Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 11, 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 | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | |
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 | 11,490,230 | |
Series D Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock $0.01 par value per share | |
Trading Symbol | SQFTP | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Common Stock, $0.01 par value per share | |
Trading Symbol | SQFT | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Real estate assets and lease intangibles: | ||
Land | $ 18,082,521 | $ 18,827,000 |
Buildings and improvements | 110,786,670 | 115,409,423 |
Tenant improvements | 12,466,083 | 11,960,018 |
Lease intangibles | 4,110,139 | 4,110,139 |
Real estate assets and lease intangibles held for investment, cost | 145,445,413 | 150,306,580 |
Accumulated depreciation and amortization | (29,564,702) | (26,551,789) |
Real estate assets and lease intangibles held for investment, net | 115,880,711 | 123,754,791 |
Real estate assets held for sale, net | 10,006,947 | 42,499,176 |
Real estate assets, net | 125,887,658 | 166,253,967 |
Cash, cash equivalents and restricted cash | 27,816,296 | 11,540,917 |
Deferred leasing costs, net | 1,258,134 | 1,927,951 |
Goodwill | 2,423,000 | 2,423,000 |
Other assets, net | 4,449,538 | 3,422,781 |
TOTAL ASSETS | 161,834,626 | 185,568,616 |
Liabilities: | ||
Mortgage notes payable, net | 86,061,131 | 94,664,266 |
Mortgage notes payable related to properties held for sale, net | 194,549 | 25,365,430 |
Mortgage notes payable, total net | 86,255,680 | 120,029,696 |
Note payable, net | 7,500,086 | |
Accounts payable and accrued liabilities | 4,704,493 | 5,126,199 |
Accrued real estate taxes | 1,508,006 | 2,548,686 |
Dividends payable preferred stock | 179,685 | 0 |
Lease liability, net | 82,439 | 102,323 |
Below-market leases, net | 86,852 | 139,045 |
Total liabilities | 92,817,155 | 135,446,035 |
Commitments and contingencies (Note 9) | ||
Equity: | ||
Additional paid-in capital | 185,727,368 | 156,463,146 |
Dividends and accumulated losses | (128,207,540) | (121,674,505) |
Total stockholders' equity before noncontrolling interest | 57,643,930 | 34,883,679 |
Noncontrolling interest | 11,373,541 | 15,238,902 |
Total equity | 69,017,471 | 50,122,581 |
TOTAL LIABILITIES AND EQUITY | 161,834,626 | 185,568,616 |
Series D Preferred Stock [Member] | ||
Equity: | ||
Series D Preferred Stock, $0.01 par value per share; 1,000,000 shares authorized; 920,000 and 0 shares issued and outstanding (liquidation preference $25.00 per share) as of September 30, 2021 and December 31, 2020, respectively | 9,200 | 0 |
Common Class A [Member] | ||
Equity: | ||
Series A Common Stock, $0.01 par value per share, shares authorized: 100,000,000; 11,490,230 shares and 9,508,363 shares were issued and outstanding at September 30, 2021 and December 31, 2020, respectively | $ 114,902 | $ 95,038 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, shares authorized (in shares) | 1,000,000 | |
Series D Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 920,000 | 0 |
Preferred stock, shares outstanding (in shares) | 920,000 | 0 |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Common Class A [Member] | ||
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) | 11,490,230 | 9,508,363 |
Common stock, shares outstanding (in shares) | 11,490,230 | 9,508,363 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Rental income | $ 4,185,212 | $ 5,433,303 | $ 14,216,234 | $ 18,098,514 |
Fees and other income | 190,967 | 230,265 | 675,283 | 715,609 |
Total revenue | 4,376,179 | 5,663,568 | 14,891,517 | 18,814,123 |
Costs and expenses: | ||||
Rental operating costs | 1,414,518 | 2,108,621 | 4,739,256 | 6,489,547 |
General and administrative | 1,479,261 | 1,366,380 | 4,361,297 | 3,996,696 |
Depreciation and amortization | 1,306,874 | 1,626,917 | 4,104,018 | 4,823,673 |
Impairment of real estate assets | 0 | 0 | 300,000 | 845,674 |
Total costs and expenses | 4,200,653 | 5,101,918 | 13,504,571 | 16,155,590 |
Other income (expense): | ||||
Interest and other (expense), net | (13,886) | (12,270) | (67,329) | (10,865) |
Gain on sales of real estate, net | 627,322 | 332,714 | 2,060,336 | 656,975 |
Gain on extinguishment of government debt | 0 | 0 | 10,000 | 0 |
Income tax expense | (182,607) | (122,602) | (471,506) | (257,602) |
Total other expense, net | (600,054) | (1,946,118) | (2,290,812) | (6,582,654) |
Net loss | (424,528) | (1,384,468) | (903,866) | (3,924,121) |
Less: Income attributable to noncontrolling interests | (427,303) | (363,777) | (1,759,608) | (854,070) |
Net loss attributable to Presidio Property Trust, Inc. stockholders | (851,831) | (1,748,245) | (2,663,474) | (4,778,191) |
Less: Preferred Stock Series D dividends | (539,056) | 0 | (634,892) | 0 |
Net loss attributable to Presidio Property Trust, Inc. common stockholders | $ (1,390,887) | $ (1,748,245) | $ (3,298,366) | $ (4,778,191) |
Net income (loss) per share attributable to Presidio Property Trust, Inc. common stockholders: | ||||
Basic & Diluted (in dollars per share) | $ (0.13) | $ (0.20) | $ (0.33) | $ (0.54) |
Weighted average number of common shares outstanding - basic & diluted (in shares) | 10,833,847 | 8,922,525 | 9,955,046 | 8,900,547 |
Mortgage Notes [Member] | ||||
Other income (expense): | ||||
Interest expense | $ (1,030,883) | $ (1,439,771) | $ (3,542,940) | $ (4,605,175) |
Notes Payable [Member] | ||||
Other income (expense): | ||||
Interest expense | $ 0 | $ (704,189) | $ (279,373) | $ (2,365,987) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) | Preferred Stock [Member]Series D Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 0 | 8,881,842 | |||||
Balance at Dec. 31, 2019 | $ 0 | $ 88,818 | $ 152,129,120 | $ (113,037,144) | $ 39,180,794 | $ 17,440,394 | $ 56,621,188 |
Net income (loss) | 0 | 0 | 0 | (1,107,130) | (1,107,130) | 175,011 | (932,119) |
Distributions in excess of contributions received | $ 0 | $ 0 | 0 | 0 | 0 | (277,472) | (277,472) |
Balance (in shares) at Mar. 31, 2020 | 0 | 8,881,842 | |||||
Balance at Mar. 31, 2020 | $ 0 | $ 88,818 | 152,129,120 | (114,144,274) | 38,073,664 | 17,337,933 | 55,411,597 |
Balance (in shares) at Dec. 31, 2019 | 0 | 8,881,842 | |||||
Balance at Dec. 31, 2019 | $ 0 | $ 88,818 | 152,129,120 | (113,037,144) | 39,180,794 | 17,440,394 | 56,621,188 |
Net income (loss) | (3,924,121) | ||||||
Balance (in shares) at Sep. 30, 2020 | 0 | 8,922,036 | |||||
Balance at Sep. 30, 2020 | $ 0 | $ 89,220 | 153,358,708 | (117,815,335) | 35,632,593 | 16,688,117 | 52,320,710 |
Balance (in shares) at Mar. 31, 2020 | 0 | 8,881,842 | |||||
Balance at Mar. 31, 2020 | $ 0 | $ 88,818 | 152,129,120 | (114,144,274) | 38,073,664 | 17,337,933 | 55,411,597 |
Net income (loss) | 0 | 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 | 0 | 66,697 | 66,697 |
Share reconciliation adjustment (in shares) | 0 | (16,080) | |||||
Share reconciliation adjustment | $ 0 | $ (162) | 162 | 0 | 0 | 0 | 0 |
Issuance of stock for Limited Partnership interests (in shares) | 0 | 59,274 | |||||
Issuance of stock for Limited Partnership interests | $ 0 | $ 594 | 1,247,396 | 0 | 1,247,990 | (1,247,990) | 0 |
Balance (in shares) at Jun. 30, 2020 | 0 | 8,925,036 | |||||
Balance at Jun. 30, 2020 | $ 0 | $ 89,250 | 153,376,678 | (116,067,090) | 37,398,838 | 16,471,922 | 53,870,760 |
Net income (loss) | 0 | 0 | (1,748,245) | (1,748,245) | 363,777 | (1,384,468) | |
Distributions in excess of contributions received | $ 0 | $ 0 | 0 | 0 | 0 | (147,582) | (147,582) |
Repurchase of Common Stock (in shares) | 0 | (3,000) | |||||
Repurchase of Common Stock | $ 0 | $ (30) | (17,970) | 0 | (18,000) | 0 | (18,000) |
Balance (in shares) at Sep. 30, 2020 | 0 | 8,922,036 | |||||
Balance at Sep. 30, 2020 | $ 0 | $ 89,220 | 153,358,708 | (117,815,335) | 35,632,593 | 16,688,117 | 52,320,710 |
Balance (in shares) at Dec. 31, 2020 | 0 | 9,508,363 | |||||
Balance at Dec. 31, 2020 | $ 0 | $ 95,038 | 156,463,146 | (121,674,505) | 34,883,679 | 15,238,902 | 50,122,581 |
Net income (loss) | 0 | 0 | 0 | (2,661,682) | (2,661,682) | 406,608 | (2,255,074) |
Dividends paid on common stock | 0 | 0 | 0 | (998,795) | (998,795) | 0 | (998,795) |
Distributions in excess of contributions received | $ 0 | $ 0 | 0 | 0 | 0 | (2,034,212) | (2,034,212) |
Balance (in shares) at Mar. 31, 2021 | 0 | 9,508,363 | |||||
Balance at Mar. 31, 2021 | $ 0 | $ 95,038 | 156,463,146 | (125,334,982) | 31,223,202 | 13,611,298 | 44,834,500 |
Balance (in shares) at Dec. 31, 2020 | 0 | 9,508,363 | |||||
Balance at Dec. 31, 2020 | $ 0 | $ 95,038 | 156,463,146 | (121,674,505) | 34,883,679 | 15,238,902 | 50,122,581 |
Net income (loss) | (903,866) | ||||||
Balance (in shares) at Sep. 30, 2021 | 920,000 | 11,490,230 | |||||
Balance at Sep. 30, 2021 | $ 9,200 | $ 114,902 | 185,727,368 | (128,207,540) | 57,643,930 | 11,373,541 | 69,017,471 |
Balance (in shares) at Mar. 31, 2021 | 0 | 9,508,363 | |||||
Balance at Mar. 31, 2021 | $ 0 | $ 95,038 | 156,463,146 | (125,334,982) | 31,223,202 | 13,611,298 | 44,834,500 |
Net income (loss) | 0 | 0 | 0 | 850,039 | 850,039 | 925,697 | 1,775,736 |
Dividends paid on common stock | 0 | 0 | 0 | (1,009,389) | (1,009,389) | 0 | (1,009,389) |
Distributions in excess of contributions received | 0 | 0 | 0 | 0 | 0 | (744,884) | (744,884) |
Dividends to Series D preferred stockholder | $ 0 | $ 0 | 0 | (95,836) | (95,836) | 0 | (95,836) |
Issuance of stock, net of issuance cost (in shares) | 920,000 | 0 | |||||
Issuance of stock, net of issuance costs | $ 9,200 | $ 0 | 20,480,603 | 0 | 20,489,803 | 0 | 20,489,803 |
Balance (in shares) at Jun. 30, 2021 | 920,000 | 9,508,363 | |||||
Balance at Jun. 30, 2021 | $ 9,200 | $ 95,038 | 176,943,749 | (125,590,168) | 51,457,819 | 13,792,111 | 65,249,930 |
Net income (loss) | 0 | 0 | 0 | (851,831) | (851,831) | 427,303 | (424,528) |
Dividends paid on common stock | 0 | 0 | 0 | (1,226,485) | (1,226,485) | 0 | (1,226,485) |
Distributions in excess of contributions received | 0 | 0 | 0 | 0 | 0 | (2,845,873) | (2,845,873) |
Dividends to Series D preferred stockholder | $ 0 | $ 0 | 0 | (539,056) | (539,056) | 0 | (539,056) |
Issuance of stock, net of issuance cost (in shares) | 0 | 2,000,000 | |||||
Issuance of stock, net of issuance costs | $ 0 | $ 20,000 | 8,851,879 | 0 | 8,871,879 | 0 | 8,871,879 |
Repurchase of Common Stock (in shares) | 0 | (18,133) | |||||
Repurchase of Common Stock | $ 0 | $ (136) | (68,260) | 0 | (68,396) | 0 | (68,396) |
Balance (in shares) at Sep. 30, 2021 | 920,000 | 11,490,230 | |||||
Balance at Sep. 30, 2021 | $ 9,200 | $ 114,902 | $ 185,727,368 | $ (128,207,540) | $ 57,643,930 | $ 11,373,541 | $ 69,017,471 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (903,866) | $ (3,924,121) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 4,104,018 | 4,823,673 |
Stock compensation | 867,903 | 541,865 |
Bad debt expense | 52 | 93,958 |
Gain on sale of real estate assets, net | (2,060,336) | (656,975) |
Gain on extinguishment of government debt | (10,000) | 0 |
Net change in fair value marketable securities | 37,673 | 0 |
Impairment of real estate assets | 300,000 | 845,674 |
Accretion of original issue discount | 0 | 1,013,405 |
Amortization of financing costs | 431,806 | 992,705 |
Amortization of above-market leases | 42,064 | 38,012 |
Amortization of below-market leases | (46,481) | (122,439) |
Straight-line rent adjustment | (215,655) | 67,732 |
Changes in operating assets and liabilities: | ||
Other assets | 633,354 | 2,171,813 |
Accounts payable and accrued liabilities | (1,014,848) | (1,974,401) |
Accrued real estate taxes | (1,040,680) | (1,014,760) |
Net cash provided by operating activities | 1,125,004 | 2,896,141 |
Cash flows from investing activities: | ||
Real estate acquisitions | (7,758,066) | (8,996,248) |
Additions to buildings and tenant improvements | (1,122,051) | (2,510,152) |
Investment in marketable securities | (2,682,192) | 0 |
Proceeds from sale of marketable securities | 1,032,297 | 0 |
Additions to deferred leasing costs | (97,932) | (137,961) |
Proceeds from sales of real estate, net | 47,906,909 | 33,810,274 |
Net cash provided by investing activities | 37,278,965 | 22,165,913 |
Cash flows from financing activities: | ||
Proceeds from mortgage notes payable, net of issuance costs | 8,003,807 | 13,339,739 |
Repayment of mortgage notes payable | (41,862,782) | (32,399,522) |
Repayment of note payable | (7,675,598) | (5,224,402) |
Payment of extension costs, note payable | 0 | (351,025) |
Payment of deferred offering costs | (572,458) | (435,736) |
Distributions to noncontrolling interests, net | (5,624,969) | (358,357) |
Issuance of Common Stock Series A, net of offering costs | 8,871,879 | 0 |
Issuance of Preferred Stock Series D, net of offering costs | 20,489,803 | 0 |
Repurchase of common stock, at cost | (68,396) | (18,000) |
Dividends paid to preferred stockholders | (455,207) | 0 |
Dividends paid to common stockholders | (3,234,669) | 0 |
Net cash used in financing activities | (22,128,590) | (25,447,303) |
Net increase (decrease) in cash equivalents and restricted cash | 16,275,379 | (385,249) |
Cash, cash equivalents and restricted cash - beginning of period | 11,540,917 | 10,391,275 |
Cash, cash equivalents and restricted cash - end of period | 27,816,296 | 10,006,026 |
Supplemental disclosure of cash flow information: | ||
Interest paid-mortgage notes payable | 3,407,689 | 4,542,959 |
Interest paid-notes payable | 103,861 | 604,679 |
Non-cash financing activities: | ||
Issuance of stock for limited partnership interests | 0 | 1,247,990 |
Dividends payable - Preferred Stock Series D | $ 179,685 | $ 0 |
Note 1 - Organization
Note 1 - Organization | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization September 28, 1999, August 2010, October 2017, two The Company or one • The Company is the sole general partner and limited partner in two limited partnerships (NetREIT Palm Self-Storage LP and NetREIT Casa Grande LP), both of which, at September 30, 2021, • The Company is the general and limited partner in six #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 Reverse Stock Split. July 29, 2020, one Initial Public Offering October 6, 2020, not Additional Offerings & Warrants 3 April 27, 2021. may one may 415 1933 July 12, 2021, 3 August 2021 five In connection with this additional offering, we agreed to issue the Placement Agent Warrants to purchase up to 80,000 shares (the “Placement Agent Warrants”) of Series A Common Stock, representing 4.0% of the Series A Common Stock and shares of Series A Common Stock issuable upon exercise of the Pre-Funded Warrants. The Placement Agent Warrants were issued in August 2021, five July 2021 11 September 14, 2021. The Company evaluated the accounting guidance in ASC 480 815 September 30, 2021, none Preferred Stock Series D June 15, 2021, June 17, 2021, Repaid Note. September 17, 2019, September 1, 2020, October 1, 2020 March 31, 2021, September 30, 2020, December 31, 2020, first 2021, Liquidity. may 19, not may Short-term liquidity needs include paying our current operating costs, satisfying the debt service requirements of existing mortgages, completing tenant improvements, paying leasing commissions, and funding dividends to stockholders. Future principal payments due on mortgage notes payables, during the last three 2021, 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, 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 nine September 30, 2021 2020 not may December 31, 2021. 10 December 31, 2020 December 31, 2020 10 March 30, 2021. three nine September 30, 2021 not December 31, 2021 19 Principles of Consolidation The Company classifies the noncontrolling interests in the NetREIT Partnerships as part of consolid ated net income (loss) in 2021 2020 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 but are not The value attributable 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 l ease. 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 $6,000 and $4,000 for the three nine September 30, 2021 , respectively. Amortization of above and below-market rents resulted in a net increase in rental income of approximately $26,000 and $84,000 for the three nine September 30, 2020 , respectively. 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 y to secure a new tenant reduced by the expired term of the respective lease. The amount allocated to tenant relationships is the benefit resulting from the likelihood of a tenant renewing its lease. Amortization expense related to these assets was approximately $68,000 and $275,000 for the three nine September 30, 2021 , respectively. Amortization expense related to these assets was approximately $116,000 and $369,000 fo three nine September 30, 2020 Deferred Leasing Costs. one five third September 30, 2021 December 31, 2020 mately $1.3 million and $1.9 million, respectively. Total amortization expense for the three nine September 30, 2021 was approximately $85,000 and $257,000, respectively. Total amortization expense for the three nine September 30, 2020 , was approximately $106,000 and $306,000, respectively. Cash Equivalents and Restricted Cash. September 30, 2021 December 31, 2020 third Real Estate Held for Sale. September 30, 2021 Deferred Offering Costs. September 30, 2021 December 31, 2020 3 December 29, 2020, April 13, 2021. September 30, 2021 December 31, 2020 September 30, 2021 sts related to the Series D Preferred Stock, netted against offering proceeds, totaled approximately $2.5 million and offering costs related to the issuance of additional Common Stock and related warrants, netted against offering proceeds, totaled approximately $1.1 million. Impairments of Real Estate Assets. not 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 third 1 2. not not third may third not September 30, 2021 December 31, 2020, 1 no September 30, 2021 December 31, 2020. Additionally, when determining the fair value of a liability in circumstances in which a quoted price in an active market for an identical liability is not may not Earnings per share ( EPS ). 260, two two As of September 30, 2021 three nine September 30, 2021 not September 30, 2020, three nine September 30, 2020 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 In August 2020, No. 2020 06, Debt—Debt with Conversion and Other Options (Subtopic 470 20 815 40 no No. 2020 06 December 15, 2021, no December 15, 2020, not |
Note 3 - Recent Real Estate Tra
Note 3 - Recent Real Estate Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 3. During the nine September 30, 2021 • Waterman Plaza, which was sold on January 28, 2021, • Garden Gateway, which was sold on February 19, 2021, • Highland Court, which was sold on May 20, 2021, • Executive Office Park, which was sold on May 21, 2021, During the nine September 30, 2021 , t On August 17, 2021, 1031 1986, During the nine September 30, 2021 six During the nine September 30, 2021 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 |
Note 4 - Real Estate Assets
Note 4 - Real Estate Assets | 9 Months Ended |
Sep. 30, 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. We have five four two four September 30, 2021 • Seven one • Four • 85 model home residential properties (“Model Homes” or “Model Home Properties”), totaling approximately 276,000 square feet, leased back on a triple-net basis to homebuilders that are owned by six one A summary of the properties owned by the Company as of September 30, 2021 December 31, 2020 Date Real estate assets, net (in thousands) Property Name Acquired Location 2021 2020 Garden Gateway Plaza (1) March 2007 Colorado Springs, Colorado — $ 11,465 World Plaza (2) September 2007 San Bernardino, California 9,272 9,272 Executive Office Park (1) July 2008 Colorado Springs, Colorado — 5,106 Waterman Plaza (1) August 2008 San Bernardino, California — 3,500 Genesis Plaza (3) August 2010 San Diego, California 8,412 8,651 Dakota Center May 2011 Fargo, North Dakota 8,694 8,597 Grand Pacific Center March 2014 Bismarck, North Dakota 5,525 5,684 Arapahoe Center December 2014 Centennial, Colorado 8,901 9,233 Union Town Center December 2014 Colorado Springs, Colorado 9,212 9,345 West Fargo Industrial August 2015 Fargo, North Dakota 6,996 7,061 300 N.P. August 2015 Fargo, North Dakota 3,218 3,280 Research Parkway August 2015 Colorado Springs, Colorado 2,392 2,438 One Park Center August 2015 Westminster, Colorado 8,072 8,586 Highland Court (1) (4) August 2015 Centennial, Colorado — 10,500 Shea Center II December 2015 Highlands Ranch, Colorado 20,340 21,026 Mandolin (4) August 2021 Houston, Texas 4,899 — Presidio Property Trust, Inc. properties 95,933 123,744 Model Home properties (5) 2014 2020 TX, FL, IL, WI 29,955 42,510 Total real estate assets and lease intangibles, net $ 125,888 $ 166,254 ( 1 nine September 30, 2021 ( 2 September 30, 2021 ( 3 two ( 4 1031 ( 5 three September 30, 2021 . |
Note 5 - Lease Intangibles
Note 5 - Lease Intangibles | 9 Months Ended |
Sep. 30, 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: September 30, 2021 December 31, 2020 Lease Intangibles Accumulated Amortization Lease Intangibles, net Lease Intangibles Accumulated Amortization Lease Intangibles, net In-place leases $ 2,515,264 $ (2,320,045 ) $ 195,219 $ 3,136,587 $ (2,757,530 ) $ 379,057 Leasing costs 1,261,390 (1,146,572 ) 114,818 1,730,656 (1,510,559 ) 220,097 Above-market leases 333,485 (333,485 ) — 333,485 (291,421 ) 42,064 $ 4,110,139 $ (3,800,102 ) $ 310,037 $ 5,200,728 $ (4,559,510 ) $ 641,218 At September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 The net value of acquired intangible liabilities was approximately $86,852 and $139,045 relating to below-market leases at September 30, 2021 December 31, 2020 Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows: 2021 $ 52,866 2022 202,342 2023 17,526 2024 17,526 2025 15,670 Thereafter 4,107 Total $ 310,037 |
Note 6 - Other Assets
Note 6 - Other Assets | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 6. Other assets consist of the following: September 30, December 31, 2021 2020 Deferred rent receivable $ 1,644,276 $ 1,912,048 Prepaid expenses, deposits and other 273,585 215,946 Investment in marketable securities 1,670,693 83,241 Accounts receivable, net 363,104 541,885 Right-of-use assets, net 81,637 102,144 Other intangibles, net 97,483 142,483 Notes receivable 316,374 316,374 Deferred offering costs 2,386 108,660 Total other assets $ 4,449,538 $ 3,422,781 As of September 30, 2021, six September 30, 2021, September 30, 2021 December 31, 2020, |
Note 7 - Mortgage Notes Payable
Note 7 - Mortgage Notes Payable | 9 Months Ended |
Sep. 30, 2021 | |
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 2021 2020 Type Rate (1) Maturity Waterman Plaza (2) $ — $ 3,207,952 Variable — — World Plaza (3) (4) — 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. 2,243,328 2,273,478 Fixed 4.95 % 6/11/2022 Highland Court (2) — 6,274,815 Fixed 3.82 % 9/1/2022 Dakota Center 9,734,220 9,900,279 Fixed 4.74 % 7/6/2024 Research Parkway 1,719,390 1,760,432 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 7,812,125 7,932,255 Fixed 4.34 % 1/5/2025 Union Town Center 8,197,495 8,315,550 Fixed 4.28 % 1/5/2025 One Park Centre 6,304,625 6,385,166 Fixed 4.77 % 9/5/2025 Genesis Plaza 6,196,202 6,276,273 Fixed 4.71 % 9/6/2025 Shea Center II 17,559,316 17,727,500 Fixed 4.92 % 1/5/2026 Executive Office Park (2) — 2,985,998 Fixed 4.83 % 6/1/2027 West Fargo Industrial 4,177,334 4,262,718 Fixed 3.27 % 8/5/2029 Grand Pacific Center (5) 3,649,729 3,738,142 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties $ 67,593,764 $ 92,704,649 Model Home mortgage notes (3) 19,335,267 28,083,356 Fixed (6 ) 2021 2024 Mortgage Notes Payable $ 86,929,031 $ 120,788,005 Unamortized loan costs (673,351 ) (758,309 ) Mortgage Notes Payable, net $ 86,255,680 $ 120,029,696 ( 1 Interest rates as of September 30, 2021 ( 2 Waterman Plaza and Garden Gateway Plaza were sold during the first 2021, second 2021. ( 3 Property held for sale as of September 30, 2021 ( 4 During June 2021, ( 5 Interest rate is subject to reset on September 1, 2023. ( 6 Our model homes have stand-alone mortgage note at interest rates ranging from 2.50% to 5.63% per annum as of September 30, 2021 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, 2021 Presidio Property Model Trust, Inc. Homes Total Principal Years ending December 31: Notes Payable Notes Payable Payments 2021 $ 336,488 $ 606,375 $ 942,863 2022 3,581,868 8,766,945 12,348,813 2023 1,410,835 4,241,024 5,651,859 2024 10,368,843 5,720,923 16,089,766 2025 28,770,832 — 28,770,832 Thereafter 23,124,898 — 23,124,898 Total $ 67,593,764 $ 19,335,267 $ 86,929,031 |
Note 8 - Notes Payable
Note 8 - Notes Payable | 9 Months Ended |
Sep. 30, 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. no September 30, 2021 December 31, 2020 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, On April 1, 2021, #203 203" , April 30, 2022 . one April May 2021, 203 June 1, 2021, no interest expense and interest income related to this promissory note during June 2021 On September 3, 2021, 202 204 four November 15, 2022. On August 17, 2021, August 17, 2022. |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Preferred Stock. may one On June 15, 2021, June 17, 2021, Dividends: Holders of shares of the Series D Preferred Stock are entitled to receive cumulative cash dividends at a rate of 9.375% per annum of the $25.00 per share liquidation preference (equivalent to $2.34375 per annum per share). Dividends will be payable monthly on the 15th not may Voting Rights: Holders of shares of the Series D Preferred Stock will generally have no not eighteen not may In addition, the affirmative vote of the holders of at least two may Liquidation Preference In the event of the Company’s voluntary or involuntary liquidation, dissolution or winding up, the holders of shares of Series D Preferred Stock will be entitled to be paid out of the assets the Company has legally available for distribution to its stockholders, subject to the preferential rights of the holders of any class or series of its stock the Company may $25.00 not may In the event that, upon any such voluntary or involuntary liquidation, dissolution or winding up, the Company’s available assets are insufficient to pay the amount of the liquidating distributions on all outstanding shares of Series D Preferred Stock and the corresponding amounts payable on all shares of other classes or series of the Company’s stock that it issues ranking on parity with the Series D Preferred Stock in the distribution of assets, then the holders of the Series D Preferred Stock and all other such classes or series of stock shall share ratably in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled. Redemption: Commencing on or after June 15, 2026, may not June 15, 2026, may $25.00 not no not not The Company evaluated the accounting guidance in ASC 480 June 24, 2021, first June 15, 2021 June 30, 2021. December 2021 15th three September 30, 2021 Common Stock. not not not one On July 12, 2021, August 2021 five In connection with this additional offering, we agreed to issue the Placement Agent Warrants to purchase up to 80,000 shares of Series A Common Stock, representing 4.0% of the Series A Common Stock and shares of Series A Common Stock issuable upon exercise of the Pre-Funded Warrant. The Placement Agent Warrants were issued in August 2021, five The Company evaluated the accounting guidance in ASC 480 815 September 30, 2021, none Stock Repurchase Program September 17, 2021 September, Cash Dividends on Common Stock. nine September 30, 2021 three nine September 30, 2020 Partnership Interests. two five first five one Dividend Reinvestment Plan. may thirty January 23, 2012, December 7, 2018 October 6, 2020 September 30, 2021 nine September 30, 2021 |
Note 11 - Share-based Incentive
Note 11 - Share-based Incentive Plan | 9 Months Ended |
Sep. 30, 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, employees, and non-employee board members. Share awards generally 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 301,714 Forfeited (26,737 ) Vested — Balance at September 30, 2021 401,167 The non-vested restricted shares outstanding as of September 30, 2021 one seven The value of non-vested restricted stock granted as of September 30, 2021 December 31, 2020 ately $2.3 million and $0.9 million, respective Share-based compensation expense for the three nine September 30, 2021 ly $0.3 million and $0.9 million, respectively. During the three nine September 30, 2020 , share-based compensation expense was approximately $0.2 million and $0.5 million, respectively. |
Note 12 - Segments
Note 12 - Segments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. The Company’s reportable segments consist of three types of real estate properties for which the Company’s decision-makers internally evaluate operating performance and financial results: Office/Industrial Properties, Model Home Properties and Retail Properties. The Company also has certain corporate-level activities including accounting, finance, legal administration, and management information systems which are 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 compare the Company’s segment activity to its results of operations and financial position as of and for the three nine September 30, 2021 September 30, 2020 Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Office/Industrial Properties: Rental, fees and other income $ 2,888,361 $ 4,098,892 $ 10,149,013 $ 13,334,595 Property and related expenses (1,171,387 ) (1,813,950 ) (4,288,142 ) (5,539,320 ) Net operating income, as defined 1,716,974 2,284,942 5,860,871 7,795,275 Model Home Properties: Rental, fees and other income 739,558 1,058,329 2,528,748 3,268,074 Property and related expenses (25,804 ) (58,897 ) (106,304 ) (160,688 ) Net operating income, as defined 713,754 999,432 2,422,444 3,107,386 Retail Properties: Rental, fees and other income 748,312 548,392 2,213,808 2,305,412 Property and related expenses (217,379 ) (277,820 ) (644,862 ) (1,729,171 ) Net operating (loss) income, as defined 530,933 270,572 1,568,946 576,241 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 2,961,661 3,554,946 9,852,261 11,478,902 General and administrative expenses (1,479,261 ) (1,366,380 ) (4,361,297 ) (3,996,696 ) Depreciation and amortization (1,306,874 ) (1,626,917 ) (4,104,018 ) (4,823,673 ) Interest expense (1,030,883 ) (2,143,960 ) (3,822,313 ) (6,971,162 ) Gain on extinguishment of government debt — — 10,000 — Other income (expense), net (13,886 ) (12,270 ) (67,329 ) (10,865 ) Income tax expense (182,607 ) (122,602 ) (471,506 ) (257,602 ) Gain (loss) on sale of real estate 627,322 332,715 2,060,336 656,975 Net income (loss) $ (424,528 ) $ (1,384,468 ) $ (903,866 ) $ (3,924,121 ) September 30, December 31, Assets by Reportable Segment: 2021 2020 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 70,110,480 $ 99,120,649 Total assets (2) $ 67,689,503 $ 100,046,782 Model Home Properties: Land, buildings and improvements, net (1) $ 29,954,760 $ 42,509,596 Total assets (2) $ 28,972,715 $ 42,246,022 Retail Properties: Land, buildings and improvements, net (1) $ 25,774,657 $ 24,555,371 Total assets (2) $ 27,471,065 $ 26,108,109 Reconciliation to Total Assets: Total assets for reportable segments $ 124,133,283 $ 168,400,913 Other unallocated assets: Cash, cash equivalents and restricted cash 19,428,488 2,149,088 Other assets, net 18,272,856 15,018,615 Total Assets $ 161,834,627 $ 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 Nine Months Ended September 30, Capital Expenditures by Reportable Segment 2021 2020 Office/Industrial Properties: Capital expenditures and tenant improvements $ 1,054,202 $ 2,501,075 Model Home Properties: Acquisition of operating properties 2,851,800 8,996,248 Retail Properties: Acquisition of operating properties 4,906,266 Capital expenditures and tenant improvements 67,849 9,077 Totals: Acquisition of operating properties, net 7,758,066 8,996,248 Capital expenditures and tenant improvements 1,122,051 2,510,152 Total real estate investments $ 8,880,117 $ 11,506,400 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. On October 15, 2021, November 15, 2021, October 31, 2021. On October 28, 2021 three The purchase price was paid through cash payments of approximately $0.5 million and mortgage notes of approximately $1.0 million. During October 2021, November 2021. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. 10 8 X. three nine September 30, 2021 2020 not may December 31, 2021. 10 December 31, 2020 December 31, 2020 10 March 30, 2021. three nine September 30, 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 consolid ated net income (loss) in 2021 2020 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 but are not The value attributable 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 l ease. 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 $6,000 and $4,000 for the three nine September 30, 2021 , respectively. Amortization of above and below-market rents resulted in a net increase in rental income of approximately $26,000 and $84,000 for the three nine September 30, 2020 , respectively. 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 y to secure a new tenant reduced by the expired term of the respective lease. The amount allocated to tenant relationships is the benefit resulting from the likelihood of a tenant renewing its lease. Amortization expense related to these assets was approximately $68,000 and $275,000 for the three nine September 30, 2021 , respectively. Amortization expense related to these assets was approximately $116,000 and $369,000 fo three nine September 30, 2020 |
Deferred Leasing Costs [Policy Text Block] | Deferred Leasing Costs. one five third September 30, 2021 December 31, 2020 mately $1.3 million and $1.9 million, respectively. Total amortization expense for the three nine September 30, 2021 was approximately $85,000 and $257,000, respectively. Total amortization expense for the three nine September 30, 2020 , was approximately $106,000 and $306,000, respectively. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents and Restricted Cash. September 30, 2021 December 31, 2020 third |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Real Estate Held for Sale. September 30, 2021 |
Deferred Charges, Policy [Policy Text Block] | Deferred Offering Costs. September 30, 2021 December 31, 2020 3 December 29, 2020, April 13, 2021. September 30, 2021 December 31, 2020 September 30, 2021 sts related to the Series D Preferred Stock, netted against offering proceeds, totaled approximately $2.5 million and offering costs related to the issuance of additional Common Stock and related warrants, netted against offering proceeds, totaled approximately $1.1 million. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairments of Real Estate Assets. not 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 third 1 2. not not third may third not September 30, 2021 December 31, 2020, 1 no September 30, 2021 December 31, 2020. Additionally, when determining the fair value of a liability in circumstances in which a quoted price in an active market for an identical liability is not may not |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share ( EPS ). 260, two two As of September 30, 2021 three nine September 30, 2021 not September 30, 2020, three nine September 30, 2020 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 In August 2020, No. 2020 06, Debt—Debt with Conversion and Other Options (Subtopic 470 20 815 40 no No. 2020 06 December 15, 2021, no December 15, 2020, not |
Note 4 - Real Estate Assets (Ta
Note 4 - Real Estate Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Date Real estate assets, net (in thousands) Property Name Acquired Location 2021 2020 Garden Gateway Plaza (1) March 2007 Colorado Springs, Colorado — $ 11,465 World Plaza (2) September 2007 San Bernardino, California 9,272 9,272 Executive Office Park (1) July 2008 Colorado Springs, Colorado — 5,106 Waterman Plaza (1) August 2008 San Bernardino, California — 3,500 Genesis Plaza (3) August 2010 San Diego, California 8,412 8,651 Dakota Center May 2011 Fargo, North Dakota 8,694 8,597 Grand Pacific Center March 2014 Bismarck, North Dakota 5,525 5,684 Arapahoe Center December 2014 Centennial, Colorado 8,901 9,233 Union Town Center December 2014 Colorado Springs, Colorado 9,212 9,345 West Fargo Industrial August 2015 Fargo, North Dakota 6,996 7,061 300 N.P. August 2015 Fargo, North Dakota 3,218 3,280 Research Parkway August 2015 Colorado Springs, Colorado 2,392 2,438 One Park Center August 2015 Westminster, Colorado 8,072 8,586 Highland Court (1) (4) August 2015 Centennial, Colorado — 10,500 Shea Center II December 2015 Highlands Ranch, Colorado 20,340 21,026 Mandolin (4) August 2021 Houston, Texas 4,899 — Presidio Property Trust, Inc. properties 95,933 123,744 Model Home properties (5) 2014 2020 TX, FL, IL, WI 29,955 42,510 Total real estate assets and lease intangibles, net $ 125,888 $ 166,254 |
Note 5 - Lease Intangibles (Tab
Note 5 - Lease Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2021 December 31, 2020 Lease Intangibles Accumulated Amortization Lease Intangibles, net Lease Intangibles Accumulated Amortization Lease Intangibles, net In-place leases $ 2,515,264 $ (2,320,045 ) $ 195,219 $ 3,136,587 $ (2,757,530 ) $ 379,057 Leasing costs 1,261,390 (1,146,572 ) 114,818 1,730,656 (1,510,559 ) 220,097 Above-market leases 333,485 (333,485 ) — 333,485 (291,421 ) 42,064 $ 4,110,139 $ (3,800,102 ) $ 310,037 $ 5,200,728 $ (4,559,510 ) $ 641,218 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 $ 52,866 2022 202,342 2023 17,526 2024 17,526 2025 15,670 Thereafter 4,107 Total $ 310,037 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | September 30, December 31, 2021 2020 Deferred rent receivable $ 1,644,276 $ 1,912,048 Prepaid expenses, deposits and other 273,585 215,946 Investment in marketable securities 1,670,693 83,241 Accounts receivable, net 363,104 541,885 Right-of-use assets, net 81,637 102,144 Other intangibles, net 97,483 142,483 Notes receivable 316,374 316,374 Deferred offering costs 2,386 108,660 Total other assets $ 4,449,538 $ 3,422,781 |
Note 7 - Mortgage Notes Payab_2
Note 7 - Mortgage Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Principal as of September 30, December 31, Loan Interest Mortgage note property 2021 2020 Type Rate (1) Maturity Waterman Plaza (2) $ — $ 3,207,952 Variable — — World Plaza (3) (4) — 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. 2,243,328 2,273,478 Fixed 4.95 % 6/11/2022 Highland Court (2) — 6,274,815 Fixed 3.82 % 9/1/2022 Dakota Center 9,734,220 9,900,279 Fixed 4.74 % 7/6/2024 Research Parkway 1,719,390 1,760,432 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 7,812,125 7,932,255 Fixed 4.34 % 1/5/2025 Union Town Center 8,197,495 8,315,550 Fixed 4.28 % 1/5/2025 One Park Centre 6,304,625 6,385,166 Fixed 4.77 % 9/5/2025 Genesis Plaza 6,196,202 6,276,273 Fixed 4.71 % 9/6/2025 Shea Center II 17,559,316 17,727,500 Fixed 4.92 % 1/5/2026 Executive Office Park (2) — 2,985,998 Fixed 4.83 % 6/1/2027 West Fargo Industrial 4,177,334 4,262,718 Fixed 3.27 % 8/5/2029 Grand Pacific Center (5) 3,649,729 3,738,142 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties $ 67,593,764 $ 92,704,649 Model Home mortgage notes (3) 19,335,267 28,083,356 Fixed (6 ) 2021 2024 Mortgage Notes Payable $ 86,929,031 $ 120,788,005 Unamortized loan costs (673,351 ) (758,309 ) Mortgage Notes Payable, net $ 86,255,680 $ 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 $ 336,488 $ 606,375 $ 942,863 2022 3,581,868 8,766,945 12,348,813 2023 1,410,835 4,241,024 5,651,859 2024 10,368,843 5,720,923 16,089,766 2025 28,770,832 — 28,770,832 Thereafter 23,124,898 — 23,124,898 Total $ 67,593,764 $ 19,335,267 $ 86,929,031 |
Note 11 - Share-based Incenti_2
Note 11 - Share-based Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 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 301,714 Forfeited (26,737 ) Vested — Balance at September 30, 2021 401,167 |
Note 12 - Segments (Tables)
Note 12 - Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Office/Industrial Properties: Rental, fees and other income $ 2,888,361 $ 4,098,892 $ 10,149,013 $ 13,334,595 Property and related expenses (1,171,387 ) (1,813,950 ) (4,288,142 ) (5,539,320 ) Net operating income, as defined 1,716,974 2,284,942 5,860,871 7,795,275 Model Home Properties: Rental, fees and other income 739,558 1,058,329 2,528,748 3,268,074 Property and related expenses (25,804 ) (58,897 ) (106,304 ) (160,688 ) Net operating income, as defined 713,754 999,432 2,422,444 3,107,386 Retail Properties: Rental, fees and other income 748,312 548,392 2,213,808 2,305,412 Property and related expenses (217,379 ) (277,820 ) (644,862 ) (1,729,171 ) Net operating (loss) income, as defined 530,933 270,572 1,568,946 576,241 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 2,961,661 3,554,946 9,852,261 11,478,902 General and administrative expenses (1,479,261 ) (1,366,380 ) (4,361,297 ) (3,996,696 ) Depreciation and amortization (1,306,874 ) (1,626,917 ) (4,104,018 ) (4,823,673 ) Interest expense (1,030,883 ) (2,143,960 ) (3,822,313 ) (6,971,162 ) Gain on extinguishment of government debt — — 10,000 — Other income (expense), net (13,886 ) (12,270 ) (67,329 ) (10,865 ) Income tax expense (182,607 ) (122,602 ) (471,506 ) (257,602 ) Gain (loss) on sale of real estate 627,322 332,715 2,060,336 656,975 Net income (loss) $ (424,528 ) $ (1,384,468 ) $ (903,866 ) $ (3,924,121 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, December 31, Assets by Reportable Segment: 2021 2020 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 70,110,480 $ 99,120,649 Total assets (2) $ 67,689,503 $ 100,046,782 Model Home Properties: Land, buildings and improvements, net (1) $ 29,954,760 $ 42,509,596 Total assets (2) $ 28,972,715 $ 42,246,022 Retail Properties: Land, buildings and improvements, net (1) $ 25,774,657 $ 24,555,371 Total assets (2) $ 27,471,065 $ 26,108,109 Reconciliation to Total Assets: Total assets for reportable segments $ 124,133,283 $ 168,400,913 Other unallocated assets: Cash, cash equivalents and restricted cash 19,428,488 2,149,088 Other assets, net 18,272,856 15,018,615 Total Assets $ 161,834,627 $ 185,568,616 |
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 2021 2020 Office/Industrial Properties: Capital expenditures and tenant improvements $ 1,054,202 $ 2,501,075 Model Home Properties: Acquisition of operating properties 2,851,800 8,996,248 Retail Properties: Acquisition of operating properties 4,906,266 Capital expenditures and tenant improvements 67,849 9,077 Totals: Acquisition of operating properties, net 7,758,066 8,996,248 Capital expenditures and tenant improvements 1,122,051 2,510,152 Total real estate investments $ 8,880,117 $ 11,506,400 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Jul. 12, 2021$ / sharesshares | Jun. 17, 2021USD ($)shares | Jun. 17, 2021USD ($)shares | Jun. 15, 2021USD ($)$ / sharesshares | Oct. 06, 2020USD ($)$ / sharesshares | Jul. 29, 2020 | Sep. 30, 2021USD ($)shares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2016 | Aug. 31, 2021$ / sharesshares | Apr. 27, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 01, 2020USD ($) | Sep. 17, 2019USD ($) | Jan. 23, 2012$ / shares |
Number of Limited Liability Companies | 2 | 2 | 5 | |||||||||||||
Number of Limited Partnerships in which Company is Sole General Partner | 1 | |||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 19 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 8,871,879 | $ 0 | ||||||||||||||
Equity Offering, Maximum Gross Proceeds | $ 200,000,000 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 20,489,803 | $ 0 | ||||||||||||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 942,863 | 942,863 | ||||||||||||||
Mortgage Notes [Member] | ||||||||||||||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 900,000 | $ 900,000 | ||||||||||||||
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% | ||||||||||||||
Class A Common Stock and Accompanying Common Stock Warrants [Member] | ||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 5 | |||||||||||||||
Class A Common Stock and Accompanying Pre-funded Warrants [Member] | ||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 4.99 | |||||||||||||||
Common Stock Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 2,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5.50 | |||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||||
Pre-funded Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 1,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||
Placement Agent Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 80,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 6.25 | |||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||||
Class of Warrant or Right, Securities Called By Warrants or Rights, Percentage of Class of Stock | 4.00% | |||||||||||||||
Common Stock Warrants and Placement Agent Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | shares | 0 | |||||||||||||||
Common Class A [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 1,000,000 | |||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 920,000 | 800,000 | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 25 | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 9.375% | 9.375% | ||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 20,500,000 | $ 18,100,000 | ||||||||||||||
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 | |||||||||||||||
Over-Allotment Option [Member] | Series D Preferred Stock [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 120,000 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 2,700,000 | |||||||||||||||
Option to Purchase Additional Shares, Period (Day) | 45 days | |||||||||||||||
Reverse Stock Split [Member] | ||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | |||||||||||||||
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 | 12 | 12 | ||||||||||||||
Commercial Property [Member] | Partially Owned Properties [Member] | ||||||||||||||||
Number of Real Estate Properties, Fee Simple | 2 | 2 | ||||||||||||||
Model Home [Member] | Mortgage Notes [Member] | ||||||||||||||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 600,000 | $ 600,000 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021USD ($)shares | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($)shares | Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($)shares | Dec. 31, 2020USD ($) | ||
Amortization of above and below Market Leases | $ 6,000 | $ 26,000 | $ 4,000 | $ 84,000 | |||
Amortization of Intangible Assets, Total | 68,000 | 116,000 | 275,000 | 369,000 | |||
Deferred Costs, Total | 1,300,000 | 1,300,000 | $ 1,900,000 | ||||
Operating Lease, Initial Direct Cost Expense, over Term | 85,000 | 106,000 | 257,000 | 306,000 | |||
Cash Equivalents, at Carrying Value, Total | 27,800,000 | 27,800,000 | 11,500,000 | ||||
Restricted Cash, Total | $ 3,800,000 | $ 3,800,000 | 4,200,000 | ||||
Number of Real Estate Properties Held for Sale | 1 | 1 | |||||
Unamortized Deferred Stock Costs | $ 2,000 | $ 2,000 | 109,000 | ||||
Real Estate Investment Property and Lease Intangibles, Net | 125,888,000 | 125,888,000 | 166,254,000 | ||||
Impairment of Real Estate | $ 0 | $ 0 | $ 300,000 | $ 845,674 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 401,167 | 212,517 | 401,167 | 212,517 | |||
Series D Preferred Stock [Member] | |||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 2,500,000 | ||||||
Class A Common Stock and Related Warrants [Member] | |||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 1,100,000 | ||||||
Model Home [Member] | |||||||
Number of Real Estate Properties Held for Sale | 3 | 3 | |||||
Highland Court [Member] | |||||||
Real Estate Investment Property and Lease Intangibles, Net | [1],[2] | $ 0 | $ 0 | 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 | ||||||
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 | ||||||
Minimum [Member] | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 1 year | ||||||
[1] | A portion of the proceeds from the sale of Highland Court were used in like-kind exchange transactions pursued under Section 1031 of the Internal Revenue for the acquisition of our Mandolin property. Mandolin is owned by NetREIT Palm Self-Storage LP, through its wholly owned subsidiary NetREIT Highland LLC, and the Company is the sole general partner and owns 61.3% of NetREIT Palm Self-Storage LP. | ||||||
[2] | This property was sold during the nine months ended September 30, 2021. |
Note 3 - Recent Real Estate T_2
Note 3 - Recent Real Estate Transactions (Details Textual) | Aug. 17, 2021USD ($)ft² | May 21, 2021USD ($) | May 20, 2021USD ($) | Feb. 19, 2021USD ($) | Jan. 28, 2021USD ($) | Mar. 13, 2020USD ($) | Feb. 05, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Notes Payable, Total | $ 7,500,086 | |||||||||
NetREIT Palm Self Storage, LP and NetREIT Highland LLC [Member] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 61.30% | |||||||||
Discontinued Operations, Disposed of by Sale [Member] | ||||||||||
Proceeds from Sale of Real Estate, Total | 19,000,000 | $ 12,600,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 2,900,000 | $ 900,000 | ||||||||
Number of Real Estate Properties | 39 | 33 | ||||||||
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) | |||||||||
Highland Court [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||||
Proceeds from Sale of Real Estate, Total | $ 10,200,000 | |||||||||
Gain (Loss) on Sale of Properties | $ (1,600,000) | |||||||||
Executive Office Park [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||||
Proceeds from Sale of Real Estate, Total | $ 8,100,000 | |||||||||
Gain (Loss) on Sale of Properties | $ 2,500,000 | |||||||||
Mandolin [Member] | ||||||||||
Area of Real Estate Property (Square Foot) | ft² | 10,500 | |||||||||
Payments to Acquire Buildings | $ 4,900,000 | |||||||||
Property Under Triple Net Lease, Percent Occupied | 100.00% | |||||||||
Property under Triple Net Lease, Term (Year) | 15 years | |||||||||
Model Home [Member] | ||||||||||
Real Estate Property, Consideration Transferred, Total | $ 2,900,000 | $ 9,000,000 | ||||||||
Payments to Acquire Residential Real Estate | 900,000 | 2,700,000 | ||||||||
Notes Payable, Total | $ 6,300,000 | |||||||||
Number of Real Estate Properties | 25 | |||||||||
Model Home [Member] | Mortgage Notes [Member] | ||||||||||
Notes Payable, Total | $ 2,000,000 | |||||||||
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) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021ft²a | Dec. 31, 2016 | |
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 | 5 |
Number of Real Estate Properties Held for Sale | 1 | |
NetREIT Palm Self-Storage LP [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 61.30% | |
Genesis Plaza [Member] | ||
Real Estate Property, Number of Tenants-in-common Owning the Property | 2 | |
Percentage Beneficial Ownership in Property | 76.40% | |
Genesis Plaza [Member] | Tenant-in-common One [Member] | ||
Percentage Ownership in Property | 57.00% | |
Genesis Plaza [Member] | Tenant-in-common Two [Member] | ||
Percentage Ownership in Property | 43.00% | |
Office/Industrial Properties [Member] | ||
Area of Real Estate Property (Square Foot) | a | 724,000 | |
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 | 7 | |
Retail Properties [Member] | ||
Number of Real Estate Properties | 4 | |
Area of Real Estate Property (Square Foot) | 121,000 | |
Model Home [Member] | ||
Number of Real Estate Properties | 85 | |
Area of Real Estate Property (Square Foot) | 276,000 | |
Number of Limited Partnerships in which Company is Sole General Partner | 6 | |
Number of Limited Liability Companies | 1 | |
Number of Real Estate Properties Held for Sale | 3 | |
COLORADO | ||
Number of Real Estate Properties | 5 | |
NORTH DAKOTA | ||
Number of Real Estate Properties | 4 | |
SOUTH DAKOTA | ||
Number of Real Estate Properties | 2 | |
TEXAS | ||
Number of Real Estate Properties | 1 |
Note 4 - Real Estate Assets - S
Note 4 - Real Estate Assets - Summary of Properties Owned (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | ||
Real estate assets owned | $ 125,888 | $ 166,254 | |
Garden Gateway Plaza [Member] | |||
Geographic location | [1] | Colorado Springs, Colorado | |
Real estate assets owned | [1] | $ 0 | 11,465 |
World Plaza [Member] | |||
Geographic location | [2] | San Bernardino, California | |
Real estate assets owned | [2] | $ 9,272 | 9,272 |
Executive Office Park [Member] | |||
Geographic location | [1] | Colorado Springs, Colorado | |
Real estate assets owned | [1] | $ 0 | 5,106 |
Waterman Plaza [Member] | |||
Geographic location | [1] | San Bernardino, California | |
Real estate assets owned | [1] | $ 0 | 3,500 |
Genesis Plaza [Member] | |||
Geographic location | [3] | San Diego, California | |
Real estate assets owned | [3] | $ 8,412 | 8,651 |
Dakota Center [Member] | |||
Geographic location | Fargo, North Dakota | ||
Real estate assets owned | $ 8,694 | 8,597 | |
Grand Pacific Center [Member] | |||
Geographic location | Bismarck, North Dakota | ||
Real estate assets owned | $ 5,525 | 5,684 | |
Arapahoe Center [Member] | |||
Geographic location | Centennial, Colorado | ||
Real estate assets owned | $ 8,901 | 9,233 | |
Union Town Center [Member] | |||
Geographic location | Colorado Springs, Colorado | ||
Real estate assets owned | $ 9,212 | 9,345 | |
West Fargo Industrial [Member] | |||
Geographic location | Fargo, North Dakota | ||
Real estate assets owned | $ 6,996 | 7,061 | |
The 300 N.P [Member] | |||
Geographic location | Fargo, North Dakota | ||
Real estate assets owned | $ 3,218 | 3,280 | |
Research Parkway [Member] | |||
Geographic location | Colorado Springs, Colorado | ||
Real estate assets owned | $ 2,392 | 2,438 | |
One Park Centre [Member] | |||
Geographic location | Westminster, Colorado | ||
Real estate assets owned | $ 8,072 | 8,586 | |
Highland Court [Member] | |||
Geographic location | [1],[4] | Centennial, Colorado | |
Real estate assets owned | [1],[4] | $ 0 | 10,500 |
Shea Center II [Member] | |||
Geographic location | Highlands Ranch, Colorado | ||
Real estate assets owned | $ 20,340 | 21,026 | |
Mandolin [Member] | |||
Geographic location | [4] | Houston, Texas | |
Real estate assets owned | [4] | $ 4,899 | 0 |
Presidio Property Trust, Inc. Properties [Member] | |||
Real estate assets owned | $ 95,933 | 123,744 | |
Model Home Properties [Member] | |||
Geographic location | [5] | TX, FL, IL, WI | |
Real estate assets owned | [5] | $ 29,955 | $ 42,510 |
[1] | This property was sold during the nine months ended September 30, 2021. | ||
[2] | This property is held for sale as of September 30, 2021. | ||
[3] | Genesis Plaza is owned by two tenants-in-common, each of which owns 57% and 43%, respectively, and we beneficially own an aggregate of 76.4%. | ||
[4] | A portion of the proceeds from the sale of Highland Court were used in like-kind exchange transactions pursued under Section 1031 of the Internal Revenue for the acquisition of our Mandolin property. Mandolin is owned by NetREIT Palm Self-Storage LP, through its wholly owned subsidiary NetREIT Highland LLC, and the Company is the sole general partner and owns 61.3% of NetREIT Palm Self-Storage LP. | ||
[5] | Includes three Model Homes listed as held for sale as of September 30, 2021. |
Note 5 - Lease Intangibles (Det
Note 5 - Lease Intangibles (Details Textual) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Gross, Total | $ 4,110,139 | $ 5,200,728 |
Finite-Lived Intangible Assets, Accumulated Amortization | 3,800,102 | 4,559,510 |
Below Market Lease, Net, Ending Balance | 86,852 | 139,045 |
Real Estate Assets Held for Sale [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | 0 | 1,100,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 1,100,000 |
Note 5 - Lease Intangibles - Ne
Note 5 - Lease Intangibles - Net Value of Other Intangibles (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Lease intangibles, gross | $ 4,110,139 | $ 5,200,728 |
Accumulated Amortization | (3,800,102) | (4,559,510) |
Lease Intangibles, net | 310,037 | 641,218 |
Leases, Acquired-in-Place [Member] | ||
Lease intangibles, gross | 2,515,264 | 3,136,587 |
Accumulated Amortization | (2,320,045) | (2,757,530) |
Lease Intangibles, net | 195,219 | 379,057 |
Leasing Costs [Member] | ||
Lease intangibles, gross | 1,261,390 | 1,730,656 |
Accumulated Amortization | (1,146,572) | (1,510,559) |
Lease Intangibles, net | 114,818 | 220,097 |
Above Market Lease [Member] | ||
Lease intangibles, gross | 333,485 | 333,485 |
Accumulated Amortization | (333,485) | (291,421) |
Lease Intangibles, net | $ 0 | $ 42,064 |
Note 5 - Lease Intangibles - Am
Note 5 - Lease Intangibles - Amortization Expense (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
2021 | $ 52,866 | |
2022 | 202,342 | |
2023 | 17,526 | |
2024 | 17,526 | |
2025 | 15,670 | |
Thereafter | 4,107 | |
Total | $ 310,037 | $ 641,218 |
Note 6 - Other Assets (Details
Note 6 - Other Assets (Details Textual) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Number of Publicly Traded REITs in which Common Shares are Owned | 17 | |
Number of Publicly Traded REITs in which Options are Owned | 6 | |
Marketable Securities, Total | $ 1,600,000 | $ 83,000 |
Number of Publicly Traded REITs in which Shares and Options are Owned | 2 |
Note 6 - Other Assets - Other A
Note 6 - Other Assets - Other Assets (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Investment in marketable securities | $ 1,600,000 | $ 83,000 |
Total other assets | 4,449,538 | 3,422,781 |
Other Assets [Member] | ||
Deferred rent receivable | 1,644,276 | 1,912,048 |
Prepaid expenses, deposits and other | 273,585 | 215,946 |
Investment in marketable securities | 1,670,693 | 83,241 |
Accounts receivable, net | 363,104 | 541,885 |
Right-of-use assets, net | 81,637 | 102,144 |
Other intangibles, net | 97,483 | 142,483 |
Notes receivable | 316,374 | 316,374 |
Deferred offering costs | 2,386 | 108,660 |
Total other assets | $ 4,449,538 | $ 3,422,781 |
Note 7 - Mortgage Notes Payab_3
Note 7 - Mortgage Notes Payable (Details Textual) | Sep. 30, 2021 |
Number of Real Estate Properties Held for Sale | 1 |
Model Home [Member] | |
Number of Real Estate Properties Held for Sale | 3 |
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% |
Note 7 - Mortgage Notes Payab_4
Note 7 - Mortgage Notes Payable - Mortgage Notes Payable (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | ||
Mortgage Notes Payable, net | $ 86,255,680 | $ 120,029,696 | |
Mortgage Notes [Member] | |||
Mortgage Notes Payable | 86,929,031 | 120,788,005 | |
Unamortized loan costs | (673,351) | (758,309) | |
Mortgage Notes [Member] | Waterman Plaza [Member] | |||
Mortgage Notes Payable | [1] | $ 0 | 3,207,952 |
Interest rate, variable | [1],[2] | 0.00% | |
Mortgage Notes [Member] | World Plaza [Member] | |||
Mortgage Notes Payable | [3],[4] | $ 0 | 5,802,568 |
Interest rate, variable | [2],[3],[4] | 2.91% | |
Maturity date | [3],[4] | Jul. 5, 2021 | |
Mortgage Notes [Member] | Garden Gateway Plaza [Member] | |||
Mortgage Notes Payable | [1] | $ 0 | 5,861,523 |
Maturity date | [1] | Aug. 5, 2021 | |
Interest rate | [1],[2] | 5.00% | |
Mortgage Notes [Member] | The 300 N.P [Member] | |||
Mortgage Notes Payable | $ 2,243,328 | 2,273,478 | |
Maturity date | Jun. 11, 2022 | ||
Interest rate | [2] | 4.95% | |
Mortgage Notes [Member] | Highland Court [Member] | |||
Mortgage Notes Payable | [1] | $ 0 | 6,274,815 |
Maturity date | [1] | Sep. 1, 2022 | |
Interest rate | [1],[2] | 3.82% | |
Mortgage Notes [Member] | Dakota Center [Member] | |||
Mortgage Notes Payable | $ 9,734,220 | 9,900,279 | |
Maturity date | Jul. 6, 2024 | ||
Interest rate | [2] | 4.74% | |
Mortgage Notes [Member] | Research Parkway [Member] | |||
Mortgage Notes Payable | $ 1,719,390 | 1,760,432 | |
Maturity date | Jan. 5, 2025 | ||
Interest rate | [2] | 3.94% | |
Mortgage Notes [Member] | Arapahoe Center [Member] | |||
Mortgage Notes Payable | $ 7,812,125 | 7,932,255 | |
Maturity date | Jan. 5, 2025 | ||
Interest rate | [2] | 4.34% | |
Mortgage Notes [Member] | Union Town Center [Member] | |||
Mortgage Notes Payable | $ 8,197,495 | 8,315,550 | |
Maturity date | Jan. 5, 2025 | ||
Interest rate | [2] | 4.28% | |
Mortgage Notes [Member] | One Park Centre [Member] | |||
Mortgage Notes Payable | $ 6,304,625 | 6,385,166 | |
Maturity date | Sep. 5, 2025 | ||
Interest rate | [2] | 4.77% | |
Mortgage Notes [Member] | Genesis Plaza [Member] | |||
Mortgage Notes Payable | $ 6,196,202 | 6,276,273 | |
Maturity date | Sep. 6, 2025 | ||
Interest rate | [2] | 4.71% | |
Mortgage Notes [Member] | Shea Center II [Member] | |||
Mortgage Notes Payable | $ 17,559,316 | 17,727,500 | |
Maturity date | Jan. 5, 2026 | ||
Interest rate | [2] | 4.92% | |
Mortgage Notes [Member] | Executive Office Park [Member] | |||
Mortgage Notes Payable | [1] | $ 0 | 2,985,998 |
Maturity date | [1] | Jun. 1, 2027 | |
Interest rate | [1],[2] | 4.83% | |
Mortgage Notes [Member] | West Fargo Industrial [Member] | |||
Mortgage Notes Payable | $ 4,177,334 | 4,262,718 | |
Maturity date | Aug. 5, 2029 | ||
Interest rate | [2] | 3.27% | |
Mortgage Notes [Member] | Grand Pacific Center [Member] | |||
Mortgage Notes Payable | [5] | $ 3,649,729 | 3,738,142 |
Maturity date | [5] | Aug. 1, 2037 | |
Interest rate | [2],[5] | 4.02% | |
Mortgage Notes [Member] | Subtotal, Presidio Property Trust, Inc. Properties [Member] | |||
Mortgage Notes Payable | $ 67,593,764 | 92,704,649 | |
Mortgage Notes [Member] | Model Home [Member] | |||
Mortgage Notes Payable | [4] | $ 19,335,267 | $ 28,083,356 |
Mortgage Notes [Member] | Model Home [Member] | Minimum [Member] | |||
Maturity date | [4],[6] | Dec. 31, 2021 | |
Interest rate | 2.50% | ||
Mortgage Notes [Member] | Model Home [Member] | Maximum [Member] | |||
Maturity date | [4],[6] | Dec. 31, 2024 | |
Interest rate | 5.63% | ||
[1] | Waterman Plaza and Garden Gateway Plaza were sold during the first quarter of 2021, while Highland Court and Executive Office Park were sold in the second quarter of 2021. | ||
[2] | Interest rates as of September 30, 2021. | ||
[3] | During June 2021, this loan was paid in full with cash from the sale of other properties and excess cash on hand. | ||
[4] | Property held for sale as of September 30, 2021. There were three model homes included as real estate assets held for sale. | ||
[5] | Interest rate is subject to reset on September 1, 2023. | ||
[6] | Our model homes have stand-alone mortgage note at interest rates ranging from 2.50% to 5.63% per annum as of September 30, 2021. |
Note 7 - Mortgage Notes Payab_5
Note 7 - Mortgage Notes Payable - Scheduled Principal Payments of Mortgage Notes Payable (Details) | Sep. 30, 2021USD ($) |
2021 | $ 942,863 |
2022 | 12,348,813 |
2023 | 5,651,859 |
2024 | 16,089,766 |
2025 | 28,770,832 |
Thereafter | 23,124,898 |
Total | 86,929,031 |
Office/Industrial and Retail Notes Payable [Member] | |
2021 | 336,488 |
2022 | 3,581,868 |
2023 | 1,410,835 |
2024 | 10,368,843 |
2025 | 28,770,832 |
Thereafter | 23,124,898 |
Total | 67,593,764 |
Model Home Properies Notes Payable [Member] | |
2021 | 606,375 |
2022 | 8,766,945 |
2023 | 4,241,024 |
2024 | 5,720,923 |
2025 | 0 |
Thereafter | 0 |
Total | $ 19,335,267 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) - USD ($) | Jun. 01, 2021 | Aug. 17, 2020 | Apr. 30, 2020 | Apr. 22, 2020 | Jan. 31, 2021 | May 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 03, 2021 | Aug. 17, 2021 | Apr. 01, 2021 | Sep. 01, 2020 | Sep. 17, 2019 |
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ 0 | $ 10,000 | $ 0 | |||||||||||||
Majority Owned Subsidiary NetREIT Highland [Member] | Promissory Note for the Acquisition of the Mandolin Property in Houston, Texas [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 1,560,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||||||||||
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 | ||||||||||||||||
Unsecured Debt [Member] | LGD Investments Ltd [Member] | |||||||||||||||||
Debt Assumed from Related Party | $ 330,000 | ||||||||||||||||
Unsecured Debt [Member] | Dubose Model Homes Investors #203, PL [Member] | LGD Investments Ltd [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 330,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||||||||||
Interest Expense, Debt, Total | $ 2,200 | ||||||||||||||||
Promissory Notes for the Refinancing of Four Model Home Properties in Texas and Wisconsin [Member] | Majority Owned Subsidiary Dubose Model Home Investors 202 LP and 204 LP [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 900,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||||||||||||||
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% | 4.00% | ||||||||||||||
Repayments of Notes Payable, Including Interest | 6,300,000 | ||||||||||||||||
Debt Instrument, Unamortized Discount, Total | $ 0 | $ 0 | $ 0 | $ 1,400,000 | |||||||||||||
Debt Issuance Costs, Gross | $ 1,100,000 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Details Textual) | Jul. 12, 2021$ / sharesshares | Jun. 24, 2021$ / shares | Jun. 17, 2021USD ($)shares | Jun. 17, 2021USD ($)shares | Jun. 15, 2021USD ($)$ / sharesshares | Jan. 23, 2012USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Dec. 31, 2016 | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 17, 2021USD ($) | Aug. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 19 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 20,489,803 | $ 0 | ||||||||||||||
Maximum Individual Common Stock Ownership, Percentage | 9.80% | 9.80% | 9.80% | 9.80% | 9.80% | |||||||||||
Payments of Dividends, Total | $ | $ 0 | |||||||||||||||
Number of Limited Liability Companies | 2 | 2 | 2 | 2 | 5 | 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% | |||||||||||||||
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 | $ 17,400,000 | ||||||||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 917,074 | |||||||||||||||
Commercial Property [Member] | ||||||||||||||||
Number of Real Estate Properties | 12 | 12 | 12 | 12 | 12 | |||||||||||
Commercial Property [Member] | Partially Owned Properties [Member] | ||||||||||||||||
Number of Real Estate Properties | 2 | 2 | 2 | 2 | 2 | |||||||||||
Dividend One [Member] | ||||||||||||||||
Payments of Dividends, Total | $ | $ 1,000,000 | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 0.101 | |||||||||||||||
Dividend Two [Member] | ||||||||||||||||
Payments of Dividends, Total | $ | $ 1,000,000 | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 0.102 | |||||||||||||||
Dividend Three [Member] | ||||||||||||||||
Payments of Dividends, Total | $ | $ 1,200,000 | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 0.103 | |||||||||||||||
Class A Common Stock and Accompanying Common Stock Warrants [Member] | ||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 5 | |||||||||||||||
Class A Common Stock and Accompanying Pre-funded Warrants [Member] | ||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 4.99 | |||||||||||||||
Common Stock Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5.50 | |||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||||
Pre-funded Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||
Placement Agent Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 80,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 6.25 | |||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||||
Class of Warrant or Right, Securities Called By Warrants or Rights, Percentage of Class of Stock | 4.00% | |||||||||||||||
Common Stock Warrants and Placement Agent Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 0 | |||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 920,000 | 800,000 | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 25 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 20,500,000 | $ 18,100,000 | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 9.375% | 9.375% | ||||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | $ 25 | $ 25 | $ 25 | ||||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share) | $ / shares | $ 2.34375 | |||||||||||||||
Preferred Stock, Number of Board of Directors Entitled to Vote if Dividends not Paid for 18 Monthly Dividend Periods | 2 | 2 | 2 | 2 | 2 | |||||||||||
Preferred Stock, Percentage of Outstanding Shares Required to Authorize Senior Ranking Stock | 66.67% | 66.67% | 66.67% | 66.67% | 66.67% | |||||||||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | $ 25 | $ 25 | |||||||||||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ / shares | $ 0.10417 | |||||||||||||||
Dividends, Preferred Stock, Cash | $ | $ 455,207 | |||||||||||||||
Series D Preferred Stock [Member] | Over-Allotment Option [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 120,000 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 2,700,000 | |||||||||||||||
Option to Purchase Additional Shares, Period (Day) | 45 days | |||||||||||||||
Common Class A [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,000,000 | |||||||||||||||
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 | 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 | $ 0.01 | $ 0.01 | ||||||||||
Common Stock, Shares, Issued, Total (in shares) | 11,490,230 | 11,490,230 | 11,490,230 | 11,490,230 | 11,490,230 | 9,508,363 | ||||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 10,000,000 | |||||||||||||||
Stock Repurchased During Period, Shares (in shares) | 18,133 | |||||||||||||||
Stock Repurchased, Average Cost Per Share (in dollars per share) | $ / shares | $ 3.73692 | |||||||||||||||
Stock Repurchased, Commission Per Share (in dollars per share) | $ / shares | $ 0.035 | |||||||||||||||
Stock Repurchased During Period, Value | $ | $ 68,396 | |||||||||||||||
Common Class B [Member] | ||||||||||||||||
Common Stock, Shares Authorized (in shares) | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |||||||||||
Common Stock, Shares, Issued, Total (in shares) | 0 | 0 | 0 | 0 | 0 | |||||||||||
Common Class C [Member] | ||||||||||||||||
Common Stock, Shares Authorized (in shares) | 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | |||||||||||
Common Stock, Shares, Issued, Total (in shares) | 0 | 0 | 0 | 0 | 0 | |||||||||||
Common Stock, Number of Entitled Votes | 1 | 1 | 1 | 1 | 1 |
Note 11 - Share-based Incenti_3
Note 11 - Share-based Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 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 | $ 0.3 | $ 0.2 | $ 0.9 | $ 0.5 | |||
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 | $ 2.3 | $ 0.9 | |||||
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] | 9 Months Ended |
Sep. 30, 2021shares | |
Balance (in shares) | 126,190 |
Granted (in shares) | 301,714 |
Forfeited (in shares) | (26,737) |
Vested (in shares) | 0 |
Balance (in shares) | 401,167 |
Note 12 - Segments (Details Tex
Note 12 - Segments (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Rental, fees and other income | $ 4,376,179 | $ 5,663,568 | $ 14,891,517 | $ 18,814,123 | ||||
Property and related expenses | (1,414,518) | (2,108,621) | (4,739,256) | (6,489,547) | ||||
General and administrative expenses | (1,479,261) | (1,366,380) | (4,361,297) | (3,996,696) | ||||
Depreciation and amortization | (1,306,874) | (1,626,917) | (4,104,018) | (4,823,673) | ||||
Interest expense | (1,030,883) | (2,143,960) | (3,822,313) | (6,971,162) | ||||
Gain on extinguishment of government debt | 0 | 0 | 10,000 | 0 | ||||
Other income (expense), net | (13,886) | (12,270) | (67,329) | (10,865) | ||||
Income tax expense | (182,607) | (122,602) | (471,506) | (257,602) | ||||
Gain (loss) on sale of real estate | 627,322 | 332,715 | 2,060,336 | 656,975 | ||||
Net loss | (424,528) | $ 1,775,736 | $ (2,255,074) | (1,384,468) | $ (1,607,534) | $ (932,119) | (903,866) | (3,924,121) |
Operating Segments [Member] | ||||||||
Net operating income, as defined | 2,961,661 | 3,554,946 | 9,852,261 | 11,478,902 | ||||
Office/Industrial Properties [Member] | Operating Segments [Member] | ||||||||
Rental, fees and other income | 2,888,361 | 4,098,892 | 10,149,013 | 13,334,595 | ||||
Property and related expenses | (1,171,387) | (1,813,950) | (4,288,142) | (5,539,320) | ||||
Net operating income, as defined | 1,716,974 | 2,284,942 | 5,860,871 | 7,795,275 | ||||
Model Home Properties [Member] | Operating Segments [Member] | ||||||||
Rental, fees and other income | 739,558 | 1,058,329 | 2,528,748 | 3,268,074 | ||||
Property and related expenses | (25,804) | (58,897) | (106,304) | (160,688) | ||||
Net operating income, as defined | 713,754 | 999,432 | 2,422,444 | 3,107,386 | ||||
Retail Properties [Member] | Operating Segments [Member] | ||||||||
Rental, fees and other income | 748,312 | 548,392 | 2,213,808 | 2,305,412 | ||||
Property and related expenses | (217,379) | (277,820) | (644,862) | (1,729,171) | ||||
Net operating income, as defined | $ 530,933 | $ 270,572 | $ 1,568,946 | $ 576,241 |
Note 12 - Segments - Assets by
Note 12 - Segments - Assets by Reportable Segment (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | |
Total assets | $ 161,834,626 | $ 185,568,616 | |
Cash, cash equivalents and restricted cash | 27,816,296 | 11,540,917 | |
Other assets, net | 4,449,538 | 3,422,781 | |
Operating Segments [Member] | |||
Total assets | 124,133,283 | 168,400,913 | |
Segment Reconciling Items [Member] | |||
Total assets | 161,834,627 | 185,568,616 | |
Cash, cash equivalents and restricted cash | 19,428,488 | 2,149,088 | |
Other assets, net | 18,272,856 | 15,018,615 | |
Office/Industrial Properties [Member] | Operating Segments [Member] | |||
Land, buildings and improvements, net | [1] | 70,110,480 | 99,120,649 |
Total assets | [2] | 67,689,503 | 100,046,782 |
Model Home Properties [Member] | Operating Segments [Member] | |||
Land, buildings and improvements, net | [1] | 29,954,760 | 42,509,596 |
Total assets | [2] | 28,972,715 | 42,246,022 |
Retail Properties [Member] | Operating Segments [Member] | |||
Land, buildings and improvements, net | [1] | 25,774,657 | 24,555,371 |
Total assets | [2] | $ 27,471,065 | $ 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 ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Capital expenditures and tenant improvements | $ 1,122,051 | $ 2,510,152 |
Acquisition of operating properties | 7,758,066 | 8,996,248 |
Total real estate investments | 8,880,117 | 11,506,400 |
Office/Industrial Properties [Member] | ||
Capital expenditures and tenant improvements | 1,054,202 | 2,501,075 |
Model Home Properties [Member] | ||
Acquisition of operating properties | 2,851,800 | 8,996,248 |
Retail Properties [Member] | ||
Capital expenditures and tenant improvements | 67,849 | 9,077 |
Acquisition of operating properties | $ 4,906,266 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) | Oct. 28, 2021USD ($) | Oct. 15, 2021$ / shares | Jun. 24, 2021$ / shares | Nov. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Notes Payable, Total | $ 7,500,086 | |||||
Property in Baltimore, MD [Member] | Forecast [Member] | ||||||
Real Estate Property, Consideration Transferred, Total | $ 8,700,000 | |||||
Subsequent Event [Member] | Model Home Properties in Houston, Texas [Member] | ||||||
Number of Properties Acquired | 3 | |||||
Real Estate Property, Consideration Transferred, Total | $ 1,500,000 | |||||
Payments to Acquire Residential Real Estate | 500,000 | |||||
Subsequent Event [Member] | Model Home Properties in Houston, Texas [Member] | Mortgage Notes [Member] | ||||||
Notes Payable, Total | $ 1,000,000 | |||||
Series D Preferred Stock [Member] | ||||||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ / shares | $ 0.10417 | |||||
Series D Preferred Stock [Member] | Subsequent Event [Member] | ||||||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ / shares | $ 0.19531 | |||||
Dividends Payable, Date to be Paid | Nov. 15, 2021 | |||||
Dividends Payable, Date of Record | Oct. 31, 2021 |