Presidio Property Trust (SQFT) 10-K 13 Mar 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 12, 2020	May 30, 2018
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	000-53673
Entity Registrant Name	Presidio Property Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	33-0841255
Entity Address, Address Line One	4995 Murphy Canyon Road
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92123
City Area Code	760
Local Phone Number	471-8536
Title of 12(g) Security	Common Stock, Series A, $.01 par value
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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		17,763,683
Documents Incorporated by Reference	Part III, Items 10, 11, 12, 13 and 14 incorporate by reference certain specific portions of the definitive Proxy Statement for Presidio Property Trust’s Annual Meeting currently scheduled to be held on May 20, 2020 to be filed pursuant to Regulation 14A. Only those portions of the proxy statement which are specifically incorporated by reference herein shall constitute a part of this annual report.
Entity Public Float			$ 0
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Entity Central Index Key	0001080657
Amendment Flag	false
Document Fiscal Period Focus	FY
No Trading Symbol Flag	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Real estate assets and lease intangibles:
Land	$ 27,407,677	$ 26,816,105
Buildings and improvements	141,652,284	141,809,172
Tenant improvements	14,739,858	12,736,649
Lease intangibles	5,321,296	6,552,142
Real estate assets and lease intangibles held for investment, cost	189,121,115	187,914,068
Accumulated depreciation and amortization	(30,204,185)	(26,310,016)
Real estate assets and lease intangibles held for investment, net	158,916,930	161,604,052
Real estate assets held for sale, net	41,289,690	49,504,013
Real estate assets, net	200,206,620	211,108,065
Cash, cash equivalents and restricted cash	10,391,275	9,776,215
Deferred leasing costs, net	2,053,927	2,096,553
Goodwill	2,423,000	2,423,000
Other assets, net	5,709,586	7,646,207
TOTAL ASSETS	220,784,408	233,050,040
Liabilities:
Mortgage notes payable related to real estate assets held for investment, net	115,540,245	116,478,878
Mortgage notes payable related to real estate assets held for sale, net	26,852,747	33,235,298
Mortgage notes payable, net	142,392,992	149,714,176
Note payable, net	12,238,692	0
Accounts payable and accrued liabilities	5,673,815	5,751,245
Accrued real estate taxes	2,987,601	3,094,380
Dividends payable	0	1,075,371
Lease liability, net	560,188
Below-market leases, net	309,932	495,927
Total liabilities	164,163,220	176,908,997
Commitments and contingencies
Stockholders' Equity:
Additional paid-in capital	152,040,300	151,582,017
Dividends in excess of accumulated losses	(113,037,144)	(111,343,840)
Total stockholders' equity before noncontrolling interest	39,180,794	40,415,393
Noncontrolling interest	17,440,394	15,725,650
Total equity	56,621,188	56,141,043
TOTAL LIABILITIES AND EQUITY	220,784,408	233,050,040
Redeemable Convertible Preferred Stock Series B
Liabilities:
Mandatorily redeemable Series B Preferred Stock, net	0	16,777,898
Common Class A
Stockholders' Equity:
Common stock Series A	$ 177,638	$ 177,216

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Redeemable Convertible Preferred Stock Series B
Preferred stock, par or stated value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock liquidation preference value (in dollars per share)	$ 1,000	$ 1,000
Preferred stock shares authorized (in shares)	40,000	40,000
Preferred stock shares issued (in shares)	0	16,900
Preferred stock shares outstanding (in shares)	0	16,900
Common Class A
Common stock, par or stated 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)	17,763,683	17,721,422
Common stock shares outstanding (in shares)	17,763,683	17,721,422

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental income	$ 27,467,410	$ 31,141,558
Fee and other income	1,173,701	1,202,455
Total revenues	28,641,111	32,344,013
Costs and expenses:
Rental operating costs	10,410,574	10,886,719
General and administrative	5,268,315	4,532,703
Depreciation and amortization	7,364,688	9,101,605
Total costs and expenses	23,043,577	24,521,027
Other income (expense):
Interest expense-Series B Preferred Stock	(2,226,101)	(4,770,945)
Interest expense-mortgage notes	(7,337,423)	(8,270,071)
Interest expense-note payable	(1,086,122)	0
Interest and other income	141,306	55,909
Gain on sales of real estate	6,319,272	12,200,138
Deferred offering costs	0	(1,507,599)
Impairment of real estate assets	0	(532,951)
Acquisition costs	(24,269)	(26,177)
Income tax expense	(611,263)	(518,567)
Total other expense, net	(4,824,600)	(3,370,263)
Net income	772,934	4,452,723
Less: Income attributable to noncontrolling interests	(1,383,140)	(1,068,429)
Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders	$ (610,206)	$ 3,384,294
Basic (loss) income per common share
(Loss) income per common share (in dollars per share)	$ (0.03)	$ 0.19
Weighted average number of common shares outstanding - basic (in shares)	17,725,914	17,681,358
Diluted (loss) income per common share
(Loss) income per common share (in dollars per share)	$ (0.03)	$ 0.19
Weighted average number of common shares outstanding - diluted (in shares)	17,914,078	17,866,352

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($)	Total	Common Stock	Additional Paid-in Capital	Dividends In Excess of Accumulated Losses	Total Stockholders’ Equity	Non- controlling Interests
Beginning balance at Dec. 31, 2017	$ 52,042,168	$ 176,680	$ 151,121,902	$ (113,652,763)	$ 37,645,819	$ 14,396,349
Beginning balance (in shares) at Dec. 31, 2017		17,667,857
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	4,452,723			3,384,294	3,384,294	1,068,429
Dividends declared	(1,075,371)			(1,075,371)	(1,075,371)
Contributions received from noncontrolling interests, net of distributions paid	260,872					260,872
Vesting of restricted stock	460,651	$ 536	460,115		460,651
Vesting of restricted stock (in shares)		53,565
Ending balance at Dec. 31, 2018	56,141,043	$ 177,216	151,582,017	(111,343,840)	40,415,393	15,725,650
Ending balance (in shares) at Dec. 31, 2018		17,721,422
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	772,934			(610,206)	(610,206)	1,383,140
Dividends declared	(1,083,098)			(1,083,098)	(1,083,098)
Contributions received from noncontrolling interests, net of distributions paid	331,604					331,604
Common stock repurchased	(227,428)	$ (610)	(226,818)		(227,428)
Common stock repurchased (in shares)		(60,996)
Vesting of restricted stock	686,133	$ 1,032	685,101		686,133
Vesting of restricted stock (in shares)		103,257
Ending balance at Dec. 31, 2019	$ 56,621,188	$ 177,638	$ 152,040,300	$ (113,037,144)	$ 39,180,794	$ 17,440,394
Ending balance (in shares) at Dec. 31, 2019		17,763,683

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 772,934	$ 4,452,723
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,364,688	9,101,605
Stock compensation	686,133	460,651
Bad debt expense (recoveries)	(32,544)	110,416
Gain on sale of real estate assets	(6,319,272)	(12,200,138)
Impairment of real estate assets	0	532,951
Accretion of original issue discount	386,595	0
Amortization of financing costs	965,239	675,087
Amortization of above-market leases	55,466	68,878
Amortization of  below-market leases	(185,995)	(894,445)
Straight-line rent adjustment	(63,895)	45,778
Changes in operating assets and liabilities:
Other assets	1,035,806	(818,384)
Accounts payable and accrued liabilities	(767,440)	(1,183,057)
Accrued real estate taxes	(106,779)	80,387
Net cash provided by operating activities	3,790,936	432,452
Cash flows from investing activities:
Real estate acquisitions	(13,037,562)	(17,326,915)
Buildings and tenant improvements	(6,393,711)	(3,359,283)
Additions to deferred leasing costs	(661,401)	(714,596)
Proceeds from sale of real estate assets	32,073,721	46,991,372
Net cash provided by investing activities	11,981,047	25,590,578
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of issuance costs	15,494,715	20,510,012
Repayment of mortgage notes payable	(23,176,581)	(31,374,774)
Redemption of mandatorily redeemable Series B Preferred Stock	(16,900,000)	(13,800,000)
Series B Preferred Stock costs	0	(153,500)
Proceeds from note payable, net of issuance costs	11,479,237	0
Contributions received from noncontrolling interests in excess of distributions paid	331,603	260,872
Repurchase of common stock	(227,428)	0
Dividends paid to stockholders	(2,158,469)	0
Net cash used in financing activities	(15,156,923)	(24,557,390)
Net increase in cash, cash equivalents and restricted cash	615,060	1,465,640
Cash, cash equivalents and restricted cash - beginning of year	9,776,215	8,310,575
Cash, cash equivalents and restricted cash - end of year	10,391,275	9,776,215
Supplemental disclosure of cash flow information:
Interest paid-Series B preferred stock	1,859,672	4,357,694
Interest paid-mortgage notes payable	6,442,750	7,806,068
Interest paid-notes payable	713,262	0
Non-cash investing and financing activities:
Accrual of dividends payable	$ 0	$ 1,075,371

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization. Presidio Property Trust, Inc. (“we”, “our”, “us” or the “Company”) is an internally-managed real estate investment trust (“REIT”). We were incorporated in the State of California on September 28, 1999, and in August 2010, we reincorporated as a Maryland corporation. In October 2017, we changed our name from “NetREIT, Inc.” to “Presidio Property Trust, Inc.” Through Presidio Property Trust, Inc., its subsidiaries and its partnerships, we own 16 commercial properties in fee interest and have partial interests in one property through our investments in limited partnerships for which we serve as the general partner. The Company or one of its affiliates operate the following partnerships during the periods covered by these consolidated financial statements: • The Company is the sole general partner and limited partner in two limited partnerships (NetREIT Palm Self-Storage LP and NetREIT Casa Grande LP), all with ownership in real estate income producing properties. The Company refers to these entities collectively, as the “NetREIT Partnerships”. • The Company is the general partner and/or limited partner in five limited partnerships that purchase model homes and lease them back to homebuilders (Dubose Model Homes Investors #202, LP, Dubose Model Homes Investors #203, LP, Dubose Model Homes Investors #204, LP, Dubose Model Homes Investors #205, LP and NetREIT Dubose Model Home REIT, LP). The Company refers to these entities collectively, as the “Model Home Partnerships”. The Company has determined that the limited partnerships in which it owns less than 100%, should be included in the Company’s consolidated financial statements as the Company directs their activities and holds a variable interest in these limited partnerships for which the Company is the primary beneficiary. Unit-based information used herein (such as references to square footage or property occupancy rates) is unaudited. Liquidity. On September 17, 2019 the Company executed a Promissory Note ("Note") pursuant to which Polar Multi-Strategy Master Fund ("Polar"), executed a loan in the principal amount of $14.0 million to the Company. The Note bears interest at a fixed rate of 8% per annum and requires monthly interest-only payments. The final payment due at maturity, October 1, 2020 (or March 31, 2021, if extended pursuant to the Note), includes payment of the outstanding principal and accrued and unpaid interest. The Company used the proceeds of the Note from Polar to redeem all of the outstanding shares of the Series B Preferred Stock. We have $12.3 million of mortgage notes payable maturing in 2020 related to the model home properties. Management expects certain model home properties will be sold and the underlying mortgage notes will be paid off with sales proceeds while other mortgage notes will be refinanced. We have $16.9 million of mortgage notes payable maturing in 2020 related to the commercial properties. We plan to sell properties or refinance a significant portion of the mortgage notes payable, in the event the commercial property securing the respective mortgage note is not sold on or before maturity. Segments. The Company acquires and operates income producing properties in three business segments including Office/Industrial Properties, Model Home Properties and Retail Properties. See Note 14. “Segments”. Customer Concentration. Concentration of credit risk with respect to tenant receivable is limited due to the large number of tenants comprising the Company’s rental revenue. We had one tenant account for 6.1% of total rental income for the year ended December 31, 2019 and one single tenant accounted for 5.7% of total rental income for the year ended December 31, 2018.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Principles of Consolidation . The accompanying consolidated financial statements include the accounts of Presidio Property Trust and its subsidiaries, NetREIT Advisors, LLC and Dubose Advisors LLC (collectively, the “Advisors”), and NetREIT Dubose Model Home REIT, Inc. The consolidated financial statements also include the results of the NetREIT Partnerships, the Model Home Partnerships. As used herein, references to the “Company” include references to Presidio Property Trust, its subsidiaries, and the partnerships. All significant intercompany balances and transactions have been eliminated in consolidation. The Company classifies the noncontrolling interests in the NetREIT Partnerships as part of consolidated net income (loss) in 2019 and 2018, and includes the accumulated amount of noncontrolling interests as part of equity since inception in February 2010. If a change in ownership of a consolidated subsidiary results in loss of control and deconsolidation, any retained ownership interest will be remeasured, with the gain or loss reported in the statement of operations. Management has evaluated the noncontrolling interests and determined that they do not contain any redemption features. Use of Estimates . The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the allocation of purchase price paid for property acquisitions between land, building and intangible assets acquired including their useful lives; valuation of long-lived assets, and the allowance for doubtful accounts, which is based on an evaluation of the tenants’ ability to pay. Actual results may differ from those estimates. Real Estate Assets and Lease Intangibles. Land, buildings and improvements are recorded at cost, including tenant improvements and lease acquisition costs (including leasing commissions, space planning fees, and legal fees). The Company capitalizes any expenditure that replaces, improves, or otherwise extends the economic life of an asset, while ordinary repairs and maintenance are expensed as incurred. The Company allocates the purchase price of acquired properties between the acquired tangible assets and liabilities (consisting of land, building, tenant improvements, and long-term debt) and identified intangible assets and liabilities (including the value of above-market and below-market leases, the value of in-place leases, unamortized lease origination costs and tenant relationships), based in each case on their respective fair values. 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 building was vacant. Estimates of fair value for land, building and building improvements are based on many factors including, but not limited to, comparisons to other properties sold in the same geographic area and independent third party valuations. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair values of the tangible and intangible assets and liabilities acquired. The value allocated to acquired lease intangibles is based on management’s evaluation of the specific characteristics of each tenant’s lease. Characteristics considered by management in allocating these values include the nature and extent of the existing business relationships with the tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value allocable to the above-market or below-market component of an acquired in-place lease is determined based upon the present value (using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of rents that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above or below-market leases are amortized on a straight-line basis as an increase or reduction of rental income over the remaining non-cancelable term of the respective leases. Amortization of above and below-market rents resulted in a net increase in rental income of approximately $131,000 and $826,000 for the years ended December 31, 2019 and 2018, 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 years. The amount allocated to acquired in-place leases is determined based on management’s assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amount allocated to unamortized lease origination costs is determined by what the Company would have paid to a third party 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 $413,000 and $569,000 for years ended December 31, 2019 and 2018, respectively. Impairment of Real Estate Assets. The Company reviews the carrying value of each property to determine if circumstances that indicate impairment in the carrying value of the investment exist or that depreciation periods should be modified. If circumstances support the possibility of impairment, the Company prepares a projection of the undiscounted future cash flows, without interest charges, of the specific property and determines if the investment in such property is recoverable. If impairment is indicated, the carrying value of the property is written down to its estimated fair value based on the Company’s best estimate of the property’s discounted future cash flows, as well as considering sales and leasing data for comparable properties. There were no impairment charges recorded for the year ended December 31, 2019. During the year ended December 31, 2018, the Company determined that an impairment existed in one of its properties (Waterman Plaza) and, as a result, recorded a non-cash asset impairment charge of approximately $533,000. Intangible Assets . Intangible assets, including goodwill and lease intangibles, are comprised of finite-lived and indefinite-lived assets. Lease intangibles represents the allocation of a portion of the purchase price of a property acquisition representing the estimated value of in-place leases, unamortized lease origination costs, tenant relationships and land purchase options. Intangible assets that are not deemed to have an indefinite useful life are amortized over their estimated useful lives. Indefinite-lived assets are not amortized. Amortization expense of intangible assets that are not deemed to have an indefinite useful life was approximately $274,000 and $415,000, respectively, for the years ended December 31, 2019 and 2018 and is included in depreciation and amortization in the accompanying consolidated statements of operation. The Company is required to perform a test for impairment of goodwill and other definite and indefinite lived assets at least annually, and more frequently as circumstances warrant. Impairment is recognized only if the carrying amount of the intangible asset is considered to be unrecoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and the estimated fair value of the asset. Based on the review, no impairment was deemed to exist at December 31, 2019 and 2018. Depreciation and Amortization. The Company records depreciation and amortization expense using the straight-line method over the useful lives of the respective assets. The cost of buildings are depreciated over estimated useful lives of 39 years, the costs of improvements are amortized over the shorter of the estimated life of the asset or term of the tenant lease (which range from 1 to 10 years), the costs associated with acquired tenant intangibles over the remaining lease term and the cost of furniture, fixtures and equipment are depreciated over 4 to 5 years. Depreciation expense for the years ended December 31, 2019 and 2018 was approximately $7.4 million and $9.1 million, respectively, and is included in depreciation and amortization in the accompanying consolidated statements of operations. Cash, Cash Equivalents and Restricted Cash. The Company considers all short-term, highly liquid investments that are both readily convertible to cash and have an original maturity of three months or less at the date of purchase to be cash equivalents. Items classified as cash equivalents include money market funds. Cash balances in individual banks may exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation (the "FDIC"). No losses have been experienced related to such accounts. At December 31, 2019, the Company had approximately $8.6 million in deposits in financial institutions that exceeded the federally insurable limits. Restricted cash consists of funds held in escrow for Company lenders for properties held as collateral by the lenders. The funds in escrow are for payment of property taxes, insurance, leasing costs and capital expenditures. As of December 31, 2019, the Company has approximately $4.7 million of restricted cash. Accounts Receivables. The Company periodically evaluates the collectability of amounts due from tenants and maintains an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. In addition, the Company maintains an allowance for deferred rent receivable that arises from straight-lining of rents. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of its tenants in developing these estimates. At December 31, 2019 and 2018, the balance of allowance for possible uncollectable tenant receivables included in other assets, net in the accompanying consolidated balance sheets was approximately $21,000 and $60,000, respectively. Deferred Leasing Costs. Costs incurred in connection with successful property leases are capitalized as deferred leasing costs and amortized to leasing commission expense on a straight-line basis over the terms of the related leases which generally range from one to five years. Deferred leasing costs consist of third party leasing commissions. Management re-evaluates the remaining useful lives of leasing costs as the creditworthiness of the tenants and economic and market conditions change. If management determines the estimated remaining life of the respective lease has changed, the amortization period is adjusted. At December 31, 2019 and 2018, the Company had net deferred leasing costs of approximately $2,054,000 and $2,097,000, respectively. Total amortization expense for the years ended December 31, 2019 and 2018 was approximately $646,000 and $510,000, respectively. Deferred Financing Costs. Costs incurred, including legal fees, origination fees, and administrative fees, in connection with debt financing are capitalized as deferred financing costs and are amortized using the effective interest method, over the contractual term of the respective loans. At December 31, 2019 and 2018, unamortized deferred financing costs related to mortgage notes payable were approximately $1,066,000 and $1,427,000, respectively, and unamortized deferred financing costs associated with the Series B Preferred Stock costs were approximately zero and $122,000, respectively. In 2019, the Company incurred debt financing costs related to the execution of the Polar Note (see note 8. Note Payable). At December 31, 2019, unamortized deferred financing cost related to the Polar Note were approximately $748,000. For the years ended December 31, 2019 and 2018, total amortization expense related to the mortgage notes payable deferred financing costs was approximately $470,000 and $529,000, respectively, and total amortization expense related to the Series B Preferred Stock costs was approximately $122,000 and $147,000, respectively. For the year ended December 31, 2019, total amortization expense related to the Polar Note costs was approximately $373,000. Amortization of deferred financing costs are included in interest expense in the accompanying consolidated statements of operations. Income Taxes. We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “Code”), for federal income tax purposes. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we maintain our qualification for taxation as a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to maintain our qualification as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax. We are subject to certain state and local income taxes. As of December 31, 2019, we had approximately $3.9 million of Federal net operating losses (NOLs) carry-forwards to offset potential future federal tax obligations. We may not generate sufficient taxable income in future periods to be able to realize fully the tax benefits of our NOL carry-forwards. We, together with our subsidiary, NetREIT Dubose, have elected to treat such subsidiary as taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary services for our tenants, and holding assets that we cannot hold directly. A TRS is subject to federal and state income taxes. The Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. Neither the Company nor its subsidiaries have been assessed any significant interest or penalties for tax positions by any major tax jurisdictions. Fair Value Measurements. Certain assets and liabilities are required to be carried at fair value, or if long-lived assets are deemed to be impaired, to be adjusted to reflect this condition. The guidance requires disclosure of fair values calculated under each level of inputs within the following hierarchy: Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs other than quoted process that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs for the asset or liability. Fair value is defined as the price at which an asset or liability is exchanged between market participants in an orderly transaction at the reporting date. Cash equivalents, mortgage notes receivable, tenant receivable and payables and accrued liabilities all approximate fair value due to their short term nature. During the year ended December 31, 2019, the Company measured the fair value of one of its real estate properties on a nonrecurring basis using Level 3 inputs. The Company estimated the fair value for the impaired real estate asset held for investment based on an estimated sales price, less estimated costs to sell. Management believes that the recorded and fair values of notes payable are approximately the carrying value as of December 31, 2019 and 2018. Sales of Real Estate Assets . Effective January 1, 2018, we adopted the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets that do not meet the definition of a business. Generally, our sales of real estate would be considered a sale of a nonfinancial asset as defined by ASC 610-20. ASC 610-20 refers to the revenue recognition principles under ASU No. 2014-9. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we would derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Revenue Recognition and Accounts Receivables . We recognize minimum rent, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured and record amounts expected to be received in later years as deferred rent receivable. If the lease provides for tenant improvements, we determine whether the tenant improvements, for accounting purposes, are owned by the tenant or by us. When we are the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance (including amounts that the tenant can take in the form of cash or a credit against its rent) that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. We record property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. We make estimates of the collectability of our tenant receivables related to base rents, including deferred rent receivable, expense reimbursements and other revenue or income. We specifically analyze accounts receivable, deferred rent receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. When a tenant is in bankruptcy, we will record a bad debt reserve for the tenant’s receivable balance and generally will not recognize subsequent rental revenue until cash is received or until the tenant is no longer in bankruptcy and has the ability to make rental payments. Effective January 1, 2018, (upon the adoption of ASU No. 2014-9, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-9”) sales of real estate are recognized generally upon the transfer of control, which usually occurs when the real estate is legally sold. Prior to January 1, 2018, sales of real estate were recognized only when sufficient down payments had been obtained, possession and other attributes of ownership had been transferred to the buyer and we had no significant continuing involvement. The application of these criteria can be complex and required us to make assumptions. We believe the relevant criteria were met for all real estate sold during the periods presented. Income (Loss) per Common Share. Basic income (loss) per common share (Basic EPS) is computed by dividing net income (loss) available to common shareholders (Numerator) by the weighted average number of common shares outstanding (Denominator) during the period. Diluted loss per common share (Diluted EPS) is similar to the computation of Basic EPS except that the Denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. In addition, in computing the dilutive effect of convertible securities, the Numerator is adjusted to add back the after-tax amount of interest recognized in the period associated with any convertible debt. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net earnings per share. For the year ended December 31, 2019, the basic and diluted net loss per share are equivalent at $(0.03) per share because the Company had incurred a net loss causing any potentially dilutive securities to be anti-dilutive. For the year ended December 31, 2018, the basic and diluted net loss per share are equivalent at $0.19 because the Company had incurred a net loss causing any potentially dilutive securities to be anti-dilutive. Dilutive securities include non-vested restricted shares issued under the Company’s share-based incentive plan, shares issuable under certain of the Company’s partnership arrangements and shares issuable under stock purchase warrants. The calculation of net income (loss) per share includes dilutive shares totaling 746,517 shares for the year ended December 31, 2019 and excludes shares totaling 733,944 shares for the year ended December 31, 2018. Subsequent Events. Management has evaluated subsequent events through the date that the accompanying financial statements were filed with the Securities and Exchange Commission (“SEC”) for transactions and other events which may require adjustment of and/or disclosure in such financial statements. On February 5, 2020, we sold Centennial Tech Center for approximately $15.0 million and recognized a gain of approximately $4.3 million. Reclassifications. Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of consolidated operations or equity. Recently Issued Accounting Pronouncements. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) , which amended the existing accounting standards for lease accounting to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. We adopted the standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for periods presented before January 1, 2019 as these prior periods conform to the Accounting Standards Codification 840. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. We evaluated all leases within this scope under existing accounting standards and under the new ASU lease standard and two right-of-use assets and lease liabilities were recognized for the year ended December 31, 2019. As of December 31, 2019, the right-of-use assets and liabilities was $661,000. As a lessor, our rental revenue remained mainly consistent with previous guidance, apart from the narrower definition of initial direct costs that can be capitalized. The new standard defines initial direct costs as only the incremental costs of signing a lease. As such, certain compensation and certain external legal fees related to the execution of successful lease agreements no longer meet the definition of initial direct costs under the new standard and will be accounted for in the line item General and Administrative Expense . However, the adoption of the standard, along with the adoption of ASU No. 2018-11, Leases - Targeted Improvements which the FASB issued in July 2018, did change our presentation of our results from operations in the Consolidated Statements of Operations . The main changes caused by the adoption of the standards are: The new standard provided a practical expedient, which allows lessors to combine non-lease components with the related lease components if both the timing and pattern of transfer are the same for the non-lease component(s) and the related lease components, and the lease components would be classified as an operating lease. Lessors are permitted to apply the practical expedient to all existing leases on a retrospective or prospective basis. We elected the practical expedient to combine our lease and non-lease components that meet the defined criteria. The non-lease components of our leases primarily consist of common area maintenance reimbursements from our tenants. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and International Financial Reporting Standards. The pronouncement is effective for reporting periods beginning after December 15, 2017. We adopted the provisions of the ASU effective January 1, 2018 using the modified retrospective approach. As discussed above, leases are specifically excluded from this and will be governed by the applicable lease codification. We evaluated the revenue recognition for all contracts within this scope under existing accounting standards and under the new revenue recognition ASU and confirmed that there were no differences in the amounts recognized or the pattern of recognition. Therefore, the adoption of this ASU did not result in an adjustment to the company’s retained earnings on January 1, 2018. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Topics . The pronouncement requires companies to adopt a new approach to estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. The pronouncement is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , which clarifies that receivables arising from operating leases are not within the scope of the pronouncement. We evaluated the impact this pronouncement will have on our consolidated financial statements and do not believe that the pronouncement will have a material impact on our consolidated financial statements as the majority of our receivables are derived from operating leases and are excluded from this standard.

RECENT REAL ESTATE TRANSACTIONS

RECENT REAL ESTATE TRANSACTIONS	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
RECENT REAL ESTATE TRANSACTIONS	RECENT REAL ESTATE TRANSACTIONS During year ended December 31, 2019 and 2018 we disposed of the following properties: • Morena Office Center, which was sold on January 15, 2019 for approximately $5.6 million and the Company recognized a gain of approximately $700,000. • Nightingale land, which was sold on May 8, 2019 for approximately $875,000 and the Company recognized a loss of approximately $93,000. • On July 1, 2019, NetREIT Genesis, LLC sold a 43% tenants-in-common interest in Genesis Plaza (“TIC Interest”) for $5.6 million to a newly formed entity, NetREIT Genesis II, LLC, in which NetREIT Casa Grande LP is the sole member. NetREIT Casa Grande LP owned and sold Morena Office Center on January 15, 2019. The sale of the TIC Interest was structured as a 1031 exchange and included $2.9 million in cash and assumption of debt. The Company remains a guarantor of the debt and NetREIT Genesis, LLC and NetREIT Genesis II, LLC are jointly and severally liable for the debt securing Genesis Plaza, the financial terms and conditions of which remain materially unchanged. • The Presidio office building, which was sold on July 31, 2019 for approximately $12.3 million and the Company recognized a gain of approximately $4.5 million. • During the year ended December 31, 2019, we disposed of 41 model homes for approximately $14.6 million and recognized a gain of approximately $1.2 million. • In December 31, 2018, we sold the following: ◦ Port of San Diego Complex for approximately $24.8 million and recognized a gain of approximately $10.0 million. ◦ Yucca Valley Retail Center for approximately $7.8 million and recognized a gain of approximately $1.4 million. ◦ Pacific Oaks Plaza for approximately $3.9 million and recognized a loss of approximately $232,000. • During the year ended December 31, 2018, we disposed of 33 model homes for approximately $12.6 million and recognized a gain of approximately $988,000. During the year ended December 31, 2019, the Company acquired 33 Model Homes properties and leased them back to the home builders. The purchase price for the properties totaled $13.0 million. The Company allocated the purchase price of the properties acquired during 2019 as follows: Land Buildings Total Model Home Properties $ 2,495,436 $ 10,542,126 $ 13,037,562

REAL ESTATE ASSETS

REAL ESTATE ASSETS	12 Months Ended
	Dec. 31, 2019
Real Estate Assets [Abstract]
REAL ESTATE ASSETS	REAL ESTATE ASSETS The Company owns a diverse portfolio of real estate assets. The primary types of properties the Company invests in are office, industrial, retail, and NNN leased model home properties located primarily in Southern California and Colorado, with four properties located in North Dakota. Our model home properties are located in seven states. As of December 31, 2019, the Company owned or had an equity interest in: • Twelve office buildings and one industrial buildings (“Office/Industrial Properties”) which total approximately 1,192,566 rentable square feet, • Four retail shopping centers (“Retail Properties”) which total approximately 131,722 rentable square feet, • One hundred thirty-six model homes owned by our affiliated limited partnerships and one corporation (“Model Home Properties”). The Company’s real estate assets consisted of the following as of December 31, 2019 and 2018: Real estate assets, net Property Name Acquired Location 2019 2018 Garden Gateway Plaza (1) March 2007 Colorado Springs, Colorado $ 11,428 $ 11,166 World Plaza (1) September 2007 San Bernardino, California 8,305 6,180 Executive Office Park July 2008 Colorado Springs, Colorado 7,723 7,976 Waterman Plaza August 2008 San Bernardino, California 4,889 4,977 Morena Office Center (2) January 2009 San Diego, California — 4,716 Genesis Plaza August 2010 San Diego, California 8,789 8,449 Dakota Center May 2011 Fargo, North Dakota 8,855 9,139 The Presidio (3) November 2012 Aurora, Colorado — 6,499 Grand Pacific Center March 2014 Bismarck, North Dakota 5,914 5,814 Union Terrace (1) August 2014 Lakewood, Colorado 8,425 7,983 Centennial Tech Center (1) (4) December 2014 Colorado Springs, Colorado 13,132 12,960 Arapahoe Center December 2014 Centennial, Colorado 9,748 10,251 Union Town Center December 2014 Colorado Springs, Colorado 9,612 9,904 West Fargo Industrial August 2015 Fargo, North Dakota 7,212 7,243 300 N.P. August 2015 Fargo, North Dakota 3,405 3,543 Research Parkway August 2015 Colorado Springs, Colorado 2,512 2,589 One Park Centre August 2015 Westminster, Colorado 8,518 8,453 Highland Court August 2015 Centennial, Colorado 11,421 11,845 Shea Center II December 2015 Highlands Ranch, Colorado 21,853 22,658 Office/Industrial and Retail Properties 151,741 162,345 Model Home Properties 2012-2019 AZ, CA, FL, IL, NC, NJ, PA, SC, TX, UT 48,466 48,763 Total real estate assets and lease intangibles held for investment, net $ 200,207 $ 211,108 (1) Property held for sale as of December 31, 2019. (2) Morena Office Center sold on January 15, 2019. (3) The Presidio sold on July 31, 2019. (4) Centennial Tech Center sold for approximately $15.0 million on February 5, 2020. The Company’s commercial properties are leased to tenants under non-cancelable operating leases for which terms and expirations vary. Future minimum rental revenues under existing leases on Office/Industrial and Retail Properties as of December 31, 2019 are expected to be as follows: 2020 $ 16,907,553 2021 13,535,430 2022 10,425,658 2023 7,043,128 2024 5,336,123 Thereafter 5,428,467 Totals $ 58,676,359 The Company generally rents Model Home Properties to homebuilders under non-cancelable lease agreements with a term of 18 months with an option to extend in six months increments. Future minimum rental revenues under existing leases on Model Home Properties as of December 31, 2019 are expected to be as follows: 2020 $ 3,016,320 2021 1,047,924 $ 4,064,244

LEASE INTANGIBLES

LEASE INTANGIBLES	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
LEASE INTANGIBLES	LEASE INTANGIBLES Lease intangibles consist of the following: December 31, 2019 December 31, 2018 Lease Intangibles Accumulated Amortization Lease Intangibles, net Lease Intangibles Accumulated Amortization Lease Intangibles, net In-place leases $ 4,360,027 $ (3,283,027) $ 1,077,000 $ 4,958,477 $ (3,467,781) $ 1,490,696 Leasing costs 2,937,976 (2,002,711) 935,265 3,628,080 (2,405,514) 1,222,566 Above-market leases 333,485 (240,739) 92,746 439,878 (291,666) 148,212 $ 7,631,488 $ (5,526,477) $ 2,105,011 $ 9,026,435 $ (6,164,961) $ 2,861,474 As of December 31, 2019 and 2018, gross lease intangible assets of $2.3 million and $2.5 million, respectively, were included in real estate assets held for sale. As of December 31, 2019 and 2018, accumulated amortization related to the lease intangible assets of $1.4 million and $1.5 million, respectively, were included in real estate assets held for sale. The net value of acquired intangible liabilities was $310,000 and $496,000 relating to below-market leases as of December 31, 2019 and 2018, respectively. Aggregate approximate amortization expense for the Company's lease intangible assets is as follows: Year ending December 31, 2020 $ 687,974 2021 510,215 2022 360,116 2023 173,785 2024 118,989 Thereafter 253,932 Total $ 2,105,011 The weighted average amortization period for the intangible assets as of December 31, 2019 was approximately 2.6 years. Lease intangible assets are amortized over the term of the related lease and included as a reduction of rental income in the Statement of Operations.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2019
Other Assets [Abstract]
OTHER ASSETS	OTHER ASSETSOther assets consist of the following: December 31, December 31, Deferred rent receivable $ 2,680,886 $ 2,883,581 Prepaid expenses, deposits and other 601,897 407,106 Accounts receivable, net 1,336,122 2,845,314 Raw land — 900,000 Right of use asset, net 561,375 — Other intangibles, net 212,932 293,832 Notes receivable 316,374 316,374 Total other assets $ 5,709,586 $ 7,646,207

MORTGAGE NOTES PAYABLE

MORTGAGE NOTES PAYABLE	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE NOTES PAYABLE	MORTGAGE NOTES PAYABLE Mortgage notes payable consisted of the following: Principal as of December 31, December 31, Loan Type Interest Rate (1) Mortgage note property Notes 2019 2018 Maturity Garden Gateway Plaza (7) $ 6,071,315 $ 6,270,896 Fixed 5.00 % 2/5/2020 World Plaza (4) 4,979,383 3,350,539 Variable 5.10 % 7/5/2020 West Fargo Industrial 4,216,565 4,292,809 Fixed 4.79 % 9/6/2020 Morena Office Center (2) — 1,567,358 Fixed 4.30 % 6/1/2021 Waterman Plaza 3,274,097 3,369,960 Fixed 5.78 % 4/29/2021 300 N.P. 2,311,738 2,348,443 Fixed 4.95 % 6/11/2022 Highland Court 6,424,366 6,568,320 Fixed 3.82 % 9/1/2022 Dakota Center 10,111,693 10,314,520 Fixed 4.74 % 7/6/2024 Union Terrace 6,240,396 6,354,153 Fixed 4.50 % 9/5/2024 The Presidio — 5,992,905 Fixed 4.54 % 12/1/2021 Centennial Tech Center (6) 9,561,654 9,745,811 Fixed 4.43 % 1/5/2024 Research Parkway 1,813,305 1,864,139 Fixed 3.94 % 1/5/2025 Arapahoe Center 8,085,727 8,233,567 Fixed 4.34 % 1/5/2025 Union Town Center 8,440,000 8,440,000 Fixed 4.28 % 1/5/2025 Executive Office Park 4,839,576 4,947,808 Fixed 4.83 % 6/1/2027 Genesis Plaza 6,378,110 6,476,032 Fixed 4.71 % 8/25/2025 One Park Centre 6,487,532 6,585,922 Fixed 4.77 % 9/5/2025 Shea Center II 17,727,500 17,727,500 Fixed 4.92 % 1/5/2026 Grand Pacific Center (3) 3,851,962 3,961,304 Fixed 4.02 % 8/1/2037 Office/Industrial and Retail Properties $ 110,814,919 $ 118,411,986 Model Home Properties 32,644,129 32,728,930 Fixed (5) 2019-2022 Mortgage Notes Payable $ 143,459,048 $ 151,140,916 Unamortized loan costs (1,066,056) (1,426,740) Mortgage Notes Payable held for investment, net $ 142,392,992 $ 149,714,176 (1) Intere st rates as of December 31, 2019. (2) Morena Office Center sold on January 15, 2019. (3) Interest rate is subject to reset on September 1, 2023. (4) Interest on t his loan is ABR + 0.75% and LIBOR plus 2.75% For the year-ended December 31, 2019, the weighted average interest rate was 5.04%. (5) Each Model Home has a stand-alone mortgage note at interest rates ranging from 3.8% to 5.6% (at December 31, 2019). (6) Centennial Tech Center was held for sale as of December 31, 2019 and sold for approximately $15.0 million on February 5, 2020. (7) The maturity date of the mortgage loan was extended to August 5, 2021. The Company is in compliance with all conditions and covenants of its mortgage notes payable. Scheduled principal payments of mortgage notes payable are as follows: Years ending December 31: Office/Industrial and Retail Notes Payable Model Home Properties Notes Payable Principal Payments 2020 $ 16,871,952 $ 12,294,895 $ 29,166,847 2021 4,960,217 11,932,259 $ 16,892,476 2022 10,055,657 8,416,975 $ 18,472,632 2023 1,783,291 — $ 1,783,291 2024 24,813,868 — $ 24,813,868 Thereafter 52,329,934 — $ 52,329,934 Total $ 110,814,919 $ 32,644,129 $ 143,459,048

NOTE PAYABLE

NOTE PAYABLE	12 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
NOTE PAYABLE	NOTE PAYABLE On September 17, 2019, the Company executed a Promissory Note pursuant to which Polar Multi-Strategy Master Fund (“Polar”), extended a loan in the principal amount of $14.0 million to the Company ("Polar Note"). The Polar Note bears interest at a fixed rate of 8% per annum and requires monthly interest-only payments. The final payment due at maturity, October 1, 2020 (or March 31, 2021, if extended pursuant to the Note), includes payment of the outstanding principal and accrued and unpaid interest. The Company may repay the Polar Note at any time, subject to the payment of an Optional Redemption Fee (as defined in the Note), if applicable. Such fee is not applicable to repayments made from the proceeds of property sales. The principal balance of the Note as of December 31, 2019 consists of cash received of $12,600,000 and Original Issue Discount ("OID") of $1,400,000. The OID has been recorded on the accompanying consolidated balance sheets as a direct deduction from the principal of the Note and is recognized as interest expense over the term of the Note commencing on September 17, 2019 through October 1, 2020. The unrecognized OID totaled approximately $1.0 million as of December 31, 2019. The accretion of the OID recognized during the year ended December 31, 2019 was $387,000. The Company incurred approximately $1.1 million in legal and underwriting costs related to the transaction. These costs have been recorded as debt issuance costs on the accompanying consolidated balance sheets as a direct deduction from the principal of the Note and are being amortized over the term of the Note. Amortization expense totaling approximately $373,000 was included in interest expenses for the year ended December 31, 2019, in the accompanying condensed consolidated statements of operations. The unamortized debt issuance costs totaled $748,000 as of December 31, 2019. Under the terms of the Polar Note, the Company is subject to certain financial covenants including maintaining a debt to property fair value ratio of no greater than 75%. As of December 31, 2019, the Company is in compliance with such covenants.

SERIES B MANDATORILY REDEEMABLE

SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK	12 Months Ended
	Dec. 31, 2019
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]
SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK	SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK In August 2014, the Company closed on a private placement offering of its mandatorily redeemable Series B Preferred Stock (“Series B Preferred Stock”). The financing was funded in installments and completed on December 24, 2015. As of December 31, 2015, the Company had issued 35,000 shares of its Series B Preferred Stock. As of December 31, 2019 and 2018, the outstanding number of shares was zero and 16,900, respectively. The Company has classified the Series B Preferred Stock as a liability in accordance with ASC Topic No. 480, “ Distinguishing Liabilities from Equity ,” which states that mandatorily redeemable financial instruments should be classified as liabilities and therefore the related dividend payments are treated as a component of interest expense in the accompanying consolidated statements of operations. The Series B Preferred Stock was scheduled to be redeemed on August 1, 2017; however, the Company had two one one 2019 and paid total extension fees of $307,000. The Company incurred approximately $3.1 million in legal and underwriting costs related to this offering. These costs were recorded as deferred financing costs on the accompanying consolidated balance sheets as a direct deduction from the carrying amount of that debt liability and are being amortized over the term of the agreement. Amortization expense totaling approximately $122,000 and $147,000 was included in interest expense for the year ended December 31, 2019 and 2018, respectively, in the accompanying condensed consolidated statements of operations. The unamortized deferred stock costs totaled zero and $122,000 as of December 31, 2019 and 2018, respectively. During the year ended December 31, 2019, the Company redeemed all of the 16,900 shares of its remaining Series B Preferred Stock for $16.9 million. During the year ended December 31, 2018, the Company redeemed 13,800 shares of its Series B preferred stock for $13.8 million. As of December 31, 2019, no Series B Preferred Stock remained outstanding and as of December 31, 2018, 16,900 shares were outstanding.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation. From time to time, we may become involved in various lawsuits or legal proceedings which arise in the ordinary course of business. Neither the Company nor any of the Company’s properties are presently subject to any material litigation nor, to the Company’s knowledge, is there any material threatened litigation. Environmental Matters. The Company monitors its properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist, the Company is not currently aware of any environmental liability with respect to the properties that would have a material effect on the Company’s financial condition, results of operations and cash flow. Further, the Company is not aware of any environmental liability or any unasserted claim or assessment with respect to an environmental liability that the Company believes would require additional disclosure or recording of a loss contingency.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Preferred Stock. The Company is authorized to issue up to 1,000,000 shares of Preferred Stock (the “Preferred Stock”). The Preferred Stock may be issued from time to time in one or more series. The Board of Directors is authorized to fix the number of shares of any series of the Preferred Stock, to determine the designation of any such series, and to determine or alter the rights granted to or imposed upon any wholly unissued series of Preferred Stock including the dividend rights, dividend rate, conversion rights, voting rights, redemption rights (including sinking fund provisions), redemption price, and liquidation preference. Common Stock. The Company is authorized to issue up to 100,000,000 shares of Series A Common Stock and 9,000,000 shares of Series C Common Stock (“collectively, Common Stock”) $0.01 par value and 1,000 shares of Series B Common Stock $0.01 par value. The Common Stock and the Series B Common Stock have identical rights, preferences, terms and conditions except that the Series B Common Stockholders are not entitled to receive any portion of Company assets in the event of Company liquidation. There have been no Series B or Series C Common Stock issued. Each share of Common Stock entitles the holder to one vote. The Common Stock is not subject to redemption and it does not have any preference, conversion, exchange or pre-emptive rights. The articles of incorporation contain a restriction on ownership of the Common Stock that prevents one person from owning more than 9.8% of the outstanding shares of common stock. In October 2006, the Company commenced a private placement offering of its common stock. Through December 31, 2011 when the offering was terminated, the Company conducted a self-underwritten private placement offering of 20,000,000 shares of its common stock at a price of $10 per share. This offering was made only to accredited investors (and up to thirty-five non-accredited investors) pursuant to an exemption from registration provided by Section 4(2) and Rule 506 of Regulation D under the Securities Act of 1933, as amended. No public or private market currently exists for the securities sold under this offering. The Company ceased raising capital under this private placement offering effective December 31, 2011. Cash Dividends. For the year ended December 31, 2019 and 2018, the Company declared cash dividends of $1.1 million for each year or at a rate of $0.06 per share. Dividend Reinvestment Plan. The Company had adopted a distribution reinvestment plan that allowed stockholders to have dividends or other distributions otherwise distributable to them invested in additional shares of Company common stock. The Company registered 3,000,000 of common stock pursuant to the dividend reinvestment plan. The purchase price per share is 95% of the price the Company was formerly selling its shares for $10.00 per share. No sales commission or dealer manager fee will be paid on shares sold through the dividend reinvestment plan. The Company may amend, suspend or terminate the Plan at any time. Any such amendment, suspension or termination will be effective upon a designated dividend record date and notice of such amendment, suspension or termination will be sent to all Participants at least thirty (30) days prior to such record date. The dividend reinvestment plan became effective on January 23, 2012 and was suspended on December 7, 2018. No dividend reinvestments were made for the year ended December 31, 2019. As of December 31, 2019, approximately $17.4 million or 1,834,147 shares of common stock have been issued under the dividend reinvestment plan to date.

SHARE-BASED INCENTIVE PLAN

SHARE-BASED INCENTIVE PLAN	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
SHARE-BASED INCENTIVE PLAN	SHARE-BASED INCENTIVE PLAN The Company maintains a restricted stock incentive plan for the purpose of attracting and retaining officers, key employees and non-employee board members. Share awards vest in equal annual installments over a three ten A summary of the activity for the Company’s restricted stock was as follows: Outstanding shares: Common Shares Balance at December 31, 2018 239,312 Granted 153,062 Forfeited (14,340) Vested (126,149) Balance at December 31, 2019 251,885 The non-vested restricted shares outstanding as of December 31, 2019 will vest over the next one ten The value of non-vested restricted stock granted for the years ended December 31, 2019 and 2018 was approximately $1.7 million and $2.1 million, respectively. Share-based compensation expense for the years ended December 31, 2019 and 2018 was approximately $686,000 and $461,000, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSDuring the year ended December 31, 2019, the Company leased a portion of its corporate headquarters in San Diego, California to an entity 100% owned by the Company’s Chairman and Chief Executive Officer. Total rents charged and paid by this affiliate was approximately $9,000 and $36,000 for the years ended December 31, 2019 and 2018, respectively.

SEGMENTS

SEGMENTS	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS The Company’s reportable segments consist of the three types of commercial real estate properties for which the Company’s decision-makers internally evaluate operating performance and financial results: Office/Industrial Properties, Model Homes and Retail Properties. The Company also has certain corporate level activities including accounting, finance, legal administration and management information systems which are not considered separate operating segments. The accounting policies of the reportable segments are the same as those described in Note 2. There is no significant intersegment activity. 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) excluding interest expense. NOI excludes certain items that are not considered to be controllable in connection with the management of an asset such as non-property income and expenses, depreciation and amortization, real estate acquisition fees and expenses and corporate general and administrative expenses. The Company uses NOI to evaluate the operating performance of the Company’s real estate investments and to make decisions about resource allocations. The following tables reconcile the Company’s segment activity to its results of operations and financial position as of and for the years ended December 31, 2019 and 2018, respectively. For the Year Ended December 31, 2019 2018 Office/Industrial Properties: Rental income $ 21,490,215 $ 24,037,363 Property and related expenses (9,317,720) (9,494,885) Net operating income, as defined 12,172,495 14,542,478 Model Home Properties: Rental income 4,194,489 4,642,159 Property and related expenses (193,367) (174,238) Net operating income, as defined 4,001,122 4,467,921 Retail Properties: Rental income 2,956,407 3,664,491 Property and related expenses (899,487) (1,217,596) Net operating income, as defined 2,056,920 2,446,895 Reconciliation to net income: Total net operating income, as defined, for reportable segments 18,230,537 21,457,294 General and administrative expenses (5,268,315) (4,532,703) Depreciation and amortization (7,364,688) (9,101,605) Interest expense (10,649,646) (13,041,016) Interest income 141,306 55,909 Gain on sale of real estate 6,319,272 12,200,138 Deferred offering cost — (1,507,599) Impairment of real estate — (532,951) Acquisition costs (24,269) (26,177) Income tax expense (611,263) (518,567) Net income $ 772,934 $ 4,452,723 Assets by Reportable Segment: December 31, December 31, Office/Industrial Properties: Land, buildings and improvements, net (1) $ 126,421,648 $ 138,694,773 Total assets (2) $ 131,180,612 $ 143,620,315 Model Home Properties: Land, buildings and improvements, net (1) $ 48,466,371 $ 48,762,869 Total assets (2) $ 51,389,400 $ 48,864,060 Retail Properties: Land, buildings and improvements, net (1) $ 25,318,601 $ 23,650,423 Total assets (2) $ 26,588,254 $ 27,702,384 Reconciliation to Total Assets: Total assets for reportable segments $ 209,158,266 $ 220,186,759 Other unallocated assets: Cash and cash equivalents 10,391,275 9,776,215 Other assets, net 1,234,867 3,087,066 Total Assets $ 220,784,408 $ 233,050,040 ________________________________________________________ (1) Includes lease intangibles and the land purchase option related to property acquisitions. (2) Includes land, buildings and improvements, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis. Capital Expenditures by Reportable Segment For the Year Ended December 31, 2019 2018 Office/Industrial Properties: Capital expenditures and tenant improvements $ 6,373,464 $ 3,340,023 Model Home Properties: Acquisition of operating properties 13,037,562 17,326,915 Retail Properties: Capital expenditures and tenant improvements 20,247 19,260 Totals: Acquisition of operating properties, net 13,037,562 17,326,915 Capital expenditures and tenant improvements 6,393,711 3,359,283 Total real estate investments $ 19,431,273 $ 20,686,198

SCHEDULE III - Real Estate and

SCHEDULE III - Real Estate and Accumulated Depreciation and Amortization	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - Real Estate and Accumulated Depreciation and Amortization	Presidio Property Trust, Inc. and Subsidiaries Schedule III - Real Estate and Accumulated Depreciation and Amortization – as of December 31, 2019 All amounts are in thousands Initial Cost Total Cost (1) Property Name/ Location Encumbrances Land Cost Building and Improvements Acquisition Price Capitalized Improvements Land Cost Building & Improvements Total Cost Accumulated Depreciation & Depreciation Reserve for Impairment NBV Real Estate Date Acquired Year Built/ Renovated Garden Gateway, Colorado Springs, CO (2) $ 6,071 $ 3,035 $ 12,091 $ 15,126 $ 3,293 $ 3,035 $ 10,874 $ 17,202 $ 5,774 — $ 11,428 03/07 1982/2006 Executive Park, Colorado Springs, CO 4,840 1,266 8,815 10,081 1,511 1,266 7,880 10,657 2,934 — 7,723 07/08 2000 Genesis Plaza, San Diego, CA 6,378 1,400 8,600 10,000 2,423 1,400 8,071 11,894 3,105 — 8,789 08/10 1989 Dakota Center, Fargo, ND 10,112 832 8,743 9,575 1,270 832 9,917 12,019 3,165 — 8,854 05/11 1982 Grand Pacific Center, Bismarck, ND 3,852 413 4,926 5,339 872 413 6,099 7,384 1,470 — 5,914 03/14 1976 Union Terrace, Lakewood, CO (2) 6,240 1,717 7,708 9,425 3,750 1,717 5,853 11,320 2,895 — 8,425 08/14 1982 Centennial Tech Center, Colorado Springs, CO (2) (3) 9,562 2,025 13,475 15,500 3,545 2,025 10,556 16,126 2,994 — 13,132 12/14 1999 Arapahoe Center, Centennial, CO 8,086 1,420 10,430 11,850 2,076 1,420 8,857 12,353 2,605 — 9,748 12/14 2000 West Fargo Industrial, Fargo, ND 4,216 1,693 6,207 7,900 234 1,693 6,063 7,990 778 — 7,212 08/15 1998/2005 300 N.P., Fargo, ND 2,312 135 3,715 3,850 317 135 3,589 4,041 636 — 3,405 08/15 1922 Highland Court, Centennial, CO 6,424 3,608 9,442 13,050 3,384 3,608 7,767 14,759 3,339 — 11,420 08/15 1984 One Park Centre, Westminster, CO 6,488 1,206 7,944 9,150 1,357 1,206 7,416 9,979 1,460 — 8,519 08/15 1983 Shea Center II, Highlands Ranch, CO 17,728 2,214 23,747 25,961 5,711 2,214 19,515 27,440 5,587 — 21,853 12/15 2000 Total Office/ Industrial properties 92,309 20,964 125,843 146,807 29,743 20,964 112,457 163,164 36,742 — 126,422 World Plaza , San Bernardino, CA (2) 4,979 1,698 6,232 7,930 749 1,698 8,803 11,250 2,246 700 8,304 09/07 1974 Waterman Plaza, San Bernardino, CA 3,274 2,350 4,814 7,164 239 2,383 4,324 6,946 1,224 833 4,889 08/08 2008 Union Town Center, Colorado Springs, CO 8,440 1,750 9,462 11,212 504 1,750 8,932 11,186 1,574 — 9,612 12/14 2003 Research Parkway, Colorado Springs, CO 1,813 408 2,442 2,850 164 408 2,349 2,921 408 — 2,513 8/15/2016 2003 Total Retail properties 18,506 6,206 22,950 29,156 1,656 6,239 24,408 32,303 5,452 1,533 25,318 Model Homes -NDMHR, LP 2,840 1,387 7,019 8,406 — 984 4,331 5,315 339 — 4,976 2010-2016 2010-2016 Model Homes-DMH LP #202 4,784 1,384 7,381 8,765 — 1,152 6,332 7,484 378 — 7,106 2014-2018 2014-2018 Model Homes-DMH LP #203 8,650 1,911 10,220 12,131 — 2,359 10,803 13,162 513 12,649 2016-2019 2016-2019 Model Homes-DMH LP #204 5,851 1,409 6,522 7,931 1,545 7,209 8,754 271 8,483 2018-2019 2018-2019 Model Homes-DMH LP #205 3,687 1,021 4,309 5,330 — 1,021 4,309 5,330 35 — 5,295 2019 2019 Model Homes-NMH Inc. 6,832 1,998 11,247 13,245 — 1,620 8,722 10,342 384 — 9,958 2016-2019 2016-2019 Total Model Home properties 32,644 9,110 46,698 55,808 — 8,681 41,706 50,387 1,920 — 48,467 — CONSOLIDATED TOTALS: $ 143,459 $ 36,280 $ 195,491 $ 231,771 $ 31,399 $ 35,884 $ 178,571 $ 245,854 $ 44,114 $ 1,533 $ 200,207 (1) Depreciation is computed on a straight-line basis using useful lives up to 39 years. (2) Property held for sale as of December 31, 2019. (3) Centennial Tech Center sold for approximately $15.0 million on February 5, 2020. Presidio Property Trust, Inc. and Subsidiaries Schedule III - Real Estate and Accumulated Depreciation and Amortization (continued) – as of December 31, 2019 For the Year Ended December 31, 2019 2018 Real estate Balance at the beginning of the year $ 254,675,874 $ 274,546,199 Acquisitions 13,037,562 17,326,915 Improvements 6,393,711 3,359,283 Impairments — (532,951) Dispositions of real estate (29,786,565) (40,023,572) Balance at the end of the year $ 244,320,582 $ 254,675,874 Accumulated depreciation and amortization Balance at the beginning of the year $ (43,567,809) $ (40,012,255) Depreciation and amortization expense (6,693,613) (8,452,012) Dispositions of real estate 6,147,460 4,896,458 Balance at the end of the year $ (44,113,962) $ (43,567,809) Real estate assets, net $ 200,206,620 $ 211,108,065

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”).
Principles of Consolidation	Principles of Consolidation . The accompanying consolidated financial statements include the accounts of Presidio Property Trust and its subsidiaries, NetREIT Advisors, LLC and Dubose Advisors LLC (collectively, the “Advisors”), and NetREIT Dubose Model Home REIT, Inc. The consolidated financial statements also include the results of the NetREIT Partnerships, the Model Home Partnerships. As used herein, references to the “Company” include references to Presidio Property Trust, its subsidiaries, and the partnerships. All significant intercompany balances and transactions have been eliminated in consolidation. The Company classifies the noncontrolling interests in the NetREIT Partnerships as part of consolidated net income (loss) in 2019 and 2018, and includes the accumulated amount of noncontrolling interests as part of equity since inception in February 2010. If a change in ownership of a consolidated subsidiary results in loss of control and deconsolidation, any retained ownership interest will be remeasured, with the gain or loss reported in the statement of operations. Management has evaluated the noncontrolling interests and determined that they do not contain any redemption features.
Use of Estimates	Use of Estimates . The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the allocation of purchase price paid for property acquisitions between land, building and intangible assets acquired including their useful lives; valuation of long-lived assets, and the allowance for doubtful accounts, which is based on an evaluation of the tenants’ ability to pay. Actual results may differ from those estimates.
Real Estate Asset Acquisitions and Lease Intangibles	Real Estate Assets and Lease Intangibles. Land, buildings and improvements are recorded at cost, including tenant improvements and lease acquisition costs (including leasing commissions, space planning fees, and legal fees). The Company capitalizes any expenditure that replaces, improves, or otherwise extends the economic life of an asset, while ordinary repairs and maintenance are expensed as incurred. The Company allocates the purchase price of acquired properties between the acquired tangible assets and liabilities (consisting of land, building, tenant improvements, and long-term debt) and identified intangible assets and liabilities (including the value of above-market and below-market leases, the value of in-place leases, unamortized lease origination costs and tenant relationships), based in each case on their respective fair values. 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 building was vacant. Estimates of fair value for land, building and building improvements are based on many factors including, but not limited to, comparisons to other properties sold in the same geographic area and independent third party valuations. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair values of the tangible and intangible assets and liabilities acquired. The value allocated to acquired lease intangibles is based on management’s evaluation of the specific characteristics of each tenant’s lease. Characteristics considered by management in allocating these values include the nature and extent of the existing business relationships with the tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value allocable to the above-market or below-market component of an acquired in-place lease is determined based upon the present value (using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of rents that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above or below-market leases are amortized on a straight-line basis as an increase or reduction of rental income over the remaining non-cancelable term of the respective leases. Amortization of above and below-market rents resulted in a net increase in rental income of approximately $131,000 and $826,000 for the years ended December 31, 2019 and 2018, 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 years. The amount allocated to acquired in-place leases is determined based on management’s assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amount allocated to unamortized lease origination costs is determined by what the Company would have paid to a third party 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 $413,000 and $569,000 for years ended December 31, 2019 and 2018, respectively.
Impairment of Real Estate Assets	Impairment of Real Estate Assets. The Company reviews the carrying value of each property to determine if circumstances that indicate impairment in the carrying value of the investment exist or that depreciation periods should be modified. If circumstances support the possibility of impairment, the Company prepares a projection of the undiscounted future cash flows, without interest charges, of the specific property and determines if the investment in such property is recoverable. If impairment is indicated, the carrying value of the property is written down to its estimated fair value based on the Company’s best estimate of the property’s discounted future cash flows, as well as considering sales and leasing data for comparable properties. There
Intangible Assets	Intangible Assets . Intangible assets, including goodwill and lease intangibles, are comprised of finite-lived and indefinite-lived assets. Lease intangibles represents the allocation of a portion of the purchase price of a property acquisition representing the estimated value of in-place leases, unamortized lease origination costs, tenant relationships and land purchase options. Intangible assets that are not deemed to have an indefinite useful life are amortized over their estimated useful lives. Indefinite-lived assets are not amortized. Amortization expense of intangible assets that are not deemed to have an indefinite useful life was approximately $274,000 and $415,000, respectively, for the years ended December 31, 2019 and 2018 and is included in depreciation and amortization in the accompanying consolidated statements of operation. The Company is required to perform a test for impairment of goodwill and other definite and indefinite lived assets at least annually, and more frequently as circumstances warrant. Impairment is recognized only if the carrying amount of the intangible asset is considered to be unrecoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and the estimated fair value of the asset. Based on the review, no impairment was deemed to exist at December 31, 2019 and 2018.
Depreciation and Amortization	Depreciation and Amortization. The Company records depreciation and amortization expense using the straight-line method over the useful lives of the respective assets. The cost of buildings are depreciated over estimated useful lives of 39 years, the costs of improvements are amortized over the shorter of the estimated life of the asset or term of the tenant lease (which range from 1 to 10 years), the costs associated with acquired tenant intangibles over the remaining lease term and the cost of furniture, fixtures and equipment are depreciated over 4 to 5 years. Depreciation expense for the years ended December 31, 2019 and 2018 was approximately $7.4 million and $9.1 million, respectively, and is included in depreciation and amortization in the accompanying consolidated statements of operations.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash. The Company considers all short-term, highly liquid investments that are both readily convertible to cash and have an original maturity of three months or less at the date of purchase to be cash equivalents. Items classified as cash equivalents include money market funds. Cash balances in individual banks may exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation (the "FDIC"). No losses have been experienced related to such accounts. At December 31, 2019, the Company had approximately $8.6 million in deposits in financial institutions that exceeded the federally insurable limits. Restricted cash consists of funds held in escrow for Company lenders for properties held as collateral by the lenders. The funds in escrow are for payment of property taxes, insurance, leasing costs and capital expenditures. As of December 31, 2019, the Company has approximately $4.7 million of restricted cash.
Account Receivables	Accounts Receivables. The Company periodically evaluates the collectability of amounts due from tenants and maintains an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. In addition, the Company maintains an allowance for deferred rent receivable that arises from straight-lining of rents. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of its tenants in developing these estimates. At December 31, 2019 and 2018, the balance of allowance for possible uncollectable tenant receivables included in other assets, net in the accompanying consolidated balance sheets was approximately $21,000 and $60,000, respectively.
Deferred Leasing and Financing Costs	Deferred Leasing Costs. Costs incurred in connection with successful property leases are capitalized as deferred leasing costs and amortized to leasing commission expense on a straight-line basis over the terms of the related leases which generally range from one to five years. Deferred leasing costs consist of third party leasing commissions. Management re-evaluates the remaining useful lives of leasing costs as the creditworthiness of the tenants and economic and market conditions change. If management determines the estimated remaining life of the respective lease has changed, the amortization period is adjusted. At December 31, 2019 and 2018, the Company had net deferred leasing costs of approximately $2,054,000 and $2,097,000, respectively. Total amortization expense for the years ended December 31, 2019 and 2018 was approximately $646,000 and $510,000, respectively. Deferred Financing Costs. Costs incurred, including legal fees, origination fees, and administrative fees, in connection with debt financing are capitalized as deferred financing costs and are amortized using the effective interest method, over the contractual term of the respective loans. At December 31, 2019 and 2018, unamortized deferred financing costs related to mortgage notes payable were approximately $1,066,000 and $1,427,000, respectively, and unamortized deferred financing costs associated with the Series B Preferred Stock costs were approximately zero and $122,000, respectively. In 2019, the Company incurred debt financing costs related to the execution of the Polar Note (see note 8. Note Payable). At December 31, 2019, unamortized deferred financing cost related to the Polar Note were approximately $748,000. For the years ended December 31, 2019 and 2018, total amortization expense related to the mortgage notes payable deferred financing costs was approximately $470,000 and $529,000, respectively, and total amortization expense related to the Series B Preferred Stock costs was approximately $122,000 and $147,000, respectively. For the year ended December 31, 2019, total amortization expense related to the Polar Note costs was approximately $373,000. Amortization of deferred financing costs are included in interest expense in the accompanying consolidated statements of operations.
Income Taxes	Income Taxes. We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “Code”), for federal income tax purposes. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we maintain our qualification for taxation as a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to maintain our qualification as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax. We are subject to certain state and local income taxes. As of December 31, 2019, we had approximately $3.9 million of Federal net operating losses (NOLs) carry-forwards to offset potential future federal tax obligations. We may not generate sufficient taxable income in future periods to be able to realize fully the tax benefits of our NOL carry-forwards. We, together with our subsidiary, NetREIT Dubose, have elected to treat such subsidiary as taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary services for our tenants, and holding assets that we cannot hold directly. A TRS is subject to federal and state income taxes. The Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. Neither the Company nor its subsidiaries have been assessed any significant interest or penalties for tax positions by any major tax jurisdictions.
Fair Value Measurements	Fair Value Measurements. Certain assets and liabilities are required to be carried at fair value, or if long-lived assets are deemed to be impaired, to be adjusted to reflect this condition. The guidance requires disclosure of fair values calculated under each level of inputs within the following hierarchy: Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs other than quoted process that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs for the asset or liability. Fair value is defined as the price at which an asset or liability is exchanged between market participants in an orderly transaction at the reporting date. Cash equivalents, mortgage notes receivable, tenant receivable and payables and accrued liabilities all approximate fair value due to their short term nature. During the year ended December 31, 2019, the Company measured the fair value of one of its real estate properties on a nonrecurring basis using Level 3 inputs. The Company estimated the fair value for the impaired real estate asset held for investment based on an estimated sales price, less estimated costs to sell. Management believes that the recorded and fair values of notes payable are approximately the carrying value as of December 31, 2019 and 2018.
Sale of Real Estate Assets, Revenue Recognition and Accounts Receivables	Sales of Real Estate Assets . Effective January 1, 2018, we adopted the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets that do not meet the definition of a business. Generally, our sales of real estate would be considered a sale of a nonfinancial asset as defined by ASC 610-20. ASC 610-20 refers to the revenue recognition principles under ASU No. 2014-9. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we would derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Revenue Recognition and Accounts Receivables . We recognize minimum rent, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured and record amounts expected to be received in later years as deferred rent receivable. If the lease provides for tenant improvements, we determine whether the tenant improvements, for accounting purposes, are owned by the tenant or by us. When we are the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance (including amounts that the tenant can take in the form of cash or a credit against its rent) that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. We record property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. We make estimates of the collectability of our tenant receivables related to base rents, including deferred rent receivable, expense reimbursements and other revenue or income. We specifically analyze accounts receivable, deferred rent receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. When a tenant is in bankruptcy, we will record a bad debt reserve for the tenant’s receivable balance and generally will not recognize subsequent rental revenue until cash is received or until the tenant is no longer in bankruptcy and has the ability to make rental payments. Effective January 1, 2018, (upon the adoption of ASU No. 2014-9, Revenue from Contracts with Customers
Income (Loss) per Common Share	Income (Loss) per Common Share. Basic income (loss) per common share (Basic EPS) is computed by dividing net income (loss) available to common shareholders (Numerator) by the weighted average number of common shares outstanding (Denominator) during the period. Diluted loss per common share (Diluted EPS) is similar to the computation of Basic EPS except that the Denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. In addition, in computing the dilutive effect of convertible securities, the Numerator is adjusted to add back the after-tax amount of interest recognized in the period associated with any convertible debt. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net earnings per share. For the year ended December 31, 2019, the basic and diluted net loss per share are equivalent at $(0.03) per share because the Company had incurred a net loss causing any potentially dilutive securities to be anti-dilutive. For the year ended December 31, 2018, the basic and diluted net loss per share are equivalent at $0.19 because the Company had incurred a net loss causing any potentially dilutive securities to be anti-dilutive. Dilutive securities include non-vested restricted shares issued under the Company’s share-based incentive plan, shares issuable under certain of the Company’s partnership arrangements and shares issuable under stock purchase warrants. The calculation of net income (loss) per share includes dilutive shares totaling 746,517 shares for the year ended December 31, 2019 and excludes shares totaling 733,944 shares for the year ended December 31, 2018.
Subsequent Events	Subsequent Events. Management has evaluated subsequent events through the date that the accompanying financial statements were filed with the Securities and Exchange Commission (“SEC”) for transactions and other events which may require adjustment of and/or disclosure in such financial statements.
Reclassifications	Reclassifications. Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of consolidated operations or equity.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) , which amended the existing accounting standards for lease accounting to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. We adopted the standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for periods presented before January 1, 2019 as these prior periods conform to the Accounting Standards Codification 840. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. We evaluated all leases within this scope under existing accounting standards and under the new ASU lease standard and two right-of-use assets and lease liabilities were recognized for the year ended December 31, 2019. As of December 31, 2019, the right-of-use assets and liabilities was $661,000. As a lessor, our rental revenue remained mainly consistent with previous guidance, apart from the narrower definition of initial direct costs that can be capitalized. The new standard defines initial direct costs as only the incremental costs of signing a lease. As such, certain compensation and certain external legal fees related to the execution of successful lease agreements no longer meet the definition of initial direct costs under the new standard and will be accounted for in the line item General and Administrative Expense . However, the adoption of the standard, along with the adoption of ASU No. 2018-11, Leases - Targeted Improvements which the FASB issued in July 2018, did change our presentation of our results from operations in the Consolidated Statements of Operations . The main changes caused by the adoption of the standards are: The new standard provided a practical expedient, which allows lessors to combine non-lease components with the related lease components if both the timing and pattern of transfer are the same for the non-lease component(s) and the related lease components, and the lease components would be classified as an operating lease. Lessors are permitted to apply the practical expedient to all existing leases on a retrospective or prospective basis. We elected the practical expedient to combine our lease and non-lease components that meet the defined criteria. The non-lease components of our leases primarily consist of common area maintenance reimbursements from our tenants. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and International Financial Reporting Standards. The pronouncement is effective for reporting periods beginning after December 15, 2017. We adopted the provisions of the ASU effective January 1, 2018 using the modified retrospective approach. As discussed above, leases are specifically excluded from this and will be governed by the applicable lease codification. We evaluated the revenue recognition for all contracts within this scope under existing accounting standards and under the new revenue recognition ASU and confirmed that there were no differences in the amounts recognized or the pattern of recognition. Therefore, the adoption of this ASU did not result in an adjustment to the company’s retained earnings on January 1, 2018. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Topics . The pronouncement requires companies to adopt a new approach to estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. The pronouncement is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , which clarifies that receivables arising from operating leases are not within the scope of the pronouncement. We evaluated the impact this pronouncement will have on our consolidated financial statements and do not believe that the pronouncement will have a material impact on our consolidated financial statements as the majority of our receivables are derived from operating leases and are excluded from this standard.

RECENT REAL ESTATE TRANSACTIO_2

RECENT REAL ESTATE TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Properties Acquired and Sold	The Company allocated the purchase price of the properties acquired during 2019 as follows: Land Buildings Total Model Home Properties $ 2,495,436 $ 10,542,126 $ 13,037,562

REAL ESTATE ASSETS (Tables)

REAL ESTATE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Line Items]
Real Estate Properties Owned	The Company’s real estate assets consisted of the following as of December 31, 2019 and 2018: Real estate assets, net Property Name Acquired Location 2019 2018 Garden Gateway Plaza (1) March 2007 Colorado Springs, Colorado $ 11,428 $ 11,166 World Plaza (1) September 2007 San Bernardino, California 8,305 6,180 Executive Office Park July 2008 Colorado Springs, Colorado 7,723 7,976 Waterman Plaza August 2008 San Bernardino, California 4,889 4,977 Morena Office Center (2) January 2009 San Diego, California — 4,716 Genesis Plaza August 2010 San Diego, California 8,789 8,449 Dakota Center May 2011 Fargo, North Dakota 8,855 9,139 The Presidio (3) November 2012 Aurora, Colorado — 6,499 Grand Pacific Center March 2014 Bismarck, North Dakota 5,914 5,814 Union Terrace (1) August 2014 Lakewood, Colorado 8,425 7,983 Centennial Tech Center (1) (4) December 2014 Colorado Springs, Colorado 13,132 12,960 Arapahoe Center December 2014 Centennial, Colorado 9,748 10,251 Union Town Center December 2014 Colorado Springs, Colorado 9,612 9,904 West Fargo Industrial August 2015 Fargo, North Dakota 7,212 7,243 300 N.P. August 2015 Fargo, North Dakota 3,405 3,543 Research Parkway August 2015 Colorado Springs, Colorado 2,512 2,589 One Park Centre August 2015 Westminster, Colorado 8,518 8,453 Highland Court August 2015 Centennial, Colorado 11,421 11,845 Shea Center II December 2015 Highlands Ranch, Colorado 21,853 22,658 Office/Industrial and Retail Properties 151,741 162,345 Model Home Properties 2012-2019 AZ, CA, FL, IL, NC, NJ, PA, SC, TX, UT 48,466 48,763 Total real estate assets and lease intangibles held for investment, net $ 200,207 $ 211,108 (1) Property held for sale as of December 31, 2019. (2) Morena Office Center sold on January 15, 2019. (3) The Presidio sold on July 31, 2019. (4) Centennial Tech Center sold for approximately $15.0 million on February 5, 2020.
Office/Industrial and Retail Properties
Real Estate [Line Items]
Summary of Future Minimum Rental Revenues under Existing Leases	Future minimum rental revenues under existing leases on Office/Industrial and Retail Properties as of December 31, 2019 are expected to be as follows: 2020 $ 16,907,553 2021 13,535,430 2022 10,425,658 2023 7,043,128 2024 5,336,123 Thereafter 5,428,467 Totals $ 58,676,359
Model Home Properties
Real Estate [Line Items]
Summary of Future Minimum Rental Revenues under Existing Leases	Future minimum rental revenues under existing leases on Model Home Properties as of December 31, 2019 are expected to be as follows: 2020 $ 3,016,320 2021 1,047,924 $ 4,064,244

LEASE INTANGIBLES (Tables)

LEASE INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Net Value of Other Intangible Assets	Lease intangibles consist of the following: December 31, 2019 December 31, 2018 Lease Intangibles Accumulated Amortization Lease Intangibles, net Lease Intangibles Accumulated Amortization Lease Intangibles, net In-place leases $ 4,360,027 $ (3,283,027) $ 1,077,000 $ 4,958,477 $ (3,467,781) $ 1,490,696 Leasing costs 2,937,976 (2,002,711) 935,265 3,628,080 (2,405,514) 1,222,566 Above-market leases 333,485 (240,739) 92,746 439,878 (291,666) 148,212 $ 7,631,488 $ (5,526,477) $ 2,105,011 $ 9,026,435 $ (6,164,961) $ 2,861,474
Amortization Expense for the Company Lease Intangible Assets	Aggregate approximate amortization expense for the Company's lease intangible assets is as follows: Year ending December 31, 2020 $ 687,974 2021 510,215 2022 360,116 2023 173,785 2024 118,989 Thereafter 253,932 Total $ 2,105,011

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
Other Assets [Abstract]
Other Assets	Other assets consist of the following: December 31, December 31, Deferred rent receivable $ 2,680,886 $ 2,883,581 Prepaid expenses, deposits and other 601,897 407,106 Accounts receivable, net 1,336,122 2,845,314 Raw land — 900,000 Right of use asset, net 561,375 — Other intangibles, net 212,932 293,832 Notes receivable 316,374 316,374 Total other assets $ 5,709,586 $ 7,646,207

MORTGAGE NOTES PAYABLE (Tables)

MORTGAGE NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgage Notes Payable	Mortgage notes payable consisted of the following: Principal as of December 31, December 31, Loan Type Interest Rate (1) Mortgage note property Notes 2019 2018 Maturity Garden Gateway Plaza (7) $ 6,071,315 $ 6,270,896 Fixed 5.00 % 2/5/2020 World Plaza (4) 4,979,383 3,350,539 Variable 5.10 % 7/5/2020 West Fargo Industrial 4,216,565 4,292,809 Fixed 4.79 % 9/6/2020 Morena Office Center (2) — 1,567,358 Fixed 4.30 % 6/1/2021 Waterman Plaza 3,274,097 3,369,960 Fixed 5.78 % 4/29/2021 300 N.P. 2,311,738 2,348,443 Fixed 4.95 % 6/11/2022 Highland Court 6,424,366 6,568,320 Fixed 3.82 % 9/1/2022 Dakota Center 10,111,693 10,314,520 Fixed 4.74 % 7/6/2024 Union Terrace 6,240,396 6,354,153 Fixed 4.50 % 9/5/2024 The Presidio — 5,992,905 Fixed 4.54 % 12/1/2021 Centennial Tech Center (6) 9,561,654 9,745,811 Fixed 4.43 % 1/5/2024 Research Parkway 1,813,305 1,864,139 Fixed 3.94 % 1/5/2025 Arapahoe Center 8,085,727 8,233,567 Fixed 4.34 % 1/5/2025 Union Town Center 8,440,000 8,440,000 Fixed 4.28 % 1/5/2025 Executive Office Park 4,839,576 4,947,808 Fixed 4.83 % 6/1/2027 Genesis Plaza 6,378,110 6,476,032 Fixed 4.71 % 8/25/2025 One Park Centre 6,487,532 6,585,922 Fixed 4.77 % 9/5/2025 Shea Center II 17,727,500 17,727,500 Fixed 4.92 % 1/5/2026 Grand Pacific Center (3) 3,851,962 3,961,304 Fixed 4.02 % 8/1/2037 Office/Industrial and Retail Properties $ 110,814,919 $ 118,411,986 Model Home Properties 32,644,129 32,728,930 Fixed (5) 2019-2022 Mortgage Notes Payable $ 143,459,048 $ 151,140,916 Unamortized loan costs (1,066,056) (1,426,740) Mortgage Notes Payable held for investment, net $ 142,392,992 $ 149,714,176 (1) Intere st rates as of December 31, 2019. (2) Morena Office Center sold on January 15, 2019. (3) Interest rate is subject to reset on September 1, 2023. (4) Interest on t his loan is ABR + 0.75% and LIBOR plus 2.75% For the year-ended December 31, 2019, the weighted average interest rate was 5.04%. (5) Each Model Home has a stand-alone mortgage note at interest rates ranging from 3.8% to 5.6% (at December 31, 2019). (6) Centennial Tech Center was held for sale as of December 31, 2019 and sold for approximately $15.0 million on February 5, 2020.
Scheduled Principal Payments of Mortgage Notes Payable	Scheduled principal payments of mortgage notes payable are as follows: Years ending December 31: Office/Industrial and Retail Notes Payable Model Home Properties Notes Payable Principal Payments 2020 $ 16,871,952 $ 12,294,895 $ 29,166,847 2021 4,960,217 11,932,259 $ 16,892,476 2022 10,055,657 8,416,975 $ 18,472,632 2023 1,783,291 — $ 1,783,291 2024 24,813,868 — $ 24,813,868 Thereafter 52,329,934 — $ 52,329,934 Total $ 110,814,919 $ 32,644,129 $ 143,459,048

Share Based Incentive Plan (Tab

Share Based Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Non-vested Restricted Stock	A summary of the activity for the Company’s restricted stock was as follows: Outstanding shares: Common Shares Balance at December 31, 2018 239,312 Granted 153,062 Forfeited (14,340) Vested (126,149) Balance at December 31, 2019 251,885

SEGMENTS (Tables)

SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Net Operating Income by Segment	The following tables reconcile the Company’s segment activity to its results of operations and financial position as of and for the years ended December 31, 2019 and 2018, respectively. For the Year Ended December 31, 2019 2018 Office/Industrial Properties: Rental income $ 21,490,215 $ 24,037,363 Property and related expenses (9,317,720) (9,494,885) Net operating income, as defined 12,172,495 14,542,478 Model Home Properties: Rental income 4,194,489 4,642,159 Property and related expenses (193,367) (174,238) Net operating income, as defined 4,001,122 4,467,921 Retail Properties: Rental income 2,956,407 3,664,491 Property and related expenses (899,487) (1,217,596) Net operating income, as defined 2,056,920 2,446,895 Reconciliation to net income: Total net operating income, as defined, for reportable segments 18,230,537 21,457,294 General and administrative expenses (5,268,315) (4,532,703) Depreciation and amortization (7,364,688) (9,101,605) Interest expense (10,649,646) (13,041,016) Interest income 141,306 55,909 Gain on sale of real estate 6,319,272 12,200,138 Deferred offering cost — (1,507,599) Impairment of real estate — (532,951) Acquisition costs (24,269) (26,177) Income tax expense (611,263) (518,567) Net income $ 772,934 $ 4,452,723
Reconciliation of Assets by Segment to Total Assets	Assets by Reportable Segment: December 31, December 31, Office/Industrial Properties: Land, buildings and improvements, net (1) $ 126,421,648 $ 138,694,773 Total assets (2) $ 131,180,612 $ 143,620,315 Model Home Properties: Land, buildings and improvements, net (1) $ 48,466,371 $ 48,762,869 Total assets (2) $ 51,389,400 $ 48,864,060 Retail Properties: Land, buildings and improvements, net (1) $ 25,318,601 $ 23,650,423 Total assets (2) $ 26,588,254 $ 27,702,384 Reconciliation to Total Assets: Total assets for reportable segments $ 209,158,266 $ 220,186,759 Other unallocated assets: Cash and cash equivalents 10,391,275 9,776,215 Other assets, net 1,234,867 3,087,066 Total Assets $ 220,784,408 $ 233,050,040 ________________________________________________________ (1) Includes lease intangibles and the land purchase option related to property acquisitions. (2) Includes land, buildings and improvements, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis.
Reconciliation of Capital Expenditures by Segment to Total Real Estate Investments	Capital Expenditures by Reportable Segment For the Year Ended December 31, 2019 2018 Office/Industrial Properties: Capital expenditures and tenant improvements $ 6,373,464 $ 3,340,023 Model Home Properties: Acquisition of operating properties 13,037,562 17,326,915 Retail Properties: Capital expenditures and tenant improvements 20,247 19,260 Totals: Acquisition of operating properties, net 13,037,562 17,326,915 Capital expenditures and tenant improvements 6,393,711 3,359,283 Total real estate investments $ 19,431,273 $ 20,686,198

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2019USD ($)segmentcounterpartytenant	Dec. 31, 2018tenant	Sep. 17, 2019USD ($)	Oct. 31, 2017Propertyproperty
Organization And Basis Of Presentation [Line Items]
Number of commercial properties own in fee interest | property				16
Number of property own that have partial interest | Property				1
Number of limited partnerships in which the company is sole General Partner | counterparty	2
Number of partnerships that purchase and leaseback model homes from developers in which the company is a limited partner | counterparty	5
Mortgage notes payable in 2020	$ 29,166,847
Mortgage notes payable maturing year	2020
Number of reportable segments | segment	3
Customer Concentration Risk | Rental Income
Organization And Basis Of Presentation [Line Items]
Number of tenant | tenant	1	1
Concentration risk, percentage	6.10%	5.70%
Notes Payable to Banks | Polar Multi-Strategy Master Fund
Organization And Basis Of Presentation [Line Items]
Principal amount			$ 14,000,000
Fixed interest rate on mortgage (in hundredths)			8.00%
Mortgage Notes Payable | Model Home
Organization And Basis Of Presentation [Line Items]
Mortgage notes payable in 2020	$ 12,300,000
Mortgage Notes Payable | Commercial Property
Organization And Basis Of Presentation [Line Items]
Mortgage notes payable in 2020	$ 16,900,000

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details)	Feb. 05, 2020USD ($)	Dec. 31, 2019USD ($)operatingLease$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Real Estate Asset Acquisitions [Abstract]
Amortization of above and below market rents		$ 131,000	$ 826,000
Remaining term of in-place leases (in years)		10 years
Amortization expense related to in-place leases, unamortized lease origination costs and tenant relationships		$ 413,000	569,000
Asset impairment charge		0	532,951
Intangible Assets [Abstract]
Impairment of definite lived assets		274,000	415,000
Impairment of indefinite lived assets		0	0
Depreciation and Amortization of Buildings and Improvements [Abstract]
Depreciation expense		7,400,000	9,100,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash balances may exceed federally insured limit		250,000
Loss on federal deposit insurance corporation		0
Deposits in financial institutions that exceeded the federally insurable limits		8,600,000
Restricted cash		4,700,000
Accounts Receivables [Abstract]
Allowance for uncollectible accounts		21,000	60,000
Deferred Leasing Costs [Abstract]
Net deferred leasing costs		2,054,000	2,097,000
Amortization of deferred leasing costs, after ASC 842		646,000
Amortization of deferred leasing costs			510,000
Deferred Financing Costs [Abstract]
Unamortized deferred financing costs		1,066,000	1,427,000
Amortization of financing costs		$ 965,239	$ 675,087
Income Tax Uncertainties [Abstract]
Income tax description		We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “Code”), for federal income tax purposes. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership.
Percentage of distributed taxable income to qualify as REIT		90.00%
Loss Per Common Share [Abstract]
Basic and diluted net income (loss) per share (in dollars per share) | $ / shares		$ (0.03)	$ 0.19
Anti-dilutive shares included in computation of diluted earnings per share (in shares) | shares		746,517
Anti-dilutive shares excluded from computation of diluted earnings per share (in shares) | shares			733,944
Recently Issued Accounting Pronouncements [Abstract]
Right of use asset, net		$ 661,000
Lease liabilities		$ 661,000
Accounting Standards Update 2016-02
Recently Issued Accounting Pronouncements [Abstract]
Number of operating lease, right-of-use assets | operatingLease		2
Number operating lease liabilities | operatingLease		2
Federal
Income Tax Uncertainties [Abstract]
Net operating losses carry-forwards		$ 3,900,000
Mortgage Payable
Deferred Financing Costs [Abstract]
Amortization of financing costs		470,000	$ 529,000
Polar Multi-Strategy Master Fund | Notes Payable to Banks
Deferred Financing Costs [Abstract]
Unamortized deferred financing costs		748,000
Amortization of financing costs		373,000
Series B Preferred Stock
Deferred Financing Costs [Abstract]
Unamortized deferred financing costs		0	122,000
Series B Preferred Stock | Mortgage Payable
Deferred Financing Costs [Abstract]
Amortization of financing costs		122,000	147,000
Waterman Plaza
Real Estate Asset Acquisitions [Abstract]
Asset impairment charge		$ 0	$ 533,000
Centennial Tech Center | Subsequent Event
Subsequent Events [Abstract]
Proceeds from sale of property	$ 15,000,000
Gain (loss) on sale of property	$ 4,300,000
Building and Building Improvements
Depreciation and Amortization of Buildings and Improvements [Abstract]
Estimated useful life		39 years
Assets Leased to Others | Minimum
Depreciation and Amortization of Buildings and Improvements [Abstract]
Estimated useful life		1 year
Assets Leased to Others | Maximum
Depreciation and Amortization of Buildings and Improvements [Abstract]
Estimated useful life		10 years
Furniture and Fixtures | Minimum
Depreciation and Amortization of Buildings and Improvements [Abstract]
Estimated useful life		4 years
Furniture and Fixtures | Maximum
Depreciation and Amortization of Buildings and Improvements [Abstract]
Estimated useful life		5 years

RECENT REAL ESTATE TRANSACTIO_3

RECENT REAL ESTATE TRANSACTIONS (Disposals of Properties) (Details)	Jul. 31, 2019USD ($)	Jul. 01, 2019USD ($)	May 08, 2019USD ($)	Jan. 15, 2019USD ($)	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Oct. 31, 2017Property
Real Estate Properties [Line Items]
Number of properties | Property							1
Disposed of real estate assets with net carrying value					$ 25,100,000
Gain on sale of real estate assets					6,319,272	$ 12,200,138
Genesis Plaza
Real Estate Properties [Line Items]
Proceeds from sale of property		$ 2,900,000
Sale of percentage interest in real estate property		43.00%
Sale proceeds from real estate		$ 5,600,000
The Presidio
Real Estate Properties [Line Items]
Proceeds from sale of property	$ 12,300,000
Gain (loss) on sale of property	$ 4,500,000
Port of San Diego Complex
Real Estate Properties [Line Items]
Proceeds from sale of property						24,800,000
Gain (loss) on sale of property						10,000,000
Yucca Valley Retail Center
Real Estate Properties [Line Items]
Proceeds from sale of property						7,800,000
Gain (loss) on sale of property						1,400,000
Pacific Oaks Plaza
Real Estate Properties [Line Items]
Proceeds from sale of property						3,900,000
Gain (loss) on sale of property						(232,000)
Residential Properties
Real Estate Properties [Line Items]
Proceeds from sale of property			$ 875,000		14,600,000	12,600,000
Gain (loss) on sale of property			$ (93,000)		$ 1,200,000	$ 988,000
Number of properties | property					41	33
Residential Properties | Morena Office Center
Real Estate Properties [Line Items]
Proceeds from sale of property				$ 5,600,000
Gain (loss) on sale of property				$ 700,000

RECENT REAL ESTATE TRANSACTIO_4

RECENT REAL ESTATE TRANSACTIONS (Acquisitions of Properties) (Details)	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018property	Oct. 31, 2017Property
Real Estate Properties [Line Items]
Number of properties | Property			1
Residential Properties
Real Estate Properties [Line Items]
Number of properties | property	41	33
Residential Properties | Thirty Three Model Homes
Real Estate Properties [Line Items]
Number of properties | property	33
Payments to acquire residential real estate	$ 13,000,000
Allocated Purchase Price of Properties Acquired [Abstract]
Land	2,495,436
Buildings and Other	10,542,126
Total Purchase Price	$ 13,037,562

REAL ESTATE ASSETS (Properties)

REAL ESTATE ASSETS (Properties) (Details)	12 Months Ended
	Dec. 31, 2019ft²property	Oct. 31, 2017Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | Property		1
Number of states that real estate property is located	7
Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties	1
Single Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term of non-cancelable lease agreements	18 months
Term of option to extend lease agreements	6 months
Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties	12
Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Rentable square feet | ft²	1,192,566
Retail Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties	4
Rentable square feet | ft²	131,722
Residential Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties	136
Number of Limited Liability Companies	1
North Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties	4

REAL ESTATE ASSETS (Summary of

REAL ESTATE ASSETS (Summary of Properties Owned) (Details) - USD ($)	Feb. 05, 2020	Jul. 31, 2019	Jul. 01, 2019	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real estate assets, net (in thousands)				$ 200,206,620	$ 211,108,065
Garden Gateway Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Colorado Springs, Colorado
Real estate assets, net (in thousands)				$ 11,428,000	11,166,000
World Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				San Bernardino, California
Real estate assets, net (in thousands)				$ 8,305,000	6,180,000
Executive Office Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Colorado Springs, Colorado
Real estate assets, net (in thousands)				$ 7,723,000	7,976,000
Waterman Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				San Bernardino, California
Real estate assets, net (in thousands)				$ 4,889,000	4,977,000
Morena Office Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				San Diego, California
Real estate assets, net (in thousands)				$ 0	4,716,000
Genesis Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				San Diego, California
Real estate assets, net (in thousands)				$ 8,789,000	8,449,000
Proceeds from sale of property			$ 2,900,000
Dakota Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Fargo, North Dakota
Real estate assets, net (in thousands)				$ 8,855,000	9,139,000
The Presidio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Aurora, Colorado
Real estate assets, net (in thousands)				$ 0	6,499,000
Proceeds from sale of property		$ 12,300,000
Grand Pacific Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Bismarck, North Dakota
Real estate assets, net (in thousands)				$ 5,914,000	5,814,000
Union Terrace
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Lakewood, Colorado
Real estate assets, net (in thousands)				$ 8,425,000	7,983,000
Centennial Tech Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Colorado Springs, Colorado
Real estate assets, net (in thousands)				$ 13,132,000	12,960,000
Centennial Tech Center | Subsequent Event
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Proceeds from sale of property	$ 15,000,000
Arapahoe Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Centennial, Colorado
Real estate assets, net (in thousands)				$ 9,748,000	10,251,000
Union Town Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Colorado Springs, Colorado
Real estate assets, net (in thousands)				$ 9,612,000	9,904,000
West Fargo Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Fargo, North Dakota
Real estate assets, net (in thousands)				$ 7,212,000	7,243,000
300 N.P.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Fargo, North Dakota
Real estate assets, net (in thousands)				$ 3,405,000	3,543,000
Research Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Colorado Springs, Colorado
Real estate assets, net (in thousands)				$ 2,512,000	2,589,000
One Park Centre
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Westminster, Colorado
Real estate assets, net (in thousands)				$ 8,518,000	8,453,000
Highland Court
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Centennial, Colorado
Real estate assets, net (in thousands)				$ 11,421,000	11,845,000
Shea Center II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Highlands Ranch, Colorado
Real estate assets, net (in thousands)				$ 21,853,000	22,658,000
Office/Industrial Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real estate assets, net (in thousands)				151,741,000	162,345,000
Model Home Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real estate assets, net (in thousands)				$ 48,466,000	$ 48,763,000

REAL ESTATE ASSETS (Summary o_2

REAL ESTATE ASSETS (Summary of Future Minimum Rental Revenues under Existing Leases on Office/Industiral and Retail Propierties) (Details) - Office/Industrial and Retail Properties	Dec. 31, 2019USD ($)
Operating Leased Assets [Line Items]
2020	$ 16,907,553
2021	13,535,430
2022	10,425,658
2023	7,043,128
2024	5,336,123
Thereafter	5,428,467
Totals	$ 58,676,359

REAL ESTATE ASSETS (Summary o_3

REAL ESTATE ASSETS (Summary of Future Minimum Rental Revenues under Existing Leases on Model Home Properties) (Details) - Model Home Properties	Dec. 31, 2019USD ($)
Operating Leased Assets [Line Items]
2020	$ 3,016,320
2021	1,047,924
Totals	$ 4,064,244

Lease Intangibles (Net Value of

Lease Intangibles (Net Value of Other Intangible Assets and Amortization by Class) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	$ 7,631,488	$ 9,026,435
Accumulated Amortization	(5,526,477)	(6,164,961)
Lease Intangibles, net	2,105,011	2,861,474
In-place leases
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	4,360,027	4,958,477
Accumulated Amortization	(3,283,027)	(3,467,781)
Lease Intangibles, net	1,077,000	1,490,696
Leasing costs
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	2,937,976	3,628,080
Accumulated Amortization	(2,002,711)	(2,405,514)
Lease Intangibles, net	935,265	1,222,566
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	333,485	439,878
Accumulated Amortization	(240,739)	(291,666)
Lease Intangibles, net	$ 92,746	$ 148,212

Lease Intangibles (Additional I

Lease Intangibles (Additional Information) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross lease intangible assets	$ 2,105,011	$ 2,861,474
Accumulated amortization related to lease intangible assets	5,526,477	6,164,961
Below-market leases, net	309,932	495,927
Real Estate Assets Held For Sale
Finite-Lived Intangible Assets [Line Items]
Gross lease intangible assets	2,300,000	2,500,000
Accumulated amortization related to lease intangible assets	$ 1,400,000	$ 1,500,000
Weighted average
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period	2 years 7 months 6 days

Lease Intangibles (Amortization

Lease Intangibles (Amortization Expense for the Company Lease Intangible Assets) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 687,974
2021	510,215
2022	360,116
2023	173,785
2024	118,989
Thereafter	253,932
Lease Intangibles, net	$ 2,105,011	$ 2,861,474

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Other Assets [Line Items]
Raw land	$ 27,407,677	$ 26,816,105
Right of use asset, net	661,000
Total other assets	5,709,586	7,646,207
Other Assets
Other Assets [Line Items]
Deferred rent receivable	2,680,886	2,883,581
Prepaid expenses, deposits and other	601,897	407,106
Accounts receivable, net	1,336,122	2,845,314
Raw land	0	900,000
Right of use asset, net	561,375	0
Other intangibles, net	212,932	293,832
Notes receivable	$ 316,374	$ 316,374

MORTGAGE NOTES PAYABLE (Details

MORTGAGE NOTES PAYABLE (Details) - USD ($)	Feb. 05, 2020	Jul. 31, 2019	Jul. 01, 2019	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 143,459,048	$ 151,140,916
Unamortized loan costs				(1,066,056)	(1,426,740)
Mortgage notes payable, net				142,392,992	149,714,176
Garden Gateway Plaza
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 6,071,315	6,270,896
Fixed Interest Rate				5.00%
Maturity				Feb. 5, 2020
World Plaza
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 4,979,383	$ 3,350,539
Variable Interest Rate				5.10%
Maturity				Jul. 5, 2020
Description of variable rate basis					LIBOR
Weighted average interest rate				5.04%
World Plaza | ABR
Debt Instrument [Line Items]
Variable interest rate on mortgage (in hundredth)				0.75%
World Plaza | LIBOR
Debt Instrument [Line Items]
Variable interest rate on mortgage (in hundredth)				2.75%
West Fargo Industrial
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 4,216,565	$ 4,292,809
Fixed Interest Rate				4.79%
Maturity				Sep. 6, 2020
Morena Office Center
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 0	1,567,358
Fixed Interest Rate				4.30%
Maturity				Jun. 1, 2021
Waterman Plaza
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 3,274,097	3,369,960
Fixed Interest Rate				5.78%
Maturity				Apr. 29, 2021
300 N.P.
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 2,311,738	2,348,443
Fixed Interest Rate				4.95%
Maturity				Jun. 11, 2022
Highland Court
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 6,424,366	6,568,320
Fixed Interest Rate				3.82%
Maturity				Sep. 1, 2022
Dakota Center
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 10,111,693	10,314,520
Fixed Interest Rate				4.74%
Maturity				Jul. 6, 2024
Union Terrace
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 6,240,396	6,354,153
Fixed Interest Rate				4.50%
Maturity				Sep. 5, 2024
The Presidio
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 0	5,992,905
Fixed Interest Rate				4.54%
Maturity				Dec. 1, 2021
Proceeds from sale of property		$ 12,300,000
Centennial Tech Center
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 9,561,654	9,745,811
Fixed Interest Rate				4.43%
Maturity				Jan. 5, 2024
Centennial Tech Center | Subsequent Event
Debt Instrument [Line Items]
Proceeds from sale of property	$ 15,000,000
Research Parkway
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 1,813,305	1,864,139
Fixed Interest Rate				3.94%
Maturity				Jan. 5, 2025
Arapahoe Center
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 8,085,727	8,233,567
Fixed Interest Rate				4.34%
Maturity				Jan. 5, 2025
Union Town Center
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 8,440,000	8,440,000
Fixed Interest Rate				4.28%
Maturity				Jan. 5, 2025
Executive Office Park
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 4,839,576	4,947,808
Fixed Interest Rate				4.83%
Maturity				Jun. 1, 2027
Genesis Plaza
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 6,378,110	6,476,032
Fixed Interest Rate				4.71%
Maturity				Aug. 25, 2025
Proceeds from sale of property			$ 2,900,000
One Park Centre
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 6,487,532	6,585,922
Fixed Interest Rate				4.77%
Maturity				Sep. 5, 2025
Shea Center II
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 17,727,500	17,727,500
Fixed Interest Rate				4.92%
Maturity				Jan. 5, 2026
Grand Pacific Center
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 3,851,962	3,961,304
Fixed Interest Rate				4.02%
Maturity				Aug. 1, 2037
Interest rate terms				Interest rate is subject to reset on September 1, 2023.
Office/Industrial and Retail Properties
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 110,814,919	118,411,986
Model Home Properties
Debt Instrument [Line Items]
Mortgage Notes Payable				$ 32,644,129	$ 32,728,930
Model Home Properties | Minimum
Debt Instrument [Line Items]
Fixed Interest Rate				3.80%
Model Home Properties | Maximum
Debt Instrument [Line Items]
Fixed Interest Rate				5.60%

MORTGAGE NOTES PAYABLE (Schedul

MORTGAGE NOTES PAYABLE (Scheduled Principal Payments of Mortgage Notes Payable) (Details)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
2020	$ 29,166,847
2021	16,892,476
2022	18,472,632
2023	1,783,291
2024	24,813,868
Thereafter	52,329,934
Total	143,459,048
Office/Industrial Properties
Debt Instrument [Line Items]
2020	16,871,952
2021	4,960,217
2022	10,055,657
2023	1,783,291
2024	24,813,868
Thereafter	52,329,934
Total	110,814,919
Model Home Properties
Debt Instrument [Line Items]
2020	12,294,895
2021	11,932,259
2022	8,416,975
2023	0
2024	0
Thereafter	0
Total	$ 32,644,129

NOTE PAYABLE (Details)

NOTE PAYABLE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Sep. 17, 2019
Debt Instrument [Line Items]
Cash received	$ 143,459,048
Accretion expense	387,000
Amortization of financing costs	965,239	$ 675,087
Notes Payable to Banks | Polar Multi-Strategy Master Fund
Debt Instrument [Line Items]
Principal amount			$ 14,000,000
Fixed interest rate on mortgage (in hundredths)			8.00%
Cash received	12,600,000
Original issue discount	1,400,000
Unrecognized amount	1,000,000
Legal and underwriting costs	1,100,000
Amortization of financing costs	373,000
Deferred financing costs	$ 748,000
Fair value ratio percent	75.00%

SERIES B MANDATORILY REDEEMAB_2

SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK (Details)	Aug. 01, 2019USD ($)	Aug. 01, 2017property	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2015shares
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Extension options | property		2
Term of extension options	1 year	1 year
Preferred stock redemption extension fee paid	$ 307,000
Interest expense			$ 10,649,646	$ 13,041,016
Total unamortized deferred stock costs			$ 1,066,000	$ 1,427,000
Redeemable Convertible Preferred Stock Series B
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Preferred stock shares issued (in shares) | shares			0	16,900	35,000
Preferred stock shares outstanding (in shares) | shares			0	16,900
Deferred financing costs			$ 3,100,000
Interest expense			122,000	$ 147,000
Total unamortized deferred stock costs			$ 0	$ 122,000
Number of shares redeemed (in shares) | shares			16,900	13,800
Number of shares redeemed, value			$ 16,900,000	$ 13,800,000
Redeemable preferred stock			$ 0

STOCKHOLDERS' EQUITY (Common an

STOCKHOLDERS' EQUITY (Common and Preferred Stock) (Details)	12 Months Ended
	Dec. 31, 2019vote$ / sharesshares	Dec. 31, 2018$ / sharesshares	Dec. 31, 2011$ / sharesshares
Private Placement
Common Stock [Abstract]
Common stock shares issued (in shares)			20,000,000
Price of shares (in dollars per share) | $ / shares			$ 10
Sale of stock, nature of consideration received per transaction	The Company ceased raising capital under this private placement offering effective December 31, 2011.
Preferred Stock
Preferred Stock [Abstract]
Preferred shares authorized (in shares)	1,000,000
Common Class A
Common Stock [Abstract]
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock shares issued (in shares)	17,763,683	17,721,422
Number of votes holder is entitled to | vote	1
Maximum individual common stock ownership (in hundredths)	9.80%
Common Class C
Common Stock [Abstract]
Common stock, shares authorized (in shares)	9,000,000
Common stock shares issued (in shares)	0
Common Class B
Common Stock [Abstract]
Common stock, shares authorized (in shares)	1,000
Par value (in dollars per share) | $ / shares	$ 0.01
Common stock shares issued (in shares)	0

STOCKHOLDERS' EQUITY (Dividends

STOCKHOLDERS' EQUITY (Dividends) (Details) - USD ($)	Jan. 23, 2012	Dec. 31, 2019	Dec. 31, 2018
Cash Dividends [Abstract]
Cash dividends paid		$ 1,100,000	$ 1,100,000
Annualized dividend rate (in dollars per share)		$ 0.06	$ 0.06
Dividend Reinvestment Plan [Abstract]
Registered shares of common stock pursuant to dividend reinvestment plan (in shares)	3,000,000
Percentage of purchase price per share (in hundredths)	95.00%
Former sales price per share (in dollars per share)	$ 10
Payment of sales commission or dealer manager fee	$ 0
Notice period for amendments to Dividend Reinvestment Plan		30 days
Dividend reinvestments		$ 0
Common stock issued under dividend reinvestment plan		$ 17,400,000
Common stock issued under dividend reinvestment plan (in shares)		1,834,147

SHARE-BASED INCENTIVE PLAN (Add

SHARE-BASED INCENTIVE PLAN (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2006	Dec. 31, 2019	Dec. 31, 2018
Share-Based Incentive Plan [Abstract]
Value of granted nonvested restricted stock issued		$ 1,700	$ 2,100
Compensation expense		$ 686	$ 461
Non Vested Restricted Shares | Minimum
Share-Based Incentive Plan [Abstract]
Vesting period		1 year
Non Vested Restricted Shares | Maximum
Share-Based Incentive Plan [Abstract]
Vesting period		10 years
Restricted Stock Plan | Restricted Stock | Private Placement
Share-Based Incentive Plan [Abstract]
Offering price (in dollars per share)	$ 10	$ 4.01
Restricted Stock Plan | Restricted Stock | Minimum
Share-Based Incentive Plan [Abstract]
Vesting period		3 years
Restricted Stock Plan | Restricted Stock | Maximum
Share-Based Incentive Plan [Abstract]
Vesting period		10 years

SHARE-BASED INCENTIVE PLAN (Non

SHARE-BASED INCENTIVE PLAN (Non-vested Restricted Stock) (Details) - Restricted Stock Plan - Restricted Stock	12 Months Ended
	Dec. 31, 2019shares
Nonvested Restricted Shares [Roll Forward]
Balance, beginning of period (in shares)	239,312
Granted (in shares)	153,062
Forfeited (in shares)	(14,340)
Vested (in shares)	(126,149)
Balance, end of period (in shares)	251,885

RELATED PARTY TRANSACTIONS (Add

RELATED PARTY TRANSACTIONS (Additional Information) (Details) - Pacific Oaks Plaza - Chairman and Chief Executive Officer and Another Related Party - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Ownership percentage	100.00%
Rent revenue from an entity 100% owned by the Company's Chairman and Chief Executive Officer and another Related Party	$ 9,000	$ 36,000

SEGMENTS (Net Operating Income

SEGMENTS (Net Operating Income by Segment) (Details)	12 Months Ended
	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)
Net Operating Income [Abstract]
Number of reportable segments | segment	3
Rental income	$ 27,467,410	$ 31,141,558
Total net operating income, as defined, for reportable segments	18,230,537	21,457,294
General and administrative expenses	(5,268,315)	(4,532,703)
Depreciation and amortization	(7,364,688)	(9,101,605)
Interest expense	(10,649,646)	(13,041,016)
Interest income	141,306	55,909
Gain on sale of real estate	6,319,272	12,200,138
Deferred offering costs	0	(1,507,599)
Impairment of real estate assets	0	(532,951)
Acquisition costs	(24,269)	(26,177)
Income tax expense	(611,263)	(518,567)
Net income	772,934	4,452,723
Office/Industrial Properties
Net Operating Income [Abstract]
Rental income	21,490,215	24,037,363
Property and related expenses	(9,317,720)	(9,494,885)
Total net operating income, as defined, for reportable segments	12,172,495	14,542,478
Model Home Properties
Net Operating Income [Abstract]
Rental income	4,194,489	4,642,159
Property and related expenses	(193,367)	(174,238)
Total net operating income, as defined, for reportable segments	4,001,122	4,467,921
Retail/Mixed Use Properties
Net Operating Income [Abstract]
Rental income	2,956,407	3,664,491
Property and related expenses	(899,487)	(1,217,596)
Total net operating income, as defined, for reportable segments	$ 2,056,920	$ 2,446,895

SEGMENTS (Assets) (Details)

SEGMENTS (Assets) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	$ 209,158,266	$ 220,186,759
Cash and cash equivalents	10,391,275	9,776,215	$ 8,310,575
Other assets, net	5,709,586	7,646,207
TOTAL ASSETS	220,784,408	233,050,040
Significant Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Other assets, net	1,234,867	3,087,066
Office/Industrial Properties | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	126,421,648	138,694,773
TOTAL ASSETS	131,180,612	143,620,315
Model Home Properties | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	48,466,371	48,762,869
TOTAL ASSETS	51,389,400	48,864,060
Retail/Mixed Use Properties | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	25,318,601	23,650,423
TOTAL ASSETS	$ 26,588,254	$ 27,702,384

SEGMENTS (Capital Expenditures)

SEGMENTS (Capital Expenditures) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Capital expenditures and tenant improvements	$ 6,393,711	$ 3,359,283
Acquisition of operating properties	13,037,562	17,326,915
Total real estate investments	19,431,273	20,686,198
Office/Industrial Properties
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Capital expenditures and tenant improvements	6,373,464	3,340,023
Model Home Properties
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Acquisition of operating properties	13,037,562	17,326,915
Retail/Mixed Use Properties
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Capital expenditures and tenant improvements	$ 20,247	$ 19,260

SCHEDULE III - Real Estate an_2

SCHEDULE III - Real Estate and Accumulated Depreciation and Amortization (Details) - USD ($)	Feb. 05, 2020	Jul. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			$ 143,459,000
Land, Initial Cost			36,280,000
Building and Improvements, Initial Cost			195,491,000
Acquisition Price			231,771,000
Capitalized Improvements			31,399,000
Land Cost, Total Cost			35,884,000
Building & Improvements, Total Cost			178,571,000
SEC Schedule III, Real Estate, Gross, Total			245,854,000
Accumulated Depreciation & Depreciation			44,113,962	$ 43,567,809	$ 40,012,255
Reserve for Impairment			1,533,000
NBV Real Estate			$ 200,207,000
Building and Building Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful life			39 years
Genesis Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Proceeds from sale of property		$ 2,900,000
Centennial Tech Center | Subsequent Event
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Proceeds from sale of property	$ 15,000,000
Executive Office Park | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			$ 4,840,000
Land, Initial Cost			1,266,000
Building and Improvements, Initial Cost			8,815,000
Acquisition Price			10,081,000
Capitalized Improvements			1,511,000
Land Cost, Total Cost			1,266,000
Building & Improvements, Total Cost			7,880,000
SEC Schedule III, Real Estate, Gross, Total			10,657,000
Accumulated Depreciation & Depreciation			2,934,000
Reserve for Impairment			0
NBV Real Estate			7,723,000
Genesis Plaza | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			6,378,000
Land, Initial Cost			1,400,000
Building and Improvements, Initial Cost			8,600,000
Acquisition Price			10,000,000
Capitalized Improvements			2,423,000
Land Cost, Total Cost			1,400,000
Building & Improvements, Total Cost			8,071,000
SEC Schedule III, Real Estate, Gross, Total			11,894,000
Accumulated Depreciation & Depreciation			3,105,000
Reserve for Impairment			0
Dakota Center | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			10,112,000
Land, Initial Cost			832,000
Building and Improvements, Initial Cost			8,743,000
Acquisition Price			9,575,000
Capitalized Improvements			1,270,000
Land Cost, Total Cost			832,000
Building & Improvements, Total Cost			9,917,000
SEC Schedule III, Real Estate, Gross, Total			12,019,000
Accumulated Depreciation & Depreciation			3,165,000
Reserve for Impairment			0
Grand Pacific Center | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			3,852,000
Land, Initial Cost			413,000
Building and Improvements, Initial Cost			4,926,000
Acquisition Price			5,339,000
Capitalized Improvements			872,000
Land Cost, Total Cost			413,000
Building & Improvements, Total Cost			6,099,000
SEC Schedule III, Real Estate, Gross, Total			7,384,000
Accumulated Depreciation & Depreciation			1,470,000
Reserve for Impairment			0
Union Terrace | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			6,240,000
Land, Initial Cost			1,717,000
Building and Improvements, Initial Cost			7,708,000
Acquisition Price			9,425,000
Capitalized Improvements			3,750,000
Land Cost, Total Cost			1,717,000
Building & Improvements, Total Cost			5,853,000
SEC Schedule III, Real Estate, Gross, Total			11,320,000
Accumulated Depreciation & Depreciation			2,895,000
Reserve for Impairment			0
Centennial Tech Center | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			9,562,000
Land, Initial Cost			2,025,000
Building and Improvements, Initial Cost			13,475,000
Acquisition Price			15,500,000
Capitalized Improvements			3,545,000
Land Cost, Total Cost			2,025,000
Building & Improvements, Total Cost			10,556,000
SEC Schedule III, Real Estate, Gross, Total			16,126,000
Accumulated Depreciation & Depreciation			2,994,000
Reserve for Impairment			0
Arapahoe Center | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			8,086,000
Land, Initial Cost			1,420,000
Building and Improvements, Initial Cost			10,430,000
Acquisition Price			11,850,000
Capitalized Improvements			2,076,000
Land Cost, Total Cost			1,420,000
Building & Improvements, Total Cost			8,857,000
SEC Schedule III, Real Estate, Gross, Total			12,353,000
Accumulated Depreciation & Depreciation			2,605,000
Reserve for Impairment			0
West Fargo Industrial | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			4,216,000
Land, Initial Cost			1,693,000
Building and Improvements, Initial Cost			6,207,000
Acquisition Price			7,900,000
Capitalized Improvements			234,000
Land Cost, Total Cost			1,693,000
Building & Improvements, Total Cost			6,063,000
SEC Schedule III, Real Estate, Gross, Total			7,990,000
Accumulated Depreciation & Depreciation			778,000
Reserve for Impairment			0
300 N.P. | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			2,312,000
Land, Initial Cost			135,000
Building and Improvements, Initial Cost			3,715,000
Acquisition Price			3,850,000
Capitalized Improvements			317,000
Land Cost, Total Cost			135,000
Building & Improvements, Total Cost			3,589,000
SEC Schedule III, Real Estate, Gross, Total			4,041,000
Accumulated Depreciation & Depreciation			636,000
Reserve for Impairment			0
Highland Court | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			6,424,000
Land, Initial Cost			3,608,000
Building and Improvements, Initial Cost			9,442,000
Acquisition Price			13,050,000
Capitalized Improvements			3,384,000
Land Cost, Total Cost			3,608,000
Building & Improvements, Total Cost			7,767,000
SEC Schedule III, Real Estate, Gross, Total			14,759,000
Accumulated Depreciation & Depreciation			3,339,000
Reserve for Impairment			0
One Park Centre | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			6,488,000
Land, Initial Cost			1,206,000
Building and Improvements, Initial Cost			7,944,000
Acquisition Price			9,150,000
Capitalized Improvements			1,357,000
Land Cost, Total Cost			1,206,000
Building & Improvements, Total Cost			7,416,000
SEC Schedule III, Real Estate, Gross, Total			9,979,000
Accumulated Depreciation & Depreciation			1,460,000
Reserve for Impairment			0
Shea Center II | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			17,728,000
Land, Initial Cost			2,214,000
Building and Improvements, Initial Cost			23,747,000
Acquisition Price			25,961,000
Capitalized Improvements			5,711,000
Land Cost, Total Cost			2,214,000
Building & Improvements, Total Cost			19,515,000
SEC Schedule III, Real Estate, Gross, Total			27,440,000
Accumulated Depreciation & Depreciation			5,587,000
Reserve for Impairment			0
Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			92,309,000
Land, Initial Cost			20,964,000
Building and Improvements, Initial Cost			125,843,000
Acquisition Price			146,807,000
Capitalized Improvements			29,743,000
Land Cost, Total Cost			20,964,000
Building & Improvements, Total Cost			112,457,000
SEC Schedule III, Real Estate, Gross, Total			163,164,000
Accumulated Depreciation & Depreciation			36,742,000
Reserve for Impairment			0
NBV Real Estate			126,422,000
Industrial Office Properties | Garden Gateway Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			6,071,000
Land, Initial Cost			3,035,000
Building and Improvements, Initial Cost			12,091,000
Acquisition Price			15,126,000
Capitalized Improvements			3,293,000
Land Cost, Total Cost			3,035,000
Building & Improvements, Total Cost			10,874,000
SEC Schedule III, Real Estate, Gross, Total			17,202,000
Accumulated Depreciation & Depreciation			5,774,000
Reserve for Impairment			0
NBV Real Estate			11,428,000
Industrial Office Properties | Genesis Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
NBV Real Estate			8,789,000
Industrial Office Properties | Dakota Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
NBV Real Estate			8,854,000
Industrial Office Properties | Grand Pacific Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
NBV Real Estate			5,914,000
Industrial Office Properties | Union Terrace
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
NBV Real Estate			8,425,000
Industrial Office Properties | Centennial Tech Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
NBV Real Estate			13,132,000
Industrial Office Properties | Arapahoe Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
NBV Real Estate			9,748,000
Industrial Office Properties | West Fargo Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
NBV Real Estate			7,212,000
Industrial Office Properties | 300 N.P.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
NBV Real Estate			3,405,000
Industrial Office Properties | Highland Court
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
NBV Real Estate			11,420,000
Industrial Office Properties | One Park Centre
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
NBV Real Estate			8,519,000
Industrial Office Properties | Shea Center II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
NBV Real Estate			21,853,000
Retail Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			18,506,000
Land, Initial Cost			6,206,000
Building and Improvements, Initial Cost			22,950,000
Acquisition Price			29,156,000
Capitalized Improvements			1,656,000
Land Cost, Total Cost			6,239,000
Building & Improvements, Total Cost			24,408,000
SEC Schedule III, Real Estate, Gross, Total			32,303,000
Accumulated Depreciation & Depreciation			5,452,000
Reserve for Impairment			1,533,000
NBV Real Estate			25,318,000
Retail Properties | World Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			4,979,000
Land, Initial Cost			1,698,000
Building and Improvements, Initial Cost			6,232,000
Acquisition Price			7,930,000
Capitalized Improvements			749,000
Land Cost, Total Cost			1,698,000
Building & Improvements, Total Cost			8,803,000
SEC Schedule III, Real Estate, Gross, Total			11,250,000
Accumulated Depreciation & Depreciation			2,246,000
Reserve for Impairment			700,000
NBV Real Estate			8,304,000
Retail Properties | Waterman Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			3,274,000
Land, Initial Cost			2,350,000
Building and Improvements, Initial Cost			4,814,000
Acquisition Price			7,164,000
Capitalized Improvements			239,000
Land Cost, Total Cost			2,383,000
Building & Improvements, Total Cost			4,324,000
SEC Schedule III, Real Estate, Gross, Total			6,946,000
Accumulated Depreciation & Depreciation			1,224,000
Reserve for Impairment			833,000
NBV Real Estate			4,889,000
Retail Properties | Union Town Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			8,440,000
Land, Initial Cost			1,750,000
Building and Improvements, Initial Cost			9,462,000
Acquisition Price			11,212,000
Capitalized Improvements			504,000
Land Cost, Total Cost			1,750,000
Building & Improvements, Total Cost			8,932,000
SEC Schedule III, Real Estate, Gross, Total			11,186,000
Accumulated Depreciation & Depreciation			1,574,000
Reserve for Impairment			0
NBV Real Estate			9,612,000
Retail Properties | Research Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			1,813,000
Land, Initial Cost			408,000
Building and Improvements, Initial Cost			2,442,000
Acquisition Price			2,850,000
Capitalized Improvements			164,000
Land Cost, Total Cost			408,000
Building & Improvements, Total Cost			2,349,000
SEC Schedule III, Real Estate, Gross, Total			2,921,000
Accumulated Depreciation & Depreciation			408,000
Reserve for Impairment			0
NBV Real Estate			2,513,000
Model Home | Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			32,644,000
Land, Initial Cost			9,110,000
Building and Improvements, Initial Cost			46,698,000
Acquisition Price			55,808,000
Land Cost, Total Cost			8,681,000
Building & Improvements, Total Cost			41,706,000
SEC Schedule III, Real Estate, Gross, Total			50,387,000
Accumulated Depreciation & Depreciation			1,920,000
Reserve for Impairment			0
NBV Real Estate			48,467,000
Model Home | Model Homes -NDMHR, LP
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			2,840,000
Land, Initial Cost			1,387,000
Building and Improvements, Initial Cost			7,019,000
Acquisition Price			8,406,000
Land Cost, Total Cost			984,000
Building & Improvements, Total Cost			4,331,000
SEC Schedule III, Real Estate, Gross, Total			5,315,000
Accumulated Depreciation & Depreciation			339,000
Reserve for Impairment			0
NBV Real Estate			4,976,000
Model Home | Model Homes-DMH LP #202
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			4,784,000
Land, Initial Cost			1,384,000
Building and Improvements, Initial Cost			7,381,000
Acquisition Price			8,765,000
Land Cost, Total Cost			1,152,000
Building & Improvements, Total Cost			6,332,000
SEC Schedule III, Real Estate, Gross, Total			7,484,000
Accumulated Depreciation & Depreciation			378,000
Reserve for Impairment			0
NBV Real Estate			7,106,000
Model Home | Model Homes-DMH LP #203
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			8,650,000
Land, Initial Cost			1,911,000
Building and Improvements, Initial Cost			10,220,000
Acquisition Price			12,131,000
Land Cost, Total Cost			2,359,000
Building & Improvements, Total Cost			10,803,000
SEC Schedule III, Real Estate, Gross, Total			13,162,000
Accumulated Depreciation & Depreciation			513,000
Reserve for Impairment
NBV Real Estate			12,649,000
Model Home | Model Homes-DMH LP #204
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			5,851,000
Land, Initial Cost			1,409,000
Building and Improvements, Initial Cost			6,522,000
Acquisition Price			7,931,000
Land Cost, Total Cost			1,545,000
Building & Improvements, Total Cost			7,209,000
SEC Schedule III, Real Estate, Gross, Total			8,754,000
Accumulated Depreciation & Depreciation			271,000
Reserve for Impairment
NBV Real Estate			8,483,000
Model Home | Model Homes-DMH LP #205
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			3,687,000
Land, Initial Cost			1,021,000
Building and Improvements, Initial Cost			4,309,000
Acquisition Price			5,330,000
Land Cost, Total Cost			1,021,000
Building & Improvements, Total Cost			4,309,000
SEC Schedule III, Real Estate, Gross, Total			5,330,000
Accumulated Depreciation & Depreciation			35,000
Reserve for Impairment			0
NBV Real Estate			5,295,000
Model Home | Model Homes-NMH Inc.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			6,832,000
Land, Initial Cost			1,998,000
Building and Improvements, Initial Cost			11,247,000
Acquisition Price			13,245,000
Land Cost, Total Cost			1,620,000
Building & Improvements, Total Cost			8,722,000
SEC Schedule III, Real Estate, Gross, Total			10,342,000
Accumulated Depreciation & Depreciation			384,000
Reserve for Impairment			0
NBV Real Estate			$ 9,958,000

SCHEDULE III - Real Estate an_3

SCHEDULE III - Real Estate and Accumulated Depreciation and Amortization (Changes in Period) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Real estate
Balance at the beginning of the year	$ 254,675,874	$ 274,546,199
Acquisitions	13,037,562	17,326,915
Improvements	6,393,711	3,359,283
Impairment of real estate assets	0	(532,951)
Dispositions of real estate	(29,786,565)	(40,023,572)
Balance at the end of the year	244,320,582	254,675,874
Accumulated depreciation and amortization
Balance at the beginning of the year	(43,567,809)	(40,012,255)
Depreciation and amortization expense	(6,693,613)	(8,452,012)
Dispositions of real estate	6,147,460	4,896,458
Balance at the end of the year	(44,113,962)	(43,567,809)
Real estate assets, net	$ 200,206,620	$ 211,108,065