Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 10, 2021 | |
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 | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 | 9,508,363 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Real estate assets and lease intangibles: | ||
Land | $ 17,851,741 | $ 18,827,000 |
Buildings and improvements | 109,787,999 | 115,409,423 |
Tenant improvements | 12,032,338 | 11,960,018 |
Lease intangibles | 4,110,139 | 4,110,139 |
Real estate assets and lease intangibles held for investment, cost | 143,782,217 | 150,306,580 |
Accumulated depreciation and amortization | (27,477,471) | (26,551,789) |
Real estate assets and lease intangibles held for investment, net | 116,304,746 | 123,754,791 |
Real estate assets held for sale, net | 29,043,401 | 42,499,176 |
Real estate assets, net | 145,348,147 | 166,253,967 |
Cash, cash equivalents and restricted cash | 6,985,381 | 11,540,917 |
Deferred leasing costs, net | 1,538,917 | 1,927,951 |
Goodwill | 2,423,000 | 2,423,000 |
Other assets, net | 2,846,561 | 3,422,781 |
TOTAL ASSETS | 159,142,006 | 185,568,616 |
Liabilities: | ||
Mortgage notes payable, net | 90,899,959 | 94,664,266 |
Mortgage notes payable related to properties held for sale, net | 17,785,222 | 25,365,430 |
Mortgage notes payable, total net | 108,685,181 | 120,029,696 |
Note payable, net | 0 | 7,500,086 |
Accounts payable and accrued liabilities | 3,881,486 | 5,126,199 |
Accrued real estate taxes | 1,525,006 | 2,548,686 |
Lease liability, net | 95,825 | 102,323 |
Below-market leases, net | 120,008 | 139,045 |
Total liabilities | 114,307,506 | 135,446,035 |
Commitments and contingencies (Note 9) | ||
Equity: | ||
Additional paid-in capital | 156,463,146 | 156,463,146 |
Dividends and accumulated losses | (125,334,982) | (121,674,505) |
Total stockholders' equity before noncontrolling interest | 31,223,202 | 34,883,679 |
Noncontrolling interest | 13,611,298 | 15,238,902 |
Total equity | 44,834,500 | 50,122,581 |
TOTAL LIABILITIES AND EQUITY | 159,142,006 | 185,568,616 |
Common Class A [Member] | ||
Equity: | ||
Series A Common Stock, $0.01 par value, shares authorized: 100,000,000; 9,508,363 shares were both issued and outstanding at March 31, 2021 and December 31, 2020, respectively | $ 95,038 | $ 95,038 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - Common Class A [Member] - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 9,508,363 | 9,508,363 |
Common stock, shares outstanding (in shares) | 9,508,363 | 9,508,363 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Rental income | $ 5,477,223 | $ 6,785,685 |
Fees and other income | 191,531 | 243,466 |
Total revenue | 5,668,754 | 7,029,151 |
Costs and expenses: | ||
Rental operating costs | 1,838,923 | 2,381,092 |
General and administrative | 1,537,265 | 1,351,345 |
Depreciation and amortization | 1,428,934 | 1,574,526 |
Impairment of real estate assets | 300,000 | 0 |
Total costs and expenses | 5,105,122 | 5,306,963 |
Other income (expense): | ||
Interest and other income (expense), net | (32,785) | (6,995) |
Loss on sales of real estate, net | (1,161,328) | (9,835) |
Gain on extinguishment of government debt | 10,000 | 0 |
Income tax expense | (50,199) | (83,631) |
Total other income (expense), net | (2,818,706) | (2,654,307) |
Net loss | (2,255,074) | (932,119) |
Less: Income attributable to noncontrolling interests | (406,608) | (175,011) |
Net loss attributable to Presidio Property Trust, Inc. common stockholders | $ (2,661,682) | $ (1,107,130) |
Basic and diluted loss per common share (in dollars per share) | $ (0.28) | $ (0.12) |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 9,508,363 | 8,881,842 |
Mortgage Notes [Member] | ||
Other income (expense): | ||
Interest expense | $ (1,305,021) | $ (1,687,776) |
Notes Payable [Member] | ||
Other income (expense): | ||
Interest expense | $ (279,373) | $ (866,070) |
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, 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 | 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, 2020 | 9,508,363 | |||||
Balance at Dec. 31, 2020 | $ 95,038 | 156,463,146 | (121,674,505) | 34,883,679 | 15,238,902 | 50,122,581 |
Net loss | 0 | 0 | (2,661,682) | (2,661,682) | 406,608 | (2,255,074) |
Dividends paid | 0 | 0 | (998,795) | (998,795) | 0 | (998,795) |
Distributions in excess of contributions received | $ 0 | 0 | 0 | 0 | (2,034,212) | (2,034,212) |
Balance (in shares) at Mar. 31, 2021 | 9,508,363 | |||||
Balance at Mar. 31, 2021 | $ 95,038 | $ 156,463,146 | $ (125,334,982) | $ 31,223,202 | $ 13,611,298 | $ 44,834,500 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (2,255,074) | $ (932,119) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,428,934 | 1,574,526 |
Stock compensation | 301,547 | 157,371 |
Loss on sale of real estate assets, net | 1,161,328 | 9,835 |
Gain on extinguishment of government debt | (10,000) | 0 |
Impairment of real estate assets | 300,000 | 0 |
Accretion of original issue discount | 0 | 337,802 |
Amortization of financing costs | 261,779 | 363,183 |
Amortization of above-market leases | 18,027 | 12,671 |
Amortization of below-market leases | (19,037) | (42,595) |
Straight-line rent adjustment | (132,990) | (52,941) |
Changes in operating assets and liabilities: | ||
Other assets | 481,459 | 1,947,145 |
Accounts payable and accrued liabilities | (1,980,474) | (2,612,649) |
Accrued real estate taxes | (1,023,680) | (1,236,304) |
Net cash used in operating activities | (1,468,181) | (474,075) |
Cash flows from investing activities: | ||
Real estate acquisitions | 0 | (3,573,743) |
Additions to buildings and tenant improvements | (100,765) | (889,673) |
Additions to deferred leasing costs | (37,585) | 0 |
Proceeds from sales of real estate, net | 19,047,906 | 24,587,128 |
Net cash provided by investing activities | 18,909,556 | 20,123,712 |
Cash flows from financing activities: | ||
Proceeds from mortgage notes payable, net of issuance costs | 6,013,700 | 4,347,502 |
Repayment of mortgage notes payable | (17,231,730) | (19,803,831) |
Repayment of note payable | (7,675,598) | (5,224,401) |
Payment of deferred offering costs | (70,276) | (100,031) |
Contributions from noncontrolling interests, net of distributions paid | (2,034,212) | (277,472) |
Dividends paid to stockholders | (998,795) | 0 |
Net cash used in financing activities | (21,996,911) | (21,058,233) |
Net increase in cash equivalents and restricted cash | (4,555,536) | (1,408,596) |
Cash, cash equivalents and restricted cash - beginning of period | 11,540,917 | 10,391,275 |
Cash, cash equivalents and restricted cash - end of period | 6,985,381 | 8,982,679 |
Supplemental disclosure of cash flow information: | ||
Interest paid-mortgage notes payable | 1,239,193 | 1,674,483 |
Interest paid-notes payable | 103,861 | 247,805 |
Unpaid deferred financing costs | $ 0 | $ 14,608 |
Note 1 - Organization
Note 1 - Organization | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization September 28, 1999, August 2010, October 2017, The Company or one • The Company is the sole general partner and a limited partner in two limited partnerships (NetREIT Palm Self-Storage LP and NetREIT Casa Grande LP), all with ownership interests in entities that own income producing real estate. The Company refers to these entities collectively as the "NetREIT Partnerships" • 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 90% not We, together with one no Initial Public Offering October 6, 2020, $0.5 not $0.5 Reverse Stock Split. July 29, 2020, one Liquidity. September 17, 2019 September 1, 2020, October 1, 2020 March 31, 2021, September 30, 2020 December 31, 2020, first 2021, Principal payments due on our mortgage notes payables, during the last nine 2021, one third second 2021, one As the Company continues its operations, it may no not twelve |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. There have been no 10 December 31, 2020 December 31, 2020 10 March 30, 2021. Basis of Presentation. 10 8 X. three March 31, 2021 2020 not may December 31, 2021. 10 December 31, 2020 December 31, 2020 10 March 30, 2021. three March 31, 2021 not December 31, 2021 19” Principles of Consolidation The Company classifies the noncontrolling interests in the NetREIT Partnerships as part of consolidated net income (loss) in 2020 2019 February 2010. not Use of Estimates may Real Estate Assets and Lease Intangibles. The Company allocates the purchase price to tangible assets of an acquired property based on the estimated fair values of those tangible assets assuming the property was vacant. Estimates of fair value for land, building and building improvements are based on many factors including, but not third The value allocated to acquired lease intangibles is based on management’s evaluation of the specific characteristics of each tenant’s lease. Characteristics considered by management in allocating these values include the nature and extent of the existing business relationships with the tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value allocable to the above-market or below-market component of an acquired in-place lease is determined based upon the present value (using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of rents that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above or below-market leases are amortized on a straight-line basis as an increase or reduction of rental income over the remaining non-cancelable term of the respective leases. Amortization of above and below-market rents resulted in a net increase in rental income of approximately $1,000 and $30,000 for the three March 31, 2021 March 31, 2020 The value of in-place leases and unamortized lease origination costs are amortized to expenses over the remaining term of the respective leases, which range from less than a year to ten third three March 31, 2021 March 31, 2020 Real Estate Held for Sale and Discontinued Operations. not Deferred Leasing Costs. one five third March 31, 2021 December 31, 2020 three March 31, 2021 March 31, 2020 Depreciation and Amortization. three March 31, 2021 March 31, 2020 Cash Equivalents and Restricted Cash. March 31, 2021 December 31, 2020 third Real Estate Held for Sale. March 31, 2021 Deferred Financing Costs. March 31, 2021 December 31, 2020 2019, 8. December 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 Deferred Offering Costs. March 31, 2021 December 31, 2020 3 December 29, 2020, April 13, 2021. March 31, 2021 December 31, 2020 Impairments of Real Estate Assets. 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 fourth 2020, third March 31, 2021. May 2021. 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. 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 |
Note 3 - Recent Real Estate Tra
Note 3 - Recent Real Estate Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 3. During the three March 31, 2021 • Waterman Plaza, which was sold on January 28, 2021 • Garden Gateway, which was sold on February 19, 2021 During the three March 31, 2021 During the three March 31, 2021 not During the three March 31, 2020 • Centennial Tech Center, which was sold on February 5, 2020 • Union Terrace, which was sold on March 13, 2020 During the three March 31, 2020, During the three March 31, 2020, |
Note 4 - Real Estate Assets
Note 4 - Real Estate Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Real Estate Assets [Text Block] | 4. 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 located primarily in Colorado, with four properties located in North Dakota and two in Southern California. Our model home properties are located in four states. As of March 31, 2021 • Nine office buildings and one industrial property (“Office/Industrial Properties”) which total approximately 867,744 rentable square feet; • Three retail shopping centers (“Retail Properties”) which total approximately 110,552 rentable square feet; and • 106 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. A summary of the properties owned by the Company as of March 31, 2021 Date Real estate assets, net (in thousands) Property Name Acquired Location 2021 World Plaza (1) September 2007 San Bernardino, California 9,272 Executive Office Park (1) July 2008 Colorado Springs, Colorado 5,116 Genesis Plaza August 2010 San Diego, California 8,472 Dakota Center May 2011 Fargo, North Dakota 8,540 Grand Pacific Center March 2014 Bismarck, North Dakota 5,615 Arapahoe Center December 2014 Centennial, Colorado 9,077 Union Town Center December 2014 Colorado Springs, Colorado 9,276 West Fargo Industrial August 2015 Fargo, North Dakota 7,013 300 N.P. August 2015 Fargo, North Dakota 3,278 Research Parkway August 2015 Colorado Springs, Colorado 2,423 One Park Center August 2015 Westminster, Colorado 8,444 Highland Court (1) August 2015 Centennial, Colorado 10,218 Shea Center II December 2015 Highlands Ranch, Colorado 20,715 Presidio Property Trust, Inc. properties 107,459 Model Home properties (2) 2014 2020 TX, FL, IL, WI 37,889 Total real estate assets and lease intangibles, net $ 145,348 ( 1 March 31, 2021 ( 2 March 31, 2021 |
Note 5 - Lease Intangibles
Note 5 - Lease Intangibles | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 Lease Accumulated Lease Lease Accumulated Lease Intangibles Amortization Intangibles, net Intangibles Amortization Intangibles, net In-place leases $ 3,136,587 $ (2,826,071 ) $ 310,516 $ 3,136,587 $ (2,757,530 ) $ 379,057 Leasing costs 1,730,656 (1,548,144 ) 182,512 1,730,656 (1,510,559 ) 220,097 Above-market leases 333,485 (309,449 ) 24,036 333,485 (291,421 ) 42,064 $ 5,200,728 $ (4,683,664 ) $ 517,064 $ 5,200,728 $ (4,559,510 ) $ 641,218 At each of March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 The net value of acquired intangible liabilities was $0.1 million relating to below-market leases at each of March 31, 2021 December 31, 2020 Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows: 2021 $ 248,330 2022 202,479 2023 17,663 2024 17,663 2025 17,663 Thereafter 13,266 Total $ 517,064 The weighted average remaining amortization period of the intangible assets as of March 31, 2021 |
Note 6 - Other Assets
Note 6 - Other Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 6. Other assets consist of the following: March 31, December 31, 2021 2020 Deferred rent receivable $ 1,876,250 $ 1,912,048 Prepaid expenses, deposits and other 124,169 299,187 Accounts receivable, net 181,949 541,885 Right-of-use assets, net 95,385 102,144 Other intangibles, net 127,483 142,483 Notes receivable 316,374 316,374 Deferred offering costs 124,951 108,660 Total other assets $ 2,846,561 $ 3,422,781 |
Note 7 - Mortgage Notes Payable
Note 7 - Mortgage Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Mortgage Notes Payable Disclosure [Text Block] | 7. Mortgage notes payable consist of the following: Principal as of March 31, December 31, Loan Interest Mortgage note property Notes 2021 2020 Type Rate (1) Maturity Waterman Plaza (2) $ — $ 3,207,952 Variable — — World Plaza (3) (4) 5,776,741 5,802,568 Variable 2.91 % 7/5/2021 Garden Gateway Plaza (2) — 5,861,523 Fixed 5.00 % 8/5/2021 300 N.P. 2,263,143 2,273,478 Fixed 4.95 % 6/11/2022 Highland Court (3) 6,236,527 6,274,815 Fixed 3.82 % 9/1/2022 Dakota Center 9,843,880 9,900,279 Fixed 4.74 % 7/6/2024 Research Parkway 1,746,886 1,760,432 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 7,891,395 7,932,255 Fixed 4.34 % 1/5/2025 Union Town Center 8,279,408 8,315,550 Fixed 4.28 % 1/5/2025 One Park Centre 6,357,531 6,385,166 Fixed 4.77 % 9/5/2025 Genesis Plaza 6,248,822 6,276,273 Fixed 4.71 % 9/6/2025 Shea Center II 17,681,769 17,727,500 Fixed 4.92 % 1/5/2026 Executive Office Park (3) 2,967,746 2,985,998 Fixed 4.83 % 6/1/2027 West Fargo Industrial 4,234,489 4,262,718 Fixed 3.27 % 8/5/2029 Grand Pacific Center (5) 3,708,966 3,738,142 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties $ 83,237,303 $ 92,704,649 Model Home mortgage notes (3) 26,332,673 28,083,356 Fixed (6 ) 2021 2023 Mortgage Notes Payable $ 109,569,976 $ 120,788,005 Unamortized loan costs (884,795 ) (758,309 ) Mortgage Notes Payable, net $ 108,685,181 $ 120,029,696 ( 1 Interest rates as of March 31, 2021 ( 2 Waterman Plaza and Garden Gateway Plaza were sold during the first 2021. ( 3 Properties held for sale as of March 31, 2021 ( 4 Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the three March 31, 2021 ( 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 March 31, 2021 The Company believes that it 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 March 31, 2021 Presidio Property Model Trust, Inc. Homes Total Principal Years ending December 31: Notes Payable Notes Payable Payments 2021 $ 6,945,593 $ 4,401,258 $ 11,346,851 2022 9,780,330 11,526,092 21,306,422 2023 1,493,749 4,695,187 6,188,936 2024 10,448,812 5,710,136 16,158,948 2025 28,874,478 — 28,874,478 Thereafter 25,694,340 — 25,694,340 Total $ 83,237,302 $ 26,332,673 $ 109,569,975 |
Note 8 - Notes Payable
Note 8 - Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
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 , December 31, 2020 September 17, 2019 October 1, 2020. December 31, 2020 March 31, 2021 The Company incurred approximately $1.1 million in legal and underwriting costs related to the transaction. These costs were recorded as debt issuance costs on the accompanying consolidated balance sheets as a direct deduction from the principal of the Polar Note and were amortized over the term of the Polar Note. During the first 2021, On April 22, 2020, 19 not no 2020. August 17, 2020 twelve 3.75% August 17, 2050. 19 On April 30, 2020, 19 April 22, 2020, December 31, 2020 January 2021, June 5, 2020, 24 December 31, 2020 March 31, 2021, |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Litigation. may Environmental Matters. no not not not |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Preferred Stock. may one March 31, 2021 December 31, 2020 Common Stock. not not not one Cash Dividends. three March 31, 2021 three March 31, 2020 Partnership Interests. two five first four one Dividend Reinvestment Plan. may thirty January 23, 2012, December 7, 2018 October 6, 2020 March 31, 2021 three March 31, 2021 |
Note 11 - Share-based Incentive
Note 11 - Share-based Incentive Plan | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. The Company maintains a restricted stock incentive plan for the purpose of attracting and retaining officers, key employees and non-employee board members. Share awards vest in equal annual installments over a three ten A summary of the activity for the Company’s restricted stock was as follows: Common Shares Outstanding shares: Balance at December 31, 2020 126,190 Granted 274,496 Forfeited (12,706 ) Vested — Balance at March 31, 2021 387,980 The non-vested restricted shares outstanding as of March 31, 2021 one seven The value of non-vested restricted stock granted as of March 31, 2021 December 31, 2020 Share-based compensation expense for the three March 31, 2021 three March 31, 2020 |
Note 12 - Segments
Note 12 - Segments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. The Company’s reportable segments consist of three not 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 March 31, 2021 March 31, 2020: For the Three Months Ended March 31, 2021 2020 Office/Industrial Properties: Rental, fees and other income $ 3,942,805 $ 4,984,942 Property and related expenses (1,854,272 ) (2,015,624 ) Net operating income, as defined 2,088,533 2,969,318 Model Home Properties: Rental, fees and other income 943,777 1,116,730 Property and related expenses (50,285 ) (46,260 ) Net operating income, as defined 893,492 1,070,470 Retail Properties: Rental, fees and other income 782,172 927,479 Property and related expenses (234,366 ) (319,208 ) Net operating (loss) income, as defined 547,806 608,271 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 3,529,831 4,648,059 General and administrative expenses (1,537,265 ) (1,351,345 ) Depreciation and amortization (1,428,934 ) (1,574,526 ) Interest expense (1,584,394 ) (2,553,846 ) Gain on extinguishment of government debt 10,000 — Other income (expense), net (32,785 ) (6,995 ) Income tax expense (50,199 ) (83,631 ) Gain (loss) on sale of real estate (1,161,328 ) (9,835 ) Net loss $ (2,255,074 ) $ (932,119 ) March 31, December 31, Assets by Reportable Segment: 2021 2020 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 86,427,084 $ 99,120,649 Total assets (2) $ 85,861,760 $ 100,046,782 Model Home Properties: Land, buildings and improvements, net (1) $ 37,888,865 $ 42,509,596 Total assets (2) $ 35,987,702 $ 42,246,022 Retail Properties: Land, buildings and improvements, net (1) $ 20,970,712 $ 24,555,371 Total assets (2) $ 22,190,105 $ 26,108,109 Reconciliation to Total Assets: Total assets for reportable segments $ 144,039,567 $ 168,400,913 Other unallocated assets: Cash, cash equivalents and restricted cash 229,700 2,149,088 Other assets, net 14,872,739 15,018,615 Total Assets $ 159,142,006 $ 185,568,616 ( 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 Three Months Ended March 31, Capital Expenditures by Reportable Segment 2021 2020 Office/Industrial Properties: Capital expenditures and tenant improvements $ 100,765 $ 881,497 Model Home Properties: Acquisition of operating properties — 3,573,743 Retail Properties: Capital expenditures and tenant improvements — 8,176 Totals: Acquisition of operating properties, net — 3,573,743 Capital expenditures and tenant improvements 100,765 889,673 Total real estate investments $ 100,765 $ 4,463,416 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. Our Form S- 3 April 27, 2021. may one may 415 1933, On April 1, 2021, #203, April 30, 2022. one |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. 10 8 X. three March 31, 2021 2020 not may December 31, 2021. 10 December 31, 2020 December 31, 2020 10 March 30, 2021. three March 31, 2021 not December 31, 2021 19” |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company classifies the noncontrolling interests in the NetREIT Partnerships as part of consolidated net income (loss) in 2020 2019 February 2010. not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates may |
Real Estate, Policy [Policy Text Block] | Real Estate Assets and Lease Intangibles. The Company allocates the purchase price to tangible assets of an acquired property based on the estimated fair values of those tangible assets assuming the property was vacant. Estimates of fair value for land, building and building improvements are based on many factors including, but not third The value allocated to acquired lease intangibles is based on management’s evaluation of the specific characteristics of each tenant’s lease. Characteristics considered by management in allocating these values include the nature and extent of the existing business relationships with the tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value allocable to the above-market or below-market component of an acquired in-place lease is determined based upon the present value (using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of rents that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above or below-market leases are amortized on a straight-line basis as an increase or reduction of rental income over the remaining non-cancelable term of the respective leases. Amortization of above and below-market rents resulted in a net increase in rental income of approximately $1,000 and $30,000 for the three March 31, 2021 March 31, 2020 The value of in-place leases and unamortized lease origination costs are amortized to expenses over the remaining term of the respective leases, which range from less than a year to ten third three March 31, 2021 March 31, 2020 Real Estate Held for Sale and Discontinued Operations. not |
Deferred Leasing Costs [Policy Text Block] | Deferred Leasing Costs. one five third March 31, 2021 December 31, 2020 three March 31, 2021 March 31, 2020 |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Amortization. three March 31, 2021 March 31, 2020 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents and Restricted Cash. March 31, 2021 December 31, 2020 third |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Real Estate Held for Sale. March 31, 2021 |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs. March 31, 2021 December 31, 2020 2019, 8. December 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 Deferred Offering Costs. March 31, 2021 December 31, 2020 3 December 29, 2020, April 13, 2021. March 31, 2021 December 31, 2020 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairments of Real Estate Assets. 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 fourth 2020, third March 31, 2021. May 2021. |
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. 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 |
Note 4 - Real Estate Assets (Ta
Note 4 - Real Estate Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Date Real estate assets, net (in thousands) Property Name Acquired Location 2021 World Plaza (1) September 2007 San Bernardino, California 9,272 Executive Office Park (1) July 2008 Colorado Springs, Colorado 5,116 Genesis Plaza August 2010 San Diego, California 8,472 Dakota Center May 2011 Fargo, North Dakota 8,540 Grand Pacific Center March 2014 Bismarck, North Dakota 5,615 Arapahoe Center December 2014 Centennial, Colorado 9,077 Union Town Center December 2014 Colorado Springs, Colorado 9,276 West Fargo Industrial August 2015 Fargo, North Dakota 7,013 300 N.P. August 2015 Fargo, North Dakota 3,278 Research Parkway August 2015 Colorado Springs, Colorado 2,423 One Park Center August 2015 Westminster, Colorado 8,444 Highland Court (1) August 2015 Centennial, Colorado 10,218 Shea Center II December 2015 Highlands Ranch, Colorado 20,715 Presidio Property Trust, Inc. properties 107,459 Model Home properties (2) 2014 2020 TX, FL, IL, WI 37,889 Total real estate assets and lease intangibles, net $ 145,348 |
Note 5 - Lease Intangibles (Tab
Note 5 - Lease Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2021 December 31, 2020 Lease Accumulated Lease Lease Accumulated Lease Intangibles Amortization Intangibles, net Intangibles Amortization Intangibles, net In-place leases $ 3,136,587 $ (2,826,071 ) $ 310,516 $ 3,136,587 $ (2,757,530 ) $ 379,057 Leasing costs 1,730,656 (1,548,144 ) 182,512 1,730,656 (1,510,559 ) 220,097 Above-market leases 333,485 (309,449 ) 24,036 333,485 (291,421 ) 42,064 $ 5,200,728 $ (4,683,664 ) $ 517,064 $ 5,200,728 $ (4,559,510 ) $ 641,218 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 $ 248,330 2022 202,479 2023 17,663 2024 17,663 2025 17,663 Thereafter 13,266 Total $ 517,064 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | March 31, December 31, 2021 2020 Deferred rent receivable $ 1,876,250 $ 1,912,048 Prepaid expenses, deposits and other 124,169 299,187 Accounts receivable, net 181,949 541,885 Right-of-use assets, net 95,385 102,144 Other intangibles, net 127,483 142,483 Notes receivable 316,374 316,374 Deferred offering costs 124,951 108,660 Total other assets $ 2,846,561 $ 3,422,781 |
Note 7 - Mortgage Notes Payab_2
Note 7 - Mortgage Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Principal as of March 31, December 31, Loan Interest Mortgage note property Notes 2021 2020 Type Rate (1) Maturity Waterman Plaza (2) $ — $ 3,207,952 Variable — — World Plaza (3) (4) 5,776,741 5,802,568 Variable 2.91 % 7/5/2021 Garden Gateway Plaza (2) — 5,861,523 Fixed 5.00 % 8/5/2021 300 N.P. 2,263,143 2,273,478 Fixed 4.95 % 6/11/2022 Highland Court (3) 6,236,527 6,274,815 Fixed 3.82 % 9/1/2022 Dakota Center 9,843,880 9,900,279 Fixed 4.74 % 7/6/2024 Research Parkway 1,746,886 1,760,432 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 7,891,395 7,932,255 Fixed 4.34 % 1/5/2025 Union Town Center 8,279,408 8,315,550 Fixed 4.28 % 1/5/2025 One Park Centre 6,357,531 6,385,166 Fixed 4.77 % 9/5/2025 Genesis Plaza 6,248,822 6,276,273 Fixed 4.71 % 9/6/2025 Shea Center II 17,681,769 17,727,500 Fixed 4.92 % 1/5/2026 Executive Office Park (3) 2,967,746 2,985,998 Fixed 4.83 % 6/1/2027 West Fargo Industrial 4,234,489 4,262,718 Fixed 3.27 % 8/5/2029 Grand Pacific Center (5) 3,708,966 3,738,142 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties $ 83,237,303 $ 92,704,649 Model Home mortgage notes (3) 26,332,673 28,083,356 Fixed (6 ) 2021 2023 Mortgage Notes Payable $ 109,569,976 $ 120,788,005 Unamortized loan costs (884,795 ) (758,309 ) Mortgage Notes Payable, net $ 108,685,181 $ 120,029,696 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Presidio Property Model Trust, Inc. Homes Total Principal Years ending December 31: Notes Payable Notes Payable Payments 2021 $ 6,945,593 $ 4,401,258 $ 11,346,851 2022 9,780,330 11,526,092 21,306,422 2023 1,493,749 4,695,187 6,188,936 2024 10,448,812 5,710,136 16,158,948 2025 28,874,478 — 28,874,478 Thereafter 25,694,340 — 25,694,340 Total $ 83,237,302 $ 26,332,673 $ 109,569,975 |
Note 11 - Share-based Incenti_2
Note 11 - Share-based Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Common Shares Outstanding shares: Balance at December 31, 2020 126,190 Granted 274,496 Forfeited (12,706 ) Vested — Balance at March 31, 2021 387,980 |
Note 12 - Segments (Tables)
Note 12 - Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended March 31, 2021 2020 Office/Industrial Properties: Rental, fees and other income $ 3,942,805 $ 4,984,942 Property and related expenses (1,854,272 ) (2,015,624 ) Net operating income, as defined 2,088,533 2,969,318 Model Home Properties: Rental, fees and other income 943,777 1,116,730 Property and related expenses (50,285 ) (46,260 ) Net operating income, as defined 893,492 1,070,470 Retail Properties: Rental, fees and other income 782,172 927,479 Property and related expenses (234,366 ) (319,208 ) Net operating (loss) income, as defined 547,806 608,271 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 3,529,831 4,648,059 General and administrative expenses (1,537,265 ) (1,351,345 ) Depreciation and amortization (1,428,934 ) (1,574,526 ) Interest expense (1,584,394 ) (2,553,846 ) Gain on extinguishment of government debt 10,000 — Other income (expense), net (32,785 ) (6,995 ) Income tax expense (50,199 ) (83,631 ) Gain (loss) on sale of real estate (1,161,328 ) (9,835 ) Net loss $ (2,255,074 ) $ (932,119 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, December 31, Assets by Reportable Segment: 2021 2020 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 86,427,084 $ 99,120,649 Total assets (2) $ 85,861,760 $ 100,046,782 Model Home Properties: Land, buildings and improvements, net (1) $ 37,888,865 $ 42,509,596 Total assets (2) $ 35,987,702 $ 42,246,022 Retail Properties: Land, buildings and improvements, net (1) $ 20,970,712 $ 24,555,371 Total assets (2) $ 22,190,105 $ 26,108,109 Reconciliation to Total Assets: Total assets for reportable segments $ 144,039,567 $ 168,400,913 Other unallocated assets: Cash, cash equivalents and restricted cash 229,700 2,149,088 Other assets, net 14,872,739 15,018,615 Total Assets $ 159,142,006 $ 185,568,616 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Three Months Ended March 31, Capital Expenditures by Reportable Segment 2021 2020 Office/Industrial Properties: Capital expenditures and tenant improvements $ 100,765 $ 881,497 Model Home Properties: Acquisition of operating properties — 3,573,743 Retail Properties: Capital expenditures and tenant improvements — 8,176 Totals: Acquisition of operating properties, net — 3,573,743 Capital expenditures and tenant improvements 100,765 889,673 Total real estate investments $ 100,765 $ 4,463,416 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Oct. 06, 2020USD ($)$ / sharesshares | Jul. 29, 2020 | Mar. 31, 2021USD ($) | Dec. 31, 2016 | Dec. 31, 2020USD ($) | Sep. 30, 2020 | Sep. 01, 2020USD ($) | Sep. 17, 2019USD ($) | Jan. 23, 2012$ / shares |
Number of Limited Liability Companies | 2 | 4 | |||||||
Number of Limited Partnerships in which Company is Sole General Partner | 1 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 19 | ||||||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 11,346,851 | ||||||||
Mortgage Notes [Member] | |||||||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 11,300,000 | ||||||||
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 | $ 7,700,000 | $ 8,800,000 | |||||||
Debt Instrument, Renewal Fee Percentage | 4.00% | 4.00% | |||||||
Reverse Stock Split [Member] | |||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ||||||||
IPO [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 | $ 2,000,000 | ||||||||
IPO [Member] | Underwriting Discounts [Member] | |||||||||
Payments of Stock Issuance Costs | 500,000 | ||||||||
IPO [Member] | Other Expenses [Member] | |||||||||
Payments of Stock Issuance Costs | $ 500,000 | ||||||||
Model Home Properties [Member] | |||||||||
Number of Limited Partnerships in which Company is Sole General Partner | 6 | ||||||||
Commercial Property [Member] | |||||||||
Number of Real Estate Properties, Fee Simple | 13 | ||||||||
Commercial Property [Member] | Partially Owned Properties [Member] | |||||||||
Number of Real Estate Properties, Fee Simple | 2 | ||||||||
Model Home [Member] | Mortgage Notes [Member] | |||||||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 4,400,000 | ||||||||
World Plaza [Member] | Mortgage Notes [Member] | |||||||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 5,800,000 | ||||||||
Debt Instrument, Term of Extension Options (Year) | 1 year |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) | 3 Months Ended | |||
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | ||
Amortization of above and below Market Leases | $ 1,000 | $ 30,000 | ||
Amortization of Intangible Assets, Total | 100,000 | 130,000 | ||
Deferred Costs, Total | 1,500,000 | 1,900,000 | ||
Operating Lease, Initial Direct Cost Expense, over Term | 86,000 | 99,000 | ||
Depreciation, Total | 1,400,000 | 1,600,000 | ||
Cash Equivalents, at Carrying Value, Total | 7,000,000 | $ 11,500,000 | ||
Restricted Cash, Total | $ 4,000,000 | 4,200,000 | ||
Number of Real Estate Properties Held for Sale | 3 | |||
Amortization of Debt Issuance Costs | $ 261,779 | 363,183 | ||
Real Estate Investment Property and Lease Intangibles, Net | 145,348,000 | |||
Impairment of Real Estate | 300,000 | 0 | ||
Series B Preferred Stock [Member] | ||||
Unamortized Deferred Stock Costs | 100,000 | 100,000 | ||
Mortgage Notes [Member] | ||||
Debt Issuance Costs, Net, Total | 900,000 | 800,000 | ||
Amortization of Debt Issuance Costs | 1,200,000 | 1,600,000 | ||
Notes Payable to Banks [Member] | Polar Multi-Strategy Master Fund [Member] | ||||
Debt Issuance Costs, Net, Total | 200,000 | |||
Amortization of Debt Issuance Costs | $ 200,000 | $ 300,000 | ||
Executive Park [Member] | ||||
Number of Real Estate Properties Held for Sale | 3 | |||
Model Home [Member] | ||||
Number of Real Estate Properties Held for Sale | 16 | |||
Highland Court [Member] | ||||
Real Estate Investment Property and Lease Intangibles, Net | $ 10,218,000 | [1] | 10,500,000 | |
Impairment of Real Estate | 300,000 | |||
Highland Court [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 10,200,000 | |||
Building and Building Improvements [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 39 years | |||
Maximum [Member] | ||||
Amortization of Value In Place Leases (Year) | 10 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 5 years | |||
Maximum [Member] | Leasehold Improvements [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 10 years | |||
Maximum [Member] | Furniture and Fixtures [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 5 years | |||
Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 1 year | |||
Minimum [Member] | Leasehold Improvements [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 1 year | |||
Minimum [Member] | Furniture and Fixtures [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 4 years | |||
[1] | This property is held for sale as of March 31, 2021. |
Note 3 - Recent Real Estate T_2
Note 3 - Recent Real Estate Transactions (Details Textual) | Feb. 19, 2021USD ($) | Jan. 28, 2021USD ($) | Mar. 13, 2020USD ($) | Feb. 05, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Notes Payable, Total | $ 0 | $ 7,500,086 | |||||
Discontinued Operations, Disposed of by Sale [Member] | |||||||
Proceeds from Sale of Real Estate, Total | 4,900,000 | $ 2,800,000 | |||||
Gain (Loss) on Sale of Properties | $ 400,000 | $ 200,000 | |||||
Number of Real Estate Properties | 12 | 8 | |||||
Waterman Plaza [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Proceeds from Sale of Real Estate, Total | $ 3,500,000 | ||||||
Gain (Loss) on Sale of Properties | $ (200,000) | ||||||
Garden Gateway [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Proceeds from Sale of Real Estate, Total | $ 11,200,000 | ||||||
Gain (Loss) on Sale of Properties | $ (1,400,000) | ||||||
Model Home [Member] | |||||||
Number of Real Estate Properties | 0 | 10 | |||||
Real Estate Property, Consideration Transferred, Total | $ 3,600,000 | ||||||
Payments to Acquire Residential Real Estate | 1,100,000 | ||||||
Model Home [Member] | Mortgage Notes [Member] | |||||||
Notes Payable, Total | $ 2,500,000 | ||||||
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 | $ (900,000) | ||||||
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 | $ 690,000 |
Note 4 - Real Estate Assets (De
Note 4 - Real Estate Assets (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021ft² | Dec. 31, 2016 | Mar. 31, 2020 | |
Number of States Real Estate Property is Located | 4 | ||
Number of Limited Partnerships in which Company is Sole General Partner | 1 | ||
Number of Limited Liability Companies | 2 | 4 | |
Number of Real Estate Properties Held for Sale | 3 | ||
Model Home [Member] | |||
Number of Real Estate Properties | 0 | 10 | |
Number of Real Estate Properties Held for Sale | 16 | ||
Office/Industrial Properties [Member] | |||
Area of Real Estate Property (Square Foot) | 867,744 | ||
Office/Industrial Properties [Member] | Industrial Buildings [Member] | |||
Number of Real Estate Properties | 1 | ||
Office/Industrial Properties [Member] | Office Buildings [Member] | |||
Number of Real Estate Properties | 9 | ||
Retail Properties [Member] | |||
Number of Real Estate Properties | 3 | ||
Area of Real Estate Property (Square Foot) | 110,552 | ||
Model Home [Member] | |||
Number of Real Estate Properties | 106 | ||
Number of Limited Partnerships in which Company is Sole General Partner | 6 | ||
Number of Limited Liability Companies | 1 | ||
NORTH DAKOTA | |||
Number of Real Estate Properties | 4 | ||
SOUTH DAKOTA | |||
Number of Real Estate Properties | 2 |
Note 4 - Real Estate Assets - S
Note 4 - Real Estate Assets - Summary of Properties Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | |||
Real estate assets owned | $ 145,348 | |||
World Plaza [Member] | ||||
Geographic location | [1] | San Bernardino, California | ||
Real estate assets owned | [1] | $ 9,272 | ||
Executive Office Park [Member] | ||||
Geographic location | [1] | Colorado Springs, Colorado | ||
Real estate assets owned | [1] | $ 5,116 | ||
Genesis Plaza [Member] | ||||
Geographic location | San Diego, California | |||
Real estate assets owned | $ 8,472 | |||
Dakota Center [Member] | ||||
Geographic location | Fargo, North Dakota | |||
Real estate assets owned | $ 8,540 | |||
Grand Pacific Center [Member] | ||||
Geographic location | Bismarck, North Dakota | |||
Real estate assets owned | $ 5,615 | |||
Arapahoe Center [Member] | ||||
Geographic location | Centennial, Colorado | |||
Real estate assets owned | $ 9,077 | |||
Union Town Center [Member] | ||||
Geographic location | Colorado Springs, Colorado | |||
Real estate assets owned | $ 9,276 | |||
West Fargo Industrial [Member] | ||||
Geographic location | Fargo, North Dakota | |||
Real estate assets owned | $ 7,013 | |||
The 300 N.P [Member] | ||||
Geographic location | Fargo, North Dakota | |||
Real estate assets owned | $ 3,278 | |||
Research Parkway [Member] | ||||
Geographic location | Colorado Springs, Colorado | |||
Real estate assets owned | $ 2,423 | |||
One Park Centre [Member] | ||||
Geographic location | Westminster, Colorado | |||
Real estate assets owned | $ 8,444 | |||
Highland Court [Member] | ||||
Geographic location | [1] | Centennial, Colorado | ||
Real estate assets owned | $ 10,218 | [1] | $ 10,500 | |
Shea Center II [Member] | ||||
Geographic location | Highlands Ranch, Colorado | |||
Real estate assets owned | $ 20,715 | |||
Presidio Property Trust, Inc. Properties [Member] | ||||
Real estate assets owned | 107,459 | |||
Model Home Properties [Member] | ||||
Real estate assets owned | [2] | $ 37,889 | ||
[1] | This property is held for sale as of March 31, 2021. | |||
[2] | Includes 16 Model Home listed as held for sale as of March 31, 2021. |
Note 5 - Lease Intangibles (Det
Note 5 - Lease Intangibles (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Gross, Total | $ 5,200,728 | $ 5,200,728 |
Finite-Lived Intangible Assets, Accumulated Amortization | 4,683,664 | 4,559,510 |
Below Market Lease, Net, Ending Balance | $ 120,008 | 139,045 |
Weighted Average [Member] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 1 year 3 months 21 days | |
Real Estate Assets Held for Sale [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | $ 1,100,000 | 1,100,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 1,100,000 | $ 1,100,000 |
Note 5 - Lease Intangibles - Ne
Note 5 - Lease Intangibles - Net Value of Other Intangibles (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Lease intangibles, gross | $ 5,200,728 | $ 5,200,728 |
Accumulated Amortization | (4,683,664) | (4,559,510) |
Lease Intangibles, net | 517,064 | 641,218 |
Leases, Acquired-in-Place [Member] | ||
Lease intangibles, gross | 3,136,587 | 3,136,587 |
Accumulated Amortization | (2,826,071) | (2,757,530) |
Lease Intangibles, net | 310,516 | 379,057 |
Leasing Costs [Member] | ||
Lease intangibles, gross | 1,730,656 | 1,730,656 |
Accumulated Amortization | (1,548,144) | (1,510,559) |
Lease Intangibles, net | 182,512 | 220,097 |
Above Market Lease [Member] | ||
Lease intangibles, gross | 333,485 | 333,485 |
Accumulated Amortization | (309,449) | (291,421) |
Lease Intangibles, net | $ 24,036 | $ 42,064 |
Note 5 - Lease Intangibles - Am
Note 5 - Lease Intangibles - Amortization Expense (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
2021 | $ 248,330 | |
2022 | 202,479 | |
2023 | 17,663 | |
2024 | 17,663 | |
2025 | 17,663 | |
Thereafter | 13,266 | |
Total | $ 517,064 | $ 641,218 |
Note 6 - Other Assets - Other A
Note 6 - Other Assets - Other Assets (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Total other assets | $ 2,846,561 | $ 3,422,781 |
Other Assets [Member] | ||
Deferred rent receivable | 1,876,250 | 1,912,048 |
Prepaid expenses, deposits and other | 124,169 | 299,187 |
Accounts receivable, net | 181,949 | 541,885 |
Right-of-use assets, net | 95,385 | 102,144 |
Other intangibles, net | 127,483 | 142,483 |
Notes receivable | 316,374 | 316,374 |
Deferred offering costs | 124,951 | 108,660 |
Total other assets | $ 2,846,561 | $ 3,422,781 |
Note 7 - Mortgage Notes Payab_3
Note 7 - Mortgage Notes Payable (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number of Real Estate Properties Held for Sale | 3 |
Model Home [Member] | |
Number of Real Estate Properties Held for Sale | 16 |
Model Home [Member] | Mortgage Notes [Member] | Minimum [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 2.50% |
Model Home [Member] | Mortgage Notes [Member] | Maximum [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.63% |
World Plaza [Member] | Mortgage Notes [Member] | |
Debt, Weighted Average Interest Rate | 2.88% |
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% |
Note 7 - Mortgage Notes Payab_4
Note 7 - Mortgage Notes Payable - Mortgage Notes Payable (Details) - USD ($) | 15 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | ||
Mortgage Notes Payable, net | $ 108,685,181 | $ 120,029,696 | |
Mortgage Notes [Member] | |||
Mortgage Notes Payable | 109,569,976 | 120,788,005 | |
Unamortized loan costs | (884,795) | (758,309) | |
Waterman Plaza [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [1] | $ 0 | 3,207,952 |
Interest rate, variable | [1],[2] | 0.00% | |
World Plaza [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [3],[4] | $ 5,776,741 | 5,802,568 |
Interest rate, variable | [2],[3],[4] | 2.91% | |
Maturity date | [3],[4] | Jul. 5, 2021 | |
Garden Gateway Plaza [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [1] | $ 0 | 5,861,523 |
Maturity date | [1] | Aug. 5, 2021 | |
Interest rate | [1],[2] | 5.00% | |
The 300 N.P [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 2,263,143 | 2,273,478 | |
Maturity date | Jun. 11, 2022 | ||
Interest rate | [2] | 4.95% | |
Highland Court [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [4] | $ 6,236,527 | 6,274,815 |
Maturity date | [4] | Sep. 1, 2022 | |
Interest rate | [2],[4] | 3.82% | |
Dakota Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 9,843,880 | 9,900,279 | |
Maturity date | Jul. 6, 2024 | ||
Interest rate | [2] | 4.74% | |
Research Parkway [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 1,746,886 | 1,760,432 | |
Maturity date | Jan. 5, 2025 | ||
Interest rate | [2] | 3.94% | |
Arapahoe Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 7,891,395 | 7,932,255 | |
Maturity date | Jan. 5, 2025 | ||
Interest rate | [2] | 4.34% | |
Union Town Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 8,279,408 | 8,315,550 | |
Maturity date | Jan. 5, 2025 | ||
Interest rate | [2] | 4.28% | |
One Park Centre [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 6,357,531 | 6,385,166 | |
Maturity date | Sep. 5, 2025 | ||
Interest rate | [2] | 4.77% | |
Genesis Plaza [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 6,248,822 | 6,276,273 | |
Maturity date | Sep. 6, 2025 | ||
Interest rate | [2] | 4.71% | |
Shea Center II [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 17,681,769 | 17,727,500 | |
Maturity date | Jan. 5, 2026 | ||
Interest rate | [2] | 4.92% | |
Executive Office Park [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [4] | $ 2,967,746 | 2,985,998 |
Maturity date | [4] | Jun. 1, 2027 | |
Interest rate | [2],[4] | 4.83% | |
West Fargo Industrial [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 4,234,489 | 4,262,718 | |
Maturity date | Aug. 5, 2029 | ||
Interest rate | [2] | 3.27% | |
Grand Pacific Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [5] | $ 3,708,966 | 3,738,142 |
Maturity date | [5] | Aug. 1, 2037 | |
Interest rate | [2],[5] | 4.02% | |
Subtotal, Presidio Property Trust, Inc. Properties [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 83,237,303 | 92,704,649 | |
Model Home [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [4],[6] | $ 26,332,673 | $ 28,083,356 |
Model Home [Member] | Mortgage Notes [Member] | Minimum [Member] | |||
Maturity date | [4],[6] | Dec. 31, 2023 | |
Interest rate | 2.50% | ||
Model Home [Member] | Mortgage Notes [Member] | Maximum [Member] | |||
Maturity date | [4],[6] | Dec. 31, 2021 | |
Interest rate | 5.63% | ||
[1] | Waterman Plaza and Garden Gateway Plaza were sold during the first quarter of 2021. | ||
[2] | Interest rates as of March 31, 2021. | ||
[3] | Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the three months ended March 31, 2021, the weighted average interest rate was 2.88% per annum. | ||
[4] | Properties held for sale as of March 31, 2021. There were 16 model homes included as real estate assets held for sale. | ||
[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 March 31, 2021. |
Note 7 - Mortgage Notes Payab_5
Note 7 - Mortgage Notes Payable - Scheduled Principal Payments of Mortgage Notes Payable (Details) | Mar. 31, 2021USD ($) |
2021 | $ 11,346,851 |
2022 | 21,306,422 |
2023 | 6,188,936 |
2024 | 16,158,948 |
2025 | 28,874,478 |
Thereafter | 25,694,340 |
Total | 109,569,975 |
Office/Industrial and Retail Notes Payable [Member] | |
2021 | 6,945,593 |
2022 | 9,780,330 |
2023 | 1,493,749 |
2024 | 10,448,812 |
2025 | 28,874,478 |
Thereafter | 25,694,340 |
Total | 83,237,302 |
Model Home Properies Notes Payable [Member] | |
2021 | 4,401,258 |
2022 | 11,526,092 |
2023 | 4,695,187 |
2024 | 5,710,136 |
2025 | 0 |
Thereafter | 0 |
Total | $ 26,332,673 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) - USD ($) | Aug. 17, 2020 | Apr. 30, 2020 | Apr. 22, 2020 | Jan. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 01, 2020 | Sep. 17, 2019 |
Gain (Loss) on Extinguishment of Debt, Total | $ 10,000 | $ 0 | ||||||||
Economic Injury Disaster Loan [Member] | ||||||||||
Proceeds from Issuance of Unsecured Debt | $ 150,000 | $ 10,000 | ||||||||
Debt Instrument, Decrease, Forgiveness | $ 10,000 | |||||||||
Gain (Loss) on Extinguishment of Debt, Total | 10,000 | |||||||||
Economic Injury Disaster Loan [Member] | Accounts Payable and Accrued Liabilities [Member] | ||||||||||
Unsecured Debt, Total | $ 10,000 | |||||||||
SBA CARES Act Paycheck Protection Program [Member] | ||||||||||
Proceeds from Issuance of Unsecured Debt | $ 500,000 | |||||||||
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 | 7,700,000 | $ 8,800,000 | ||||||||
Debt Instrument, Renewal Fee Percentage | 4.00% | 4.00% | ||||||||
Repayments of Notes Payable, Including Interest | 6,300,000 | |||||||||
Debt Instrument, Unamortized Discount, Total | $ 0 | $ 0 | $ 1,400,000 | |||||||
Debt Issuance Costs, Gross | $ 1,100,000 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands | Jan. 23, 2012USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Dec. 31, 2016 | Mar. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | ||||
Maximum Individual Common Stock Ownership, Percentage | 9.80% | 9.80% | ||||
Payments of Dividends, Total | $ | $ 1,000 | $ 0 | ||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 0.101 | |||||
Number of Limited Liability Companies | 2 | 4 | 2 | |||
Number of Limited Partnerships in which Company is Sole General Partner | 1 | |||||
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 | $ | $ 0 | $ 17,400 | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 917,074 | |||||
Commercial Property [Member] | ||||||
Number of Real Estate Properties | 13 | 13 | ||||
Commercial Property [Member] | Partially Owned Properties [Member] | ||||||
Number of Real Estate Properties | 2 | 2 | ||||
Redeemable Convertible Preferred Stock Series B [Member] | ||||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | 0 | |||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | |||
Common Class A [Member] | ||||||
Common Stock, Shares Authorized (in shares) | 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 | |||
Common Stock, Shares, Issued, Total (in shares) | 9,508,363 | 9,508,363 | 9,508,363 | |||
Common Class B [Member] | ||||||
Common Stock, Shares Authorized (in shares) | 1,000 | 1,000 | ||||
Common Stock, Shares, Issued, Total (in shares) | 0 | |||||
Common Class C [Member] | ||||||
Common Stock, Shares Authorized (in shares) | 9,000,000 | 9,000,000 | ||||
Common Stock, Shares, Issued, Total (in shares) | 0 | 0 | ||||
Common Stock, Number of Entitled Votes | 1 | 1 |
Note 11 - Share-based Incenti_3
Note 11 - Share-based Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 23, 2012 | Dec. 31, 2006 | |
Shares Issued, Price Per Share (in dollars per share) | $ 19 | ||||
Share-based Payment Arrangement, Expense | $ 300 | $ 160 | |||
Restricted Stock [Member] | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 20 | ||||
Nonvested Resctricted Stock [Member] | |||||
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | $ 2,300 | $ 900 | |||
Minimum [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Minimum [Member] | Nonvested Resctricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Maximum [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 10 years | ||||
Maximum [Member] | Nonvested Resctricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 7 years |
Note 11 - Share-based Incenti_4
Note 11 - Share-based Incentive Plan - Summary of Activity for Restricted Stock (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2021shares | |
Balance (in shares) | 126,190 |
Granted (in shares) | 274,496 |
Forfeited (in shares) | (12,706) |
Vested (in shares) | 0 |
Balance (in shares) | 387,980 |
Note 12 - Segments (Details Tex
Note 12 - Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number of Reportable Segments | 3 |
Note 12 - Segments - Operating
Note 12 - Segments - Operating Income by Segment (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Rental, fees and other income | $ 5,668,754 | $ 7,029,151 |
Property and related expenses | (1,838,923) | (2,381,092) |
General and administrative expenses | (1,537,265) | (1,351,345) |
Depreciation and amortization | (1,428,934) | (1,574,526) |
Interest expense | (1,584,394) | (2,553,846) |
Gain on extinguishment of government debt | 10,000 | 0 |
Other income (expense), net | (32,785) | (6,995) |
Income tax expense | (50,199) | (83,631) |
Gain (loss) on sale of real estate | (1,161,328) | (9,835) |
Net loss | (2,255,074) | (932,119) |
Operating Segments [Member] | ||
Net operating income, as defined | 3,529,831 | 4,648,059 |
Office/Industrial Properties [Member] | Operating Segments [Member] | ||
Rental, fees and other income | 3,942,805 | 4,984,942 |
Property and related expenses | (1,854,272) | (2,015,624) |
Net operating income, as defined | 2,088,533 | 2,969,318 |
Model Home Properties [Member] | Operating Segments [Member] | ||
Rental, fees and other income | 943,777 | 1,116,730 |
Property and related expenses | (50,285) | (46,260) |
Net operating income, as defined | 893,492 | 1,070,470 |
Retail Properties [Member] | Operating Segments [Member] | ||
Rental, fees and other income | 782,172 | 927,479 |
Property and related expenses | (234,366) | (319,208) |
Net operating income, as defined | $ 547,806 | $ 608,271 |
Note 12 - Segments - Assets by
Note 12 - Segments - Assets by Reportable Segment (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
Total assets | $ 159,142,006 | $ 185,568,616 | |
Cash, cash equivalents and restricted cash | 6,985,381 | 11,540,917 | |
Other assets, net | 2,846,561 | 3,422,781 | |
Operating Segments [Member] | |||
Total assets | 144,039,567 | 168,400,913 | |
Segment Reconciling Items [Member] | |||
Total assets | 159,142,006 | 185,568,616 | |
Cash, cash equivalents and restricted cash | 229,700 | 2,149,088 | |
Other assets, net | 14,872,739 | 15,018,615 | |
Office/Industrial Properties [Member] | Operating Segments [Member] | |||
Land, buildings and improvements, net | [1] | 86,427,084 | 99,120,649 |
Total assets | [2] | 85,861,760 | 100,046,782 |
Model Home Properties [Member] | Operating Segments [Member] | |||
Land, buildings and improvements, net | [1] | 37,888,865 | 42,509,596 |
Total assets | [2] | 35,987,702 | 42,246,022 |
Retail Properties [Member] | Operating Segments [Member] | |||
Land, buildings and improvements, net | [1] | 20,970,712 | 24,555,371 |
Total assets | [2] | $ 22,190,105 | $ 26,108,109 |
[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 ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Capital expenditures and tenant improvements | $ 100,765 | $ 889,673 |
Acquisition of operating properties | 0 | 3,573,743 |
Total real estate investments | 100,765 | 4,463,416 |
Office/Industrial Properties [Member] | ||
Capital expenditures and tenant improvements | 100,765 | 881,497 |
Model Home Properties [Member] | ||
Acquisition of operating properties | 0 | 3,573,743 |
Retail Properties [Member] | ||
Capital expenditures and tenant improvements | $ 0 | $ 8,176 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) | Apr. 27, 2021 | Apr. 01, 2021 |
Equity Offering, Maximum Gross Proceeds | $ 200,000,000 | |
Dubose Model Homes Investors #203, PL [Member] | LGD Investments Ltd [Member] | Unsecured Debt [Member] | ||
Debt Instrument, Face Amount | $ 330,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |