Presidio Property Trust (SQFT) S-11/A 4 Aug 20 Registration of securities for real estate companies (amended) Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2020
Cover page.
Document Type	S-11/A
Amendment Flag	true
Amendment Description	The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with section 8(a) of the Securities Act of 1933, as amended, or until this registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said section 8(a), may determine.
Entity Registrant Name	Presidio Property Trust, Inc.
Entity Central Index Key	0001080657
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real estate assets and lease intangibles:
Land	$ 27,242,954	$ 27,024,601	$ 26,816,105
Buildings and improvements	140,172,074	139,267,377	141,809,172
Tenant improvements	14,968,991	14,282,502	12,736,649
Lease intangibles	5,321,296	5,321,296	6,552,142
Real estate assets and lease intangibles held for investment, cost	187,705,315	185,895,776	187,914,068
Real estate assets and lease intangibles held for investment, cost	187,705,315	185,895,776	187,914,068
Accumulated depreciation and amortization	(30,603,911)	(29,316,098)	(26,310,016)
Real estate assets and lease intangibles held for investment, net	157,101,404	156,579,678	161,604,052
Real estate assets held for sale, net	22,090,530	43,626,942	49,504,013
Real estate assets, net	179,191,934	200,206,620	211,108,065
Cash, cash equivalents and restricted cash	8,982,679	10,391,275	9,776,215
Deferred leasing costs, net	1,745,325	2,053,927	2,096,553
Goodwill	2,423,000	2,423,000	2,423,000
Other assets, net	3,999,350	5,709,586	7,646,207
TOTAL ASSETS	196,342,288	220,784,408	233,050,040
Liabilities:
Mortgage notes payable related to real estate assets held for investment, net		115,540,245	116,478,878
Mortgage notes payable, net	114,700,145	114,090,245
Mortgage notes payable related to properties held for sale, net	12,423,400	28,302,747	33,235,298
Mortgage notes payable, total net	127,123,545	142,392,992	149,714,176
Note payable, net	7,632,556	12,238,692
Accounts payable and accrued liabilities	4,034,753	5,673,815	5,751,245
Accrued real estate taxes	1,751,297	2,987,601	3,094,380
Dividends payable			1,075,371
Lease liability, net	121,203	560,188
Below-market leases, net	267,337	309,932	495,927
Total liabilities	140,930,691	164,163,220	176,908,997
Commitments and contingencies
Equity:
Additional paid-in capital	152,129,120	152,129,120	151,670,625
Dividends and accumulated losses	(114,144,274)	(113,037,144)	(111,343,840)
Total stockholders' equity before noncontrolling interest	38,073,664	39,180,794	40,415,393
Noncontrolling interest	17,337,933	17,440,394	15,725,650
Total equity	55,411,597	56,621,188	56,141,043
TOTAL LIABILITIES AND EQUITY	196,342,288	220,784,408	233,050,040
Previously Reported
Real estate assets and lease intangibles:
Land		27,407,677
Buildings and improvements		141,652,284
Tenant improvements		14,739,858
Lease intangibles		5,321,296
Real estate assets and lease intangibles held for investment, cost		189,121,115
Real estate assets and lease intangibles held for investment, cost		189,121,115
Accumulated depreciation and amortization		(30,204,185)
Real estate assets and lease intangibles held for investment, net		158,916,930
Real estate assets held for sale, net		41,289,690
Liabilities:
Mortgage notes payable related to properties held for sale, net		26,852,747
Redeemable Convertible Preferred Stock Series B
Liabilities:
Mandatorily redeemable Series B Preferred Stock, net			16,777,898
Common Class A
Equity:
Series A Common Stock	$ 88,818	$ 88,818	$ 88,608

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Redeemable Convertible Preferred Stock Series B
Preferred stock, par or stated value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock liquidation preference value (in dollars per share)	$ 1,000	$ 1,000
Preferred stock shares authorized (in shares)		40,000
Preferred stock shares issued (in shares)	0	16,900
Preferred stock shares outstanding (in shares)	0	16,900
Redeemable Convertible Preferred Stock Series B | Previously Reported
Preferred stock shares authorized (in shares)	40,000
Common Class A
Common stock, par or stated value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock shares issued (in shares)	8,881,842	8,860,711
Common stock shares outstanding (in shares)	8,881,842	8,860,711

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental income	$ 6,785,685	$ 6,895,180	$ 27,467,410	$ 31,141,558
Fee and other income	243,466	284,084	1,173,701	1,202,455
Total revenue	7,029,151	7,179,264	28,641,111	32,344,013
Costs and expenses:
Rental operating costs	2,381,092	2,763,550	10,410,574	10,886,719
General and administrative	1,351,345	1,760,703	5,268,315	4,532,703
Depreciation and amortization	1,574,526	2,210,081	7,364,688	9,101,605
Total costs and expenses	5,306,963	6,734,334	23,043,577	24,521,027
Other income (expense):
Interest expense-Series B Preferred Stock		(648,451)	(2,226,101)	(4,770,945)
Interest expense-mortgage notes	(1,687,776)	(1,896,752)	(7,337,423)	(8,270,071)
Interest expense-note payable	(866,070)		(1,086,122)
Interest and other income	(6,995)	5,524	141,306	55,909
(Loss) gain on sales of real estate, net	(9,835)	1,214,242	6,319,272	12,200,138
Deferred offering costs				(1,507,599)
Impairment of real estate	0			(532,951)
Acquisition costs			(24,269)	(26,177)
Income tax expense	(83,631)	(81,430)	(611,263)	(518,567)
Total other expense, net	(2,654,307)	(1,406,867)	(4,824,600)	(3,370,263)
Net income	(932,119)	(961,937)	772,934	4,452,723
Less: Income attributable to noncontrolling interests	(175,011)	(766,455)	(1,383,140)	(1,068,429)
Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders	$ (1,107,130)	$ (1,728,392)	$ (610,206)	$ 3,384,294
Basic and diluted loss per common share	$ (0.12)	$ (0.19)	$ (0.07)	$ 0.38
Weighted average number of common shares outstanding-basic	8,881,842	8,866,975	8,862,958	8,840,680
Diluted income (loss) per common share (in dollars per share)			$ (0.07)	$ 0.38
Weighted average number of common shares outstanding-diluted			8,862,958	8,933,176

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, 2017	$ 52,042,168	$ 88,340	$ 151,210,242	$ (113,652,763)	$ 37,645,819	$ 14,396,349
Beginning balance (in shares) at Dec. 31, 2017		8,839,929
Net (loss) income	4,452,723			3,384,294	3,384,294	1,068,429
Dividends declared	(1,075,371)			(1,075,371)	(1,075,371)
Contributions received from noncontrolling interests, net of distributions paid	260,872					260,872
Vesting of restricted stock	460,651	$ 268	460,383		460,651
Vesting of restricted stock (in shares)		26,782
Ending balance at Dec. 31, 2018	56,141,043	$ 88,608	151,670,625	(111,343,840)	40,415,393	15,725,650
Ending balance (in shares) at Dec. 31, 2018		8,860,711
Net (loss) income	(961,937)			(1,728,392)	(1,728,392)	766,455
Dividends declared	(150)			(150)	(150)
Contributions received from noncontrolling interests, net of distributions paid	(258,708)					(258,708)
Common stock repurchased	(52,149)	$ (172)	(52,077)		(52,149)
Common stock repurchased (In shares)		(7,161)
Vesting of restricted stock	230,883	$ 134	230,749		230,883
Vesting of restricted stock (in shares)		13,424
Ending balance at Mar. 31, 2019	55,098,982	$ 88,670	151,849,297	(113,072,382)	38,865,585	16,233,397
Ending balance (in shares) at Mar. 31, 2019		8,866,974
Beginning balance at Dec. 31, 2018	56,141,043	$ 88,608	151,670,625	(111,343,840)	40,415,393	15,725,650
Beginning balance (in shares) at Dec. 31, 2018		8,860,711
Net (loss) income	772,934			(610,206)	(610,206)	1,383,140
Dividends declared	(1,083,098)			(1,083,098)	(1,083,098)
Contributions received from noncontrolling interests, net of distributions paid	331,604					331,604
Common stock repurchased	(227,428)	$ (306)	(227,122)		(227,428)
Common stock repurchased (In shares)		(30,498)
Vesting of restricted stock	686,133	$ 516	685,617		686,133
Vesting of restricted stock (in shares)		51,629
Ending balance at Dec. 31, 2019	56,621,188	$ 88,818	152,129,120	(113,037,144)	39,180,794	17,440,394
Ending balance (in shares) at Dec. 31, 2019		8,881,842
Net (loss) income	(932,119)			(1,107,130)	(1,107,130)	175,011
Contributions received from noncontrolling interests, net of distributions paid	(277,472)					(277,472)
Ending balance at Mar. 31, 2020	$ 55,411,597	$ 88,818	$ 152,129,120	$ (114,144,274)	$ 38,073,664	$ 17,337,933
Ending balance (in shares) at Mar. 31, 2020		8,881,842

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ (932,119)	$ (961,937)	$ 772,934	$ 4,452,723
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,574,526	2,210,081	7,364,688	9,101,605
Stock compensation	157,371	433,285	686,133	460,651
Bad debt expense		18,139	(32,544)	110,416
Gain on sale of real estate assets	9,835	(1,214,242)	(6,319,272)	(12,200,138)
Impairment of real estate assets	0			532,951
Accretion of original issue discount	337,802		386,595
Amortization of financing costs	363,183	227,374	965,239	675,087
Amortization of above-market leases	12,671	17,455	55,466	68,878
Amortization of below-market leases	(42,595)	(47,599)	(185,995)	(894,445)
Straight-line rent adjustment	(52,941)	(14,856)	(63,895)	45,778
Changes in operating assets and liabilities:
Other assets	1,947,145	2,051,150	1,035,806	(818,384)
Accounts payable and accrued liabilities	(2,612,649)	(459,901)	(767,440)	(1,183,057)
Accrued real estate taxes	(1,236,304)	(941,134)	(106,779)	80,387
Net cash (used in) provided by operating activities	(474,075)	1,317,815	3,790,936	432,452
Cash flows from investing activities:
Real estate acquisitions	(3,573,743)	0	(13,037,562)	(17,326,915)
Additions to buildings and tenant improvements	(889,673)	(2,696,422)	(6,393,711)	(3,359,283)
Additions to deferred leasing costs		(151,903)	(661,401)	(714,596)
Proceeds from sale of real estate assets	24,587,128	10,836,118	32,073,721	46,991,372
Net cash provided by investing activities	20,123,712	7,987,793	11,981,047	25,590,578
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of issuance costs	4,347,502	3,674,303	15,494,715	20,510,012
Repayment of mortgage notes payable	(19,803,831)	(7,682,670)	(23,176,581)	(31,374,774)
Repayment of note payable	(5,224,401)
Redemption of mandatorily redeemable preferred stock		(900,000)	(16,900,000)	(13,800,000)
Payment of deferred offering costs	(100,031)			(153,500)
Proceeds from note payable, net of issuance costs			11,479,237
Contributions from noncontrolling interests, net of distributions paid	(277,472)	(258,708)	331,603	260,872
Repurchase of common stock			(227,428)
Dividends paid to stockholders		(1,075,521)	(2,158,469)
Net cash used in financing activities	(21,058,233)	(6,242,596)	(15,156,923)	(24,557,390)
Net (decrease) increase in cash equivalents and restricted cash	(1,408,596)	3,063,012	615,060	1,465,640
Cash, cash equivalents and restricted cash-beginning of period	10,391,275	9,776,215	9,776,215	8,310,575
Cash, cash equivalents and restricted cash-end of period	8,982,679	12,839,227	10,391,275	9,776,215
Supplemental disclosure of cash flow information:
Interest paid-Series B preferred stock		580,650	1,859,672	4,357,694
Interest paid-mortgage notes payable	1,674,483	$ 1,727,008	6,442,750	7,806,068
Interest paid-notes payable	247,805		$ 713,262
Unpaid deferred offering costs	$ 14,608
Non-cash investing and financing activities:
Accrual of dividends payable				$ 1,075,371

ORGANIZATION

ORGANIZATION	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements Abstract
ORGANIZATION	1. ORGANIZATION Organization • 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 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 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. For the nine months remaining in 2020 and the year ending December 31, 2021, we have $20.2 million and $ 23.4 million of mortgage notes payable maturing, respectively, related to our properties. Certain properties will be sold and the underlying mortgage notes will be paid off with sales proceeds while other mortgage notes will be refinanced. For the year ending December31, 2020, we have $ 9.9 million of mortgage notes payable maturing related to the model homes properties and $10.3 million of mortgage notes payable maturing related to the commercial properties.	1. ORGANIZATION AND BASIS OF PRESENTATION Organization. The Company or one of its affiliates operate the following partnerships during the periods covered by these consolidated financial statements: • The Company is the sole general partner and limited partner in two limited partnerships (NetREIT Palm Self-Storage LP and NetREIT Casa Grande LP), all with ownership in real estate income producing properties. The Company refers to these entities collectively, as the “NetREIT Partnerships”. • The Company is the general partner and/or limited partner in five limited partnerships that purchase model homes and lease them back to homebuilders (Dubose Model Homes Investors #202, LP, Dubose Model Homes Investors #203, LP, Dubose Model Homes Investors #204, LP, Dubose Model Homes Investors #205, LP and NetREIT Dubose Model Home REIT, LP). The Company refers to these entities collectively, as the “Model Home Partnerships”. The Company has determined that the limited partnerships in which it owns less than 100%, should be included in the Company’s consolidated financial statements as the Company directs their activities and holds a variable interest in these limited partnerships for which the Company is the primary beneficiary. Unit-based information used herein (such as references to square footage or property occupancy rates) is unaudited. Liquidity. We have $12.3 million of mortgage notes payable maturing in 2020 related to the model home properties. Management expects certain model home properties will be sold and the underlying mortgage notes will be paid off with sales proceeds while other mortgage notes will be refinanced. We have $16.9 million of mortgage notes payable maturing in 2020 related to the commercial properties. We plan to sell properties or refinance a significant portion of the mortgage notes payable, in the event the commercial property securing the respective mortgage note is not sold on or before maturity. Segments. Customer Concentration.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. 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 10-K Basis of Presentation. 10-Q S-X. 10-K 10-K (“COVID-19”) Principles of Consolidation. Use of Estimates. Cash Equivalents and Restricted Cash. Real Estate Held for Sale. Impairments of Real Estate Asset. 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, Fair Value Measurements non-financial non-recurring • 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. Correction of Previously Issued Financial Information. 10-K Recently Issued and Adopted Accounting Pronouncements. 2020-04, Reference Rate Reform In March 2017, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses, No. 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842) 2016-13 held-to-maturity 2016-13 available-for-sale 2016-13 2020-02 In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. Principles of Consolidation The Company classifies the noncontrolling interests in the NetREIT Partnerships as part of consolidated net income (loss) in 2019 and 2018, and includes the accumulated amount of noncontrolling interests as part of equity since inception in February 2010. If a change in ownership of a consolidated subsidiary results in loss of control and deconsolidation, any retained ownership interest will be remeasured, with the gain or loss reported in the statement of operations. Management has evaluated the noncontrolling interests and determined that they do not contain any redemption features. Use of Estimates Real Estate Assets and Lease Intangibles. in-place The Company allocates the purchase price to tangible assets of an acquired property based on the estimated fair values of those tangible assets assuming the building was vacant. Estimates of fair value for land, building and building improvements are based on many factors including, but not limited to, comparisons to other properties sold in the same geographic area and independent third party valuations. The Company also considers information obtained about each property as a result of its pre-acquisition The value allocated to acquired lease intangibles is based on management’s evaluation of the specific characteristics of each tenant’s lease. Characteristics considered by management in allocating these values include the nature and extent of the existing business relationships with the tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value allocable to the above-market or below-market component of an acquired in-place non-cancelable The value of in-place in-place Impairment of Real Estate Assets. non-cash Intangible Assets in-place The Company is required to perform a test for impairment of goodwill and other definite and indefinite lived assets at least annually, and more frequently as circumstances warrant. Impairment is recognized only if the carrying amount of the intangible asset is considered to be unrecoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and the estimated fair value of the asset. Based on the review, no impairment was deemed to exist at December 31, 2019 and 2018. Depreciation and Amortization. Cash, Cash Equivalents and Restricted Cash. Accounts Receivables. Deferred Leasing Costs. re-evaluates Deferred Financing Costs. Income Taxes. We, together with our subsidiary, NetREIT Dubose, have elected to treat such subsidiary as taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary The Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. Neither the Company nor its subsidiaries have been assessed any significant interest or penalties for tax positions by any major tax jurisdictions. Fair Value Measurements. Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs other than quoted process that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs for the asset or liability. Fair value is defined as the price at which an asset or liability is exchanged between market participants in an orderly transaction at the reporting date. Cash equivalents, mortgage notes receivable, tenant receivable and payables and accrued liabilities all approximate fair value due to their short term nature. During the year ended December 31, 2019, the Company measured the fair value of one of its real estate properties on a nonrecurring basis using Level 3 inputs. The Company estimated the fair value for the impaired real estate asset held for investment based on an estimated sales price, less estimated costs to sell. Management believes that the recorded and fair values of notes payable are approximately the carrying value as of December 31, 2019 and 2018. Sales of Real Estate Assets 610-20, 610-20”), 610-20. ASC 610-20 610-20, Revenue Recognition and Accounts Receivables • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. We record property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. We make estimates of the collectability of our tenant receivables related to base rents, including deferred rent receivable, expense reimbursements and other revenue or income. We specifically analyze accounts receivable, deferred rent receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition Effective January 1, 2018, (upon the adoption of ASU No. 2014-9, Revenue from Contracts with Customers Income (Loss) per Common Share. after-tax For the year ended December 31, 2019, the basic and diluted net loss per share are equivalent at $(0.07) per share because the Company had incurred a net loss causing any potentially dilutive securities to be anti-dilutive. For the year ended December 31, 2018, the basic and diluted net income per share are equivalent at $0.38 because the Company had incurred a net loss causing any potentially dilutive securities to be anti-dilutive. Dilutive securities include non-vested Subsequent Events. On February 5, 2020, we sold Centennial Tech Center for approximately $15.0 million and recognized a gain of approximately $4.3 million. Reclassifications. Recently Issued Accounting Pronouncements. No. 2016-02, Leases (Topic 842) right-of-use We adopted the standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for periods presented before January 1, 2019 as these prior periods conform to the Accounting Standards Codification 840. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. We evaluated all leases within this scope under existing accounting standards and under the new ASU lease standard and two right-of-use right-of-use As a lessor, our rental revenue remained mainly consistent with previous guidance, apart from the narrower definition of initial direct costs that can be capitalized. The new standard defines initial direct costs as only the incremental costs of signing a lease. As such, certain compensation and certain external legal fees related to the execution of successful lease agreements no longer meet the definition of initial direct costs under the new standard and will be accounted for in the line item General and Administrative Expense No. 2018-11, Leases – Targeted Improvements . The new standard provided a practical expedient, which allows lessors to combine non-lease non-lease non-lease non-lease In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Topics 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses

RECENT REAL ESTATE TRANSACTIONS

RECENT REAL ESTATE TRANSACTIONS	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
RECENT REAL ESTATE TRANSACTIONS	3. 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.	3. RECENT REAL ESTATE TRANSACTIONS During year ended December 31, 2019 and 2018 we disposed of the following properties: • Morena Office Center, which was sold on January 15, 2019 for approximately $5.6 million and the Company recognized a gain of approximately $700,000. • Nightingale land, which was sold on May 8, 2019 for approximately $875,000 and the Company recognized a loss of approximately $93,000. • On July 1, 2019, NetREIT Genesis, LLC sold a 43% tenants-in-common • The Presidio office building, which was sold on July 31, 2019 for approximately $12.3 million and the Company recognized a gain of approximately $4.5 million. • During the year ended December 31, 2019, we disposed of 41 model homes for approximately $14.6 million and recognized a gain of approximately $1.2 million. • In December 31, 2018, we sold the following: • Port of San Diego Complex for approximately $24.8 million and recognized a gain of approximately $10.0 million. • Yucca Valley Retail Center for approximately $7.8 million and recognized a gain of approximately $1.4 million. • Pacific Oaks Plaza for approximately $3.9 million and recognized a loss of approximately $232,000. • During the year ended December 31, 2018, we disposed of 33 model homes for approximately $12.6 million and recognized a gain of approximately $988,000. During the year ended December 31, 2019, the Company acquired 33 Model Homes properties and leased them back to the home builders. The purchase price for the properties totaled $ 13.0 million. The Company allocated the purchase price of the properties acquired during 2019 as follows: Land Buildings Total Model Home Properties $ 2,495,436 $ 10,542,126 $ 13,037,562 During the year ended December 31, 2019, the Company disposed of real estate assets with a net carrying value of approximately $25.1 million and recorded a gain on sale of approximately $6.3 million

REAL ESTATE ASSETS

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

LEASE INTANGIBLES

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

OTHER ASSETS

OTHER ASSETS	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Other Assets [Abstract]
OTHER ASSETS	6. OTHER ASSETS Other assets consist of the following: March 31, December 31, 2019 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 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	6. OTHER ASSETS Other assets consist of the following: December 31, December 31, Deferred rent receivable $ 2,680,886 $ 2,883,581 Prepaid expenses, deposits and other 601,897 407,106 Accounts receivable, net 1,336,122 2,845,314 Raw land — 900,000 Right of use asset, net 561,375 — Other intangibles, net 212,932 293,832 Notes receivable 316,374 316,374 Total other assets $ 5,709,586 $ 7,646,207

Mortgage Notes Payable

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

NOTE PAYABLE

NOTE PAYABLE	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
NOTE PAYABLE	8. 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.	8. NOTE PAYABLE On September 17, 2019, the Company executed a Promissory Note pursuant to which Polar Multi-Strategy Master Fund (“Polar”), extended a loan in the principal amount of $14.0 million to the Company (“Polar Note”). The Polar Note bears interest at a fixed rate of 8% per annum and requires monthly interest-only payments. The final payment due at maturity, October 1, 2020 (or March 31, 2021, if extended pursuant to the Note), includes payment of the outstanding principal and accrued and unpaid interest. The Company may repay the Polar Note at any time, subject to the payment of an Optional Redemption Fee (as defined in the Note), if applicable. Such fee is not applicable to repayments made from the proceeds of property sales. The principal balance of the Note as of December 31, 2019 consists of cash received of $12,600,000 and Original Issue Discount (“OID”) of $1,400,000. The OID has been recorded on the accompanying consolidated balance sheets as a direct deduction from the principal of the Note and is recognized as interest expense over the term of the Note commencing on September 17, 2019 through October 1, 2020. The unrecognized OID totaled approximately $1.0 million as of December 31, 2019. The accretion of the OID recognized during the year ended December 31, 2019 was $387,000. The Company incurred approximately $1.1 million in legal and underwriting costs related to the transaction. These costs have been recorded as debt issuance costs on the accompanying consolidated balance sheets as a direct deduction from the principal of the Note and are being amortized over the term of the Note. Amortization expense totaling approximately $373,000 was included in interest expenses for the year ended December 31, 2019, in the accompanying condensed consolidated statements of operations. The unamortized debt issuance costs totaled $748,000 as of December 31, 2019. Under the terms of the Polar Note, the Company is subject to certain financial covenants including maintaining a debt to property fair value ratio of no greater than 75%. As of December 31, 2019, the Company is in compliance with such covenants.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. 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, 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.	10. COMMITMENTS AND CONTINGENCIES Litigation. Environmental Matters.

SERIES B MANDATORILY REDEEMABLE

SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]
SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK	10. SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK During 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.	9. SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK In August 2014, the Company closed on a private placement offering of its mandatorily redeemable Series B Preferred Stock (“Series B Preferred Stock”). The financing was funded in installments and completed on December 24, 2015. As of December 31, 2015, the Company had issued 35,000 shares of its Series B Preferred Stock. As of December 31, 2019 and 2018, the outstanding number of shares was zero and 16,900, respectively. The Company has classified the Series B Preferred Stock as a liability in accordance with ASC Topic No. 480, “ Distinguishing Liabilities from Equity The Series B Preferred Stock was scheduled to be redeemed on August 1, 2017; however, the Company had two one-year one-year During the year ended December 31, 2019, the Company redeemed all of the 16,900 shares of its remaining Series B Preferred Stock for $16.9 million. During the year ended December 31, 2018, the Company redeemed 13,800 shares of its Series B preferred stock for $13.8 million. As of December 31, 2019, no Series B Preferred Stock remained outstanding and as of December 31, 2018, 16,900 shares were outstanding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS’ EQUITY Preferred Stock. Common Stock. Cash Dividends. Dividend Reinvestment Plan. Stock-Based Compensation.	11. STOCKHOLDERS’ EQUITY Preferred Stock. Common Stock. pre-emptive In October 2006, the Company commenced a private placement offering of its common stock. Through December 31, 2011 when the offering was terminated, the Company conducted a self-underwritten private placement offering of 10,000,000 shares of its common stock at a price of $20.00 per share. This offering was made only to accredited investors (and up to thirty-five non-accredited Cash Dividends. Dividend Reinvestment Plan.

Related Party Transactions

Related Party Transactions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	12. RELATED PARTY TRANSACTIONS The 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.	13. RELATED PARTY TRANSACTIONS During the year ended December 31, 2019, the Company leased a portion of its corporate headquarters in San Diego, California to an entity 100% owned by the Company’s Chairman and Chief Executive Officer . Total rents charged and paid by this affiliate was approximately $9,000 and $36,000 for the years ended December 31, 2019 and 2018, respectively.

SEGMENTS

SEGMENTS	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
SEGMENTS	13. SEGMENTS The 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 non-property 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. For the Three Months Ended Capital Expenditures by Reportable Segment 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	14. SEGMENTS The Company’s reportable segments consist of the three types of commercial real estate properties for which the Company’s decision-makers internally evaluate operating performance and financial results: Office/Industrial Properties, Model Homes and Retail Properties. The Company also has certain corporate level activities including accounting, finance, legal administration and management information systems which are not considered separate operating segments. The accounting policies of the reportable segments are the same as those described in Note 2. There is no significant intersegment activity. The Company evaluates the performance of its segments based upon net operating income (“NOI”), which is a non-GAAP non-property The following tables reconcile the Company’s segment activity to its results of operations and financial position as of and for the years ended December 31, 2019 and 2018, respectively. For the Year Ended December 31, 2019 2018 Office/Industrial Properties: Rental income $ 21,490,215 $ 24,037,363 Property and related expenses (9,317,720 ) (9,494,885 ) Net operating income, as defined 12,172,495 14,542,478 Model Home Properties: Rental income 4,194,489 4,642,159 Property and related expenses (193,367 ) (174,238 ) Net operating income, as defined 4,001,122 4,467,921 Retail Properties: Rental income 2,956,407 3,664,491 Property and related expenses (899,487 ) (1,217,596 ) Net operating income, as defined 2,056,920 2,446,895 Reconciliation to net income: Total net operating income, as defined, for reportable segments 18,230,537 21,457,294 General and administrative expenses (5,268,315 ) (4,532,703 ) Depreciation and amortization (7,364,688 ) (9,101,605 ) Interest expense (10,649,646 ) (13,041,016 ) Interest income 141,306 55,909 Gain on sale of real estate 6,319,272 12,200,138 Deferred offering cost — (1,507,599 ) Impairment of real estate — (532,951 ) Acquisition costs (24,269 ) (26,177 ) Income tax expense (611,263 ) (518,567 ) Net income $ 772,934 $ 4,452,723 Assets by Reportable Segment: December 31, 2019 December 31, 2018 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 126,421,648 $ 138,694,773 Total assets (2) $ 131,180,612 $ 143,620,315 Model Home Properties: Land, buildings and improvements, net (1) $ 48,466,371 $ 48,762,869 Total assets (2) $ 51,389,400 $ 48,864,060 Retail Properties: Land, buildings and improvements, net (1) $ 25,318,601 $ 23,650,423 Total assets (2) $ 26,588,254 $ 27,702,384 Reconciliation to Total Assets: Total assets for reportable segments $ 209,158,266 $ 220,186,759 Other unallocated assets: Cash and cash equivalents 10,391,275 9,776,215 Other assets, net 1,234,867 3,087,066 Total Assets $ 220,784,408 $ 233,050,040 (1) Includes lease intangibles and the land purchase option related to property acquisitions. (2) Includes land, buildings and improvements, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis. Capital Expenditures by Reportable Segment For the Year Ended 2019 2018 Office/Industrial Properties: Capital expenditures and tenant improvements $ 6,373,464 $ 3,340,023 Model Home Properties: Acquisition of operating properties 13,037,562 17,326,915 Retail Properties: Capital expenditures and tenant improvements 20,247 19,260 Totals: Acquisition of operating properties, net 13,037,562 17,326,915 Capital expenditures and tenant improvements 6,393,711 3,359,283 Total real estate investments $ 19,431,273 $ 20,686,198

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. 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 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

SHARE-BASED INCENTIVE PLAN

SHARE-BASED INCENTIVE PLAN	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
SHARE-BASED INCENTIVE PLAN	12. SHARE-BASED INCENTIVE PLAN The Company maintains a restricted stock incentive plan for the purpose of attracting and retaining officers, key employees and non-employee Non-vested non-vested A summary of the activity for the Company’s restricted stock was as follows: Outstanding shares: Common Balance at December 31, 2018 119,656 Granted 76,531 Forfeited (7,170 ) Vested (63,076 ) Balance at December 31, 2019 125,941 The non-vested The value of non-vested Share-based compensation expense for the years ended December 31, 2019 and 2018 was approximately $686,000 and $461,000, respectively.

SEC Schedule III, Real Estate a

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

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. 10-Q S-X. 10-K 10-K (“COVID-19”)	Basis of Presentation.
Principles of Consolidation	Principles of Consolidation.	Principles of Consolidation The Company classifies the noncontrolling interests in the NetREIT Partnerships as part of consolidated net income (loss) in 2019 and 2018, and includes the accumulated amount of noncontrolling interests as part of equity since inception in February 2010. If a change in ownership of a consolidated subsidiary results in loss of control and deconsolidation, any retained ownership interest will be remeasured, with the gain or loss reported in the statement of operations. Management has evaluated the noncontrolling interests and determined that they do not contain any redemption features.
Use of Estimates	Use of Estimates.	Use of Estimates
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash.	Cash, Cash Equivalents and Restricted Cash.
Real Estate Held for Sale	Real Estate Held for Sale.
Impairment of Real Estate Assets	Impairments of Real Estate Asset. 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,	Impairment of Real Estate Assets. non-cash
Fair Value Measurements	Fair Value Measurements non-financial non-recurring • 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.	Fair Value Measurements. Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs other than quoted process that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs for the asset or liability. Fair value is defined as the price at which an asset or liability is exchanged between market participants in an orderly transaction at the reporting date. Cash equivalents, mortgage notes receivable, tenant receivable and payables and accrued liabilities all approximate fair value due to their short term nature. During the year ended December 31, 2019, the Company measured the fair value of one of its real estate properties on a nonrecurring basis using Level 3 inputs. The Company estimated the fair value for the impaired real estate asset held for investment based on an estimated sales price, less estimated costs to sell. Management believes that the recorded and fair values of notes payable are approximately the carrying value as of December 31, 2019 and 2018.
Subsequent Events	Subsequent Events. Correction of Previously Issued Financial Information. 10-K	Subsequent Events. On February 5, 2020, we sold Centennial Tech Center for approximately $15.0 million and recognized a gain of approximately $4.3 million.
Recently Issued Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements. 2020-04, Reference Rate Reform In March 2017, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses, No. 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842) 2016-13 held-to-maturity 2016-13 available-for-sale 2016-13 2020-02 In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement	Recently Issued Accounting Pronouncements. No. 2016-02, Leases (Topic 842) right-of-use We adopted the standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for periods presented before January 1, 2019 as these prior periods conform to the Accounting Standards Codification 840. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. We evaluated all leases within this scope under existing accounting standards and under the new ASU lease standard and two right-of-use right-of-use As a lessor, our rental revenue remained mainly consistent with previous guidance, apart from the narrower definition of initial direct costs that can be capitalized. The new standard defines initial direct costs as only the incremental costs of signing a lease. As such, certain compensation and certain external legal fees related to the execution of successful lease agreements no longer meet the definition of initial direct costs under the new standard and will be accounted for in the line item General and Administrative Expense No. 2018-11, Leases – Targeted Improvements . The new standard provided a practical expedient, which allows lessors to combine non-lease non-lease non-lease non-lease In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Topics 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses
Real Estate Assets and Lease Intangibles		Real Estate Assets and Lease Intangibles. in-place The Company allocates the purchase price to tangible assets of an acquired property based on the estimated fair values of those tangible assets assuming the building was vacant. Estimates of fair value for land, building and building improvements are based on many factors including, but not limited to, comparisons to other properties sold in the same geographic area and independent third party valuations. The Company also considers information obtained about each property as a result of its pre-acquisition The value allocated to acquired lease intangibles is based on management’s evaluation of the specific characteristics of each tenant’s lease. Characteristics considered by management in allocating these values include the nature and extent of the existing business relationships with the tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value allocable to the above-market or below-market component of an acquired in-place non-cancelable The value of in-place in-place
Intangible Assets		Intangible Assets in-place The Company is required to perform a test for impairment of goodwill and other definite and indefinite lived assets at least annually, and more frequently as circumstances warrant. Impairment is recognized only if the carrying amount of the intangible asset is considered to be unrecoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and the estimated fair value of the asset. Based on the review, no impairment was deemed to exist at December 31, 2019 and 2018.
Depreciation and Amortization		Depreciation and Amortization.
Accounts Receivables		Accounts Receivables.
Deferred Leasing and Financing Costs		Deferred Leasing Costs. re-evaluates Deferred Financing Costs.
Income Taxes		Income Taxes. We, together with our subsidiary, NetREIT Dubose, have elected to treat such subsidiary as taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary 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.
Sale of Real Estate Assets, Revenue Recognition and Accounts Receivables		Sales of Real Estate Assets 610-20, 610-20”), 610-20. ASC 610-20 610-20, Revenue Recognition and Accounts Receivables • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. We record property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. We make estimates of the collectability of our tenant receivables related to base rents, including deferred rent receivable, expense reimbursements and other revenue or income. We specifically analyze accounts receivable, deferred rent receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition Effective January 1, 2018, (upon the adoption of ASU No. 2014-9, Revenue from Contracts with Customers
Income (Loss) per Common Share		Income (Loss) per Common Share. after-tax For the year ended December 31, 2019, the basic and diluted net loss per share are equivalent at $(0.07) per share because the Company had incurred a net loss causing any potentially dilutive securities to be anti-dilutive. For the year ended December 31, 2018, the basic and diluted net income per share are equivalent at $0.38 because the Company had incurred a net loss causing any potentially dilutive securities to be anti-dilutive. Dilutive securities include non-vested
Reclassifications		Reclassifications.

REAL ESTATE ASSETS (Tables)

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

LEASE INTANGIBLES (Tables)

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

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Other Assets [Abstract]
Other Assets	Other assets consist of the following: March 31, December 31, 2019 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 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	Other assets consist of the following: December 31, December 31, Deferred rent receivable $ 2,680,886 $ 2,883,581 Prepaid expenses, deposits and other 601,897 407,106 Accounts receivable, net 1,336,122 2,845,314 Raw land — 900,000 Right of use asset, net 561,375 — Other intangibles, net 212,932 293,832 Notes receivable 316,374 316,374 Total other assets $ 5,709,586 $ 7,646,207

Mortgage Notes Payable (Tables)

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

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Net Operating Income by Segment	The following tables reconcile the Company’s segment activity to its results of operations and financial position as of and for the 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 )	The following tables reconcile the Company’s segment activity to its results of operations and financial position as of and for the years ended December 31, 2019 and 2018, respectively. For the Year Ended December 31, 2019 2018 Office/Industrial Properties: Rental income $ 21,490,215 $ 24,037,363 Property and related expenses (9,317,720 ) (9,494,885 ) Net operating income, as defined 12,172,495 14,542,478 Model Home Properties: Rental income 4,194,489 4,642,159 Property and related expenses (193,367 ) (174,238 ) Net operating income, as defined 4,001,122 4,467,921 Retail Properties: Rental income 2,956,407 3,664,491 Property and related expenses (899,487 ) (1,217,596 ) Net operating income, as defined 2,056,920 2,446,895 Reconciliation to net income: Total net operating income, as defined, for reportable segments 18,230,537 21,457,294 General and administrative expenses (5,268,315 ) (4,532,703 ) Depreciation and amortization (7,364,688 ) (9,101,605 ) Interest expense (10,649,646 ) (13,041,016 ) Interest income 141,306 55,909 Gain on sale of real estate 6,319,272 12,200,138 Deferred offering cost — (1,507,599 ) Impairment of real estate — (532,951 ) Acquisition costs (24,269 ) (26,177 ) Income tax expense (611,263 ) (518,567 ) Net income $ 772,934 $ 4,452,723
Reconciliation of Assets by Segment to Total Assets	Assets by Reportable Segment: 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.	Assets by Reportable Segment: December 31, 2019 December 31, 2018 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 126,421,648 $ 138,694,773 Total assets (2) $ 131,180,612 $ 143,620,315 Model Home Properties: Land, buildings and improvements, net (1) $ 48,466,371 $ 48,762,869 Total assets (2) $ 51,389,400 $ 48,864,060 Retail Properties: Land, buildings and improvements, net (1) $ 25,318,601 $ 23,650,423 Total assets (2) $ 26,588,254 $ 27,702,384 Reconciliation to Total Assets: Total assets for reportable segments $ 209,158,266 $ 220,186,759 Other unallocated assets: Cash and cash equivalents 10,391,275 9,776,215 Other assets, net 1,234,867 3,087,066 Total Assets $ 220,784,408 $ 233,050,040 (1) Includes lease intangibles and the land purchase option related to property acquisitions. (2) Includes land, buildings and improvements, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis.
Reconciliation of Capital Expenditures by Segment to Total Real Estate Investments	For the Three Months Ended Capital Expenditures by Reportable Segment 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	Capital Expenditures by Reportable Segment For the Year Ended 2019 2018 Office/Industrial Properties: Capital expenditures and tenant improvements $ 6,373,464 $ 3,340,023 Model Home Properties: Acquisition of operating properties 13,037,562 17,326,915 Retail Properties: Capital expenditures and tenant improvements 20,247 19,260 Totals: Acquisition of operating properties, net 13,037,562 17,326,915 Capital expenditures and tenant improvements 6,393,711 3,359,283 Total real estate investments $ 19,431,273 $ 20,686,198

RECENT REAL ESTATE TRANSACTIO_2

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

SHARE-BASED INCENTIVE PLAN (Tab

SHARE-BASED INCENTIVE PLAN (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Non-vested Restricted Stock	A summary of the activity for the Company’s restricted stock was as follows: Outstanding shares: Common Balance at December 31, 2018 119,656 Granted 76,531 Forfeited (7,170 ) Vested (63,076 ) Balance at December 31, 2019 125,941

SEC Schedule III, Real Estate_2

SEC Schedule III, Real Estate and Accumulated Depreciation and Amortization Disclosure (Tables)	3 Months Ended
	Mar. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
REVERSE STOCK SPLIT	On July 29, 2020, we amended our charter to effect a one-for-two reverse stock split of every outstanding share of our Series A Common Stock. The financial statements and accompanying footnotes have been retroactively restated to reflect the reverse stock split.

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)ft²PropertyCounterparty	Dec. 31, 2019USD ($)ft²PropertyTenantsCounterparty	Dec. 31, 2018	Sep. 17, 2019USD ($)	Oct. 31, 2017Property
Real Estate Properties [Line Items]
No of Properties | Property					1
Number of limited partnerships in which the company is sole General Partner | Counterparty	2	2
Number of partnerships that purchase and lease back model homes from homebuilders in which the company is the general and limited partner | Counterparty	5	5
Key provisions of operating or partnership agreement	The Company or one of its affiliates operate 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”.
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.	We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the "Code"), for federal income tax purposes. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership.
Percentage of distributed taxable income to qualify as REIT	90.00%	90.00%
Long-term maturity debt, remaining in 2019	$ 20,215,786
Long-term maturity debt, in 2020	23,422,230	$ 16,892,476
Long-term maturity debt, in 2021	$ 18,055,459	18,472,632
Mortgage notes payable in 2020		$ 29,166,847
Industrial Properties
Real Estate Properties [Line Items]
No of Properties | Property	1	1
Office Properties
Real Estate Properties [Line Items]
No of Properties | Property	10	12
Industrial Office Properties
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	998,016	1,192,566
Retail Properties
Real Estate Properties [Line Items]
No of Properties | Property	4	4
Area of Real Estate Property | ft²	131,722	131,722
Residential Properties
Real Estate Properties [Line Items]
No of Properties | Property	138	136
Number of corporations | Property	1	1
Number of limited partnerships in which the company is sole General Partner | Counterparty	5
Customer Concentration Risk | Rental Income
Real Estate Properties [Line Items]
Number of tenant | Tenants		1
Concentration risk, percentage		6.10%	5.70%
Model Home properties
Real Estate Properties [Line Items]
No of Properties | Property	138
Area of Real Estate Property | ft²	390,490
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	$ 11,932,259
Long-term maturity debt, in 2021	8,345,200	8,416,975
Mortgage notes payable in 2020		12,294,895
Notes Payable to Banks | Polar Multi Strategy Master Fund
Real Estate Properties [Line Items]
Long-term Debt				$ 14,000,000
Debt Instrument, Interest Rate, Stated Percentage				8.00%
Notes Payable to Banks | Commercial Property
Real Estate Properties [Line Items]
Long-term Debt				$ 14,000,000
Debt Instrument, Interest Rate, Stated Percentage				8.00%
Mortgage Notes Payable | Model Home properties
Real Estate Properties [Line Items]
Mortgage notes payable in 2020		12,300,000
Mortgage Notes Payable | Commercial Property
Real Estate Properties [Line Items]
Long-term maturity debt, in 2020	10,300,000
Mortgage notes payable in 2020		$ 16,900,000
Mortgage Notes Payable | Model Home
Real Estate Properties [Line Items]
Long-term maturity debt, remaining in 2019	20,200,000
Long-term maturity debt, in 2020	9,900,000
Long-term maturity debt, in 2021	$ 23,400,000
Partial Interest Properties
Real Estate Properties [Line Items]
Number of commercial properties own in fee interest | Property					16

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Detail)	Feb. 05, 2020USD ($)	Mar. 31, 2020USD ($)Property	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Significant Account Policies [Line Items]
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			$ 532,951
Amortization of above and below market rents				$ 131,000	826,000
Remaining term of in-place leases (in years)				10 years
Amortization expense related to in-place leases, unamortized lease origination costs and tenant relationships				$ 413,000	569,000
Impairment of definite lived assets				274,000	415,000
Impairment of indefinite lived assets				0	0
Impairment of goodwill				0	0
Depreciation expense				7,400,000	9,100,000
Cash balances may exceed federally insured limit				250,000
Deposits in financial institutions that exceeded the federally insurable limits				8,600,000
Loss on federal deposit insurance corporation				0
Allowance for uncollectible accounts				21,000	60,000
Net deferred leasing costs				2,054,000	2,097,000
Amortization of deferred leasing costs				646,000	510,000
Unamortized deferred financing costs				1,066,000	1,427,000
Amortization of financing costs		$ 363,183	$ 227,374	$ 965,239	$ 675,087
Percentage of distributed taxable income to qualify as REIT		90.00%		90.00%
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.		We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the "Code"), for federal income tax purposes. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership.
Basic and diluted net income (loss) per share | $ / shares				$ (0.07)	$ 0.38
Anti-dilutive shares included in computation of diluted earnings per share | shares					366,972
Anti-dilutive shares excluded from computation of diluted earnings per share | shares				373,259
Gain (loss) on sale of property				$ 6,300,000
Right-of-use assets				661,000
Lease liabilities				661,000
Mortgage Payable
Significant Account Policies [Line Items]
Amortization of financing costs				470,000	$ 529,000
Polar Multi Strategy Master Fund | Notes Payable to Banks
Significant Account Policies [Line Items]
Unamortized deferred financing costs				748,000
Amortization of financing costs		$ 280,000		373,000
Series B Preferred Stock
Significant Account Policies [Line Items]
Unamortized deferred financing costs				0	122,000
Series B Preferred Stock | Mortgage Payable
Significant Account Policies [Line Items]
Amortization of financing costs				$ 122,000	147,000
Building and Building Improvements
Significant Account Policies [Line Items]
Estimated useful life				39 years
Assets Leased to Others | Minimum
Significant Account Policies [Line Items]
Estimated useful life				1 year
Assets Leased to Others | Maximum
Significant Account Policies [Line Items]
Estimated useful life				10 years
Furniture and Fixtures | Minimum
Significant Account Policies [Line Items]
Estimated useful life				4 years
Furniture and Fixtures | Maximum
Significant Account Policies [Line Items]
Estimated useful life				5 years
Waterman Plaza
Significant Account Policies [Line Items]
Asset impairment charge				$ 0	$ 533,000
Centennial Tech Center | Subsequent Event
Significant Account Policies [Line Items]
Proceeds from sale of property	$ 15,000,000
Gain (loss) on sale of property	$ 4,300,000
Federal
Significant Account Policies [Line Items]
Net operating losses carry-forwards				$ 3,900,000

RECENT REAL ESTATE TRANSACTIO_3

RECENT REAL ESTATE TRANSACTIONS (Disposals of Properties) (Detail)

Mar. 13, 2020USD ($)

Feb. 05, 2020USD ($)

Jul. 31, 2019USD ($)

Jul. 01, 2019USD ($)

May 08, 2019USD ($)

Jan. 15, 2019USD ($)

Mar. 31, 2020USD ($)Property

Mar. 31, 2019USD ($)Property

Sep. 30, 2018USD ($)Property

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)Property

Oct. 31, 2017Property

Real Estate Properties [Line Items]

Gain (loss) on sale of property

$ 6,300,000

No. of Properties | Property

1

Mortgage notes issued for property acquired

$ 7,632,556

12,238,692

Disposed of real estate assets with net carrying value

25,100,000

Genesis Plaza

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 2,900,000

Sale of interest in property

43.00%

Sale of property

$ 5,600,000

The Presidio

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 12,300,000

Gain (loss) on sale of property

$ 4,500,000

Centennial Tech Center | Discontinued Operations, Disposed of by Sale [Member]

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 [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 11,300,000

Gain (loss) on sale of property

$ 688,000

Residential Properties

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 875,000

Gain (loss) on sale of property

$ (93,000)

Residential Properties | Port Of San Diego Complex

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 24,800,000

Gain (loss) on sale of property

10,000,000

Residential Properties | Yucca Valley Retail Center

Real Estate Properties [Line Items]

Proceeds from sale of property

7,800,000

Gain (loss) on sale of property

1,400,000

Residential Properties | Pacific Oaks Plaza

Real Estate Properties [Line Items]

Proceeds from sale of property

3,900,000

Gain (loss) on sale of property

(232,000)

Residential Properties | 33 Model Homes [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 13,000,000

12,600,000

Gain (loss) on sale of property

$ 988,000

No. of Properties | Property

33

Residential Properties | Morena Office Center

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 5,600,000

Gain (loss) on sale of property

$ 700,000

Residential Properties | 41 Model Homes

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 14,600,000

Gain (loss) on sale of property

$ 1,200,000

No. of Properties | Property

41

Residential Properties | 10 Model Homes

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 | 8 Model Homes | Discontinued Operations, Disposed of by Sale [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

215,000

Gain (loss) on sale of property

$ 2,800,000

No. of Properties | Property

8

Residential Properties | 15 Model Homes | Discontinued Operations, Disposed of by Sale [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 514,000

Gain (loss) on sale of property

$ 5,800,000

No. of Properties | Property

15

REAL ESTATE ASSETS (Summary of

REAL ESTATE ASSETS (Summary of Properties Owned) (Detail) - USD ($)	Feb. 05, 2020	Jul. 31, 2019	Jul. 01, 2019	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Assets Owned				$ 179,192,000	$ 200,206,620	$ 211,108,065
Garden Gateway Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Colorado Springs, Colorado	Colorado Springs, Colorado
Real Estate Assets Owned				$ 11,440,000	$ 11,428,000	11,166,000
World Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				San Bernardino, California	San Bernardino, California
Real Estate Assets Owned				$ 8,334,000	$ 8,305,000	6,180,000
Executive Office Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Colorado Springs, Colorado	Colorado Springs, Colorado
Real Estate Assets Owned				$ 7,654,000	$ 7,723,000	7,976,000
Waterman Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				San Bernardino, California	San Bernardino, California
Real Estate Assets Owned				$ 4,867,000	$ 4,889,000	4,977,000
Morena Office Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location					San Diego, California
Real Estate Assets Owned						4,716,000
Genesis Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				San Diego, California	San Diego, California
Real Estate Assets Owned				$ 8,721,000	$ 8,789,000	8,449,000
Proceeds from sale of property			$ 2,900,000
Dakota Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Fargo, North Dakota	Fargo, North Dakota
Real Estate Assets Owned				$ 8,772,000	$ 8,855,000	9,139,000
The Presidio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location					Aurora, Colorado
Real Estate Assets Owned						6,499,000
Proceeds from sale of property		$ 12,300,000
Grand Pacific Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Bismarck, North Dakota	Bismarck, North Dakota
Real Estate Assets Owned				$ 5,885,000	$ 5,914,000	5,814,000
Union Terrace
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location					Lakewood, Colorado
Real Estate Assets Owned					$ 8,425,000	7,983,000
Centennial Tech Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location					Colorado Springs, Colorado
Real Estate Assets Owned					$ 13,132,000	12,960,000
Centennial Tech Center | Subsequent Event
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Proceeds from sale of property	$ 15,000,000
Arapahoe Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Centennial, Colorado	Centennial, Colorado
Real Estate Assets Owned				$ 9,619,000	$ 9,748,000	10,251,000
Union Town Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Colorado Springs, Colorado	Colorado Springs, Colorado
Real Estate Assets Owned				$ 9,552,000	$ 9,612,000	9,904,000
West Fargo Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				West Fargo, North Dakota	Fargo, North Dakota
Real Estate Assets Owned				$ 7,188,000	$ 7,212,000	7,243,000
300 N.P.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Fargo, North Dakota	Fargo, North Dakota
Real Estate Assets Owned				$ 3,371,000	$ 3,405,000	3,543,000
Research Parkway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Colorado Springs, Colorado	Colorado Springs, Colorado
Real Estate Assets Owned				$ 2,492,000	$ 2,512,000	2,589,000
One Park Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Westminster, Colorado	Westminster, Colorado
Real Estate Assets Owned				$ 8,898,000	$ 8,518,000	8,453,000
Highland Court
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Centennial, Colorado	Centennial, Colorado
Real Estate Assets Owned				$ 11,260,000	$ 11,421,000	11,845,000
Shea Center II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Location				Highlands Ranch, Colorado	Highlands Ranch, Colorado
Real Estate Assets Owned				$ 21,706,000	$ 21,853,000	22,658,000
Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Assets Owned					151,741,000	162,345,000
Model Home properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Assets Owned				49,433,000	$ 48,466,000	$ 48,763,000
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				$ 129,759,000

REAL ESTATE ASSETS (Geographic

REAL ESTATE ASSETS (Geographic Locations of Real Estate Properties Owned) (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)ft²Property	Dec. 31, 2019Property	Oct. 31, 2017Property
Real Estate Properties [Line Items]
No. of Properties			1
North Dakota
Real Estate Properties [Line Items]
No. of Properties		4
NetREIT, Inc. Properties
Real Estate Properties [Line Items]
No. of Properties	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	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	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	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	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	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	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	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	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	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) (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	$ 5,321,296	$ 7,631,488	$ 9,026,435
Accumulated Amortization	(4,301,196)	(5,526,477)	(6,164,961)
Lease intangibles, net	1,020,100	2,105,011	2,861,474
In-place leases
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	3,186,889	4,360,027	4,958,477
Accumulated Amortization	(2,592,558)	(3,283,027)	(3,467,781)
Lease intangibles, net	594,331	1,077,000	1,490,696
Leasing costs
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	1,800,922	2,937,976	3,628,080
Accumulated Amortization	(1,455,228)	(2,002,711)	(2,405,514)
Lease intangibles, net	345,694	935,265	1,222,566
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	333,485	333,485	439,878
Accumulated Amortization	(253,410)	(240,739)	(291,666)
Lease intangibles, net	$ 80,075	$ 92,746	$ 148,212

LEASE INTANGIBLES (Additional I

LEASE INTANGIBLES (Additional Information) (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	$ 1,020,100	$ 2,105,011	$ 2,861,474
Accumulated amortization	4,301,196	5,526,477	6,164,961
Below-market leases, net	267,337	309,932	495,927
Real Estate Assets Held For Sale
Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	$ 0	2,300,000	2,500,000
Accumulated amortization		$ 1,400,000	$ 1,500,000
Weighted Average
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period	1 year 10 months 24 days	2 years 7 months 6 days

LEASE INTANGIBLES (Amortization

LEASE INTANGIBLES (Amortization Expense for the Company Lease Intangible Assets) (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Nine months remaining in 2020	$ 397,753
2020		$ 687,974
2021	372,484	510,215
2022	202,479	360,116
2023	17,663	173,785
2024	17,663	118,989
Thereafter	12,058	253,932
Lease intangibles, net	$ 1,020,100	$ 2,105,011	$ 2,861,474

OTHER ASSETS (Detail)

OTHER ASSETS (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Assets [Line Items]
Raw land	$ 27,242,954	$ 27,024,601	$ 26,816,105
Right-of-use assets, net		661,000
Total other assets	3,999,350	5,709,586	7,646,207
Other Assets
Other Assets [Line Items]
Deferred rent receivable	2,019,632	2,680,886	2,883,581
Prepaid expenses, deposits and other	488,280	601,897	407,106
Accounts receivable, net	860,388	1,336,122	2,845,314
Raw land		0	900,000
Right-of-use assets, net	121,969	561,375	0
Other intangibles, net	192,707	212,932	293,832
Notes receivable	$ 316,374	$ 316,374	$ 316,374

MORTGAGE NOTES PAYABLE (Detail)

MORTGAGE NOTES PAYABLE (Detail) - USD ($)	Feb. 05, 2020	Jul. 31, 2019	Jul. 01, 2019	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Mortgage notes payable				$ 128,002,720	$ 143,459,048	$ 151,140,916
Unamortized loan costs				(879,175)	(1,066,056)	(1,426,740)
Mortgage notes payable, total net				127,123,545	142,392,992	149,714,176
Garden Gateway Plaza
Debt Instrument [Line Items]
Mortgage notes payable				$ 6,019,844	$ 6,071,315	6,270,896
Fixed interest rate on mortgage				5.00%	5.00%
Maturity				Aug. 5, 2021	Feb. 5, 2020
World Plaza
Debt Instrument [Line Items]
Mortgage notes payable				$ 4,953,556	$ 4,979,383	3,350,539
Maturity				Jul. 5, 2020	Jul. 5, 2020
Variable Interest Rate				4.41%	5.10%
Description of variable rate basis					LIBOR
Weighted average interest rate				4.41%	5.04%
World Plaza | LIBOR
Debt Instrument [Line Items]
Variable interest rate on mortgage				2.75%	2.75%
World Plaza | ABR
Debt Instrument [Line Items]
Variable interest rate on mortgage				0.75%	0.75%
West Fargo Industrial
Debt Instrument [Line Items]
Mortgage notes payable				$ 4,196,788	$ 4,216,565	4,292,809
Fixed interest rate on mortgage				4.79%	4.79%
Maturity				Sep. 6, 2020	Sep. 6, 2020
Morena Office Center
Debt Instrument [Line Items]
Mortgage notes payable						1,567,358
Fixed interest rate on mortgage					4.30%
Maturity					Jun. 1, 2021
Waterman Plaza
Debt Instrument [Line Items]
Mortgage notes payable				$ 3,254,223	$ 3,274,097	3,369,960
Fixed interest rate on mortgage				5.78%	5.78%
Maturity				Apr. 29, 2021	Apr. 29, 2021
300 N.P.
Debt Instrument [Line Items]
Mortgage notes payable				$ 2,302,197	$ 2,311,738	2,348,443
Fixed interest rate on mortgage				4.95%	4.95%
Maturity				Jun. 11, 2022	Jun. 11, 2022
Highland Court
Debt Instrument [Line Items]
Mortgage notes payable				$ 6,387,511	$ 6,424,366	6,568,320
Fixed interest rate on mortgage				3.82%	3.82%
Maturity				Sep. 1, 2022	Sep. 1, 2022
Dakota Center
Debt Instrument [Line Items]
Mortgage notes payable				$ 10,059,135	$ 10,111,693	10,314,520
Fixed interest rate on mortgage				4.74%	4.74%
Maturity				Jul. 6, 2024	Jul. 6, 2024
Union Terrace
Debt Instrument [Line Items]
Mortgage notes payable				$ 0	$ 6,240,396	6,354,153
Fixed interest rate on mortgage				4.50%	4.50%
Maturity				Sep. 5, 2024	Sep. 5, 2024
The Presidio
Debt Instrument [Line Items]
Mortgage notes payable						5,992,905
Fixed interest rate on mortgage					4.54%
Maturity					Dec. 1, 2021
Proceeds from sale of property		$ 12,300,000
Centennial Tech Center
Debt Instrument [Line Items]
Mortgage notes payable				$ 0	$ 9,561,654	9,745,811
Fixed interest rate on mortgage				4.43%	4.43%
Maturity				Jan. 5, 2024	Jan. 5, 2024
Centennial Tech Center | Subsequent Event
Debt Instrument [Line Items]
Proceeds from sale of property	$ 15,000,000
Research Parkway
Debt Instrument [Line Items]
Mortgage notes payable				$ 1,800,281	$ 1,813,305	1,864,139
Fixed interest rate on mortgage				3.94%	3.94%
Maturity				Jan. 5, 2025	Jan. 5, 2025
Arapahoe Service Center
Debt Instrument [Line Items]
Mortgage notes payable				$ 8,047,511	$ 8,085,727	8,233,567
Fixed interest rate on mortgage				4.34%	4.34%
Maturity				Jan. 5, 2025	Jan. 5, 2025
Union Town Center
Debt Instrument [Line Items]
Mortgage notes payable				$ 8,416,833	$ 8,440,000	8,440,000
Fixed interest rate on mortgage				4.28%	4.28%
Maturity				Jan. 5, 2025	Jan. 5, 2025
Executive Office Park
Debt Instrument [Line Items]
Mortgage notes payable				$ 4,811,730	$ 4,839,576	4,947,808
Fixed interest rate on mortgage				4.83%	4.83%
Maturity				Jun. 1, 2027	Jun. 1, 2027
Genesis Plaza
Debt Instrument [Line Items]
Mortgage notes payable				$ 6,352,694	$ 6,378,110	6,476,032
Fixed interest rate on mortgage				4.71%	4.71%
Maturity				Sep. 6, 2025	Aug. 25, 2025
Proceeds from sale of property			$ 2,900,000
One Park Centre
Debt Instrument [Line Items]
Mortgage notes payable				$ 6,461,980	$ 6,487,532	6,585,922
Fixed interest rate on mortgage				4.77%	4.77%
Maturity				Sep. 5, 2025	Sep. 5, 2025
Shea Center II
Debt Instrument [Line Items]
Mortgage notes payable				$ 17,727,500	$ 17,727,500	17,727,500
Fixed interest rate on mortgage				4.92%	4.92%
Maturity				Jan. 5, 2026	Jan. 5, 2026
Grand Pacific Center
Debt Instrument [Line Items]
Mortgage notes payable				$ 3,823,965	$ 3,851,962	3,961,304
Fixed interest rate on mortgage				4.02%	4.02%
Maturity				Aug. 1, 2037	Aug. 1, 2037
Debt Instrument, Interest Rate Terms					Interest rate is subject to reset on September 1, 2023.
Office/Industrial and Retail Properties
Debt Instrument [Line Items]
Mortgage notes payable					$ 110,814,919	118,411,986
Model Home properties
Debt Instrument [Line Items]
Mortgage notes payable				$ 33,386,972	$ 32,644,129	$ 32,728,930
Model Home properties | Minimum
Debt Instrument [Line Items]
Fixed interest rate on mortgage				3.44%	3.80%
Model Home properties | Maximum
Debt Instrument [Line Items]
Fixed interest rate on mortgage				5.63%	5.60%
Presidio Property Trust, Inc. properties
Debt Instrument [Line Items]
Mortgage notes payable				$ 94,615,748	$ 110,814,919

MORTGAGE NOTES PAYABLE (Schedul

MORTGAGE NOTES PAYABLE (Scheduled Principal Payments of Mortgage Notes Payable) (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Nine months remaining in 2020	$ 20,215,786
2020		$ 29,166,847
2021	23,422,230	16,892,476
2022	18,055,459	18,472,632
2023	3,611,091	1,783,291
2024	10,365,425	24,813,868
Thereafter	52,332,729	52,329,934
Total	128,002,720	143,459,048
Presidio Property Trust, Inc. Notes Payable
Debt Instrument [Line Items]
Nine months remaining in 2020	10,312,547
2020		16,871,952
2021	10,472,745	4,960,217
2022	9,710,259	10,055,657
2023	1,422,043	1,783,291
2024	10,365,425	24,813,868
Thereafter	52,332,729	52,329,934
Total	94,615,748	110,814,919
Model Home
Debt Instrument [Line Items]
Nine months remaining in 2020	9,903,239
2020		12,294,895
2021	12,949,485	11,932,259
2022	8,345,200	8,416,975
2023	2,189,048	0
2024	0	0
Thereafter	0	0
Total	$ 33,386,972	$ 32,644,129

NOTE PAYABLE (Detail)

NOTE PAYABLE (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Sep. 17, 2019
Debt Instrument [Line Items]
Cash received	$ 128,002,720		$ 143,459,048
Accretion expense	338,000		387,000
Amortization expense	363,183	$ 227,374	965,239	$ 675,087
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		12,600,000
Original issue discount	1,400,000		1,400,000
Unrecognized amount	675,000		1,000,000
Legal and underwriting costs	1,100,000		1,100,000
Amortization expense	280,000		373,000
Deferred financing costs	$ 500,000		$ 748,000
Fair value ratio percent	75.00%		75.00%

SERIES B MANDATORILY REDEEMAB_2

SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK (Detail)	Aug. 01, 2019USD ($)	Mar. 31, 2020USD ($)shares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Aug. 01, 2017Property	Dec. 31, 2015shares
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Interest expense		$ 2,553,846	$ 2,545,203	$ 10,649,646	$ 13,041,016
Extension options | Property						2
Term of extension options	1 year
Preferred stock redemption extension fee paid	$ 307,000
Total unamortized deferred stock costs				$ 1,066,000	$ 1,427,000
Redeemable Convertible Preferred Stock Series B
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Number of shares redeemed (in shares) | shares				16,900	13,800
Number of shares redeemed, value				$ 16,900,000	$ 13,800,000
Preferred stock shares outstanding (in shares) | shares		0		0	16,900
Interest expense			$ 61,000	$ 122,000	$ 147,000
Total unamortized deferred costs		$ 0		$ 0
Preferred stock shares issued (in shares) | shares				0	16,900		35,000
Deferred financing costs				$ 3,100,000
Total unamortized deferred stock costs				0	$ 122,000
Redeemable preferred stock				$ 0

STOCKHOLDERS' EQUITY (Common an

STOCKHOLDERS' EQUITY (Common and Preferred Stock) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2020Vote$ / sharesshares	Dec. 31, 2019Vote$ / sharesshares	Dec. 31, 2018$ / sharesshares	Dec. 31, 2011$ / sharesshares
Common Stock
Maximum individual common stock ownership (in hundredths)	9.80%	9.80%
Private Placement
Common Stock
Common stock shares issued				10,000,000
Price of shares (in dollars per share) | $ / shares				$ 20
Sale Of Stock Nature Of Consideration Received Per Transaction		The Company ceased raising capital under this private placement offering effective December 31, 2011.
Preferred Stock
Preferred Stock
Preferred shares authorized (in shares)	1,000,000	1,000,000
Common Class A
Common Stock
Common stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
Number of votes holder is entitled | Vote	1	1
Common stock shares issued	8,881,842	8,881,842	8,860,711
Common Class B
Common Stock
Common stock, shares authorized (in shares)	1,000	1,000
Par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number of votes holder is entitled | Vote	1	1
Common stock shares issued	0	0
Common Class C
Common Stock
Common stock, shares authorized (in shares)	9,000,000	9,000,000

STOCKHOLDERS' EQUITY (Dividends

STOCKHOLDERS' EQUITY (Dividends) (Detail) - USD ($)	Jan. 23, 2012	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Cash Dividends [Abstract]
Cash dividend paid		$ 0	$ 1,100,000	$ 1,100,000	$ 1,100,000
Dividend payable to holders, per share			$ 0.12	$ 0.12	$ 0.12
Dividend Reinvestment Plan
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)	$ 19
Payment of sales commission or dealer manager fee	$ 0
Notice period for amendments to Plan		30 days		30 days
Common stock issued under plan		$ 17,400,000		$ 17,400,000
Common stock issued under plan (in shares)		917,074		917,074
Stock issued during period, shares plan (in shares)		0
Dividend reinvestments				$ 0
Previously Reported
Dividend Reinvestment Plan
Sales price per share (in dollars per share)	$ 20

STOCKHOLDERS' EQUITY (Stock-Bas

STOCKHOLDERS' EQUITY (Stock-Based Compensation) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Noncash compensation expenses	$ 157,000	$ 433,000

RELATED PARTY TRANSACTIONS (Add

RELATED PARTY TRANSACTIONS (Additional Information) (Detail) - Chairman And Chief Executive Officer - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Rent revenue from an entity 100% owned by the Company's Related Party	$ 2,700	$ 1,000	$ 9,000	$ 36,000
Pacific Oaks Plaza
Related Party Transaction [Line Items]
Percentage owned	100.00%		100.00%

SEGMENTS (Net Operating Income

SEGMENTS (Net Operating Income by Segment) (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)Segment	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)Segment	Dec. 31, 2018USD ($)
Net Operating Income [Abstract]
Number of reportable segments | Segment	3		3
Rental, fees and other income	$ 7,029,151	$ 7,179,264	$ 28,641,111	$ 32,344,013
Property and related expenses	(2,381,092)	(2,763,550)	(10,410,574)	(10,886,719)
Net operating income, as defined	4,648,059	4,415,714	18,230,537	21,457,294
General and administrative expenses	(1,351,345)	(1,760,703)	(5,268,315)	(4,532,703)
Depreciation and amortization	(1,574,526)	(2,210,081)	(7,364,688)	(9,101,605)
Interest expense	(2,553,846)	(2,545,203)	(10,649,646)	(13,041,016)
Interest income			141,306	55,909
Other income (expense)	(6,995)	5,524
Gain on sale of real estate	(9,835)	1,214,242	6,319,272	12,200,138
Deferred offering cost				(1,507,599)
Impairment of real estate	0			(532,951)
Acquisition costs			(24,269)	(26,177)
Income tax expense	(83,631)	(81,430)	(611,263)	(518,567)
Net income	(932,119)	(961,937)	772,934	4,452,723
Industrial Office Properties
Net Operating Income [Abstract]
Rental, fees and other income	4,984,942	5,454,153	21,490,215	24,037,363
Property and related expenses	(2,015,624)	(2,504,787)	(9,317,720)	(9,494,885)
Net operating income, as defined	2,969,318	2,949,366	12,172,495	14,542,478
Model Home properties
Net Operating Income [Abstract]
Rental, fees and other income	1,116,730	1,081,684	4,194,489	4,642,159
Property and related expenses	(46,260)	(50,422)	(193,367)	(174,238)
Net operating income, as defined	1,070,470	1,031,262	4,001,122	4,467,921
Retail Use Properties
Net Operating Income [Abstract]
Rental, fees and other income	927,479	643,427	2,956,407	3,664,491
Property and related expenses	(319,208)	(208,341)	(899,487)	(1,217,596)
Net operating income, as defined	$ 608,271	$ 435,086	$ 2,056,920	$ 2,446,895

SEGMENTS (Assets) (Detail)

SEGMENTS (Assets) (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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	$ 8,310,575
Other assets, net	3,999,350	5,709,586		7,646,207
TOTAL ASSETS	196,342,288	220,784,408		233,050,040
Significant Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	180,761,825	209,158,266		220,186,759
Cash, cash equivalents and restricted cash	1,730,789	1,591,041		9,776,215
Other assets, net	13,849,674	10,035,101		3,087,066
TOTAL ASSETS	196,342,288	220,784,408		233,050,040
Significant Reconciling Items | Previously Reported
Segment Reporting, Asset Reconciling Item [Line Items]
Cash, cash equivalents and restricted cash		10,391,275
Other assets, net		1,234,867
Industrial Office Properties | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	104,424,683	126,421,648		138,694,773
TOTAL ASSETS	105,759,056	131,180,612		143,620,315
Model Home properties | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	49,433,519	48,466,371		48,762,869
TOTAL ASSETS	48,298,760	51,389,400		48,864,060
Retail Use Properties | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	25,244,792	25,318,601		23,650,423
TOTAL ASSETS	$ 26,704,009	$ 26,588,254		$ 27,702,384

SEGMENTS (Capital Expenditures)

SEGMENTS (Capital Expenditures) (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Acquisition of operating properties	$ 3,573,743	$ 0	$ 13,037,562	$ 17,326,915
Capital expenditures and tenant improvements	889,673	2,696,422	6,393,711	3,359,283
Total real estate investments	4,463,416	2,696,422	19,431,273	20,686,198
Industrial Office Properties
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Capital expenditures and tenant improvements	881,497	2,696,422	6,373,464	3,340,023
Model Home properties
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Acquisition of operating properties	3,573,743	0	13,037,562	17,326,915
Retail Use Properties
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Capital expenditures and tenant improvements	$ 8,176	$ 0	$ 20,247	$ 19,260

SUBSEQUENT EVENTS (Detail)

SUBSEQUENT EVENTS (Detail) - 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

RECENT REAL ESTATE TRANSACTIO_4

RECENT REAL ESTATE TRANSACTIONS (Acquisitions of Properties) (Detail) - Residential Properties - Forty-Five Dubose Model Homes	Dec. 31, 2019USD ($)
Allocated Purchase Price of Properties Acquired [Abstract]
Land	$ 2,495,436
Buildings and Other	10,542,126
Total purchase price	$ 13,037,562

REAL ESTATE ASSETS (Properties)

REAL ESTATE ASSETS (Properties) (Detail)	12 Months Ended
	Dec. 31, 2019ft²PropertyState	Mar. 31, 2020ft²Property	Oct. 31, 2017Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties			1
Number of states that real estate property is located | State	7
North Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties	4
Industrial Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties	1	1
Single Family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term of non-cancelable lease agreements	18 months
Term of option to extend lease agreements	6 months
Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties	12	10
Industrial Office Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Rentable square feet | ft²	1,192,566	998,016
Retail Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties	4	4
Rentable square feet | ft²	131,722	131,722
Residential Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties	136	138
Number of Limited Liability Companies	1	1

REAL ESTATE ASSETS (Summary o_2

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

REAL ESTATE ASSETS (Summary o_3

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

SHARE-BASED INCENTIVE PLAN (Add

SHARE-BASED INCENTIVE PLAN (Additional Information) (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2006	Dec. 31, 2019	Dec. 31, 2018
Share-Based Incentive Plan [Abstract]
Value of granted nonvested restricted stock issued		$ 1,700,000	$ 2,100,000
Compensation expense		$ 686,000	$ 461,000
Non Vested Restricted Shares | Minimum
Share-Based Incentive Plan [Abstract]
Vesting period		1 year
Non Vested Restricted Shares | Maximum
Share-Based Incentive Plan [Abstract]
Vesting period		10 years
Restricted Stock Plan | Restricted Stock | Minimum
Share-Based Incentive Plan [Abstract]
Vesting period		3 years
Restricted Stock Plan | Restricted Stock | Maximum
Share-Based Incentive Plan [Abstract]
Vesting period		10 years
Restricted Stock Plan | Restricted Stock | Private Placement
Share-Based Incentive Plan [Abstract]
Offering price (in dollars per share)	$ 20	$ 8.02

SHARE-BASED INCENTIVE PLAN (Non

SHARE-BASED INCENTIVE PLAN (Non-vested Restricted Stock) (Detail) - Restricted Stock Plan - Restricted Stock	12 Months Ended
	Dec. 31, 2019shares
Nonvested Restricted Shares [Roll Forward]
Balance, beginning of period (in shares)	119,656
Granted (in shares)	76,531
Forfeited (in shares)	(7,170)
Vested (in shares)	(63,076)
Balance, end of period (in shares)	125,941

SCHEDULE III - Real Estate and

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

SCHEDULE III - Real Estate an_2

SCHEDULE III - Real Estate and Accumulated Depreciation and Amortization (Changes in Period) (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real estate
Balance at the beginning of the year	$ 244,320,582	$ 254,675,874	$ 274,546,199
Acquisitions		13,037,562	17,326,915
Improvements		6,393,711	3,359,283
Impairments	0		(532,951)
Dispositions of real estate		(29,786,565)	(40,023,572)
Balance at the end of the year		244,320,582	254,675,874
Accumulated depreciation and amortization
Balance at the beginning of the year	(44,113,962)	(43,567,809)	(40,012,255)
Depreciation and amortization expense		(6,693,613)	(8,452,012)
Dispositions of real estate		6,147,460	4,896,458
Balance at the end of the year		(44,113,962)	(43,567,809)
Real estate assets, net	$ 179,192,000	$ 200,206,620	$ 211,108,065