ||||||||
Union Terrace [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 11,300,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 688,000 | ||||||||
Model Home [Member] | |||||||||
Number of Real Estate Properties | 25 | 18 | |||||||
Real Estate Property, Consideration Transferred, Total | $ 9,000,000 | $ 6,100,000 | |||||||
Payments to Acquire Residential Real Estate | 2,700,000 | 1,800,000 | |||||||
Model Home [Member] | Mortgage Notes [Member] | |||||||||
Notes Payable, Total | 6,300,000 | 4,300,000 | |||||||
Model Home [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | 12,600,000 | 12,400,000 | |||||||
Gain (Loss) on Sale of Properties | $ 894,000 | $ 1,000,000 | |||||||
Number of Real Estate Properties | 33 | 35 | |||||||
Morena Office Center [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 5,600,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 700,000 | ||||||||
Nightingale Land [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 875,000 | ||||||||
Gain (Loss) on Sale of Properties | $ (93,000) | ||||||||
Genesis Plaza [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 2,900,000 | ||||||||
Sale of Percentage Interest in Real Estate Property | 43.00% | ||||||||
Sale of Real Estate Property | $ 5,600,000 | ||||||||
The Presidio [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 12,300,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 4,500,000 |
Note 4 - Real Estate Assets (De
Note 4 - Real Estate Assets (Details Textual) | Sep. 30, 2020 | Sep. 30, 2019 |
Number of Real Estate Properties | 128 | |
Number of Real Estate Properties Held for Sale | 4 | |
Executive Office Park [Member] | ||
Number of Real Estate Properties | 4 | |
Number of Real Estate Properties Held for Sale | 1 | |
Model Home [Member] | ||
Number of Real Estate Properties | 25 | 18 |
Number of Real Estate Properties Held for Sale | 1 |
Note 4 - Real Estate Assets - S
Note 4 - Real Estate Assets - Summary of Properties Owned (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($) | ||
Real estate assets owned | $ 173,952 | |
Garden Gateway Plaza [Member] | ||
Geographic location | Colorado Springs, Colorado | [1] |
Real estate assets owned | $ 11,439 | [1] |
World Plaza [Member] | ||
Geographic location | San Bernardino, California | [1] |
Real estate assets owned | $ 9,272 | [1] |
Executive Office Park [Member] | ||
Geographic location | Colorado Springs, Colorado | [2] |
Real estate assets owned | $ 7,581 | [2] |
Waterman Plaza [Member] | ||
Geographic location | San Bernardino, California | [1] |
Real estate assets owned | $ 3,986 | [1] |
Genesis Plaza [Member] | ||
Geographic location | San Diego, California | |
Real estate assets owned | $ 8,816 | |
Dakota Center [Member] | ||
Geographic location | Fargo, North Dakota | |
Real estate assets owned | $ 8,655 | |
Grand Pacific Center [Member] | ||
Geographic location | Bismarck, North Dakota | |
Real estate assets owned | $ 5,754 | |
Arapahoe Center [Member] | ||
Geographic location | Centennial, Colorado | |
Real estate assets owned | $ 9,362 | |
Union Town Center [Member] | ||
Geographic location | Colorado Springs, Colorado | |
Real estate assets owned | $ 9,414 | |
West Fargo Industrial [Member] | ||
Geographic location | West Fargo, North Dakota | |
Real estate assets owned | $ 7,079 | |
The 300 N.P [Member] | ||
Geographic location | Fargo, North Dakota | |
Real estate assets owned | $ 3,308 | |
Research Parkway [Member] | ||
Geographic location | Colorado Springs, Colorado | |
Real estate assets owned | $ 2,454 | |
One Park Centre [Member] | ||
Geographic location | Westminster, Colorado | |
Real estate assets owned | $ 8,701 | |
Highland Court [Member] | ||
Geographic location | Centennial, Colorado | |
Real estate assets owned | $ 10,992 | |
Shea Center II [Member] | ||
Geographic location | Highlands Ranch, Colorado | |
Real estate assets owned | $ 21,193 | |
Presidio Property Trust, Inc. Properties [Member] | ||
Real estate assets owned | 128,006 | |
Model Home Properties [Member] | ||
Real estate assets owned | $ 45,946 | [3] |
[1] | Properties held for sale as of September 30, 2020. | |
[2] | This property comprises four buildings, one of which is held for sale as of September 30, 2020 | |
[3] | Includes one Model Home listed as held for sale as of September 30, 2020. |
Note 4 - Real Estate Assets - G
Note 4 - Real Estate Assets - Geographic Diversification Tables (Details) | 9 Months Ended |
Sep. 30, 2020USD ($)ft² | |
Number of properties | 128 |
Aggregate Square Feet (Square Foot) | ft² | 364,834 |
Approximate % of Square Feet | 100.00% |
Current Base Annual Rent | $ | $ 3,786,180 |
Approximate of Aggregate % Annual Rent | 100.00% |
Commercial Property [Member] | |
Number of properties | 15 |
Aggregate Square Feet (Square Foot) | ft² | 1,129,738 |
Approximate % of Square Feet | 100.00% |
Current Base Annual Rent | $ | $ 14,491,378 |
Approximate of Aggregate % Annual Rent | 100.00% |
CALIFORNIA | Commercial Property [Member] | |
Number of properties | 3 |
Aggregate Square Feet (Square Foot) | ft² | 134,787 |
Approximate % of Square Feet | 11.90% |
Current Base Annual Rent | $ | $ 1,782,207 |
Approximate of Aggregate % Annual Rent | 12.30% |
Southwest [Member] | Model Home Properties [Member] | |
Number of properties | 104 |
Aggregate Square Feet (Square Foot) | ft² | 305,203 |
Approximate % of Square Feet | 83.70% |
Current Base Annual Rent | $ | $ 3,036,024 |
Approximate of Aggregate % Annual Rent | 80.20% |
COLORADO | Commercial Property [Member] | |
Number of properties | 8 |
Aggregate Square Feet (Square Foot) | ft² | 597,912 |
Approximate % of Square Feet | 52.90% |
Current Base Annual Rent | $ | $ 9,183,486 |
Approximate of Aggregate % Annual Rent | 63.40% |
Southeast [Member] | Model Home Properties [Member] | |
Number of properties | 18 |
Aggregate Square Feet (Square Foot) | ft² | 41,621 |
Approximate % of Square Feet | 11.40% |
Current Base Annual Rent | $ | $ 499,320 |
Approximate of Aggregate % Annual Rent | 13.20% |
NORTH DAKOTA | Commercial Property [Member] | |
Number of properties | 4 |
Aggregate Square Feet (Square Foot) | ft² | 397,039 |
Approximate % of Square Feet | 35.20% |
Current Base Annual Rent | $ | $ 3,525,685 |
Approximate of Aggregate % Annual Rent | 24.30% |
Midwest [Member] | Model Home Properties [Member] | |
Number of properties | 2 |
Aggregate Square Feet (Square Foot) | ft² | 6,602 |
Approximate % of Square Feet | 1.80% |
Current Base Annual Rent | $ | $ 99,276 |
Approximate of Aggregate % Annual Rent | 2.60% |
East [Member] | Model Home Properties [Member] | |
Number of properties | 2 |
Aggregate Square Feet (Square Foot) | ft² | 5,255 |
Approximate % of Square Feet | 1.40% |
Current Base Annual Rent | $ | $ 70,716 |
Approximate of Aggregate % Annual Rent | 1.90% |
Northeast [Member] | Model Home Properties [Member] | |
Number of properties | 2 |
Aggregate Square Feet (Square Foot) | ft² | 6,153 |
Approximate % of Square Feet | 1.70% |
Current Base Annual Rent | $ | $ 80,844 |
Approximate of Aggregate % Annual Rent | 2.10% |
Note 5 - Lease Intangibles (Det
Note 5 - Lease Intangibles (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets, Gross, Total | $ 5,321,295 | $ 7,631,488 |
Finite-Lived Intangible Assets, Accumulated Amortization | 4,562,496 | 5,526,477 |
Below Market Lease, Net, Ending Balance | $ 187,493 | 309,932 |
Weighted Average [Member] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 1 year 7 months 6 days | |
Real Estate Assets Held for Sale [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | $ 0 | 2,300,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 1,400,000 |
Note 5 - Lease Intangibles - Ne
Note 5 - Lease Intangibles - Net Value of Other Intangibles (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Lease intangibles, gross | $ 5,321,295 | $ 7,631,488 |
Accumulated Amortization | (4,562,496) | (5,526,477) |
Lease Intangibles, net | 758,799 | 2,105,011 |
Leases, Acquired-in-Place [Member] | ||
Lease intangibles, gross | 3,186,889 | 4,360,027 |
Accumulated Amortization | (2,740,785) | (3,283,027) |
Lease Intangibles, net | 446,104 | 1,077,000 |
Leasing Costs [Member] | ||
Lease intangibles, gross | 1,800,921 | 2,937,976 |
Accumulated Amortization | (1,542,960) | (2,002,711) |
Lease Intangibles, net | 257,961 | 935,265 |
Above Market Lease [Member] | ||
Lease intangibles, gross | 333,485 | 333,485 |
Accumulated Amortization | (278,751) | (240,739) |
Lease Intangibles, net | $ 54,734 | $ 92,746 |
Note 5 - Lease Intangibles - Am
Note 5 - Lease Intangibles - Amortization Expense (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Three months remaining in 2020 | $ 132,584 | |
2021 | 372,484 | |
2022 | 202,479 | |
2023 | 17,663 | |
2024 | 17,663 | |
Thereafter | 15,926 | |
Total | $ 758,799 | $ 2,105,011 |
Note 6 - Other Assets - Other A
Note 6 - Other Assets - Other Assets (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Total other assets | $ 3,715,172 | $ 5,709,586 |
Other Assets [Member] | ||
Deferred rent receivable | 1,898,960 | 2,680,886 |
Prepaid expenses, deposits and other | 406,807 | 601,897 |
Accounts receivable, net | 390,986 | 1,336,122 |
Right-of-use assets, net | 108,826 | 561,375 |
Other intangibles, net | 157,483 | 212,932 |
Notes receivable | 316,374 | 316,374 |
Deferred offering costs | 435,736 | 0 |
Total other assets | $ 3,715,172 | $ 5,709,586 |
Note 7 - Mortgage Notes Payab_3
Note 7 - Mortgage Notes Payable (Details Textual) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Number of Real Estate Properties Held for Sale | 4 | ||
Number of Real Estate Properties | 128 | ||
Executive Office Park [Member] | |||
Number of Real Estate Properties Held for Sale | 1 | ||
Number of Real Estate Properties | 4 | ||
Executive Office Park [Member] | Mortgage Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 4.83% | |
Model Home [Member] | |||
Number of Real Estate Properties Held for Sale | 1 | ||
Number of Real Estate Properties | 25 | 18 | |
World Plaza [Member] | Mortgage Notes [Member] | |||
Debt, Weighted Average Interest Rate | 3.53% | ||
World Plaza [Member] | ABR [Member] | Mortgage Notes [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
World Plaza [Member] | London Interbank Offered Rate (LIBOR) [Member] | Mortgage Notes [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||
Model Home Properties [Member] | Mortgage Notes [Member] | Minimum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||
Model Home Properties [Member] | Mortgage Notes [Member] | Maximum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.63% | ||
Waterman Plaza [Member] | Mortgage Notes [Member] | |||
Debt Instrument, Floor Interest Rate | 4.25% | ||
Waterman Plaza [Member] | London Interbank Offered Rate (LIBOR) [Member] | Mortgage Notes [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
[1] | Interest rates as of September 30, 2020. | ||
[2] | Properties held for sale as of September 30, 2020. One of four buildings at Executive Office Park was classified as held for sale; one model home was included as held for sale. |
Note 7 - Mortgage Notes Payab_4
Note 7 - Mortgage Notes Payable - Mortgage Notes Payable (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | ||
Mortgage Notes Payable, net | $ 123,536,814 | $ 142,392,992 | |
Mortgage Notes [Member] | |||
Mortgage Notes Payable | 124,399,266 | 143,459,049 | |
Unamortized loan costs | (862,452) | (1,066,057) | |
Waterman Plaza [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [1],[2] | $ 3,240,076 | 3,274,097 |
Interest rate, variable | [1],[2],[3] | 4.25% | |
Maturity date | [1],[2] | Apr. 29, 2020 | |
World Plaza [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [2],[4] | $ 5,828,395 | 4,979,384 |
Interest rate, variable | [2],[3],[4] | 2.91% | |
Maturity date | [2],[4] | Jul. 5, 2021 | |
Garden Gateway Plaza [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [2] | $ 5,914,955 | 6,071,315 |
Maturity date | [2] | Aug. 5, 2021 | |
Interest rate | [2],[3] | 5.00% | |
The 300 N.P [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 2,283,380 | 2,311,739 | |
Maturity date | Jun. 11, 2022 | ||
Interest rate | [3] | 4.95% | |
Highland Court [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 6,312,739 | 6,424,366 | |
Maturity date | Sep. 1, 2022 | ||
Interest rate | [3] | 3.82% | |
Dakota Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 9,954,740 | 10,111,693 | |
Maturity date | Jul. 6, 2024 | ||
Interest rate | [3] | 4.74% | |
Union Terrace [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [5] | $ 0 | 6,240,396 |
Maturity date | [5] | Aug. 5, 2024 | |
Interest rate | [3],[5] | 4.50% | |
Centennial Tech Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [5] | $ 0 | 9,561,652 |
Maturity date | [5] | Dec. 5, 2024 | |
Interest rate | [3],[5] | 4.43% | |
Research Parkway [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 1,773,846 | 1,813,305 | |
Maturity date | Jan. 5, 2025 | ||
Interest rate | [3] | 3.94% | |
Arapahoe Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 7,971,736 | 8,085,727 | |
Maturity date | Jan. 5, 2025 | ||
Interest rate | [3] | 4.34% | |
Union Town Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 8,350,338 | 8,440,000 | |
Maturity date | Jan. 5, 2025 | ||
Interest rate | [3] | 4.28% | |
One Park Centre [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 6,411,646 | 6,487,532 | |
Maturity date | Sep. 5, 2025 | ||
Interest rate | [3] | 4.77% | |
Genesis Plaza [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 6,302,600 | 6,378,110 | |
Maturity date | Sep. 6, 2025 | ||
Interest rate | [3] | 4.71% | |
Shea Center II [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 17,727,500 | 17,727,500 | |
Maturity date | Jan. 5, 2026 | ||
Interest rate | [3] | 4.92% | |
Executive Office Park [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [2] | $ 4,754,908 | 4,839,577 |
Maturity date | [2] | Jun. 1, 2027 | |
Interest rate | [2],[3] | 4.83% | |
West Fargo Industrial [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 4,290,717 | 4,216,565 | |
Maturity date | Aug. 5, 2029 | ||
Interest rate | [3] | 3.27% | |
Grand Pacific Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [6] | $ 3,767,027 | 3,851,962 |
Maturity date | [6] | Aug. 1, 2037 | |
Interest rate | [3],[6] | 4.02% | |
Subtotal, Presidio Property Trust, Inc. Properties [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 94,884,603 | 110,814,920 | |
Model Home [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [2],[7] | $ 29,514,663 | $ 32,644,129 |
Model Home [Member] | Mortgage Notes [Member] | Minimum [Member] | |||
Maturity date | [2],[7] | Dec. 31, 2020 | |
Model Home [Member] | Mortgage Notes [Member] | Maximum [Member] | |||
Maturity date | [2],[7] | Dec. 31, 2023 | |
[1] | Interest on this loan resets annually at LIBOR plus 3.00%, with a floor of 4.25%. | ||
[2] | Properties held for sale as of September 30, 2020. One of four buildings at Executive Office Park was classified as held for sale; one model home was included as held for sale. | ||
[3] | Interest rates as of September 30, 2020. | ||
[4] | Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the nine months ended September 30, 2020, the weighted average interest rate was 3.53%. | ||
[5] | Centennial Tech Center and Union Terrace were sold on February 5, 2020 and March 13, 2020, respectively. | ||
[6] | Interest rate is subject to reset on September 1, 2023. | ||
[7] | Each model home has a stand-alone mortgage note at interest rates ranging from 2.50% to 5.63% per annum at September 30, 2020. |
Note 7 - Mortgage Notes Payab_5
Note 7 - Mortgage Notes Payable - Scheduled Principal Payments of Mortgage Notes Payable (Details) | Sep. 30, 2020USD ($) |
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 1,581,060 |
Long-Term Debt, Maturity, Year One | 27,712,713 |
2022 | 21,494,371 |
2023 | 6,969,407 |
2024 | 1,602,019 |
Thereafter | 65,039,696 |
Total | 124,399,266 |
Office/Industrial and Retail Notes Payable [Member] | |
Long-Term Debt, Maturity, Remainder of Fiscal Year | 468,332 |
Long-Term Debt, Maturity, Year One | 16,406,080 |
2022 | 9,826,391 |
2023 | 1,542,085 |
2024 | 1,602,019 |
Thereafter | 65,039,696 |
Total | 94,884,603 |
Model Home Properies Notes Payable [Member] | |
Long-Term Debt, Maturity, Remainder of Fiscal Year | 1,112,728 |
Long-Term Debt, Maturity, Year One | 11,306,633 |
2022 | 11,667,980 |
2023 | 5,427,322 |
2024 | 0 |
Thereafter | 0 |
Total | $ 29,514,663 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) - USD ($) | Aug. 17, 2020 | Apr. 30, 2020 | Apr. 22, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 01, 2020 | Sep. 17, 2019 |
Amortization of Debt Issuance Costs | $ 992,705 | $ 592,598 | |||||
Payments of Extension Costs on Note Payable | 351,025 | $ 0 | |||||
Economic Injury Disaster Loan [Member] | |||||||
Proceeds from Issuance of Unsecured Debt | $ 150,000 | $ 10,000 | |||||
SBA CARES Act Paycheck Protection Program [Member] | |||||||
Proceeds from Issuance of Unsecured Debt | $ 462,000 | ||||||
Polar Multi-Strategy Master Fund [Member] | Notes Payable to Banks [Member] | |||||||
Debt Instrument, Face Amount | $ 14,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||
Long-term Debt, Total | 8,800,000 | $ 8,800,000 | |||||
Debt Instrument, Renewal Fee Percentage | 4.00% | ||||||
Repayments of Notes Payable, Including Interest | 7,400,000 | ||||||
Debt Instrument, Unamortized Discount, Total | 0 | $ 1,400,000 | |||||
Accretion Expense | 1,000,000 | ||||||
Debt Issuance Costs, Gross | $ 1,100,000 | ||||||
Amortization of Debt Issuance Costs | 748,000 | ||||||
Payments of Extension Costs on Note Payable | $ 351,000 | ||||||
Debt Instrument, Covenant, Debt to Property Fair Value Ratio | 75.00% |
Note 10 - Series B Mandatoril_2
Note 10 - Series B Mandatorily Redeemable Preferred Stock (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Interest Expense, Total | $ 2,143,960 | $ 2,830,858 | $ 6,971,162 | $ 7,867,932 | |
Redeemable Convertible Preferred Stock Series B [Member] | |||||
Stock Redeemed or Called During Period, Shares (in shares) | 16,900 | ||||
Stock Redeemed or Called During Period, Value | $ 16,900,000 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | ||
Interest Expense, Total | $ 0 | $ 122,000 | |||
Unamortized Deferred Stock Costs | $ 0 | $ 0 | $ 0 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Details Textual) | Jan. 23, 2012USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / shares | Dec. 31, 2016 | Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019$ / sharesshares |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | ||||||
Maximum Individual Common Stock Ownership, Percentage | 9.80% | 9.80% | 9.80% | ||||||
Dividends, Common Stock, Cash | $ | $ 0 | $ 2,200,000 | |||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 0.12 | ||||||||
Number of Real Estate Properties | 128 | 128 | 128 | ||||||
Number of Limited Partnerships in which Company is Sole General Partner | 1 | ||||||||
Number of Limited Liability Companies | 4 | ||||||||
Number of Put Options Exercised (in shares) | 2 | ||||||||
Stock Issued During Period, Value, New Issues | $ | $ 0 | $ 59,274 | |||||||
Registered Shares of Common Stock Pursuant to Dividend Reinvestment Plan (in shares) | 3,000,000 | ||||||||
Common Stock, Percentage of Purchase Price Per Share | 95.00% | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 19 | ||||||||
Payment of Sales, Commission or Dealer Manager Fee | $ | $ 0 | ||||||||
Notice Period for Amendments to Dividend Reinvestment Plan (Day) | 30 days | ||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ | $ 17,400,000 | ||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 0 | 917,074 | |||||||
Share-based Payment Arrangement, Expense | $ | $ 181,000 | $ 193,000 | $ 542,000 | $ 809,000 | |||||
Noncontrolling Interest [Member] | |||||||||
Minority Interest, Decrease from Issuance of Stock for Limited Partnership Interests | $ | $ 1,247,990 | $ 1,200,000 | |||||||
Commercial Property [Member] | Wholly Owned Properties [Member] | |||||||||
Number of Real Estate Properties | 15 | 15 | 15 | ||||||
Commercial Property [Member] | Partially Owned Properties [Member] | |||||||||
Number of Real Estate Properties | 2 | 2 | 2 | ||||||
Common Class A [Member] | |||||||||
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common Stock, Shares, Issued, Total (in shares) | 8,922,036 | 8,922,036 | 8,922,036 | 8,881,842 | |||||
Common Class B [Member] | |||||||||
Common Stock, Shares Authorized (in shares) | 1,000 | 1,000 | 1,000 | ||||||
Common Stock, Shares, Issued, Total (in shares) | 0 | 0 | 0 | ||||||
Common Class C [Member] | |||||||||
Common Stock, Shares Authorized (in shares) | 9,000,000 | 9,000,000 | 9,000,000 | ||||||
Common Stock, Shares, Issued, Total (in shares) | 0 | 0 | 0 | ||||||
Common Stock, Number of Entitled Votes | 1 | 1 | 1 |
Note 12 - Segments (Details Tex
Note 12 - Segments (Details Textual) | 9 Months Ended |
Sep. 30, 2020 | |
Number of Reportable Segments | 3 |
Note 12 - Segments - Operating
Note 12 - Segments - Operating Income by Segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Rental, fees and other income | $ 5,663,568 | $ 7,000,870 | $ 18,814,123 | $ 21,301,121 | ||||
Property and related expenses | (2,108,621) | (2,533,064) | (6,489,547) | (7,822,616) | ||||
General and administrative expenses | (1,366,380) | (1,451,873) | (3,996,696) | (4,632,244) | ||||
Depreciation and amortization | (1,626,917) | (1,755,253) | (4,823,673) | (5,714,446) | ||||
Interest expense | (2,143,960) | (2,830,858) | (6,971,162) | (7,867,932) | ||||
Other income (expense), net | (12,270) | 9,294 | (10,865) | 19,227 | ||||
Income tax expense | (122,602) | (338,713) | (257,602) | (611,952) | ||||
Gain on sale of real estate | 332,715 | 4,853,186 | 656,975 | 6,243,819 | ||||
Net (loss) income | (1,384,468) | $ (1,607,534) | $ (932,119) | 2,953,589 | $ (1,076,674) | $ (961,937) | (3,924,121) | 914,977 |
Operating Segments [Member] | ||||||||
Net operating income, as defined | 3,554,946 | 4,467,806 | 11,478,902 | 13,478,505 | ||||
Office/Industrial Properties [Member] | Operating Segments [Member] | ||||||||
Rental, fees and other income | 4,098,892 | 5,137,114 | 13,334,595 | 16,087,363 | ||||
Property and related expenses | (1,813,950) | (2,237,392) | (5,539,320) | (7,041,306) | ||||
Net operating income, as defined | 2,284,942 | 2,899,722 | 7,795,275 | 9,046,057 | ||||
Model Home Properties [Member] | Operating Segments [Member] | ||||||||
Rental, fees and other income | 1,058,329 | 1,083,470 | 3,268,074 | 3,167,072 | ||||
Property and related expenses | (58,897) | (42,258) | (160,688) | (140,866) | ||||
Net operating income, as defined | 999,432 | 1,041,212 | 3,107,386 | 3,026,206 | ||||
Retail Properties [Member] | Operating Segments [Member] | ||||||||
Rental, fees and other income | 548,392 | 780,286 | 2,305,412 | 2,046,686 | ||||
Property and related expenses | (277,820) | (253,414) | (1,729,171) | (640,444) | ||||
Net operating income, as defined | $ 270,572 | $ 526,872 | $ 576,241 | $ 1,406,242 |
Note 12 - Segments - Assets by
Note 12 - Segments - Assets by Reportable Segment (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
Total assets | $ 191,817,949 | $ 220,784,408 | |
Cash, cash equivalents and restricted cash | 10,006,026 | 10,391,275 | |
Other assets, net | 3,715,172 | 5,709,586 | |
Operating Segments [Member] | |||
Total assets | 174,822,456 | 209,158,266 | |
Segment Reconciling Items [Member] | |||
Total assets | 191,817,949 | 220,784,408 | |
Cash, cash equivalents and restricted cash | 1,913,279 | 1,591,041 | |
Other assets, net | 15,082,214 | 10,035,101 | |
Office/Industrial Properties [Member] | Operating Segments [Member] | |||
Land, buildings and improvements, net | [1] | 102,805,132 | 126,421,648 |
Total assets | [2] | 103,137,364 | 131,180,612 |
Model Home Properties [Member] | Operating Segments [Member] | |||
Land, buildings and improvements, net | [1] | 45,945,657 | 48,466,371 |
Total assets | [2] | 45,235,619 | 51,389,400 |
Retail Properties [Member] | Operating Segments [Member] | |||
Land, buildings and improvements, net | [1] | 25,125,813 | 25,318,601 |
Total assets | [2] | $ 26,449,473 | $ 26,588,254 |
[1] | Includes lease intangibles and the land purchase option related to property acquisitions. | ||
[2] | Includes land, buildings and improvements, cash, cash equivalents, and restricted cash, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis. |
Note 12 - Segments - Capital Ex
Note 12 - Segments - Capital Expenditures by Reportable Segment (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Capital expenditures and tenant improvements | $ 2,510,152 | $ 5,182,033 |
Acquisition of operating properties | 8,996,248 | 6,116,035 |
Total real estate investments | 11,506,400 | 11,298,068 |
Office/Industrial Properties [Member] | ||
Capital expenditures and tenant improvements | 2,501,075 | 5,161,786 |
Model Home Properties [Member] | ||
Acquisition of operating properties | 8,996,248 | 6,116,035 |
Retail Properties [Member] | ||
Capital expenditures and tenant improvements | $ 9,077 | $ 20,247 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) | Nov. 02, 2020$ / shares |
Subsequent Event [Member] | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.10 |