Presidio Property Trust (SQFT) 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 14, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		17,728,908
Entity Central Index Key	0001080657
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Amendment Flag	false
Entity Filer Category	Non-accelerated Filer

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Real estate assets and lease intangibles:
Land	$ 27,242,954	$ 27,024,601
Buildings and improvements	140,172,074	139,267,377
Tenant improvements	14,968,991	14,282,502
Lease intangibles	5,321,296	5,321,296
Real estate assets and lease intangibles held for investment, cost	187,705,315	185,895,776
Accumulated depreciation and amortization	(30,603,911)	(29,316,098)
Real estate assets and lease intangibles held for investment, net	157,101,404	156,579,678
Real estate assets held for sale, net	22,090,530	43,626,942
Real estate assets, net	179,191,934	200,206,620
Cash, cash equivalents and restricted cash	8,982,679	10,391,275
Deferred leasing costs, net	1,745,325	2,053,927
Goodwill	2,423,000	2,423,000
Other assets, net	3,999,350	5,709,586
TOTAL ASSETS	196,342,288	220,784,408
Liabilities:
Mortgage notes payable, net	114,700,145	114,090,245
Mortgage notes payable related to properties held for sale, net	12,423,400	28,302,747
Mortgage notes payable, total net	127,123,545	142,392,992
Note payable, net	7,632,556	12,238,692
Accounts payable and accrued liabilities	4,034,753	5,673,815
Accrued real estate taxes	1,751,297	2,987,601
Lease liability, net	121,203	560,188
Below-market leases, net	267,337	309,932
Total liabilities	140,930,691	164,163,220
Commitments and contingencies (Note 9)
Equity:
Additional paid-in capital	152,040,300	152,040,300
Dividends and accumulated losses	(114,144,274)	(113,037,144)
Total stockholders' equity before noncontrolling interest	38,073,664	39,180,794
Noncontrolling interest	17,337,933	17,440,394
Total equity	55,411,597	56,621,188
TOTAL LIABILITIES AND EQUITY	196,342,288	220,784,408
Common Class A
Equity:
Series A Common Stock, 0.01 par value, shares authorized: 100,000,000; 17,763,683 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	$ 177,638	$ 177,638
Common stock shares outstanding (in shares)	17,763,683	17,763,683
Common stock shares issued (in shares)	17,763,683	17,763,683

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - Common Class A - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	17,763,683
Common stock shares outstanding (in shares)	17,763,683	17,763,683

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income	$ 6,785,685	$ 6,895,180
Fees and other income	243,466	284,084
Total revenue	7,029,151	7,179,264
Costs and expenses:
Rental operating costs	2,381,092	2,763,550
General and administrative	1,351,345	1,760,703
Depreciation and amortization	1,574,526	2,210,081
Total costs and expenses	5,306,963	6,734,334
Other income (expense):
Interest expense-Series B preferred stock	0	(648,451)
Interest expense-mortgage notes	(1,687,776)	(1,896,752)
Interest expense - note payable	(866,070)	0
Interest and other income (expense), net	(6,995)	5,524
(Loss) gain on sales of real estate, net	(9,835)	1,214,242
Income tax expense	(83,631)	(81,430)
Total other income (expense), net	(2,654,307)	(1,406,867)
Net loss	(932,119)	(961,937)
Less: Income attributable to noncontrolling interests	(175,011)	(766,455)
Net loss attributable to Presidio Property Trust, Inc. common stockholders	$ (1,107,130)	$ (1,728,392)
Basic and diluted loss per common share (in dollars per share)	$ (0.06)	$ (0.10)
Weighted average number of common shares outstanding - basic and diluted (in shares)	17,763,683	17,734,797

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity - USD ($)	Total	Common Stock	Additional Paid-in Capital	Dividends and Accumulated Losses	Total Stockholders’ Equity	Non- controlling Interests
Beginning balance at Dec. 31, 2018	$ 56,141,043	$ 177,216	$ 151,582,017	$ (111,343,840)	$ 40,415,393	$ 15,725,650
Beginning balance (in shares) at Dec. 31, 2018		17,721,422
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(961,937)			(1,728,392)	(1,728,392)	766,455
Dividends paid	(150)			(150)	(150)
Distributions in excess of contributions received	(258,708)					(258,708)
Repurchase of common stock	(52,149)	$ (143)	(52,006)		(52,149)
Repurchase of common stock (in shares)		(14,322)
Vesting of restricted stock	230,883	$ 268	230,615		230,883
Vesting of restricted stock (in shares)		26,847
Ending balance at Mar. 31, 2019	55,098,982	$ 177,341	151,760,626	(113,072,382)	38,865,585	16,233,397
Ending balance (in shares) at Mar. 31, 2019		17,733,947
Beginning balance at Dec. 31, 2019	56,621,188	$ 177,638	152,040,300	(113,037,144)	39,180,794	17,440,394
Beginning balance (in shares) at Dec. 31, 2019		17,763,683
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(932,119)			(1,107,130)	(1,107,130)	175,011
Distributions in excess of contributions received	(277,472)					(277,472)
Ending balance at Mar. 31, 2020	$ 55,411,597	$ 177,638	$ 152,040,300	$ (114,144,274)	$ 38,073,664	$ 17,337,933
Ending balance (in shares) at Mar. 31, 2020		17,763,683

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (932,119)	$ (961,937)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	1,574,526	2,210,081
Stock compensation	157,371	433,285
Bad debt expense	0	18,139
Loss (gain) on sale of real estate assets, net	9,835	(1,214,242)
Accretion of original issue discount	337,802	0
Amortization of financing costs	363,183	227,374
Amortization of above-market leases	12,671	17,455
Amortization of below-market leases	(42,595)	(47,599)
Straight-line rent adjustment	(52,941)	(14,856)
Changes in operating assets and liabilities:
Other assets	1,947,145	2,051,150
Accounts payable and accrued liabilities	(2,612,649)	(459,901)
Accrued real estate taxes	(1,236,304)	(941,134)
Net cash (used in) provided by operating activities	(474,075)	1,317,815
Cash flows from investing activities:
Real estate acquisitions	(3,573,743)	0
Additions to buildings and tenant improvements	(889,673)	(2,696,422)
Additions to deferred leasing costs	0	(151,903)
Proceeds from sales of real estate, net	24,587,128	10,836,118
Net cash provided by investing activities	20,123,712	7,987,793
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of issuance costs	4,347,502	3,674,303
Repayment of mortgage notes payable	(19,803,831)	(7,682,670)
Repayment of note payable	(5,224,401)	0
Redemption of mandatorily redeemable preferred stock	0	(900,000)
Payment of deferred offering costs	(100,031)	0
Contributions from noncontrolling interests, net of distributions paid	(277,472)	(258,708)
Dividends paid to stockholders	0	(1,075,521)
Net cash used in financing activities	(21,058,233)	(6,242,596)
Net (decrease) increase in cash equivalents and restricted cash	(1,408,596)	3,063,012
Cash, cash equivalents and restricted cash - beginning of period	10,391,275	9,776,215
Cash, cash equivalents and restricted cash - end of period	8,982,679	12,839,227
Supplemental disclosure of cash flow information:
Interest paid-Series B preferred stock	0	580,650
Interest paid-mortgage notes payable	1,674,483	1,727,008
Interest paid-notes payable	247,805	0
Unpaid deferred offering costs	$ 14,608	$ 0

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 22, 2020, the Company received an Economic Injury Disaster Loan of $10,000 from the Small Business Administration which will provide economic relief during the COVID-19 pandemic. This loan advance is not required to be repaid, has no stipulations on use, and has been recorded as fees and other income in the Condensed Consolidated Statements of Operations during the second quarter of 2020. We intend to use the funds for general corporate purposes. On April 30, 2020, the Company received a Paycheck Protection Program loan of $462,000 from the Small Business Administration which will provide additional economic relief during the COVID-19 pandemic. The loan will be fully forgiven should the funds be used for payroll related costs, mortgage interest, rent and utilities, as long as our employee headcount remains consistent with our baseline period over an eight week period following the date the loan was received, otherwise the loan will be repaid over two years following a six month deferral. The loan has been recorded in accounts payable and accrued liabilities on the Condensed Consolidated Balance Sheets during the second quarter of 2020. We intend to use the funds primarily to cover payroll related costs.

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Organization . Presidio Property Trust, Inc. (“we”, “our”, “us” or the “Company”) is an internally managed diversified real estate investment trust (“REIT”), with holdings in office, industrial, retail, and model home properties. NetREIT was incorporated in California on January 28, 1999, and was merged into NetREIT, Inc., a Maryland corporation, on August 4, 2010. In October 2017, we changed our name from “NetREIT, Inc.” to “Presidio Property Trust, Inc.” The Company’s portfolio includes the following properties: • Ten office buildings and one industrial property (“Office/Industrial Properties”) which total approximately 998,016 rentable square feet; • Four retail shopping centers (“Retail Properties”) which total approximately 131,722 rentable square feet; and • 138 model home residential properties (“Model Homes”) leased back on a triple-net basis to homebuilders that are owned by five affiliated limited partnerships and one wholly-owned corporation (“Model Home Properties”). The Company or one of its affiliates operates the following partnerships during the periods covered by these condensed consolidated financial statements: • The Company is the sole general partner and a limited partner in two limited partnerships (NetREIT Palm Self-Storage LP and NetREIT Casa Grande LP), all with ownership interests in entities that own real estate income producing properties. • The Company is the general and/or limited partner in five limited partnerships that purchase Model Homes and lease them back to homebuilders (Dubose Model Home Investors #202, LP, Dubose Model Home Investors #203, LP, Dubose Model Home Investors #204, LP, Dubose Model Home 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 has control of such limited partnerships. We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“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. We, together with one of our entities, have elected to treat our subsidiaries as a 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. 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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2019. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 13, 2020. Basis of Presentation. The accompanying condensed consolidated financial statements have been prepared by the Company's management in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statement and the instructions to Form 10-Q and Article 8 of Regulation S-X. Certain information and footnote disclosures required for annual consolidated financial statements have been condensed or excluded pursuant to rules and regulations of the SEC. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of our financial position, results of our operations, and cash flows as of and for the three months ended March 31, 2020 and 2019, respectively. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated financial statements included in the Form 10-K filed with the SEC on March 13, 2020. The results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 due to seasonal variations and other factors, such as the effects of the novel coronavirus (“COVID-19”) and its possible influence on our future results. Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company and its direct and indirect wholly-owned subsidiaries and entities the Company controls or of which it is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates. The preparation of financial statements in conformity 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 among 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. Cash Equivalents and Restricted Cash. At March 31, 2020 and December 31, 2019, we had approximately $6.1 million and $5.7 million in cash equivalents, respectively, and $2.9 million and $4.7 million of restricted cash, respectively. Our cash equivalents and restricted cash consist of invested cash and cash in our operating accounts and are held in bank accounts at third party institutions. Restricted cash consists of funds used for property taxes, insurance, capital expenditures and leasing commissions. Real Estate Held for Sale. Real estate held for sale during the current period is classified as “real estate held for sale” for all prior periods presented in the accompanying condensed consolidated financial statements. Mortgage notes payable related to the real estate held for sale during the current period are classified as “mortgage notes payable related to real estate held for sale, net” for all prior periods presented in the accompanying condensed consolidated financial statements. As of March 31, 2020, three properties meet the criteria to be classified as held for sale, which are World Plaza, Garden Gateway and one of the four buildings at Executive Office Park. Impairments of Real Estate Asset. We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Since our properties typically have a long life, the assumptions used to estimate the future recoverability of carrying value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income because recording an impairment charge results in a negative adjustment to net income. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Although our strategy is to hold our properties over the long-term, if our strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized to reduce the property to fair value and such loss could be material. Despite certain economic triggering events that occurred in late March due to the impact of COVID-19, the Company determined that no impairment existed as of March 31, 2020, as there were no significant changes to undiscounted cash flows as of March 31, 2020. Therefore, no impairment charge was recorded during the three months ended March 31, 2020. Fair Value Measurements . Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, we utilize quoted market prices from independent third-party sources to determine fair value and classify such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require us to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When we determine the market for a financial instrument owned by us to be illiquid or when market transactions for similar instruments do not appear orderly, we use several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establish a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of a liability in circumstances in which a quoted price in an active market for an identical liability is not available, we measure fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. Subsequent Events. We evaluate subsequent events up until the date the consolidated financial statements are issued. Correction of Previously Issued Financial Information. We have corrected certain information in the current quarter related to the subsequent event disclosure surrounding the sale of Centennial Technology Center as well certain information related to our Segments footnote as reported in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on March 13, 2020. These corrections were disclosure based in nature and had no impact on our previously reported financial statements as of December 31, 2019. Recently Issued and Adopted Accounting Pronouncements. In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform which provides optional expedients and exceptions in order to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting as it relates to contracts, hedging relationships and other transactions by allowing companies to modify contracts that previously contained LIBOR rates without evaluating whether the modification constituted a new contract. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, and are used on a prospective basis upon adoption. The Company adopted this guidance as of March 2020 noting no impact to the financial statements. In March 2017, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses, amended in February 2020 with ASU No. 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842) . ASU 2016-13 introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. While ASU 2016-13 was effective for periods beginning after December 15, 2019, the issuance of ASU 2020-02 has allowed for the delay in adoption for certain smaller public companies, and is now effective for fiscal periods beginning after December 15, 2022. Retrospective adjustments shall be applied through a cumulative-effect adjustment to retained earnings. The Company is continuing to evaluate the impact of this guidance on its financial statements. In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. This guidance is effective for public companies in fiscal years beginning after December 15, 2019 with early adoption permitted. The Company adopted this guidance as of January 1, 2020 and noted no impact on its consolidated financial statements.

RECENT REAL ESTATE TRANSACTIONS

RECENT REAL ESTATE TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
RECENT REAL ESTATE TRANSACTIONS	RECENT REAL ESTATE TRANSACTIONS During the three months ended March 31, 2020, the Company disposed of the following properties: • Centennial Tech Center, which was sold on February 5, 2020 for approximately $15.0 million and the Company recognized a loss of approximately $913,000. • Union Terrace, which was sold on March 13, 2020 for approximately $11.3 million and the Company recognized a gain of approximately $688,000. During the three months ended March 31, 2020, the Company acquired 10 model homes for approximately $3.6 million. The purchase price was paid through cash payments of approximately $1.1 million and mortgage notes of approximately $2.5 million. During the three months ended March 31, 2020, the Company disposed of 8 model homes for approximately $2.8 million and recognized a gain of approximately $215,000. During the three months ended March 31, 2019, the Company disposed of the following property: • 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. During the three months ended March 31, 2019, the Company disposed of 15 model homes for approximately $5.8 million and recognized a gain of approximately $514,000.

REAL ESTATE ASSETS

REAL ESTATE ASSETS	3 Months Ended
	Mar. 31, 2020
Real Estate Assets [Abstract]
REAL ESTATE ASSETS	REAL ESTATE ASSETS A summary of the properties owned by the Company as of March 31, 2020 is as follows: Property Name Date Location Real estate Garden Gateway Plaza (1) March 2007 Colorado Springs, Colorado $ 11,440 World Plaza (1) September 2007 San Bernardino, California 8,334 Executive Office Park (2) July 2008 Colorado Springs, Colorado 7,654 Waterman Plaza August 2008 San Bernardino, California 4,867 Genesis Plaza August 2010 San Diego, California 8,721 Dakota Center May 2011 Fargo, North Dakota 8,772 Grand Pacific Center March 2014 Bismarck, North Dakota 5,885 Arapahoe Center December 2014 Centennial, Colorado 9,619 Union Town Center December 2014 Colorado Springs, Colorado 9,552 West Fargo Industrial August 2015 West Fargo, North Dakota 7,188 300 N.P. August 2015 Fargo, North Dakota 3,371 Research Parkway August 2015 Colorado Springs, Colorado 2,492 One Park Center August 2015 Westminster, Colorado 8,898 Highland Court August 2015 Centennial, Colorado 11,260 Shea Center II December 2015 Highlands Ranch, Colorado 21,706 Presidio Property Trust, Inc. properties 129,759 Model Home properties 2014-2020 AZ, FL, IL, PA, TX, WI 49,433 Total real estate assets and lease intangibles, net $ 179,192 (1) Properties held for sale as of March 31, 2020. (2) One of four buildings in the property is held for sale as of March 31, 2020. Geographic Diversification Tables The following tables show a list of commercial properties owned by the Company grouped by state and geographic region as of March 31, 2020: State No. of Aggregate Approximate % Current Approximate % California 3 134,787 11.9 % $ 2,369,118 15.8 % Colorado 8 597,912 52.9 % 9,115,780 60.7 % North Dakota 4 397,039 35.2 % 3,528,918 23.5 % Total 15 1,129,738 100.0 % $ 15,013,816 100.0 % The following tables show a list of our Model Home properties by geographic region as of March 31, 2020: Geographic Region No. of Aggregate Approximate % Current Approximate Southwest 111 323,635 82.9 % $ 3,301,032 79.7 % Southeast 20 45,727 11.7 % 551,088 13.3 % Midwest 2 6,602 1.7 % 99,276 2.4 % East 2 5,255 1.3 % 70,716 1.7 % Northeast 3 9,271 2.4 % 121,020 2.9 % Total 138 390,490 100.0 % $ 4,143,132 100.0 %

LEASE INTANGIBLES

LEASE INTANGIBLES	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
LEASE INTANGIBLES	LEASE INTANGIBLES The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset: March 31, 2020 December 31, 2019 Lease Accumulated Lease Lease Accumulated Lease In-place leases $ 3,186,889 $ (2,592,558) $ 594,331 $ 4,360,027 $ (3,283,027) $ 1,077,000 Leasing costs 1,800,922 (1,455,228) 345,694 2,937,976 (2,002,711) 935,265 Above-market leases 333,485 (253,410) 80,075 333,485 (240,739) 92,746 $ 5,321,296 $ (4,301,196) $ 1,020,100 $ 7,631,488 $ (5,526,477) $ 2,105,011 As of March 31, 2020 there were no gross lease intangible assets included in real estate assets held for sale. As of December 31, 2019, there was $2.3 million gross lease intangible assets included in real estate assets held for sale, with $1.4 million of accumulated amortization related to the lease intangible assets netted against real estate assets held for sale. The net value of acquired intangible liabilities was $267,337 and $310,000 relating to below-market leases as of March 31, 2020 and December 31, 2019, respectively. Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows: Nine months remaining in 2020 $ 397,753 Years ending December 31: 2021 372,484 2022 202,479 2023 17,663 2024 17,663 Thereafter 12,058 Total $ 1,020,100 The weighted average remaining amortization period of the intangible assets as of March 31, 2020 is 1.9 years.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2020
Other Assets [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following: March 31, December 31, Deferred rent receivable $ 2,019,632 $ 2,680,886 Prepaid expenses, deposits and other 488,280 601,897 Accounts receivable, net 860,388 1,336,122 Right-of-use assets, net 121,969 561,375 Other intangibles, net 192,707 212,932 Notes receivable 316,374 316,374 Total other assets $ 3,999,350 $ 5,709,586

MORTGAGE NOTES PAYABLE

MORTGAGE NOTES PAYABLE	3 Months Ended
	Mar. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE NOTES PAYABLE	MORTGAGE NOTES PAYABLE Mortgage notes payable consist of the following: Mortgage note property Notes Principal as of Loan Interest Maturity March 31, December 31, 2020 2019 Garden Gateway Plaza (3) $ 6,019,844 $ 6,071,315 Fixed 5.00 % 8/5/2021 World Plaza (3)(4) 4,953,556 4,979,383 Variable 4.41 % 7/5/2020 West Fargo Industrial 4,196,788 4,216,565 Fixed 4.79 % 9/6/2020 Waterman Plaza 3,254,223 3,274,097 Fixed 5.78 % 4/29/2021 300 N.P. 2,302,197 2,311,738 Fixed 4.95 % 6/11/2022 Highland Court 6,387,511 6,424,366 Fixed 3.82 % 9/1/2022 Dakota Center 10,059,135 10,111,693 Fixed 4.74 % 7/6/2024 Union Terrace (2) — 6,240,396 Fixed 4.50 % 9/5/2024 Centennial Tech Center (2) — 9,561,654 Fixed 4.43 % 1/5/2024 Research Parkway 1,800,281 1,813,305 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 8,047,511 8,085,727 Fixed 4.34 % 1/5/2025 Union Town Center 8,416,833 8,440,000 Fixed 4.28 % 1/5/2025 Executive Office Park (3) 4,811,730 4,839,576 Fixed 4.83 % 6/1/2027 Genesis Plaza 6,352,694 6,378,110 Fixed 4.71 % 9/6/2025 One Park Centre 6,461,980 6,487,532 Fixed 4.77 % 9/5/2025 Shea Center II 17,727,500 17,727,500 Fixed 4.92 % 1/5/2026 Grand Pacific Center (5) 3,823,965 3,851,962 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties 94,615,748 110,814,919 Model Home mortgage notes 33,386,972 32,644,129 Fixed (6) 2019-2023 Mortgage Notes Payable $ 128,002,720 $ 143,459,048 Unamortized loan costs (879,175) (1,066,056) Mortgage Notes Payable, net $ 127,123,545 $ 142,392,992 (1) Interest rates as of March 31, 2020. (2) Centennial Tech Center and Union Terrace were sold on February 5, 2020 and March 13, 2020, respectively. (3) Properties held for sale as of March 31, 2020. Only one of four buildings at Executive Office Park were classified as held for sale. (4) Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the three months ended March 31, 2020, the weighted average interest rate was 4.41%. (5) Interest rate is subject to reset on September 1, 2023. Each model home has a stand-alone mortgage note at interest rates ranging from 3.44% to 5.63% per annum at March 31, 2020. The Company is in compliance with all material conditions and covenants of its mortgage notes payable. Scheduled principal payments of mortgage notes payable were as follows as of March 31, 2020: Presidio Property Model Total Principal Nine months remaining in 2020 $ 10,312,547 $ 9,903,239 $ 20,215,786 Years ending December 31: 2021 10,472,745 12,949,485 $ 23,422,230 2022 9,710,259 8,345,200 $ 18,055,459 2023 1,422,043 2,189,048 $ 3,611,091 2024 10,365,425 — $ 10,365,425 Thereafter 52,332,729 — $ 52,332,729 Total $ 94,615,748 $ 33,386,972 $ 128,002,720

NOTE PAYABLE

NOTE PAYABLE	3 Months Ended
	Mar. 31, 2020
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 Polar 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 Polar Note), if applicable. Such fee is not applicable to repayments made from the proceeds of property sales. The principal balance of the Polar Note as of March 31, 2020 consists of cash received, less cash repayments from property sales of $7.4 million and Original Issue Discount ("OID") of $1.4 million. 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 $675,000 as of March 31, 2020. The accretion of the OID recognized during the three months ended March 31, 2020 was $338,000. 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 condensed 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 $280,000 was included in interest expenses for the three months ended March 31, 2020, in the accompanying condensed consolidated statements of operations. The unamortized debt issuance costs totaled $0.5 million as of March 31, 2020. Under the terms of the Polar Note, the Company is subject to certain financial covenants including maintaining a debt to property fair value ratio of no greater than 75%. As of March 31, 2020, the Company is in compliance with such covenants.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future. The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of March 31, 2020, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations.

SERIES B MANDATORILY REDEEMABLE

SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK	3 Months Ended
	Mar. 31, 2020
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]
SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK	SERIES B MANDATORILY REDEEMABLE PREFERRED STOCKDuring the year ended December 31, 2019, the Company redeemed all of its remaining 16,900 shares of its Series B Preferred Stock for $16.9 million. As of March 31, 2020 and December 31, 2019, no Series B Preferred Stock remained outstanding. Amortization expense totaling approximately $61,000 was included in interest expense for the three months ended March 31, 2019 in the accompanying condensed consolidated statements of operations. The unamortized deferred costs totaled zero as of March 31, 2020 and December 31, 2019, respectively.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2020
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, 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 (“Series B Common Stock”). The Common Stock and the Series B Common Stock have identical rights, preferences, terms and conditions except that the holders of Series B Common Stock 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 and Series B Common Stock entitles the holder to one vote. The Common Stock and Series B Common Stock are not subject to redemption and do not have any preference, conversion, exchange or preemptive 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. Cash Dividends. During the three months ended March 31, 2020 the Company paid no cash dividend. During the three months ended March 31, 2019 the Company paid a cash dividend of approximately $1.1 million or $0.06 per share. Dividend Reinvestment Plan. The Company had adopted a distribution reinvestment plan (“Plan) that allowed stockholders to receive dividends and other distributions otherwise distributable to them invested in additional shares of the Company’s common stock. The Company registered 3,000,000 shares of common stock pursuant to the Plan. The purchase price per share used in the past was 95% of the price the Company sold its shares or $9.50 per share. No sales commission or dealer manager fee were paid on shares sold through the 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 Plan became effective on January 23, 2012 and was suspended on December 7, 2018. As of March 31, 2020, approximately $17.4 million or approximately 1,834,147 shares of common stock have been issued under the Plan. No shares were issued under the Plan during the three months ended March 31, 2020. Stock-Based Compensation. The Company recognizes noncash compensation expense ratably over the vesting period, and accordingly, we recognized $157,000 and $433,000 in noncash compensation expense for the three-month periods ended March 31, 2020 and 2019, respectively, which is included in general and administrative expense on the condensed consolidated statements of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSThe Company leases a portion of its corporate headquarters in San Diego, California to entities 100% owned by the Company’s Chairman and Chief Executive Officer. Rental income recorded for the three months ended March 31, 2020 and 2019 totaled $2,700 and $1,000, respectively.

SEGMENTS

SEGMENTS	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENTS	SEGMENTSThe Company’s reportable segments consist of 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 Home Properties and Retail Properties. The Company also has certain corporate-level activities including accounting, finance, legal administration and management information systems which are not considered separate operating segments. The accounting policies of the reportable segments are the same as those described in Note 2. There is no inter segment 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). 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 three months ended March 31, 2020: For the Three Months Ended March 31, 2020 2019 Office/Industrial Properties: Rental, fees and other income $ 4,984,942 $ 5,454,153 Property and related expenses (2,015,624) (2,504,787) Net operating income, as defined 2,969,318 2,949,366 Model Home Properties: Rental, fees and other income 1,116,730 1,081,684 Property and related expenses (46,260) (50,422) Net operating income, as defined 1,070,470 1,031,262 Retail Properties: Rental, fees and other income 927,479 643,427 Property and related expenses (319,208) (208,341) Net operating income, as defined 608,271 435,086 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 4,648,059 4,415,714 General and administrative expenses (1,351,345) (1,760,703) Depreciation and amortization (1,574,526) (2,210,081) Interest expense (2,553,846) (2,545,203) Other income (expense) (6,995) 5,524 Income tax expense (83,631) (81,430) Gain on sale of real estate (9,835) 1,214,242 Net loss $ (932,119) $ (961,937) Assets by Reportable Segment: March 31, December 31, Office/Industrial Properties: Land, buildings and improvements, net (1) $ 104,424,683 $ 126,421,648 Total assets (2) $ 105,759,056 $ 131,180,612 Model Home Properties: Land, buildings and improvements, net (1) $ 49,433,519 $ 48,466,371 Total assets (2) $ 48,298,760 $ 51,389,400 Retail Properties: Land, buildings and improvements, net (1) $ 25,244,792 $ 25,318,601 Total assets (2) $ 26,704,009 $ 26,588,254 Reconciliation to Total Assets: Total assets for reportable segments $ 180,761,825 $ 209,158,266 Other unallocated assets: Cash, cash equivalents and restricted cash 1,730,789 1,591,041 Other assets, net 13,849,674 10,035,101 Total Assets $ 196,342,288 $ 220,784,408 (1) Includes lease intangibles and the land purchase option related to property acquisitions. (2) Includes land, buildings and improvements, cash, cash equivalents, and restricted cash, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis. Capital Expenditures by Reportable Segment For the Three Months Ended March 31, 2020 2019 Office/Industrial Properties: Capital expenditures and tenant improvements $ 881,497 $ 2,696,422 Model Home Properties: Acquisition of operating properties 3,573,743 — Retail Properties: Capital expenditures and tenant improvements 8,176 — Totals: Acquisition of operating properties, net 3,573,743 — Capital expenditures and tenant improvements 889,673 2,696,422 Total real estate investments $ 4,463,416 $ 2,696,422

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying condensed consolidated financial statements have been prepared by the Company's management in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statement and the instructions to Form 10-Q and Article 8 of Regulation S-X. Certain information and footnote disclosures required for annual consolidated financial statements have been condensed or excluded pursuant to rules and regulations of the SEC. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of our financial position, results of our operations, and cash flows as of and for the three months ended March 31, 2020 and 2019, respectively. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated financial statements included in the Form 10-K filed with the SEC on March 13, 2020. The results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 due to seasonal variations and other factors, such as the effects of the novel coronavirus (“COVID-19”) and its possible influence on our future results.
Principles of Consolidation	Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company and its direct and indirect wholly-owned subsidiaries and entities the Company controls or of which it is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity 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 among 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.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash. At March 31, 2020 and December 31, 2019, we had approximately $6.1 million and $5.7 million in cash equivalents, respectively, and $2.9 million and $4.7 million of restricted cash, respectively. Our cash equivalents and restricted cash consist of invested cash and cash in our operating accounts and are held in bank accounts at third party institutions. Restricted cash consists of funds used for property taxes, insurance, capital expenditures and leasing commissions.
Real Estate Held for Sale	Real Estate Held for Sale. Real estate held for sale during the current period is classified as “real estate held for sale” for all prior periods presented in the accompanying condensed consolidated financial statements. Mortgage notes payable related to the real estate held for sale during the current period are classified as “mortgage notes payable related to real estate held for sale, net” for all prior periods presented in the accompanying condensed consolidated financial statements. As of March 31, 2020, three properties meet the criteria to be classified as held for sale, which are World Plaza, Garden Gateway and one of the four buildings at Executive Office Park.
Impairments of Real Estate Asset	Impairments of Real Estate Asset. We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Since our properties typically have a long life, the assumptions used to estimate the future recoverability of carrying value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income because recording an impairment charge results in a negative adjustment to net income. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Although our strategy is to hold our properties over the long-term, if our strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized to reduce the property to fair value and such loss could be material.
Fair Value Measurements	Fair Value Measurements . Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, we utilize quoted market prices from independent third-party sources to determine fair value and classify such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require us to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When we determine the market for a financial instrument owned by us to be illiquid or when market transactions for similar instruments do not appear orderly, we use several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establish a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of a liability in circumstances in which a quoted price in an active market for an identical liability is not available, we measure fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument.
Subsequent Events	Subsequent Events. We evaluate subsequent events up until the date the consolidated financial statements are issued. Correction of Previously Issued Financial Information. We have corrected certain information in the current quarter related to the subsequent event disclosure surrounding the sale of Centennial Technology Center as well certain information related to our Segments footnote as reported in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on March 13, 2020. These corrections were disclosure based in nature and had no impact on our previously reported financial statements as of December 31, 2019.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements. In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform which provides optional expedients and exceptions in order to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting as it relates to contracts, hedging relationships and other transactions by allowing companies to modify contracts that previously contained LIBOR rates without evaluating whether the modification constituted a new contract. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, and are used on a prospective basis upon adoption. The Company adopted this guidance as of March 2020 noting no impact to the financial statements. In March 2017, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses, amended in February 2020 with ASU No. 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842) . ASU 2016-13 introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. While ASU 2016-13 was effective for periods beginning after December 15, 2019, the issuance of ASU 2020-02 has allowed for the delay in adoption for certain smaller public companies, and is now effective for fiscal periods beginning after December 15, 2022. Retrospective adjustments shall be applied through a cumulative-effect adjustment to retained earnings. The Company is continuing to evaluate the impact of this guidance on its financial statements. In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. This guidance is effective for public companies in fiscal years beginning after December 15, 2019 with early adoption permitted. The Company adopted this guidance as of January 1, 2020 and noted no impact on its consolidated financial statements.

REAL ESTATE ASSETS (Tables)

REAL ESTATE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate Assets [Abstract]
Real Estate Properties Owned	A summary of the properties owned by the Company as of March 31, 2020 is as follows: Property Name Date Location Real estate Garden Gateway Plaza (1) March 2007 Colorado Springs, Colorado $ 11,440 World Plaza (1) September 2007 San Bernardino, California 8,334 Executive Office Park (2) July 2008 Colorado Springs, Colorado 7,654 Waterman Plaza August 2008 San Bernardino, California 4,867 Genesis Plaza August 2010 San Diego, California 8,721 Dakota Center May 2011 Fargo, North Dakota 8,772 Grand Pacific Center March 2014 Bismarck, North Dakota 5,885 Arapahoe Center December 2014 Centennial, Colorado 9,619 Union Town Center December 2014 Colorado Springs, Colorado 9,552 West Fargo Industrial August 2015 West Fargo, North Dakota 7,188 300 N.P. August 2015 Fargo, North Dakota 3,371 Research Parkway August 2015 Colorado Springs, Colorado 2,492 One Park Center August 2015 Westminster, Colorado 8,898 Highland Court August 2015 Centennial, Colorado 11,260 Shea Center II December 2015 Highlands Ranch, Colorado 21,706 Presidio Property Trust, Inc. properties 129,759 Model Home properties 2014-2020 AZ, FL, IL, PA, TX, WI 49,433 Total real estate assets and lease intangibles, net $ 179,192 (1) Properties held for sale as of March 31, 2020. (2) One of four buildings in the property is held for sale as of March 31, 2020.
Geographic Locations of Real Estate Properties Owned	The following tables show a list of commercial properties owned by the Company grouped by state and geographic region as of March 31, 2020: State No. of Aggregate Approximate % Current Approximate % California 3 134,787 11.9 % $ 2,369,118 15.8 % Colorado 8 597,912 52.9 % 9,115,780 60.7 % North Dakota 4 397,039 35.2 % 3,528,918 23.5 % Total 15 1,129,738 100.0 % $ 15,013,816 100.0 % The following tables show a list of our Model Home properties by geographic region as of March 31, 2020: Geographic Region No. of Aggregate Approximate % Current Approximate Southwest 111 323,635 82.9 % $ 3,301,032 79.7 % Southeast 20 45,727 11.7 % 551,088 13.3 % Midwest 2 6,602 1.7 % 99,276 2.4 % East 2 5,255 1.3 % 70,716 1.7 % Northeast 3 9,271 2.4 % 121,020 2.9 % Total 138 390,490 100.0 % $ 4,143,132 100.0 %

LEASE INTANGIBLES (Tables)

LEASE INTANGIBLES (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Net Value of Other Intangible Assets	The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset: March 31, 2020 December 31, 2019 Lease Accumulated Lease Lease Accumulated Lease In-place leases $ 3,186,889 $ (2,592,558) $ 594,331 $ 4,360,027 $ (3,283,027) $ 1,077,000 Leasing costs 1,800,922 (1,455,228) 345,694 2,937,976 (2,002,711) 935,265 Above-market leases 333,485 (253,410) 80,075 333,485 (240,739) 92,746 $ 5,321,296 $ (4,301,196) $ 1,020,100 $ 7,631,488 $ (5,526,477) $ 2,105,011
Amortization Expense for the Company Lease Intangible Assets	Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows: Nine months remaining in 2020 $ 397,753 Years ending December 31: 2021 372,484 2022 202,479 2023 17,663 2024 17,663 Thereafter 12,058 Total $ 1,020,100

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2020
Other Assets [Abstract]
Other Assets	Other assets consist of the following: March 31, December 31, Deferred rent receivable $ 2,019,632 $ 2,680,886 Prepaid expenses, deposits and other 488,280 601,897 Accounts receivable, net 860,388 1,336,122 Right-of-use assets, net 121,969 561,375 Other intangibles, net 192,707 212,932 Notes receivable 316,374 316,374 Total other assets $ 3,999,350 $ 5,709,586

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgage Notes Payable	Mortgage notes payable consist of the following: Mortgage note property Notes Principal as of Loan Interest Maturity March 31, December 31, 2020 2019 Garden Gateway Plaza (3) $ 6,019,844 $ 6,071,315 Fixed 5.00 % 8/5/2021 World Plaza (3)(4) 4,953,556 4,979,383 Variable 4.41 % 7/5/2020 West Fargo Industrial 4,196,788 4,216,565 Fixed 4.79 % 9/6/2020 Waterman Plaza 3,254,223 3,274,097 Fixed 5.78 % 4/29/2021 300 N.P. 2,302,197 2,311,738 Fixed 4.95 % 6/11/2022 Highland Court 6,387,511 6,424,366 Fixed 3.82 % 9/1/2022 Dakota Center 10,059,135 10,111,693 Fixed 4.74 % 7/6/2024 Union Terrace (2) — 6,240,396 Fixed 4.50 % 9/5/2024 Centennial Tech Center (2) — 9,561,654 Fixed 4.43 % 1/5/2024 Research Parkway 1,800,281 1,813,305 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 8,047,511 8,085,727 Fixed 4.34 % 1/5/2025 Union Town Center 8,416,833 8,440,000 Fixed 4.28 % 1/5/2025 Executive Office Park (3) 4,811,730 4,839,576 Fixed 4.83 % 6/1/2027 Genesis Plaza 6,352,694 6,378,110 Fixed 4.71 % 9/6/2025 One Park Centre 6,461,980 6,487,532 Fixed 4.77 % 9/5/2025 Shea Center II 17,727,500 17,727,500 Fixed 4.92 % 1/5/2026 Grand Pacific Center (5) 3,823,965 3,851,962 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties 94,615,748 110,814,919 Model Home mortgage notes 33,386,972 32,644,129 Fixed (6) 2019-2023 Mortgage Notes Payable $ 128,002,720 $ 143,459,048 Unamortized loan costs (879,175) (1,066,056) Mortgage Notes Payable, net $ 127,123,545 $ 142,392,992 (1) Interest rates as of March 31, 2020. (2) Centennial Tech Center and Union Terrace were sold on February 5, 2020 and March 13, 2020, respectively. (3) Properties held for sale as of March 31, 2020. Only one of four buildings at Executive Office Park were classified as held for sale. (4) Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the three months ended March 31, 2020, the weighted average interest rate was 4.41%. (5) Interest rate is subject to reset on September 1, 2023. Each model home has a stand-alone mortgage note at interest rates ranging from 3.44% to 5.63% per annum at March 31, 2020.
Scheduled Principal Payments of Mortgage Notes Payable	Scheduled principal payments of mortgage notes payable were as follows as of March 31, 2020: Presidio Property Model Total Principal Nine months remaining in 2020 $ 10,312,547 $ 9,903,239 $ 20,215,786 Years ending December 31: 2021 10,472,745 12,949,485 $ 23,422,230 2022 9,710,259 8,345,200 $ 18,055,459 2023 1,422,043 2,189,048 $ 3,611,091 2024 10,365,425 — $ 10,365,425 Thereafter 52,332,729 — $ 52,332,729 Total $ 94,615,748 $ 33,386,972 $ 128,002,720

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020: For the Three Months Ended March 31, 2020 2019 Office/Industrial Properties: Rental, fees and other income $ 4,984,942 $ 5,454,153 Property and related expenses (2,015,624) (2,504,787) Net operating income, as defined 2,969,318 2,949,366 Model Home Properties: Rental, fees and other income 1,116,730 1,081,684 Property and related expenses (46,260) (50,422) Net operating income, as defined 1,070,470 1,031,262 Retail Properties: Rental, fees and other income 927,479 643,427 Property and related expenses (319,208) (208,341) Net operating income, as defined 608,271 435,086 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 4,648,059 4,415,714 General and administrative expenses (1,351,345) (1,760,703) Depreciation and amortization (1,574,526) (2,210,081) Interest expense (2,553,846) (2,545,203) Other income (expense) (6,995) 5,524 Income tax expense (83,631) (81,430) Gain on sale of real estate (9,835) 1,214,242 Net loss $ (932,119) $ (961,937)
Reconciliation of Assets by Segment to Total Assets	Assets by Reportable Segment: March 31, December 31, Office/Industrial Properties: Land, buildings and improvements, net (1) $ 104,424,683 $ 126,421,648 Total assets (2) $ 105,759,056 $ 131,180,612 Model Home Properties: Land, buildings and improvements, net (1) $ 49,433,519 $ 48,466,371 Total assets (2) $ 48,298,760 $ 51,389,400 Retail Properties: Land, buildings and improvements, net (1) $ 25,244,792 $ 25,318,601 Total assets (2) $ 26,704,009 $ 26,588,254 Reconciliation to Total Assets: Total assets for reportable segments $ 180,761,825 $ 209,158,266 Other unallocated assets: Cash, cash equivalents and restricted cash 1,730,789 1,591,041 Other assets, net 13,849,674 10,035,101 Total Assets $ 196,342,288 $ 220,784,408 (1) Includes lease intangibles and the land purchase option related to property acquisitions. (2) Includes land, buildings and improvements, cash, cash equivalents, and restricted cash, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis.
Reconciliation of Capital Expenditures by Segment to Total Real Estate Investments	Capital Expenditures by Reportable Segment For the Three Months Ended March 31, 2020 2019 Office/Industrial Properties: Capital expenditures and tenant improvements $ 881,497 $ 2,696,422 Model Home Properties: Acquisition of operating properties 3,573,743 — Retail Properties: Capital expenditures and tenant improvements 8,176 — Totals: Acquisition of operating properties, net 3,573,743 — Capital expenditures and tenant improvements 889,673 2,696,422 Total real estate investments $ 4,463,416 $ 2,696,422

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - COVID-19 - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 22, 2020
Subsequent Event [Line Items]
Economic injury disaster loan		$ 10
Paycheck protection program loan	$ 462

ORGANIZATION (Details)

ORGANIZATION (Details)	3 Months Ended
	Mar. 31, 2020USD ($)ft²propertycounterparty
Real Estate Properties [Line Items]
Number of partnerships that purchase and lease back model homes from homebuilders in which the company is the general and limited partner | counterparty	5
Key provisions of operating or partnership agreement	The Company or one of its affiliates operates the following partnerships during the periods covered by these condensed consolidated financial statements:•The Company is the sole general partner and a limited partner in two limited partnerships (NetREIT Palm Self-Storage LP and NetREIT Casa Grande LP), all with ownership interests in entities that own real estate income producing properties.•The Company is the general and/or limited partner in five limited partnerships that purchase Model Homes and lease them back to homebuilders (Dubose Model Home Investors #202, LP, Dubose Model Home Investors #203, LP, Dubose Model Home Investors #204, LP, Dubose Model Home 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 has control of such limited partnerships.
Number of limited partnerships in which the company is sole general partner | counterparty	2
Income tax description	We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“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%
Long-term maturity debt, remaining in 2019	$ 20,215,786
Long-term maturity debt, in 2020	23,422,230
Model Home
Real Estate Properties [Line Items]
Long-term maturity debt, remaining in 2019	9,903,239
Long-term maturity debt, in 2020	12,949,485
Mortgage Notes Payable
Real Estate Properties [Line Items]
Long-term maturity debt, remaining in 2019	20,200,000
Long-term maturity debt, in 2020	23,400,000
Mortgage Notes Payable | Model Home
Real Estate Properties [Line Items]
Long-term maturity debt, remaining in 2019	9,900,000
Mortgage Notes Payable | Commercial Property
Real Estate Properties [Line Items]
Long-term maturity debt, remaining in 2019	$ 10,300,000
Industrial Properties
Real Estate Properties [Line Items]
No. of Properties | property	1
Office Properties
Real Estate Properties [Line Items]
No. of Properties | property	10
Office/Industrial Properties
Real Estate Properties [Line Items]
Area of real estate property | ft²	998,016
Retail Properties
Real Estate Properties [Line Items]
No. of Properties | property	4
Area of real estate property | ft²	131,722
Residential Properties
Real Estate Properties [Line Items]
No. of Properties | property	138
Number of corporations | property	1
Number of limited partnerships in which the company is sole general partner | counterparty	5

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Accounting Policies [Abstract]
Cash equivalents	$ 6,100,000	$ 5,700,000
Restricted cash	$ 2,900,000	$ 4,700,000
Number of real estate properties held for sale | property	3
Asset impairment charge	$ 0

RECENT REAL ESTATE TRANSACTIO_2

RECENT REAL ESTATE TRANSACTIONS (Disposals of Properties) (Details)	Mar. 13, 2020USD ($)	Feb. 05, 2020USD ($)	Jan. 15, 2019USD ($)	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)property	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Mortgage notes issued for property acquired				$ 7,632,556		$ 12,238,692
Centennial Tech Center | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Proceeds from sale of property		$ 15,000,000
Gain (loss) on sale of property		$ (913,000)
Union Terrace | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Proceeds from sale of property	$ 11,300,000
Gain (loss) on sale of property	$ 688,000
Residential Properties | Model Home
Real Estate Properties [Line Items]
No. of Properties | property				10
Purchase price of property acquired				$ 3,600,000
Cash payment for the properties acquired				1,100,000
Mortgage notes issued for property acquired				2,500,000
Residential Properties | Model Home | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Proceeds from sale of property				2,800,000	$ 5,800,000
Gain (loss) on sale of property				$ 215,000	$ 514,000
No. of Properties | property				8	15
Residential Properties | Morena Office Center | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Proceeds from sale of property			$ 5,600,000
Gain (loss) on sale of property			$ 700,000

REAL ESTATE ASSETS (Summary of

REAL ESTATE ASSETS (Summary of Properties Owned) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Assets Owned	$ 179,192
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 Owned	$ 11,440
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 Owned	$ 8,334
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 Owned	$ 7,654
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 Owned	$ 4,867
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 Owned	$ 8,721
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 Owned	$ 8,772
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 Owned	$ 5,885
Arapahoe Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location	Centennial, Colorado
Real Estate Assets Owned	$ 9,619
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 Owned	$ 9,552
West Fargo Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location	West Fargo, North Dakota
Real Estate Assets Owned	$ 7,188
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 Owned	$ 3,371
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 Owned	$ 2,492
One Park Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location	Westminster, Colorado
Real Estate Assets Owned	$ 8,898
Highland Court
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location	Centennial, Colorado
Real Estate Assets Owned	$ 11,260
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 Owned	$ 21,706
Presidio Property Trust, Inc. properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Assets Owned	129,759
Model Home properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Assets Owned	$ 49,433

REAL ESTATE ASSETS (Geographic

REAL ESTATE ASSETS (Geographic Locations of Real Estate Properties Owned) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)ft²property
NetREIT, Inc. Properties
Real Estate Properties [Line Items]
No. of Properties | property	15
Aggregate Square Feet | ft²	1,129,738
Approximate % of Square Feet	100.00%
Current Base Annual Rent | $	$ 15,013,816
Approximate of Aggregate % Annual Rent	100.00%
NetREIT, Inc. Properties | California
Real Estate Properties [Line Items]
No. of Properties | property	3
Aggregate Square Feet | ft²	134,787
Approximate % of Square Feet	11.90%
Current Base Annual Rent | $	$ 2,369,118
Approximate of Aggregate % Annual Rent	15.80%
NetREIT, Inc. Properties | Colorado
Real Estate Properties [Line Items]
No. of Properties | property	8
Aggregate Square Feet | ft²	597,912
Approximate % of Square Feet	52.90%
Current Base Annual Rent | $	$ 9,115,780
Approximate of Aggregate % Annual Rent	60.70%
NetREIT, Inc. Properties | North Dakota
Real Estate Properties [Line Items]
No. of Properties | property	4
Aggregate Square Feet | ft²	397,039
Approximate % of Square Feet	35.20%
Current Base Annual Rent | $	$ 3,528,918
Approximate of Aggregate % Annual Rent	23.50%
Model Home properties
Real Estate Properties [Line Items]
No. of Properties | property	138
Aggregate Square Feet | ft²	390,490
Approximate % of Square Feet	100.00%
Current Base Annual Rent | $	$ 4,143,132
Approximate of Aggregate % Annual Rent	100.00%
Model Home properties | Southwest
Real Estate Properties [Line Items]
No. of Properties | property	111
Aggregate Square Feet | ft²	323,635
Approximate % of Square Feet	82.90%
Current Base Annual Rent | $	$ 3,301,032
Approximate of Aggregate % Annual Rent	79.70%
Model Home properties | Southeast
Real Estate Properties [Line Items]
No. of Properties | property	20
Aggregate Square Feet | ft²	45,727
Approximate % of Square Feet	11.70%
Current Base Annual Rent | $	$ 551,088
Approximate of Aggregate % Annual Rent	13.30%
Model Home properties | Midwest
Real Estate Properties [Line Items]
No. of Properties | property	2
Aggregate Square Feet | ft²	6,602
Approximate % of Square Feet	1.70%
Current Base Annual Rent | $	$ 99,276
Approximate of Aggregate % Annual Rent	2.40%
Model Home properties | East
Real Estate Properties [Line Items]
No. of Properties | property	2
Aggregate Square Feet | ft²	5,255
Approximate % of Square Feet	1.30%
Current Base Annual Rent | $	$ 70,716
Approximate of Aggregate % Annual Rent	1.70%
Model Home properties | Northeast
Real Estate Properties [Line Items]
No. of Properties | property	3
Aggregate Square Feet | ft²	9,271
Approximate % of Square Feet	2.40%
Current Base Annual Rent | $	$ 121,020
Approximate of Aggregate % Annual Rent	2.90%

LEASE INTANGIBLES (Net Value of

LEASE INTANGIBLES (Net Value of Other Intangible Assets and Amortization by Class) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	$ 5,321,296	$ 7,631,488
Accumulated Amortization	(4,301,196)	(5,526,477)
Lease Intangibles, net	1,020,100	2,105,011
In-place leases
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	3,186,889	4,360,027
Accumulated Amortization	(2,592,558)	(3,283,027)
Lease Intangibles, net	594,331	1,077,000
Leasing costs
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	1,800,922	2,937,976
Accumulated Amortization	(1,455,228)	(2,002,711)
Lease Intangibles, net	345,694	935,265
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	333,485	333,485
Accumulated Amortization	(253,410)	(240,739)
Lease Intangibles, net	$ 80,075	$ 92,746

LEASE INTANGIBLES (Additional I

LEASE INTANGIBLES (Additional Information) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	$ 1,020,100	$ 2,105,011
Accumulated amortization	4,301,196	5,526,477
Below-market leases, net	$ 267,337	309,932
Weighted average
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period	1 year 10 months 24 days
Real Estate Assets Held for Sale
Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	$ 0	2,300,000
Accumulated amortization		$ 1,400,000

LEASE INTANGIBLES (Amortization

LEASE INTANGIBLES (Amortization Expense for the Company Lease Intangible Assets) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Three months remaining in 2020	$ 397,753
2021	372,484
2022	202,479
2023	17,663
2024	17,663
Thereafter	12,058
Lease Intangibles, net	$ 1,020,100	$ 2,105,011

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Other Assets [Line Items]
Total other assets	$ 3,999,350	$ 5,709,586
Other Assets
Other Assets [Line Items]
Deferred rent receivable	2,019,632	2,680,886
Prepaid expenses, deposits and other	488,280	601,897
Accounts receivable, net	860,388	1,336,122
Right-of-use assets, net	121,969	561,375
Other intangibles, net	192,707	212,932
Notes receivable	$ 316,374	$ 316,374

MORTGAGE NOTES PAYABLE (Details

MORTGAGE NOTES PAYABLE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgage notes payable	$ 128,002,720	$ 143,459,048
Unamortized loan costs	(879,175)	(1,066,056)
Mortgage notes payable, total net	127,123,545	142,392,992
Garden Gateway Plaza
Debt Instrument [Line Items]
Mortgage notes payable	$ 6,019,844	6,071,315
Interest rate	5.00%
Maturity	Aug. 5, 2021
Fixed interest rate on mortgage (in hundredth)	5.00%
World Plaza
Debt Instrument [Line Items]
Mortgage notes payable	$ 4,953,556	4,979,383
Variable Interest Rate	4.41%
Maturity	Jul. 5, 2020
Weighted average interest rate	4.41%
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	$ 4,196,788	4,216,565
Interest rate	4.79%
Maturity	Sep. 6, 2020
Fixed interest rate on mortgage (in hundredth)	4.79%
Waterman Plaza
Debt Instrument [Line Items]
Mortgage notes payable	$ 3,254,223	3,274,097
Interest rate	5.78%
Maturity	Apr. 29, 2021
Fixed interest rate on mortgage (in hundredth)	5.78%
300 N.P.
Debt Instrument [Line Items]
Mortgage notes payable	$ 2,302,197	2,311,738
Interest rate	4.95%
Maturity	Jun. 11, 2022
Fixed interest rate on mortgage (in hundredth)	4.95%
Highland Court
Debt Instrument [Line Items]
Mortgage notes payable	$ 6,387,511	6,424,366
Interest rate	3.82%
Maturity	Sep. 1, 2022
Fixed interest rate on mortgage (in hundredth)	3.82%
Dakota Center
Debt Instrument [Line Items]
Mortgage notes payable	$ 10,059,135	10,111,693
Interest rate	4.74%
Maturity	Jul. 6, 2024
Fixed interest rate on mortgage (in hundredth)	4.74%
Union Terrace
Debt Instrument [Line Items]
Mortgage notes payable	$ 0	6,240,396
Interest rate	4.50%
Maturity	Sep. 5, 2024
Fixed interest rate on mortgage (in hundredth)	4.50%
Centennial Tech Center
Debt Instrument [Line Items]
Mortgage notes payable	$ 0	9,561,654
Interest rate	4.43%
Maturity	Jan. 5, 2024
Fixed interest rate on mortgage (in hundredth)	4.43%
Research Parkway
Debt Instrument [Line Items]
Mortgage notes payable	$ 1,800,281	1,813,305
Interest rate	3.94%
Maturity	Jan. 5, 2025
Fixed interest rate on mortgage (in hundredth)	3.94%
Arapahoe Service Center
Debt Instrument [Line Items]
Mortgage notes payable	$ 8,047,511	8,085,727
Interest rate	4.34%
Maturity	Jan. 5, 2025
Fixed interest rate on mortgage (in hundredth)	4.34%
Union Town Center
Debt Instrument [Line Items]
Mortgage notes payable	$ 8,416,833	8,440,000
Interest rate	4.28%
Maturity	Jan. 5, 2025
Fixed interest rate on mortgage (in hundredth)	4.28%
Executive Office Park
Debt Instrument [Line Items]
Mortgage notes payable	$ 4,811,730	4,839,576
Interest rate	4.83%
Maturity	Jun. 1, 2027
Fixed interest rate on mortgage (in hundredth)	4.83%
Genesis Plaza
Debt Instrument [Line Items]
Mortgage notes payable	$ 6,352,694	6,378,110
Interest rate	4.71%
Maturity	Sep. 6, 2025
Fixed interest rate on mortgage (in hundredth)	4.71%
One Park Centre
Debt Instrument [Line Items]
Mortgage notes payable	$ 6,461,980	6,487,532
Interest rate	4.77%
Maturity	Sep. 5, 2025
Fixed interest rate on mortgage (in hundredth)	4.77%
Shea Center II
Debt Instrument [Line Items]
Mortgage notes payable	$ 17,727,500	17,727,500
Interest rate	4.92%
Maturity	Jan. 5, 2026
Fixed interest rate on mortgage (in hundredth)	4.92%
Grand Pacific Center
Debt Instrument [Line Items]
Mortgage notes payable	$ 3,823,965	3,851,962
Interest rate	4.02%
Maturity	Aug. 1, 2037
Fixed interest rate on mortgage (in hundredth)	4.02%
Presidio Property Trust, Inc. properties
Debt Instrument [Line Items]
Mortgage notes payable	$ 94,615,748	110,814,919
Model Home properties
Debt Instrument [Line Items]
Mortgage notes payable	$ 33,386,972	$ 32,644,129
Model Home properties | Minimum
Debt Instrument [Line Items]
Interest rate	3.44%
Fixed interest rate on mortgage (in hundredth)	3.44%
Model Home properties | Maximum
Debt Instrument [Line Items]
Interest rate	5.63%
Fixed interest rate on mortgage (in hundredth)	5.63%

MORTGAGE NOTES PAYABLE (Schedul

MORTGAGE NOTES PAYABLE (Scheduled Principal Payments of Mortgage Notes Payable) (Details)	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Nine months remaining in 2020	$ 20,215,786
2021	23,422,230
2022	18,055,459
2023	3,611,091
2024	10,365,425
Thereafter	52,332,729
Total	128,002,720
Presidio Property Trust, Inc. Notes Payable
Debt Instrument [Line Items]
Nine months remaining in 2020	10,312,547
2021	10,472,745
2022	9,710,259
2023	1,422,043
2024	10,365,425
Thereafter	52,332,729
Total	94,615,748
Model Home
Debt Instrument [Line Items]
Nine months remaining in 2020	9,903,239
2021	12,949,485
2022	8,345,200
2023	2,189,048
2024	0
Thereafter	0
Total	$ 33,386,972

NOTE PAYABLE (Details)

NOTE PAYABLE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Sep. 17, 2019
Debt Instrument [Line Items]
Cash received	$ 128,002,720
Accretion expense	338,000
Amortization expense	363,183	$ 227,374
Notes Payable to Banks | Polar Multi-Strategy Master Fund
Debt Instrument [Line Items]
Principal amount			$ 14,000,000
Interest rate			8.00%
Cash received	7,400,000
Original issue discount	1,400,000
Unrecognized amount	675,000
Legal and underwriting costs	1,100,000
Amortization expense	280,000
Deferred financing costs	$ 500,000
Fair value ratio percent	75.00%

SERIES B MANDATORILY REDEEMAB_2

SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Interest expense	$ 2,553,846	$ 2,545,203
Redeemable Convertible Preferred Stock Series B
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Number of shares redeemed (in shares)			16,900
Value of shares redeemed			$ 16,900,000
Preferred stock shares outstanding (in shares)	0		0
Interest expense		$ 61,000
Total unamortized deferred costs	$ 0		$ 0

STOCKHOLDERS' EQUITY (Common an

STOCKHOLDERS' EQUITY (Common and Preferred Stock) (Details)	3 Months Ended
	Mar. 31, 2020vote$ / sharesshares	Dec. 31, 2019$ / sharesshares
Common Stock
Maximum individual common stock ownership (in hundredths)	9.80%
Preferred Stock
Preferred Stock
Preferred shares authorized (in shares)	1,000,000
Common Class A
Common Stock
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	17,763,683
Number of votes holder is entitled to | vote	1
Common Class B
Common Stock
Common stock, shares authorized (in shares)	1,000
Par value (in dollars per share) | $ / shares	$ 0.01
Common stock shares issued (in shares)	0
Number of votes holder is entitled to | vote	1
Common Class C
Common Stock
Common stock, shares authorized (in shares)	9,000,000

STOCKHOLDERS' EQUITY (Dividends

STOCKHOLDERS' EQUITY (Dividends) (Details) - USD ($)	Jan. 23, 2012	Mar. 31, 2020	Mar. 31, 2019
Cash Dividends [Abstract]
Cash dividend paid		$ 0	$ 1,100,000
Dividend payable to holders, per share			$ 0.06
Dividend Reinvestment Plan [Abstract]
Registered shares of common stock pursuant to Plan (in shares)	3,000,000
Percentage of purchase price per share (in hundredths)	95.00%
Sales price per share (in dollars per share)	$ 9.50
Payment of sales commission or dealer manager fee	$ 0
Notice period for amendments to Plan		30 days
Common stock issued under plan		$ 17,400,000
Common stock issued under plan (in shares)		1,834,147
Stock issued during period, shares plan (in shares)		0

STOCKHOLDERS' EQUITY (Stock-Bas

STOCKHOLDERS' EQUITY (Stock-Based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Noncash compensation expense	$ 157	$ 433

RELATED PARTY TRANSACTIONS (Add

RELATED PARTY TRANSACTIONS (Additional Information) (Details) - Chairman and Chief Executive Officer - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Rent revenue from an entity 100% owned by the Company's Chairman and Chief Executive Officer	$ 2,700	$ 1,000
Pacific Oaks Plaza
Related Party Transaction [Line Items]
Percentage owned	100.00%

SEGMENTS (Net Operating Income

SEGMENTS (Net Operating Income by Segment) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)
Net Operating Income [Abstract]
Number of reportable segments | segment	3
Rental, fees and other income	$ 7,029,151	$ 7,179,264
Property and related expenses	(2,381,092)	(2,763,550)
Net operating income, as defined	4,648,059	4,415,714
General and administrative expenses	(1,351,345)	(1,760,703)
Depreciation and amortization	(1,574,526)	(2,210,081)
Interest expense	(2,553,846)	(2,545,203)
Other income (expense)	(6,995)	5,524
Income tax expense	(83,631)	(81,430)
Gain on sale of real estate	(9,835)	1,214,242
Net loss	(932,119)	(961,937)
Office/Industrial Properties
Net Operating Income [Abstract]
Rental, fees and other income	4,984,942	5,454,153
Property and related expenses	(2,015,624)	(2,504,787)
Net operating income, as defined	2,969,318	2,949,366
Model Home properties
Net Operating Income [Abstract]
Rental, fees and other income	1,116,730	1,081,684
Property and related expenses	(46,260)	(50,422)
Net operating income, as defined	1,070,470	1,031,262
Retail Use Properties
Net Operating Income [Abstract]
Rental, fees and other income	927,479	643,427
Property and related expenses	(319,208)	(208,341)
Net operating income, as defined	$ 608,271	$ 435,086

SEGMENTS (Assets) (Details)

SEGMENTS (Assets) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Cash, cash equivalents and restricted cash	$ 8,982,679	$ 10,391,275	$ 12,839,227	$ 9,776,215
Other assets, net	3,999,350	5,709,586
TOTAL ASSETS	196,342,288	220,784,408
Significant Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	180,761,825	209,158,266
Cash, cash equivalents and restricted cash	1,730,789	1,591,041
Other assets, net	13,849,674	10,035,101
TOTAL ASSETS	196,342,288	220,784,408
Office/Industrial Properties | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	104,424,683	126,421,648
TOTAL ASSETS	105,759,056	131,180,612
Model Home properties | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	49,433,519	48,466,371
TOTAL ASSETS	48,298,760	51,389,400
Retail Use Properties | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	25,244,792	25,318,601
TOTAL ASSETS	$ 26,704,009	$ 26,588,254

SEGMENTS (Capital Expenditures)

SEGMENTS (Capital Expenditures) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Capital expenditures and tenant improvements	$ 889,673	$ 2,696,422
Acquisition of operating properties	3,573,743	0
Total real estate investments	4,463,416	2,696,422
Office/Industrial Properties
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Capital expenditures and tenant improvements	881,497	2,696,422
Model Home properties
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Acquisition of operating properties	3,573,743	0
Retail Use Properties
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Capital expenditures and tenant improvements	$ 8,176	$ 0