Presidio Property Trust (SQFT) 8-K Purchase and Sale Agreement

Exhibit 99.3

NetREIT, Inc. and Subsidiaries

Unaudited Pro Forma Statement of Operations

	Year ended December 31, 2014		Pro Forma   Adjustments (a)		Pro Forma Total
Revenues:
Rental income	$	19,458,581	$	(3,080,386)	$	16,378,195
Fee and other income		443,829		(348,117)		95,712
Total revenues		19,902,410		(3,428,503)		16,473,907
Costs and expenses:
Rental operating costs		7,465,658		(1,716,379)		5,749,279
General and administrative		5,555,449		-		5,555,449
Depreciation and amortization		6,049,385		(666,119)		5,383,266
Real estate asset impairments		950,000		-		950,000
Total costs and expenses		20,020,492		(2,382,498)		17,637,994
(Loss) income from operations		(118,082)		(1,046,005)		(1,164,087)
Other income (expense):
Interest expense		(6,478,976)		(883,646)		(5,595,330)
Interest income		85,806				85,806
Gain on sales of real estate and partnerships, net		5,120,699		(156,651)		5,277,350
Gain on extinguishment of debt		536,952				536,952
Total other expense, net		(735,519)		(1,040,297)		304,778
Net loss		(853,601)		5,707		(859,309)
Less: Income attributable to noncontrolling interests		(3,192,082)		(192,221)		(2,999,861)
Net loss attributable to common shareholders	$	(4,045,683)	$	(186,514)	$	(3,859,170)
Basic and diluted net loss per common share	$	(0.24)			$	(0.24)
Weighted average common shares outstanding - basic and diluted		16,798,232				16,798,232

NetREIT, Inc. and Subsidiaries

Notes to Unaudited Pro Forma Statement of Operations

For the Twelve Months Ended December 31, 2014

(a) Amounts represent the historical operations of the Sparky’s Self-Storage Portfolio as reflected in the statement of operations of NetREIT Inc. and Subsidiaries for the year-ended December 31, 2014.