Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 29, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001080657 | ||
Entity Registrant Name | Presidio Property Trust, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-53673 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 33-0841255 | ||
Entity Address, Address Line One | 4995 Murphy Canyon Road, Suite 300 | ||
Entity Address, City or Town | San Diego | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92123 | ||
City Area Code | 760 | ||
Local Phone Number | 471-8536 | ||
Title of 12(b) Security | Series A Common Stock, $0.01 par value per share | ||
Trading Symbol | SQFT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 9,889,051 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate assets and lease intangibles: | ||
Land | $ 18,827,000 | $ 19,844,739 |
Buildings and improvements | 115,409,423 | 118,446,764 |
Tenant improvements | 11,960,018 | 10,696,181 |
Lease intangibles | 4,110,139 | 4,230,706 |
Real estate assets and lease intangibles held for investment, cost | 150,306,580 | 153,218,390 |
Accumulated depreciation and amortization | (26,551,789) | (22,482,219) |
Real estate assets and lease intangibles held for investment, net | 123,754,791 | 130,736,171 |
Real estate assets held for sale, net | 42,499,176 | 69,470,449 |
Real estate assets, net | 166,253,967 | 200,206,620 |
Cash, cash equivalents and restricted cash | 11,540,917 | 10,391,275 |
Deferred leasing costs, net | 1,927,951 | 2,053,927 |
Goodwill | 2,423,000 | 2,423,000 |
Other assets, net | 3,422,781 | 5,709,586 |
TOTAL ASSETS | 185,568,616 | 220,784,408 |
Liabilities: | ||
Mortgage notes payable, net | 94,664,266 | 99,996,306 |
Mortgage notes payable related to properties held for sale, net | 25,365,430 | 42,396,686 |
Mortgage notes payable, total net | 120,029,696 | 142,392,992 |
Note payable, net | 7,500,086 | 12,238,692 |
Accounts payable and accrued liabilities | 5,126,199 | 5,673,815 |
Accrued real estate taxes | 2,548,686 | 2,987,601 |
Lease liability, net | 102,323 | 560,188 |
Below-market leases, net | 139,045 | 309,932 |
Total liabilities | 135,446,035 | 164,163,220 |
Commitments and contingencies (Note 10) | ||
Equity: | ||
Additional paid-in capital | 156,463,146 | 152,129,120 |
Dividends and accumulated losses | (121,674,505) | (113,037,144) |
Total stockholders' equity before noncontrolling interest | 34,883,679 | 39,180,794 |
Noncontrolling interest | 15,238,902 | 17,440,394 |
Total equity | 50,122,581 | 56,621,188 |
TOTAL LIABILITIES AND EQUITY | 185,568,616 | 220,784,408 |
Common Class A [Member] | ||
Equity: | ||
Series A Common Stock, $0.01 par value, shares authorized: 100,000,000; 9,508,363 and 8,881,842 shares were both issued and outstanding at December 31, 2020 and December 31, 2019, respectively | $ 95,038 | $ 88,818 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - Common Class A [Member] - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 9,508,363 | 8,881,842 |
Common stock, shares outstanding (in shares) | 9,508,363 | 8,881,842 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | ||
Rental income | $ 23,444,119 | $ 27,467,410 |
Fees and other income | 907,673 | 1,173,701 |
Total revenue | 24,351,792 | 28,641,111 |
Costs and expenses: | ||
Rental operating costs | 8,818,283 | 10,410,574 |
General and administrative | 5,751,754 | 5,268,315 |
Depreciation and amortization | 6,274,321 | 7,364,688 |
Impairment of real estate assets | 1,730,851 | 0 |
Total costs and expenses | 22,575,209 | 23,043,577 |
Other income (expense): | ||
Interest expense-Series B preferred stock | 0 | (2,226,101) |
Interest and other income (expense), net | (20,636) | 141,306 |
Gain on sales of real estate, net | 1,245,460 | 6,319,272 |
Gain on extinguishment of government debt | 451,785 | 0 |
Deferred offering costs | (530,639) | 0 |
Acquisition costs | 0 | (24,269) |
Income tax expense | (370,884) | (611,263) |
Total other income (expense), net | (8,037,981) | (4,824,600) |
Net (loss) income | (6,261,398) | 772,934 |
Less: Loss attributable to noncontrolling interests | (1,412,507) | (1,383,140) |
Net loss attributable to Presidio Property Trust, Inc. common stockholders | $ (7,673,905) | $ (610,206) |
Basic and diluted loss per common share (in dollars per share) | $ (0.85) | $ (0.07) |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 9,023,914 | 8,862,958 |
Mortgage Notes [Member] | ||
Other income (expense): | ||
Interest expense | $ (6,097,834) | $ (7,337,423) |
Notes Payable [Member] | ||
Other income (expense): | ||
Interest expense | $ (2,715,233) | $ (1,086,122) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | IPO [Member]Common Stock [Member] | IPO [Member]Additional Paid-in Capital [Member] | IPO [Member]Retained Earnings [Member] | IPO [Member]Parent [Member] | IPO [Member]Noncontrolling Interest [Member] | IPO [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 8,860,711 | |||||||||||
Balance at Dec. 31, 2018 | $ 88,608 | $ 151,670,625 | $ (111,343,840) | $ 40,415,393 | $ 15,725,650 | $ 56,141,043 | ||||||
Net loss | 0 | 0 | (610,206) | (610,206) | 1,383,140 | 772,934 | ||||||
Dividends paid | 0 | 0 | (1,083,098) | (1,083,098) | 0 | (1,083,098) | ||||||
Contributions received from noncontrolling interests, net of distributions paid | $ 0 | 0 | 0 | 0 | 331,604 | 331,604 | ||||||
Repurchase of common stock (in shares) | (30,498) | |||||||||||
Repurchase of common stock | $ (306) | (227,122) | 0 | (227,428) | 0 | (227,428) | ||||||
Vesting of restricted stock (in shares) | 51,629 | |||||||||||
Vesting of restricted stock | $ 516 | 685,617 | 0 | 686,133 | 0 | 686,133 | ||||||
Balance (in shares) at Dec. 31, 2019 | 8,881,842 | |||||||||||
Balance at Dec. 31, 2019 | $ 88,818 | 152,129,120 | (113,037,144) | 39,180,794 | 17,440,394 | 56,621,188 | ||||||
Net loss | 0 | 0 | (7,673,905) | (7,673,905) | 1,412,507 | (6,261,398) | ||||||
Dividends paid | $ 0 | 0 | (963,456) | (963,456) | 0 | (963,456) | ||||||
Repurchase of common stock (in shares) | (3,000) | |||||||||||
Repurchase of common stock | $ (30) | (17,970) | 0 | (18,000) | 0 | (18,000) | ||||||
Vesting of restricted stock (in shares) | 86,327 | |||||||||||
Vesting of restricted stock | $ 818 | 1,104,454 | 0 | 1,105,272 | 0 | 1,105,272 | ||||||
Shares issued, initial public offering, net of fees (in shares) | 500,000 | 59,274 | ||||||||||
Shares issued | $ 5,000 | $ 1,999,984 | $ 0 | $ 2,004,984 | $ 0 | $ 2,004,984 | $ 594 | 1,247,396 | 0 | 1,247,990 | 0 | |
Distributions in excess of contributions received | $ 0 | 0 | 0 | 0 | (2,366,009) | (2,366,009) | ||||||
Share reconciliation adjustment (in shares) | (16,080) | |||||||||||
Share reconciliation adjustment | $ (162) | 162 | 0 | 0 | 0 | 0 | ||||||
Shares issued | $ 5,000 | $ 1,999,984 | $ 0 | $ 2,004,984 | $ 0 | $ 2,004,984 | $ 594 | 1,247,396 | 0 | 1,247,990 | 0 | |
Shares issued | (1,247,990) | |||||||||||
Balance (in shares) at Dec. 31, 2020 | 9,508,363 | |||||||||||
Balance at Dec. 31, 2020 | $ 95,038 | $ 156,463,146 | $ (121,674,505) | $ 34,883,679 | $ 15,238,902 | $ 50,122,581 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (6,261,398) | $ 772,934 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,274,321 | 7,364,688 |
Stock compensation | 1,105,272 | 686,133 |
Bad debt expense (recoveries) | 77,898 | (32,544) |
Gain on sale of real estate assets, net | (1,245,460) | (6,319,272) |
Impairment of real estate assets | 1,730,851 | 0 |
Accretion of original issue discount | 1,013,405 | 386,595 |
Amortization of financing costs | 1,287,430 | 965,239 |
Amortization of above-market leases | 50,682 | 55,466 |
Amortization of below-market leases | (170,887) | (185,995) |
Straight-line rent adjustment | 108,998 | (63,895) |
Changes in operating assets and liabilities: | ||
Other assets | 1,957,641 | 1,035,806 |
Accounts payable and accrued liabilities | (1,796,421) | (767,440) |
Accrued real estate taxes | (438,915) | (106,779) |
Net cash provided by operating activities | 3,693,417 | 3,790,936 |
Cash flows from investing activities: | ||
Real estate acquisitions | (10,161,613) | (13,037,562) |
Additions to buildings and tenant improvements | (2,834,373) | (6,393,711) |
Additions to deferred leasing costs | (175,828) | (661,401) |
Proceeds from sales of real estate, net | 40,849,654 | 32,073,721 |
Net cash provided by investing activities | 27,677,840 | 11,981,047 |
Cash flows from financing activities: | ||
Proceeds from mortgage notes payable, net of issuance costs | 14,152,838 | 15,494,715 |
Proceeds from government debt relief | 451,785 | 0 |
Repayment of mortgage notes payable | (36,808,331) | (23,176,581) |
Repayment of note payable | (6,324,401) | 0 |
Payment of extension costs, note payable | (351,025) | 0 |
Redemption of mandatorily redeemable preferred stock | 0 | (16,900,000) |
Payment of deferred offering costs | (45,016) | 0 |
(Distributions) contributions to noncontrolling interests, net | (2,366,009) | 331,603 |
Issuance of stock for Initial Public Offering, net of underwriters fees | 2,050,000 | 0 |
Repurchase of common stock | (18,000) | (227,428) |
Dividends paid to stockholders | (963,456) | (2,158,469) |
Net cash used in financing activities | (30,221,615) | (15,156,923) |
Net increase in cash equivalents and restricted cash | 1,149,642 | 615,060 |
Cash, cash equivalents and restricted cash - beginning of period | 10,391,275 | 9,776,215 |
Cash, cash equivalents and restricted cash - end of period | 11,540,917 | 10,391,275 |
Supplemental disclosure of cash flow information: | ||
Interest paid-Series B preferred stock | 0 | 1,859,672 |
Interest paid-mortgage notes payable | 5,892,025 | 6,442,750 |
Interest paid-notes payable | 778,414 | 713,262 |
Non-cash financing activities: | ||
Issuance of stock for limited partnership interests | 1,247,990 | 0 |
Unpaid deferred financing costs | 83,659 | 0 |
Polar Multi-Strategy Master Fund [Member] | Notes Payable to Banks [Member] | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Amortization of financing costs | 900,000 | |
Cash flows from financing activities: | ||
Proceeds from note payable, net of issuance cost of $1.1 million | 0 | 11,479,237 |
Payment of extension costs, note payable | $ (400,000) | |
Payment of deferred offering costs | $ (1,100,000) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Payment of deferred offering costs | $ (45,016) | $ 0 |
Polar Multi-Strategy Master Fund [Member] | Notes Payable to Banks [Member] | ||
Payment of deferred offering costs | $ (1,100,000) |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization. September 28, 1999, August 2010, October 2017, The Company or one • The Company is the sole general partner and limited partner in two • The Company is the general partner and/or limited partner in six limited partnerships that purchase model homes and lease them back to homebuilders (Dubose Model Homes Investors #202, #203, #204, #205, #206, The Company has determined that the limited partnerships in which it owns less than 100%, Unit-based information used herein (such as references to square footage or property occupancy rates) is unaudited. Initial Public Offering October 6, 2020, $0.5 not $0.5 Reverse Stock Split July 29, 2020, one Liquidity. September 17, 2019 September 1, 2020, October 1, 2020 March 31, 2021 ( December 31, 2020 September 30, 2020 March 2021, 14. We have $10.2 million of mortgage notes payable maturing in 2021 2021 not Segments. 14. Customer Concentration. December 31, 2020 December 31, 2019 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation. Principles of Consolidation The Company classifies the noncontrolling interests in the NetREIT Partnerships as part of consolidated net income (loss) in 2020 2019 February 2010. not Use of Estimates may Real Estate Assets and Lease Intangibles. The Company allocates the purchase price to tangible assets of an acquired property based on the estimated fair values of those tangible assets assuming the building was vacant. Estimates of fair value for land, building and building improvements are based on many factors including, but not third The value allocated to acquired lease intangibles is based on management’s evaluation of the specific characteristics of each tenant’s lease. Characteristics considered by management in allocating these values include the nature and extent of the existing business relationships with the tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value allocable to the above-market or below-market component of an acquired in-place lease is determined based upon the present value (using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of rents that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above or below-market leases are amortized on a straight-line basis as an increase or reduction of rental income over the remaining non-cancelable term of the respective leases. Amortization of above and below-market rents resulted in a net increase in rental income of approximately $0.1 million for the years ended December 31, 2020 2019 The value of in-place leases and unamortized lease origination costs are amortized to expenses over the remaining term of the respective leases, which range from less than a year to ten third December 31, 2020 2019 Real Estate Held for Sale and Discontinued Operations. not Impairment of Real Estate Assets. December 31, 2020 two December 31, 2019 Intangible Assets not not not December 31, 2020 2019 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, 2020 2019 Depreciation and Amortization. December 31, 2020 2019 Cash, Cash Equivalents and Restricted Cash. three may $250,000 No December 31, 2020 December 31, 2020 Account Receivables. December 31, 2020 2019 Deferred Leasing Costs. one five third December 31, 2020 2019 December 31, 2020 2019 Deferred Financing Costs. December 31, 2020 2019 2019, 8. December 31, 2020 December 31, 2020 2019 2019. December 31, 2020 2019 Deferred Offering Costs. December 31, 2020 3 December 29, 2020. December 31, 2020 Income Taxes. 856 860 not December 31, 2020 may not We, together with our subsidiary, NetREIT Dubose, have elected to treat such subsidiary as taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary services for our tenants, and holding assets that we cannot hold directly. A TRS is subject to federal and state income taxes. The Company has concluded that there are no Fair Value Measurements. Level 1 Level 2 Level 3 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, 2020 two 3 December 31, 2020 2019 Sales of Real Estate Assets January 1, 2018, 610 20, 610 20” not 610 20. ASC 610 20 No. 2014 9. 610 20, not Revenue Recognition and Accounts Receivables not not • whether the lease stipulates how a tenant improvement allowance may • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. We record property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. We make estimates of the collectability of our tenant receivables related to base rents, including deferred rent receivable, expense reimbursements and other revenue or income. We specifically analyze accounts receivable, deferred rent receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one not no Income (Loss) per Common Share. not For the years ended December 31, 2020 2019, Recently Issued Accounting Pronouncements. March 2020, No. 2020 04, not December 31, 2022 March 2020 no In June 2017, No. 2016 13, February 2020 No. 2020 02, 326 842 2016 13 2016 13 2016 13 December 15, 2019, 2020 02 December 15, 2022. not In August 2018, No. 2018 13, 820. December 15, 2019 January 1, 2020 no |
Note 3 - Recent Real Estate Tra
Note 3 - Recent Real Estate Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 3. During year ended December 31, 2020 • Centennial Tech Center, which was sold on February 5, 2020 • Union Terrace, which was sold on March 13, 2020 • One of four Executive Office Park buildings, which was sold on December 2, 2020 • During the year ended December 31, 2020 During year ended December 31, 2019 • Morena Office Center, which was sold on January 15, 2019 • Nightingale land, which was sold on May 8, 2019 • On July 1, 2019, January 15, 2020. 1031 • The Presidio office building, which was sold on July 31, 2019 • During the year ended December 31, 2019 We acquired 28 Model Home Properties and leased them back to the homebuilders under triple net leases during the year ended December 31, 2020 We acquired 33 Model Home Properties and leased them back to the homebuilders under triple net leases during the year ended December 31, 2019 |
Note 4 - Real Estate Assets
Note 4 - Real Estate Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Real Estate Assets [Text Block] | 4. The Company owns a diverse portfolio of real estate assets. The primary types of properties the Company invests in are office, industrial, retail, and 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, 2020 • Ten office buildings and one industrial buildings (“Office/Industrial Properties”) which total approximately 982,796 rentable square feet; • Four retail shopping centers (“Retail Properties”) which total approximately 131,722 rentable square feet; • 118 homes owned by our affiliated limited partnerships and one The Company’s real estate assets consisted of the following as of December 31, 2020 2019 Date Real estate assets, net (in thousands) Property Name Acquired Location 2020 2019 Garden Gateway Plaza (1) March 2007 Colorado Springs, Colorado $ 11,465 $ 11,428 World Plaza (1) September 2007 San Bernardino, California 9,272 8,305 Executive Office Park (3) July 2008 Colorado Springs, Colorado 5,106 7,723 Waterman Plaza (1) August 2008 San Bernardino, California 3,500 4,889 Genesis Plaza August 2010 San Diego, California 8,651 8,789 Dakota Center May 2011 Fargo, North Dakota 8,597 8,855 Grand Pacific Center March 2014 Bismarck, North Dakota 5,684 5,914 Union Terrace (4) August 2014 Lakewood, CO — 8,425 Centennial Tech Center (4) December 2014 Colorado Springs, Colorado — 13,132 Arapahoe Center December 2014 Centennial, Colorado 9,233 9,748 Union Town Center December 2014 Colorado Springs, Colorado 9,345 9,612 West Fargo Industrial August 2015 Fargo, North Dakota 7,061 7,212 300 N.P. August 2015 Fargo, North Dakota 3,280 3,405 Research Parkway August 2015 Colorado Springs, Colorado 2,438 2,512 One Park Center August 2015 Westminster, Colorado 8,586 8,518 Highland Court (1) August 2015 Centennial, Colorado 10,500 11,421 Shea Center II December 2015 Highlands Ranch, Colorado 21,026 21,853 Presidio Property Trust, Inc. properties 123,744 151,741 Model Home properties (2) 2014 2020 AZ, FL, IL, PA, TX, WI 42,510 48,466 Total real estate assets and lease intangibles, net $ 166,254 $ 200,207 ( 1 Property held for sale as of December 31, 2020 ( 2 Includes seven Model Homes that are listed as held for sale as of December 31, 2020 ( 3 One of four buildings within this property was sold as of December 31, 2020 ( 4 This property was sold during the year ended December 31, 2020 The Company’s commercial properties are leased to tenants under non-cancelable operating leases for which terms and expirations vary. Future minimum rental revenues under existing leases on Office/Industrial and Retail Properties as of December 31, 2020 2021 $ 3,259,261 2022 3,406,500 2023 2,564,601 2024 1,211,331 2025 1,526,142 Thereafter 2,477,552 Totals $ 14,445,387 The Company generally rents Model Home Properties to homebuilders under non-cancelable lease agreements with a term of 18 months with an option to extend in six December 31, 2020 2021 $ 2,784,108 2022 696,768 $ 3,480,876 |
Note 5 - Lease Intangibles
Note 5 - Lease Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 5. Lease intangibles consist of the following: December 31, 2020 December 31, 2019 Lease Accumulated Lease Lease Accumulated Lease Intangibles Amortization Intangibles, net Intangibles Amortization Intangibles, net In-place leases $ 3,136,587 $ (2,757,530 ) $ 379,057 $ 4,360,027 $ (3,283,027 ) $ 1,077,000 Leasing costs 1,730,656 (1,510,559 ) 220,097 2,937,976 (2,002,711 ) 935,265 Above-market leases 333,485 (291,421 ) 42,064 333,485 (240,739 ) 92,746 $ 5,200,728 $ (4,559,510 ) $ 641,218 $ 7,631,488 $ (5,526,477 ) $ 2,105,011 As of December 31, 2020 2019 December 31, 2020 2019 The net value of acquired intangible liabilities was $0.1 million and $0.3 million relating to below-market leases as of December 31, 2020 2019 Aggregate approximate amortization expense for the Company's lease intangible assets is as follows: 2021 $ 372,484 2022 202,479 2023 17,663 2024 17,663 2025 17,663 Thereafter 13,266 Total $ 641,218 The weighted average amortization period for the intangible assets as of December 31, 2020 |
Note 6 - Other Assets
Note 6 - Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 6. Other assets consist of the following: December 31, December 31, 2020 2019 Deferred rent receivable $ 1,912,048 $ 2,680,886 Prepaid expenses, deposits and other 299,187 601,897 Accounts receivable, net 541,885 1,336,122 Right-of-use assets, net 102,144 561,375 Other intangibles, net 142,483 212,932 Notes receivable 316,374 316,374 Deferred offering costs 108,660 — Total other assets $ 3,422,781 $ 5,709,586 |
Note 7 - Mortgage Notes Payable
Note 7 - Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Mortgage Notes Payable Disclosure [Text Block] | 7. Mortgage notes payable consisted of the following: Principal as of December 31, December 31, Loan Interest Mortgage note property Notes 2020 2019 Type Rate (1) Maturity Waterman Plaza (3) (6) $ 3,207,952 $ 3,274,097 Variable 4.25 % 4/29/2021 World Plaza (3) (5) 5,802,568 4,979,384 Variable 2.91 % 7/5/2021 Garden Gateway Plaza (3) 5,861,523 6,071,315 Fixed 5.00 % 8/5/2021 300 N.P. 2,273,478 2,311,739 Fixed 4.95 % 6/11/2022 Highland Court (3) 6,274,815 6,424,366 Fixed 3.82 % 9/1/2022 Dakota Center 9,900,279 10,111,693 Fixed 4.74 % 7/6/2024 Union Terrace (2) - 6,240,396 Fixed 4.50 % 8/5/2024 Centennial Tech Center (2) - 9,561,652 Fixed 4.43 % 12/5/2024 Research Parkway 1,760,432 1,813,305 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 7,932,255 8,085,727 Fixed 4.34 % 1/5/2025 Union Town Center 8,315,550 8,440,000 Fixed 4.28 % 1/5/2025 One Park Centre 6,385,166 6,487,532 Fixed 4.77 % 9/5/2025 Genesis Plaza 6,276,273 6,378,110 Fixed 4.71 % 9/6/2025 Shea Center II 17,727,500 17,727,500 Fixed 4.92 % 1/5/2026 Executive Office Park (3) 2,985,998 4,839,577 Fixed 4.83 % 6/1/2027 West Fargo Industrial 4,262,718 4,216,565 Fixed 3.27 % 8/5/2029 Grand Pacific Center (4) 3,738,142 3,851,962 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties $ 92,704,649 $ 110,814,920 Model Home mortgage notes (3) 28,083,356 32,644,129 Fixed (7 ) 2021 2023 Mortgage Notes Payable $ 120,788,005 $ 143,459,049 Unamortized loan costs (758,309 ) (1,066,057 ) Mortgage Notes Payable, net $ 120,029,696 $ 142,392,992 ( 1 Interest rates as of December 31, 2020 ( 2 Property sold during the year ended December 31, 2020 3 One four ( 3 Properties held for sale as of December 31, 2020. ( 4 Interest rate is subject to reset on September 1, 2023. ( 5 Interest on this loan is ABR + 0.75% and LIBOR plus 2.75%. For the year-ended December 31, 2020 ( 6 Interest on this loan resets annually at LIBOR plus 3.00%, with a floor of 4.25% ( 7 Each Model Home has a stand-alone mortgage note at interest rates ranging from 2.5% to 5.6% at December 31, 2020 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: Presidio Property Model Trust, Inc. Homes Total Principal Years ending December 31: Notes Payable Notes Payable Payments 2021 $ 16,385,688 $ 10,169,248 $ 26,554,936 2022 9,780,330 11,735,522 21,515,852 2023 1,493,749 6,178,586 7,672,335 2024 10,447,888 — 10,447,888 2025 28,902,297 — 28,902,297 Thereafter 25,694,697 — 25,694,697 Total $ 92,704,649 $ 28,083,356 $ 120,788,005 |
Note 8 - Notes Payable
Note 8 - Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. On September 17, 2019, September 1, 2020 , October 1, 2020 March 31, 2021 , September 30, 2020 , may not The principal balance of the Note as of December 31, 2020 September 17, 2019 October 1, 2020. December 31, 2020 December 31, 2020 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 $0.9 million was included in interest expenses for the year ended December 31, 2020 4% December 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 December 31, 2020 On April 22, 2020, 19 not no 2020 August 17, 2020 twelve 3.75% August 17, 2050. 19 On April 30, 2020, 19 April 22, 2020, December 31, 2020 January 2021 June 5, 2020, 24 December 31, 2020, |
Note 9 - Series B Mandatorily R
Note 9 - Series B Mandatorily Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Financial Instruments Subject to Mandatory Redemption Disclosure [Text Block] | 9. During the year ended December 31, 2019, December 31, 2020 December 31, 2019, December 31, 2019, December 31, 2020 December 31, 2020 2019. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Litigation. may Environmental Matters. no not not not |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Preferred Stock. may one December 31, 2020 December 31, 2019, Common Stock. not not not one Cash Dividends. December 31, 2020 December 31, 2019 Partnership Interests. two one one 2016. five first four one During the year ended December 31, 2020 two two Dividend Reinvestment Plan. may thirty January 23, 2012, December 7, 2019 October 6, 2020 No December 31, 2020 December 31, 2020 |
Note 12 - Share-based Incentive
Note 12 - Share-based Incentive Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. The Company maintains a restricted stock incentive plan for the purpose of attracting and retaining officers, key employees and non-employee board members. Share awards vest in equal annual installments over a three ten A summary of the activity for the Company’s restricted stock was as follows: Common Shares Outstanding shares: Balance at December 31, 2019 125,943 Granted 91,173 Forfeited (4,599 ) Vested (86,327 ) Balance at December 31, 2020 126,190 The non-vested restricted shares outstanding as of December 31, 2020 one seven The value of non-vested restricted stock granted for the years ended December 31, 2020 2019 Share-based compensation expense for the years ended December 31, 2020 2019 |
Note 13 - Segments
Note 13 - Segments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. The Company’s reportable segments consist of the three not 2. no The Company evaluates the performance of its segments based upon net operating income (“NOI”), which is a non-GAAP supplemental financial measure. The Company defines NOI for its segments as operating revenues (rental income, tenant reimbursements and other operating income) less property and related expenses (property operating expenses, real estate taxes, insurance, asset management fees, impairments and provision for bad debt) excluding interest expense. NOI excludes certain items that are not 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, 2020 2019 For the Year Ended December 31, 2020 2019 Office/Industrial Properties: Rental, fees and other income $ 17,580,472 $ 21,490,215 Property and related expenses (7,977,561 ) (9,317,720 ) Net operating income, as defined 9,602,911 12,172,495 Model Home Properties: Rental, fees and other income 4,251,980 4,194,489 Property and related expenses (202,667 ) (193,367 ) Net operating income, as defined 4,049,313 4,001,122 Retail Properties: Rental, fees and other income 2,971,125 2,956,407 Property and related expenses (2,368,906 ) (899,487 ) Net operating income, as defined 602,219 2,056,920 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 14,254,443 18,230,537 General and administrative expenses (5,751,754 ) (5,268,315 ) Depreciation and amortization (6,274,321 ) (7,364,688 ) Interest expense (8,813,067 ) (10,649,646 ) Deferred offering costs (530,639 ) — Other income (expense), net (20,636 ) 117,037 Income tax expense (370,884 ) (611,263 ) Gain on sale of real estate 1,245,460 6,319,272 Net loss $ (6,261,398 ) $ 772,934 December 31, December 31, Assets by Reportable Segment: 2020 2019 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 99,120,649 $ 126,421,648 Total assets (2) $ 100,046,782 $ 131,180,612 Model Home Properties: Land, buildings and improvements, net (1) $ 42,509,596 $ 48,466,371 Total assets (2) $ 42,246,022 $ 51,389,400 Retail Properties: Land, buildings and improvements, net (1) $ 24,555,371 $ 25,318,601 Total assets (2) $ 26,108,109 $ 26,588,254 Reconciliation to Total Assets: Total assets for reportable segments $ 168,400,913 $ 209,158,266 Other unallocated assets: Cash, cash equivalents and restricted cash 2,149,088 1,591,041 Other assets, net 15,018,615 10,035,101 Total Assets $ 185,568,616 $ 220,784,408 ( 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. For the Year Ended December 31, Capital Expenditures by Reportable Segment 2020 2019 Office/Industrial Properties: Capital expenditures and tenant improvements $ 2,825,168 $ 6,373,464 Model Home Properties: Acquisition of operating properties 10,161,613 13,037,562 Retail Properties: Capital expenditures and tenant improvements 9,205 20,247 Totals: Acquisition of operating properties, net 10,161,613 13,037,562 Capital expenditures and tenant improvements 2,834,373 6,393,711 Total real estate investments $ 12,995,986 $ 19,431,273 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. Dispositions We disposed of the following properties subsequent to December 31, 2020: • Waterman Plaza was sold on January 28, 2021 • Garden Gateway was sold on February 19, 2021 Notes Payable On September 1, 2020, October 1, 2020 March 31, 2021 ( December 31, 2020, first 2021, Dividends On February 23, 2021, March 16, 2021 March 9, 2021 . |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block] | Schedule III - Real Estate and Accumulated Depreciation and Amortization – as of December 31, 2020 All amounts are in thousands Initial Cost Total Cost (1) Property Name/ Location Encumbrances Land Cost Building & Improvements Acquisition Price Capitalized Improvements Land Cost Building & Improvements Total Cost Accumulated Depreciation & Amortization Reserve for Impairment NBV Real Estate Date Acquired Year Built/ Renovated Garden Gateway, Colorado Springs, CO (2) $ 5,861 $ 3,035 $ 12,091 $ 15,126 $ 3,329 $ 3,035 $ 10,874 $ 17,238 $ 5,774 $ — $ 11,464 03/07 1982/2006 Executive Park, Colorado Springs, CO (2) 2,986 583 8,815 10,081 1,473 583 5,561 7,617 2,510 — 5,107 07/08 2000 Genesis Plaza, San Diego, CA 6,276 1,400 8,600 10,000 2,625 1,400 8,323 12,348 3,697 — 8,651 08/10 1989 Dakota Center, Fargo, ND 9,900 832 8,743 9,575 1,306 832 9,960 12,098 3,500 — 8,598 05/11 1982 Grand Pacific Center, Bismarck, ND 3,738 413 4,926 5,339 904 413 6,099 7,416 1,732 — 5,684 03/14 1976 Arapahoe Center, Centennial, CO 7,932 1,420 10,430 11,850 2,078 1,420 8,857 12,355 3,122 — 9,233 12/14 2000 West Fargo Industrial, Fargo, ND 4,263 1,693 6,207 7,900 264 1,693 6,099 8,056 995 — 7,061 08/15 1998/2005 300 N.P., Fargo, ND 2,274 135 3,715 3,850 319 135 3,589 4,043 764 — 3,279 08/15 1922 Highland Court, Centennial, CO (2) 6,275 3,608 9,442 13,050 3,408 3,608 7,767 14,783 3,883 400 10,500 08/15 1984 One Park Centre, Westminster, CO 6,385 1,206 7,944 9,150 1,952 1,206 7,416 10,574 1,987 — 8,587 08/15 1983 Shea Center II, Highlands Ranch, CO 17,728 2,214 23,747 25,961 6,065 2,214 19,526 27,805 6,779 — 21,026 12/15 2000 Total Office/ Industrial properties 73,618 16,539 104,660 121,882 23,723 16,539 94,071 134,333 34,743 400 99,190 World Plaza , San Bernardino, CA (2) 5,803 1,698 6,232 7,930 1,761 1,698 8,758 12,217 2,246 700 9,271 09/07 1974 Waterman Plaza, San Bernardino, CA (2) 3,208 2,350 4,814 7,164 239 2,383 4,324 6,946 1,282 2,164 3,500 08/08 2008 Union Town Center, Colorado Springs, CO 8,316 1,750 9,462 11,212 513 1,750 8,932 11,195 1,851 — 9,344 12/14 2003 Research Parkway, Colorado Springs, CO 1,760 408 2,442 2,850 43 408 2,349 2,800 361 — 2,439 8/15/2016 2003 Total Retail properties 19,087 6,206 22,950 29,156 2,556 6,239 24,363 33,158 5,740 2,864 24,554 Model Homes -NDMHR, LP 974 534 2,047 2,581 — 534 2,047 2,581 197 — 2,384 2010 2016 2010 2016 Model Homes-DMH LP #202 3,149 741 4,238 4,979 — 741 4,238 4,979 337 — 4,642 2014 2019 2014 2019 Model Homes-DMH LP #203 5,271 1,600 7,132 8,732 — 1,600 7,132 8,732 441 8,291 2016 2020 2016 2020 Model Homes-DMH LP #204 5,385 1,412 6,787 8,199 — 1,412 6,787 8,199 345 7,854 2019 2020 2019 2020 Model Homes-DMH LP #205 5,214 1,461 6,287 7,748 — 1,461 6,287 7,748 179 — 7,569 2020 2020 Model Homes-DMH LP #206 1,696 294 2,181 2,475 — 294 2,181 2,475 27 2,448 2020 2020 Model Homes-NMH Inc. 6,394 1,510 8,190 9,700 — 1,510 8,190 9,700 378 — 9,322 2016 2020 2016 2020 Total Model Home properties 28,083 7,552 36,862 44,414 — 7,552 36,862 44,414 1,904 — 42,510 — CONSOLIDATED TOTALS: $ 120,788 $ 30,297 $ 164,472 $ 195,452 $ 26,279 $ 30,330 $ 155,296 $ 211,905 $ 42,387 $ 3,264 $ 166,254 ( 1 ( 2 December 31, 2020 ( 3 January 28, 2021. ( 4 February 19, 2021. Presidio Property Trust, Inc. and Subsidiaries Schedule III - Real Estate and Accumulated Depreciation and Amortization (continued) – as of December 31, 2020 For the Year Ended December 31, 2020 2019 Real estate Balance at the beginning of the year $ 244,320,582 $ 254,675,874 Acquisitions 10,161,613 13,037,562 Improvements 2,834,367 6,393,711 Impairments (1,730,851 ) — Dispositions of real estate (46,944,545 ) (29,786,565 ) Balance at the end of the year $ 208,641,166 $ 244,320,582 Accumulated depreciation and amortization Balance at the beginning of the year $ (44,113,962 ) $ (43,567,809 ) Depreciation and amortization expense (5,938,958 ) (6,693,613 ) Dispositions of real estate 7,665,721 6,147,460 Balance at the end of the year $ (42,387,199 ) $ (44,113,962 ) Real estate assets, net $ 166,253,967 $ 200,206,620 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company classifies the noncontrolling interests in the NetREIT Partnerships as part of consolidated net income (loss) in 2020 2019 February 2010. not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates may |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Real Estate Assets and Lease Intangibles. The Company allocates the purchase price to tangible assets of an acquired property based on the estimated fair values of those tangible assets assuming the building was vacant. Estimates of fair value for land, building and building improvements are based on many factors including, but not third The value allocated to acquired lease intangibles is based on management’s evaluation of the specific characteristics of each tenant’s lease. Characteristics considered by management in allocating these values include the nature and extent of the existing business relationships with the tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value allocable to the above-market or below-market component of an acquired in-place lease is determined based upon the present value (using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of rents that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above or below-market leases are amortized on a straight-line basis as an increase or reduction of rental income over the remaining non-cancelable term of the respective leases. Amortization of above and below-market rents resulted in a net increase in rental income of approximately $0.1 million for the years ended December 31, 2020 2019 The value of in-place leases and unamortized lease origination costs are amortized to expenses over the remaining term of the respective leases, which range from less than a year to ten third December 31, 2020 2019 Real Estate Held for Sale and Discontinued Operations. not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Real Estate Assets. December 31, 2020 two December 31, 2019 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets not not not December 31, 2020 2019 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, 2020 2019 |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Amortization. December 31, 2020 2019 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash. three may $250,000 No December 31, 2020 December 31, 2020 |
Receivable [Policy Text Block] | Account Receivables. December 31, 2020 2019 |
Deferred Charges, Policy [Policy Text Block] | Deferred Leasing Costs. one five third December 31, 2020 2019 December 31, 2020 2019 Deferred Financing Costs. December 31, 2020 2019 2019, 8. December 31, 2020 December 31, 2020 2019 2019. December 31, 2020 2019 Deferred Offering Costs. December 31, 2020 3 December 29, 2020. December 31, 2020 |
Income Tax, Policy [Policy Text Block] | Income Taxes. 856 860 not December 31, 2020 may not We, together with our subsidiary, NetREIT Dubose, have elected to treat such subsidiary as taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary services for our tenants, and holding assets that we cannot hold directly. A TRS is subject to federal and state income taxes. The Company has concluded that there are no |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements. Level 1 Level 2 Level 3 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, 2020 two 3 December 31, 2020 2019 |
Revenue from Contract with Customer [Policy Text Block] | Sales of Real Estate Assets January 1, 2018, 610 20, 610 20” not 610 20. ASC 610 20 No. 2014 9. 610 20, not Revenue Recognition and Accounts Receivables not not • whether the lease stipulates how a tenant improvement allowance may • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. We record property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. We make estimates of the collectability of our tenant receivables related to base rents, including deferred rent receivable, expense reimbursements and other revenue or income. We specifically analyze accounts receivable, deferred rent receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one not no |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) per Common Share. not For the years ended December 31, 2020 2019, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements. March 2020, No. 2020 04, not December 31, 2022 March 2020 no In June 2017, No. 2016 13, February 2020 No. 2020 02, 326 842 2016 13 2016 13 2016 13 December 15, 2019, 2020 02 December 15, 2022. not In August 2018, No. 2018 13, 820. December 15, 2019 January 1, 2020 no |
Note 4 - Real Estate Assets (Ta
Note 4 - Real Estate Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Date Real estate assets, net (in thousands) Property Name Acquired Location 2020 2019 Garden Gateway Plaza (1) March 2007 Colorado Springs, Colorado $ 11,465 $ 11,428 World Plaza (1) September 2007 San Bernardino, California 9,272 8,305 Executive Office Park (3) July 2008 Colorado Springs, Colorado 5,106 7,723 Waterman Plaza (1) August 2008 San Bernardino, California 3,500 4,889 Genesis Plaza August 2010 San Diego, California 8,651 8,789 Dakota Center May 2011 Fargo, North Dakota 8,597 8,855 Grand Pacific Center March 2014 Bismarck, North Dakota 5,684 5,914 Union Terrace (4) August 2014 Lakewood, CO — 8,425 Centennial Tech Center (4) December 2014 Colorado Springs, Colorado — 13,132 Arapahoe Center December 2014 Centennial, Colorado 9,233 9,748 Union Town Center December 2014 Colorado Springs, Colorado 9,345 9,612 West Fargo Industrial August 2015 Fargo, North Dakota 7,061 7,212 300 N.P. August 2015 Fargo, North Dakota 3,280 3,405 Research Parkway August 2015 Colorado Springs, Colorado 2,438 2,512 One Park Center August 2015 Westminster, Colorado 8,586 8,518 Highland Court (1) August 2015 Centennial, Colorado 10,500 11,421 Shea Center II December 2015 Highlands Ranch, Colorado 21,026 21,853 Presidio Property Trust, Inc. properties 123,744 151,741 Model Home properties (2) 2014 2020 AZ, FL, IL, PA, TX, WI 42,510 48,466 Total real estate assets and lease intangibles, net $ 166,254 $ 200,207 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | 2021 $ 3,259,261 2022 3,406,500 2023 2,564,601 2024 1,211,331 2025 1,526,142 Thereafter 2,477,552 Totals $ 14,445,387 2021 $ 2,784,108 2022 696,768 $ 3,480,876 |
Note 5 - Lease Intangibles (Tab
Note 5 - Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2020 December 31, 2019 Lease Accumulated Lease Lease Accumulated Lease Intangibles Amortization Intangibles, net Intangibles Amortization Intangibles, net In-place leases $ 3,136,587 $ (2,757,530 ) $ 379,057 $ 4,360,027 $ (3,283,027 ) $ 1,077,000 Leasing costs 1,730,656 (1,510,559 ) 220,097 2,937,976 (2,002,711 ) 935,265 Above-market leases 333,485 (291,421 ) 42,064 333,485 (240,739 ) 92,746 $ 5,200,728 $ (4,559,510 ) $ 641,218 $ 7,631,488 $ (5,526,477 ) $ 2,105,011 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 $ 372,484 2022 202,479 2023 17,663 2024 17,663 2025 17,663 Thereafter 13,266 Total $ 641,218 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | December 31, December 31, 2020 2019 Deferred rent receivable $ 1,912,048 $ 2,680,886 Prepaid expenses, deposits and other 299,187 601,897 Accounts receivable, net 541,885 1,336,122 Right-of-use assets, net 102,144 561,375 Other intangibles, net 142,483 212,932 Notes receivable 316,374 316,374 Deferred offering costs 108,660 — Total other assets $ 3,422,781 $ 5,709,586 |
Note 7 - Mortgage Notes Payab_2
Note 7 - Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Principal as of December 31, December 31, Loan Interest Mortgage note property Notes 2020 2019 Type Rate (1) Maturity Waterman Plaza (3) (6) $ 3,207,952 $ 3,274,097 Variable 4.25 % 4/29/2021 World Plaza (3) (5) 5,802,568 4,979,384 Variable 2.91 % 7/5/2021 Garden Gateway Plaza (3) 5,861,523 6,071,315 Fixed 5.00 % 8/5/2021 300 N.P. 2,273,478 2,311,739 Fixed 4.95 % 6/11/2022 Highland Court (3) 6,274,815 6,424,366 Fixed 3.82 % 9/1/2022 Dakota Center 9,900,279 10,111,693 Fixed 4.74 % 7/6/2024 Union Terrace (2) - 6,240,396 Fixed 4.50 % 8/5/2024 Centennial Tech Center (2) - 9,561,652 Fixed 4.43 % 12/5/2024 Research Parkway 1,760,432 1,813,305 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 7,932,255 8,085,727 Fixed 4.34 % 1/5/2025 Union Town Center 8,315,550 8,440,000 Fixed 4.28 % 1/5/2025 One Park Centre 6,385,166 6,487,532 Fixed 4.77 % 9/5/2025 Genesis Plaza 6,276,273 6,378,110 Fixed 4.71 % 9/6/2025 Shea Center II 17,727,500 17,727,500 Fixed 4.92 % 1/5/2026 Executive Office Park (3) 2,985,998 4,839,577 Fixed 4.83 % 6/1/2027 West Fargo Industrial 4,262,718 4,216,565 Fixed 3.27 % 8/5/2029 Grand Pacific Center (4) 3,738,142 3,851,962 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties $ 92,704,649 $ 110,814,920 Model Home mortgage notes (3) 28,083,356 32,644,129 Fixed (7 ) 2021 2023 Mortgage Notes Payable $ 120,788,005 $ 143,459,049 Unamortized loan costs (758,309 ) (1,066,057 ) Mortgage Notes Payable, net $ 120,029,696 $ 142,392,992 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Presidio Property Model Trust, Inc. Homes Total Principal Years ending December 31: Notes Payable Notes Payable Payments 2021 $ 16,385,688 $ 10,169,248 $ 26,554,936 2022 9,780,330 11,735,522 21,515,852 2023 1,493,749 6,178,586 7,672,335 2024 10,447,888 — 10,447,888 2025 28,902,297 — 28,902,297 Thereafter 25,694,697 — 25,694,697 Total $ 92,704,649 $ 28,083,356 $ 120,788,005 |
Note 12 - Share-based Incenti_2
Note 12 - Share-based Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Common Shares Outstanding shares: Balance at December 31, 2019 125,943 Granted 91,173 Forfeited (4,599 ) Vested (86,327 ) Balance at December 31, 2020 126,190 |
Note 13 - Segments (Tables)
Note 13 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Year Ended December 31, 2020 2019 Office/Industrial Properties: Rental, fees and other income $ 17,580,472 $ 21,490,215 Property and related expenses (7,977,561 ) (9,317,720 ) Net operating income, as defined 9,602,911 12,172,495 Model Home Properties: Rental, fees and other income 4,251,980 4,194,489 Property and related expenses (202,667 ) (193,367 ) Net operating income, as defined 4,049,313 4,001,122 Retail Properties: Rental, fees and other income 2,971,125 2,956,407 Property and related expenses (2,368,906 ) (899,487 ) Net operating income, as defined 602,219 2,056,920 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 14,254,443 18,230,537 General and administrative expenses (5,751,754 ) (5,268,315 ) Depreciation and amortization (6,274,321 ) (7,364,688 ) Interest expense (8,813,067 ) (10,649,646 ) Deferred offering costs (530,639 ) — Other income (expense), net (20,636 ) 117,037 Income tax expense (370,884 ) (611,263 ) Gain on sale of real estate 1,245,460 6,319,272 Net loss $ (6,261,398 ) $ 772,934 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, December 31, Assets by Reportable Segment: 2020 2019 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 99,120,649 $ 126,421,648 Total assets (2) $ 100,046,782 $ 131,180,612 Model Home Properties: Land, buildings and improvements, net (1) $ 42,509,596 $ 48,466,371 Total assets (2) $ 42,246,022 $ 51,389,400 Retail Properties: Land, buildings and improvements, net (1) $ 24,555,371 $ 25,318,601 Total assets (2) $ 26,108,109 $ 26,588,254 Reconciliation to Total Assets: Total assets for reportable segments $ 168,400,913 $ 209,158,266 Other unallocated assets: Cash, cash equivalents and restricted cash 2,149,088 1,591,041 Other assets, net 15,018,615 10,035,101 Total Assets $ 185,568,616 $ 220,784,408 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Year Ended December 31, Capital Expenditures by Reportable Segment 2020 2019 Office/Industrial Properties: Capital expenditures and tenant improvements $ 2,825,168 $ 6,373,464 Model Home Properties: Acquisition of operating properties 10,161,613 13,037,562 Retail Properties: Capital expenditures and tenant improvements 9,205 20,247 Totals: Acquisition of operating properties, net 10,161,613 13,037,562 Capital expenditures and tenant improvements 2,834,373 6,393,711 Total real estate investments $ 12,995,986 $ 19,431,273 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation and Amortization (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, by Property [Table Tet Block] | All amounts are in thousands Initial Cost Total Cost (1) Property Name/ Location Encumbrances Land Cost Building & Improvements Acquisition Price Capitalized Improvements Land Cost Building & Improvements Total Cost Accumulated Depreciation & Amortization Reserve for Impairment NBV Real Estate Date Acquired Year Built/ Renovated Garden Gateway, Colorado Springs, CO (2) $ 5,861 $ 3,035 $ 12,091 $ 15,126 $ 3,329 $ 3,035 $ 10,874 $ 17,238 $ 5,774 $ — $ 11,464 03/07 1982/2006 Executive Park, Colorado Springs, CO (2) 2,986 583 8,815 10,081 1,473 583 5,561 7,617 2,510 — 5,107 07/08 2000 Genesis Plaza, San Diego, CA 6,276 1,400 8,600 10,000 2,625 1,400 8,323 12,348 3,697 — 8,651 08/10 1989 Dakota Center, Fargo, ND 9,900 832 8,743 9,575 1,306 832 9,960 12,098 3,500 — 8,598 05/11 1982 Grand Pacific Center, Bismarck, ND 3,738 413 4,926 5,339 904 413 6,099 7,416 1,732 — 5,684 03/14 1976 Arapahoe Center, Centennial, CO 7,932 1,420 10,430 11,850 2,078 1,420 8,857 12,355 3,122 — 9,233 12/14 2000 West Fargo Industrial, Fargo, ND 4,263 1,693 6,207 7,900 264 1,693 6,099 8,056 995 — 7,061 08/15 1998/2005 300 N.P., Fargo, ND 2,274 135 3,715 3,850 319 135 3,589 4,043 764 — 3,279 08/15 1922 Highland Court, Centennial, CO (2) 6,275 3,608 9,442 13,050 3,408 3,608 7,767 14,783 3,883 400 10,500 08/15 1984 One Park Centre, Westminster, CO 6,385 1,206 7,944 9,150 1,952 1,206 7,416 10,574 1,987 — 8,587 08/15 1983 Shea Center II, Highlands Ranch, CO 17,728 2,214 23,747 25,961 6,065 2,214 19,526 27,805 6,779 — 21,026 12/15 2000 Total Office/ Industrial properties 73,618 16,539 104,660 121,882 23,723 16,539 94,071 134,333 34,743 400 99,190 World Plaza , San Bernardino, CA (2) 5,803 1,698 6,232 7,930 1,761 1,698 8,758 12,217 2,246 700 9,271 09/07 1974 Waterman Plaza, San Bernardino, CA (2) 3,208 2,350 4,814 7,164 239 2,383 4,324 6,946 1,282 2,164 3,500 08/08 2008 Union Town Center, Colorado Springs, CO 8,316 1,750 9,462 11,212 513 1,750 8,932 11,195 1,851 — 9,344 12/14 2003 Research Parkway, Colorado Springs, CO 1,760 408 2,442 2,850 43 408 2,349 2,800 361 — 2,439 8/15/2016 2003 Total Retail properties 19,087 6,206 22,950 29,156 2,556 6,239 24,363 33,158 5,740 2,864 24,554 Model Homes -NDMHR, LP 974 534 2,047 2,581 — 534 2,047 2,581 197 — 2,384 2010 2016 2010 2016 Model Homes-DMH LP #202 3,149 741 4,238 4,979 — 741 4,238 4,979 337 — 4,642 2014 2019 2014 2019 Model Homes-DMH LP #203 5,271 1,600 7,132 8,732 — 1,600 7,132 8,732 441 8,291 2016 2020 2016 2020 Model Homes-DMH LP #204 5,385 1,412 6,787 8,199 — 1,412 6,787 8,199 345 7,854 2019 2020 2019 2020 Model Homes-DMH LP #205 5,214 1,461 6,287 7,748 — 1,461 6,287 7,748 179 — 7,569 2020 2020 Model Homes-DMH LP #206 1,696 294 2,181 2,475 — 294 2,181 2,475 27 2,448 2020 2020 Model Homes-NMH Inc. 6,394 1,510 8,190 9,700 — 1,510 8,190 9,700 378 — 9,322 2016 2020 2016 2020 Total Model Home properties 28,083 7,552 36,862 44,414 — 7,552 36,862 44,414 1,904 — 42,510 — CONSOLIDATED TOTALS: $ 120,788 $ 30,297 $ 164,472 $ 195,452 $ 26,279 $ 30,330 $ 155,296 $ 211,905 $ 42,387 $ 3,264 $ 166,254 |
Schedule of Investment in Real Estate and Accumulated Depreciation [Table Text Block] | For the Year Ended December 31, 2020 2019 Real estate Balance at the beginning of the year $ 244,320,582 $ 254,675,874 Acquisitions 10,161,613 13,037,562 Improvements 2,834,367 6,393,711 Impairments (1,730,851 ) — Dispositions of real estate (46,944,545 ) (29,786,565 ) Balance at the end of the year $ 208,641,166 $ 244,320,582 Accumulated depreciation and amortization Balance at the beginning of the year $ (44,113,962 ) $ (43,567,809 ) Depreciation and amortization expense (5,938,958 ) (6,693,613 ) Dispositions of real estate 7,665,721 6,147,460 Balance at the end of the year $ (42,387,199 ) $ (44,113,962 ) Real estate assets, net $ 166,253,967 $ 200,206,620 |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Presentation (Details Textual) | Oct. 06, 2020USD ($)$ / sharesshares | Jul. 29, 2020 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2016 | Sep. 30, 2020 | Sep. 01, 2020USD ($) | Sep. 17, 2019USD ($) | Jan. 23, 2012$ / shares |
Number of Real Estate Properties, Fee Simple | 14 | ||||||||
Number of Limited Liability Companies | 4 | ||||||||
Number of Limited Partnerships in which Company is Sole General Partner | 1 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 10 | ||||||||
Proceeds from Issuance of Common Stock | $ 2,050,000 | $ 0 | |||||||
Long-Term Debt, Maturity, Year One | $ 26,554,936 | ||||||||
Number of Reportable Segments | 3 | ||||||||
Customer Concentration Risk [Member] | Rental Income [Member] | |||||||||
Number of Tenants | 1 | 1 | |||||||
Concentration Risk, Percentage | 6.20% | 6.10% | |||||||
Mortgage Notes [Member] | Model Home [Member] | |||||||||
Long-Term Debt, Maturity, Year One | $ 10,200,000 | ||||||||
Mortgage Notes [Member] | Commercial Property [Member] | |||||||||
Long-Term Debt, Maturity, Year One | 16,400,000 | ||||||||
Polar Multi-Strategy Master Fund [Member] | Notes Payable to Banks [Member] | |||||||||
Debt Instrument, Face Amount | $ 14,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||
Long-term Debt, Total | $ 7,700,000 | $ 8,800,000 | |||||||
Debt Instrument, Renewal Fee Percentage | 4.00% | 4.00% | |||||||
Reverse Stock Split [Member] | |||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ||||||||
IPO [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 500,000 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 5 | ||||||||
Proceeds from Issuance of Common Stock | $ 2,000,000 | ||||||||
IPO [Member] | Underwriting Discounts [Member] | |||||||||
Payments of Stock Issuance Costs | 500,000 | ||||||||
IPO [Member] | Other Expenses [Member] | |||||||||
Payments of Stock Issuance Costs | $ 500,000 | ||||||||
Model Home Properties [Member] | |||||||||
Number of Limited Liability Companies | 1 | ||||||||
Number of Limited Partnerships in which Company is Sole General Partner | 6 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of above and below Market Leases | $ 100,000 | $ 100,000 |
Amortization of Intangible Assets, Total | 400,000 | 600,000 |
Impairment of Real Estate | 1,730,851 | 0 |
Impairment of Intangible Assets, Finite-lived | 200,000 | 300,000 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 |
Depreciation, Total | 6,300,000 | 7,400,000 |
Cash, Uninsured Amount | 9,800,000 | |
Restricted Cash, Total | 4,100,000 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 70,000 | 21,000 |
Deferred Costs, Total | 1,900,000 | 2,100,000 |
Operating Lease, Initial Direct Cost Expense, over Term | 400,000 | 600,000 |
Amortization of Debt Issuance Costs | 1,287,430 | 965,239 |
Deferred Offering Costs | 100,000 | |
Noninterest Expense Offering Cost | $ 530,639 | $ 0 |
Percentage of Distributed Taxable Income to Qualify as REIT | 90.00% | |
Earnings Per Share, Basic and Diluted, Total (in dollars per share) | $ (0.85) | $ (0.07) |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | $ 11,000,000 | |
Series B Preferred Stock [Member] | ||
Unamortized Deferred Stock Costs | $ 100,000 | |
Mortgage Notes [Member] | ||
Debt Issuance Costs, Net, Total | 800,000 | 1,100,000 |
Amortization of Debt Issuance Costs | 400,000 | 500,000 |
Notes Payable to Banks [Member] | Polar Multi-Strategy Master Fund [Member] | ||
Debt Issuance Costs, Net, Total | 200,000 | |
Amortization of Debt Issuance Costs | $ 900,000 | $ 400,000 |
Building and Building Improvements [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 39 years | |
Waterman Plaza [Member] | ||
Impairment of Real Estate | $ 1,300,000 | |
Highland Court [Member] | ||
Impairment of Real Estate | $ 400,000 | |
Maximum [Member] | ||
Amortization of Value In Place Leases (Year) | 10 years | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 5 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 10 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 5 years | |
Minimum [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 1 year | |
Minimum [Member] | Leasehold Improvements [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 1 year | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 4 years |
Note 3 - Recent Real Estate T_2
Note 3 - Recent Real Estate Transactions (Details Textual) | Dec. 02, 2020USD ($) | Mar. 13, 2020USD ($) | Feb. 05, 2020USD ($) | Jul. 31, 2019USD ($) | Jul. 01, 2019USD ($) | May 08, 2019USD ($) | Jan. 15, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Notes Payable, Total | $ 7,500,086 | $ 12,238,692 | |||||||
Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | 18,100,000 | 14,600,000 | |||||||
Gain (Loss) on Sale of Properties | $ 1,600,000 | $ 1,200,000 | |||||||
Number of Real Estate Properties | 4 | 46 | 41 | ||||||
Centennial Tech Center [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 15,000,000 | ||||||||
Gain (Loss) on Sale of Properties | $ (900,000) | ||||||||
Union Terrace [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 11,300,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 700,000 | ||||||||
Executive Office Park [Member] | |||||||||
Number of Real Estate Properties | 4 | ||||||||
Executive Office Park [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 2,300,000 | ||||||||
Gain (Loss) on Sale of Properties | $ (78,000) | ||||||||
Number of Real Estate Properties | 1 | 1 | |||||||
Morena Office Center [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 5,600,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 700,000 | ||||||||
Nightingale Land [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 900,000 | ||||||||
Gain (Loss) on Sale of Properties | $ (93,000) | ||||||||
Genesis Plaza [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 2,900,000 | ||||||||
Sale of Percentage Interest in Real Estate Property | 43.00% | ||||||||
Sale of Real Estate Property | $ 5,600,000 | ||||||||
The Presidio [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Proceeds from Sale of Real Estate, Total | $ 12,300,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 4,500,000 | ||||||||
Model Home [Member] | |||||||||
Number of Real Estate Properties | 28 | 33 | |||||||
Real Estate Property, Consideration Transferred, Total | $ 10,200,000 | $ 13,000,000 | |||||||
Payments to Acquire Residential Real Estate | 3,100,000 | 3,900,000 | |||||||
Model Home [Member] | Mortgage Notes [Member] | |||||||||
Notes Payable, Total | $ 7,100,000 | $ 9,100,000 |
Note 4 - Real Estate Assets (De
Note 4 - Real Estate Assets (Details Textual) | 12 Months Ended | |||
Dec. 31, 2020ft² | Dec. 31, 2016 | Dec. 02, 2020 | Dec. 31, 2019 | |
Number of States Real Estate Property is Located | 7 | |||
Number of Limited Partnerships in which Company is Sole General Partner | 1 | |||
Number of Limited Liability Companies | 4 | |||
Discontinued Operations, Disposed of by Sale [Member] | ||||
Number of Real Estate Properties | 46 | 4 | 41 | |
Model Home [Member] | ||||
Number of Real Estate Properties | 28 | 33 | ||
Number of Real Estate Properties Held for Sale | 7 | |||
Executive Office Park [Member] | ||||
Number of Real Estate Properties | 4 | |||
Executive Office Park [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Number of Real Estate Properties | 1 | 1 | ||
Office/Industrial Properties [Member] | ||||
Area of Real Estate Property (Square Foot) | 982,796 | |||
Office/Industrial Properties [Member] | Industrial Buildings [Member] | ||||
Number of Real Estate Properties | 1 | |||
Office/Industrial Properties [Member] | Office Buildings [Member] | ||||
Number of Real Estate Properties | 10 | |||
Retail Properties [Member] | ||||
Number of Real Estate Properties | 4 | |||
Area of Real Estate Property (Square Foot) | 131,722 | |||
Model Home [Member] | ||||
Number of Real Estate Properties | 118 | |||
Number of Limited Partnerships in which Company is Sole General Partner | 6 | |||
Number of Limited Liability Companies | 1 | |||
Lessee, Operating Lease, Term of Contract (Month) | 18 months | |||
NORTH DAKOTA | ||||
Number of Real Estate Properties | 4 |
Note 4 - Real Estate Assets - S
Note 4 - Real Estate Assets - Summary of Properties Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Real estate assets owned | $ 166,254 | $ 200,207 | |
Garden Gateway Plaza [Member] | |||
Geographic location | [1] | Colorado Springs, Colorado | |
Real estate assets owned | [1] | $ 11,465 | 11,428 |
World Plaza [Member] | |||
Geographic location | [1] | San Bernardino, California | |
Real estate assets owned | [1] | $ 9,272 | 8,305 |
Executive Office Park [Member] | |||
Geographic location | [2] | Colorado Springs, Colorado | |
Real estate assets owned | [2] | $ 5,106 | 7,723 |
Waterman Plaza [Member] | |||
Geographic location | [1] | San Bernardino, California | |
Real estate assets owned | [1] | $ 3,500 | 4,889 |
Genesis Plaza [Member] | |||
Geographic location | San Diego, California | ||
Real estate assets owned | $ 8,651 | 8,789 | |
Dakota Center [Member] | |||
Geographic location | Fargo, North Dakota | ||
Real estate assets owned | $ 8,597 | 8,855 | |
Grand Pacific Center [Member] | |||
Geographic location | Bismarck, North Dakota | ||
Real estate assets owned | $ 5,684 | 5,914 | |
Union Terrace [Member] | |||
Geographic location | [3] | Lakewood, CO | |
Real estate assets owned | [3] | $ 0 | 8,425 |
Centennial Tech Center [Member] | |||
Geographic location | [3] | Colorado Springs, Colorado | |
Real estate assets owned | [3] | $ 0 | 13,132 |
Arapahoe Center [Member] | |||
Geographic location | Centennial, Colorado | ||
Real estate assets owned | $ 9,233 | 9,748 | |
Union Town Center [Member] | |||
Geographic location | Colorado Springs, Colorado | ||
Real estate assets owned | $ 9,345 | 9,612 | |
West Fargo Industrial [Member] | |||
Geographic location | Fargo, North Dakota | ||
Real estate assets owned | $ 7,061 | 7,212 | |
The 300 N.P [Member] | |||
Geographic location | Fargo, North Dakota | ||
Real estate assets owned | $ 3,280 | 3,405 | |
Research Parkway [Member] | |||
Geographic location | Colorado Springs, Colorado | ||
Real estate assets owned | $ 2,438 | 2,512 | |
One Park Centre [Member] | |||
Geographic location | Westminster, Colorado | ||
Real estate assets owned | $ 8,586 | 8,518 | |
Highland Court [Member] | |||
Geographic location | [1] | Centennial, Colorado | |
Real estate assets owned | [1] | $ 10,500 | 11,421 |
Shea Center II [Member] | |||
Geographic location | Highlands Ranch, Colorado | ||
Real estate assets owned | $ 21,026 | 21,853 | |
Presidio Property Trust, Inc. Properties [Member] | |||
Real estate assets owned | 123,744 | 151,741 | |
Model Home Properties [Member] | |||
Real estate assets owned | [4] | $ 42,510 | $ 48,466 |
[1] | Property held for sale as of December 31, 2020. | ||
[2] | One of four buildings within this property was sold as of December 31, 2020. | ||
[3] | This property was sold during the year ended December 31, 2020. | ||
[4] | Includes seven Model Homes that are listed as held for sale as of December 31, 2020. |
Note 4 - Real Estate Assets - F
Note 4 - Real Estate Assets - Future Minimum Rental Revenues (Details) | Dec. 31, 2020USD ($) |
Office/Industrial and Retail Properties [Member] | |
2021 | $ 3,259,261 |
2022 | 3,406,500 |
2023 | 2,564,601 |
2024 | 1,211,331 |
2025 | 1,526,142 |
Thereafter | 2,477,552 |
Totals | 14,445,387 |
Model Home Properties [Member] | |
2021 | 2,784,108 |
2022 | 696,768 |
Totals | $ 3,480,876 |
Note 5 - Lease Intangibles (Det
Note 5 - Lease Intangibles (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets, Gross, Total | $ 5,200,728 | $ 7,631,488 |
Finite-Lived Intangible Assets, Accumulated Amortization | 4,559,510 | 5,526,477 |
Below Market Lease, Net, Ending Balance | $ 139,045 | 309,932 |
Weighted Average [Member] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 1 year 7 months 6 days | |
Real Estate Assets Held for Sale [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | $ 1,100,000 | 3,400,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 1,100,000 | $ 2,400,000 |
Note 5 - Lease Intangibles - Ne
Note 5 - Lease Intangibles - Net Value of Other Intangibles (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Lease intangibles, gross | $ 5,200,728 | $ 7,631,488 |
Accumulated Amortization | (4,559,510) | (5,526,477) |
Lease Intangibles, net | 641,218 | 2,105,011 |
Leases, Acquired-in-Place [Member] | ||
Lease intangibles, gross | 3,136,587 | 4,360,027 |
Accumulated Amortization | (2,757,530) | (3,283,027) |
Lease Intangibles, net | 379,057 | 1,077,000 |
Leasing Costs [Member] | ||
Lease intangibles, gross | 1,730,656 | 2,937,976 |
Accumulated Amortization | (1,510,559) | (2,002,711) |
Lease Intangibles, net | 220,097 | 935,265 |
Above Market Lease [Member] | ||
Lease intangibles, gross | 333,485 | 333,485 |
Accumulated Amortization | (291,421) | (240,739) |
Lease Intangibles, net | $ 42,064 | $ 92,746 |
Note 5 - Lease Intangibles - Am
Note 5 - Lease Intangibles - Amortization Expense (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 372,484 | |
2022 | 202,479 | |
2023 | 17,663 | |
2024 | 17,663 | |
2025 | 17,663 | |
Thereafter | 13,266 | |
Total | $ 641,218 | $ 2,105,011 |
Note 6 - Other Assets - Other A
Note 6 - Other Assets - Other Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred offering costs | $ 100,000 | |
Total other assets | 3,422,781 | $ 5,709,586 |
Other Assets [Member] | ||
Deferred rent receivable | 1,912,048 | 2,680,886 |
Prepaid expenses, deposits and other | 299,187 | 601,897 |
Accounts receivable, net | 541,885 | 1,336,122 |
Right-of-use assets, net | 102,144 | 561,375 |
Other intangibles, net | 142,483 | 212,932 |
Notes receivable | 316,374 | 316,374 |
Deferred offering costs | 108,660 | 0 |
Total other assets | $ 3,422,781 | $ 5,709,586 |
Note 7 - Mortgage Notes Payab_3
Note 7 - Mortgage Notes Payable (Details Textual) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 02, 2020 | Dec. 31, 2019 | ||
Discontinued Operations, Disposed of by Sale [Member] | ||||
Number of Real Estate Properties | 46 | 4 | 41 | |
Executive Office Park [Member] | ||||
Number of Real Estate Properties | 4 | |||
Executive Office Park [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Number of Real Estate Properties | 1 | 1 | ||
Executive Office Park [Member] | Mortgage Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 4.83% | ||
World Plaza [Member] | Mortgage Notes [Member] | ||||
Debt, Weighted Average Interest Rate | 3.37% | |||
World Plaza [Member] | ABR [Member] | Mortgage Notes [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||
World Plaza [Member] | London Interbank Offered Rate (LIBOR) [Member] | Mortgage Notes [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||
Waterman Plaza [Member] | Mortgage Notes [Member] | ||||
Debt Instrument, Floor Interest Rate | 4.25% | |||
Waterman Plaza [Member] | London Interbank Offered Rate (LIBOR) [Member] | Mortgage Notes [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
Model Home [Member] | ||||
Number of Real Estate Properties | 28 | 33 | ||
Model Home [Member] | Mortgage Notes [Member] | Minimum [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |||
Model Home [Member] | Mortgage Notes [Member] | Maximum [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | |||
[1] | Interest rates as of December 31, 2020. | |||
[2] | Properties held for sale as of December 31, 2020. Seven model homes were included as held for sale. |
Note 7 - Mortgage Notes Payab_4
Note 7 - Mortgage Notes Payable - Mortgage Notes Payable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Mortgage Notes Payable, net | $ 120,029,696 | $ 142,392,992 | |
Mortgage Notes [Member] | |||
Mortgage Notes Payable | 120,788,005 | 143,459,049 | |
Unamortized loan costs | (758,309) | (1,066,057) | |
Waterman Plaza [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [1],[2] | $ 3,207,952 | 3,274,097 |
Interest rate, variable | [1],[2],[3] | 4.25% | |
Maturity date | [1],[2] | Apr. 29, 2021 | |
World Plaza [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [2],[4] | $ 5,802,568 | 4,979,384 |
Interest rate, variable | [2],[3],[4] | 2.91% | |
Maturity date | [2],[4] | Jul. 5, 2021 | |
Garden Gateway Plaza [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [2] | $ 5,861,523 | 6,071,315 |
Maturity date | [2] | Aug. 5, 2021 | |
Interest rate | [2],[3] | 5.00% | |
The 300 N.P [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 2,273,478 | 2,311,739 | |
Maturity date | Jun. 11, 2022 | ||
Interest rate | [3] | 4.95% | |
Highland Court [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 6,274,815 | 6,424,366 | |
Maturity date | Sep. 1, 2022 | ||
Interest rate | [3] | 3.82% | |
Dakota Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 9,900,279 | 10,111,693 | |
Maturity date | Jul. 6, 2024 | ||
Interest rate | [3] | 4.74% | |
Union Terrace [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [5] | $ 0 | 6,240,396 |
Maturity date | [5] | Aug. 5, 2024 | |
Interest rate | [3],[5] | 4.50% | |
Centennial Tech Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [5] | $ 0 | 9,561,652 |
Maturity date | [5] | Dec. 5, 2024 | |
Interest rate | [3],[5] | 4.43% | |
Research Parkway [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 1,760,432 | 1,813,305 | |
Maturity date | Jan. 5, 2025 | ||
Interest rate | [3] | 3.94% | |
Arapahoe Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 7,932,255 | 8,085,727 | |
Maturity date | Jan. 5, 2025 | ||
Interest rate | [3] | 4.34% | |
Union Town Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 8,315,550 | 8,440,000 | |
Maturity date | Jan. 5, 2025 | ||
Interest rate | [3] | 4.28% | |
One Park Centre [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 6,385,166 | 6,487,532 | |
Maturity date | Sep. 5, 2025 | ||
Interest rate | [3] | 4.77% | |
Genesis Plaza [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 6,276,273 | 6,378,110 | |
Maturity date | Sep. 6, 2025 | ||
Interest rate | [3] | 4.71% | |
Shea Center II [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 17,727,500 | 17,727,500 | |
Maturity date | Jan. 5, 2026 | ||
Interest rate | [3] | 4.92% | |
Executive Office Park [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [2] | $ 2,985,998 | 4,839,577 |
Maturity date | [2] | Jun. 1, 2027 | |
Interest rate | [2],[3] | 4.83% | |
West Fargo Industrial [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 4,262,718 | 4,216,565 | |
Maturity date | Aug. 5, 2029 | ||
Interest rate | [3] | 3.27% | |
Grand Pacific Center [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [6] | $ 3,738,142 | 3,851,962 |
Maturity date | [6] | Aug. 1, 2037 | |
Interest rate | [3],[6] | 4.02% | |
Subtotal, Presidio Property Trust, Inc. Properties [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | $ 92,704,649 | 110,814,920 | |
Model Home [Member] | Mortgage Notes [Member] | |||
Mortgage Notes Payable | [2],[7] | $ 28,083,356 | $ 32,644,129 |
Model Home [Member] | Mortgage Notes [Member] | Minimum [Member] | |||
Maturity date | [2],[7] | Dec. 31, 2023 | |
Interest rate | 2.50% | ||
Model Home [Member] | Mortgage Notes [Member] | Maximum [Member] | |||
Maturity date | [2],[7] | Dec. 31, 2021 | |
Interest rate | 5.60% | ||
[1] | Interest on this loan resets annually at LIBOR plus 3.00%, with a floor of 4.25%. | ||
[2] | Properties held for sale as of December 31, 2020. Seven model homes were included as held for sale. | ||
[3] | Interest rates as of December 31, 2020. | ||
[4] | Interest on this loan is ABR + 0.75% and LIBOR plus 2.75%. For the year-ended December 31, 2020, the weighted average interest rate was 3.37%. | ||
[5] | Property sold during the year ended December 31, 2020, see Footnote 3 above for further detail. One of four buildings at Executive Office Park were sold. | ||
[6] | Interest rate is subject to reset on September 1, 2023. | ||
[7] | Each Model Home has a stand-alone mortgage note at interest rates ranging from 2.5% to 5.6% at December 31, 2020. |
Note 7 - Mortgage Notes Payab_5
Note 7 - Mortgage Notes Payable - Scheduled Principal Payments of Mortgage Notes Payable (Details) | Dec. 31, 2020USD ($) |
2021 | $ 26,554,936 |
2022 | 21,515,852 |
2023 | 7,672,335 |
2024 | 10,447,888 |
2025 | 28,902,297 |
Thereafter | 25,694,697 |
Total | 120,788,005 |
Office/Industrial and Retail Notes Payable [Member] | |
2021 | 16,385,688 |
2022 | 9,780,330 |
2023 | 1,493,749 |
2024 | 10,447,888 |
2025 | 28,902,297 |
Thereafter | 25,694,697 |
Total | 92,704,649 |
Model Home Properies Notes Payable [Member] | |
2021 | 10,169,248 |
2022 | 11,735,522 |
2023 | 6,178,586 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total | $ 28,083,356 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) - USD ($) | Aug. 17, 2020 | Apr. 30, 2020 | Apr. 22, 2020 | Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 01, 2020 | Sep. 17, 2019 |
Amortization of Debt Issuance Costs | $ 1,287,430 | $ 965,239 | |||||||
Payments of Extension Costs on Note Payable | 351,025 | $ 0 | |||||||
Economic Injury Disaster Loan [Member] | |||||||||
Proceeds from Issuance of Unsecured Debt | $ 200,000 | $ 10,000 | |||||||
Economic Injury Disaster Loan [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument, Decrease, Forgiveness | $ 10,000 | ||||||||
Economic Injury Disaster Loan [Member] | Accounts Payable and Accrued Liabilities [Member] | |||||||||
Unsecured Debt, Total | 10,000 | ||||||||
SBA CARES Act Paycheck Protection Program [Member] | |||||||||
Proceeds from Issuance of Unsecured Debt | $ 500,000 | ||||||||
Polar Multi-Strategy Master Fund [Member] | Notes Payable to Banks [Member] | |||||||||
Debt Instrument, Face Amount | $ 14,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||
Long-term Debt, Total | 7,700,000 | $ 8,800,000 | |||||||
Debt Instrument, Renewal Fee Percentage | 4.00% | 4.00% | |||||||
Repayments of Notes Payable, Including Interest | 6,300,000 | ||||||||
Debt Instrument, Unamortized Discount, Total | 0 | $ 1,400,000 | |||||||
Accretion Expense | 1,000,000 | ||||||||
Debt Issuance Costs, Gross | $ 1,100,000 | ||||||||
Amortization of Debt Issuance Costs | 900,000 | ||||||||
Payments of Extension Costs on Note Payable | 400,000 | ||||||||
Amortization of Extension Costs on Notes Payable | $ 200,000 | ||||||||
Debt Instrument, Covenant, Debt to Property Fair Value Ratio | 75.00% |
Note 9 - Series B Mandatorily_2
Note 9 - Series B Mandatorily Redeemable Preferred Stock (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Expense, Total | $ 8,813,067 | $ 10,649,646 |
Redeemable Convertible Preferred Stock Series B [Member] | ||
Stock Redeemed or Called During Period, Shares (in shares) | 16,900 | |
Stock Redeemed or Called During Period, Value | $ 16,900,000 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 |
Interest Expense, Total | $ 0 | $ 100,000 |
Unamortized Deferred Stock Costs | $ 0 | $ 0 |
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Details Textual) | Jan. 23, 2012USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2016 |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | |||
Maximum Individual Common Stock Ownership, Percentage | 9.80% | |||
Dividends, Common Stock, Cash | $ | $ 1,000,000 | $ 1,100,000 | ||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 0.10 | $ 0.12 | ||
Payments of Dividends, Total | $ | $ 1,000,000 | $ 2,200,000 | ||
Number of Limited Partnerships in which Company is Sole General Partner | 1 | |||
Number of Limited Liability Companies | 4 | |||
Number of Put Options Exercised (in shares) | 2 | |||
Registered Shares of Common Stock Pursuant to Dividend Reinvestment Plan (in shares) | 3,000,000 | |||
Common Stock, Percentage of Purchase Price Per Share | 95.00% | |||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 10 | |||
Payment of Sales, Commission or Dealer Manager Fee | $ | $ 0 | |||
Notice Period for Amendments to Dividend Reinvestment Plan (Day) | 30 days | |||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ | $ 17,400,000 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 1,834,147 | |||
Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 59,274 | |||
Noncontrolling Interest [Member] | ||||
Minority Interest, Decrease from Issuance of Stock for Limited Partnership Interests | $ | $ 1,247,990 | |||
Commercial Property [Member] | Wholly Owned Properties [Member] | ||||
Number of Real Estate Properties | 15 | |||
Commercial Property [Member] | Partially Owned Properties [Member] | ||||
Number of Real Estate Properties | 2 | |||
Redeemable Convertible Preferred Stock Series B [Member] | ||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | ||
Common Class A [Member] | ||||
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Common Stock, Shares, Issued, Total (in shares) | 9,508,363 | 8,881,842 | ||
Common Class B [Member] | ||||
Common Stock, Shares Authorized (in shares) | 1,000 | |||
Common Stock, Shares, Issued, Total (in shares) | 0 | |||
Common Class C [Member] | ||||
Common Stock, Shares Authorized (in shares) | 9,000,000 | |||
Common Stock, Shares, Issued, Total (in shares) | 0 | |||
Common Stock, Number of Entitled Votes | 1 |
Note 12 - Share-based Incenti_3
Note 12 - Share-based Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 23, 2012 | Dec. 31, 2006 | |
Shares Issued, Price Per Share (in dollars per share) | $ 10 | |||
Share-based Payment Arrangement, Expense | $ 1.1 | $ 0.8 | ||
Restricted Stock [Member] | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 20 | |||
Nonvested Resctricted Stock [Member] | ||||
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | $ 0.9 | $ 1.7 | ||
Minimum [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Minimum [Member] | Nonvested Resctricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Maximum [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 10 years | |||
Maximum [Member] | Nonvested Resctricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 7 years |
Note 12 - Share-based Incenti_4
Note 12 - Share-based Incentive Plan - Summary of Activity for Restricted Stock (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2020shares | |
Balance (in shares) | 125,943 |
Granted (in shares) | 91,173 |
Forfeited (in shares) | (4,599) |
Vested (in shares) | (86,327) |
Balance (in shares) | 126,190 |
Note 13 - Segments (Details Tex
Note 13 - Segments (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Reportable Segments | 3 |
Note 13 - Segments - Operating
Note 13 - Segments - Operating Income by Segment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Rental, fees and other income | $ 24,351,792 | $ 28,641,111 |
Property and related expenses | (8,818,283) | (10,410,574) |
General and administrative expenses | (5,751,754) | (5,268,315) |
Depreciation and amortization | (6,274,321) | (7,364,688) |
Interest expense | (8,813,067) | (10,649,646) |
Deferred offering costs | (530,639) | 0 |
Other income (expense), net | (20,636) | 117,037 |
Income tax expense | (370,884) | (611,263) |
Gain on sale of real estate | 1,245,460 | 6,319,272 |
Net loss | (6,261,398) | 772,934 |
Operating Segments [Member] | ||
Net operating income, as defined | 14,254,443 | 18,230,537 |
Office/Industrial Properties [Member] | Operating Segments [Member] | ||
Rental, fees and other income | 17,580,472 | 21,490,215 |
Property and related expenses | (7,977,561) | (9,317,720) |
Net operating income, as defined | 9,602,911 | 12,172,495 |
Model Home Properties [Member] | Operating Segments [Member] | ||
Rental, fees and other income | 4,251,980 | 4,194,489 |
Property and related expenses | (202,667) | (193,367) |
Net operating income, as defined | 4,049,313 | 4,001,122 |
Retail Properties [Member] | Operating Segments [Member] | ||
Rental, fees and other income | 2,971,125 | 2,956,407 |
Property and related expenses | (2,368,906) | (899,487) |
Net operating income, as defined | $ 602,219 | $ 2,056,920 |
Note 13 - Segments - Assets by
Note 13 - Segments - Assets by Reportable Segment (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Land, buildings and improvements, net | $ 166,253,967 | $ 200,206,620 | |
Total assets | 185,568,616 | 220,784,408 | |
Cash, cash equivalents and restricted cash | 11,540,917 | 10,391,275 | |
Other assets, net | 3,422,781 | 5,709,586 | |
Operating Segments [Member] | |||
Total assets | 168,400,913 | 209,158,266 | |
Segment Reconciling Items [Member] | |||
Total assets | 185,568,616 | 220,784,408 | |
Cash, cash equivalents and restricted cash | 2,149,088 | 1,591,041 | |
Other assets, net | 15,018,615 | 10,035,101 | |
Office/Industrial Properties [Member] | Operating Segments [Member] | |||
Land, buildings and improvements, net | [1] | 99,120,649 | 126,421,648 |
Total assets | [2] | 100,046,782 | 131,180,612 |
Model Home Properties [Member] | Operating Segments [Member] | |||
Land, buildings and improvements, net | [1] | 42,509,596 | 48,466,371 |
Total assets | [2] | 42,246,022 | 51,389,400 |
Retail Properties [Member] | Operating Segments [Member] | |||
Land, buildings and improvements, net | [1] | 24,555,371 | 25,318,601 |
Total assets | [2] | $ 26,108,109 | $ 26,588,254 |
[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. |
Note 13 - Segments - Capital Ex
Note 13 - Segments - Capital Expenditures by Reportable Segment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Capital expenditures and tenant improvements | $ 2,834,373 | $ 6,393,711 |
Acquisition of operating properties | 10,161,613 | 13,037,562 |
Total real estate investments | 12,995,986 | 19,431,273 |
Office/Industrial Properties [Member] | ||
Capital expenditures and tenant improvements | 2,825,168 | 6,373,464 |
Model Home Properties [Member] | ||
Acquisition of operating properties | 10,161,613 | 13,037,562 |
Retail Properties [Member] | ||
Capital expenditures and tenant improvements | $ 9,205 | $ 20,247 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Feb. 23, 2021 | Feb. 19, 2021 | Feb. 09, 2021 | Jan. 28, 2021 | Mar. 30, 2021 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.101 | ||||
Dividends Payable, Date to be Paid | Mar. 16, 2021 | ||||
Dividends Payable, Date of Record | Mar. 9, 2021 | ||||
Polar Multi-Strategy Master Fund [Member] | Notes Payable to Banks [Member] | |||||
Repayments of Long-term Debt, Total | $ 7.7 | ||||
Waterman Plaza [Member] | |||||
Proceeds from Sale of Real Estate, Total | $ 3.5 | ||||
Garden Gateway [Member] | |||||
Proceeds from Sale of Real Estate, Total | $ 11.2 | $ 11.2 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation and Amortization (Details Textual) - USD ($) $ in Millions | Feb. 19, 2021 | Feb. 09, 2021 | Jan. 28, 2021 | Dec. 31, 2020 |
Subsequent Event [Member] | Waterman Plaza [Member] | ||||
Proceeds from Sale of Real Estate, Total | $ 3.5 | |||
Subsequent Event [Member] | Garden Gateway [Member] | ||||
Proceeds from Sale of Real Estate, Total | $ 11.2 | $ 11.2 | ||
Building and Building Improvements [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year) | 39 years |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation and Amortization - Properties (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Encumbrances | $ 120,788,000 | ||||
Land, Initial Cost | 30,297,000 | ||||
Building and Improvements, Initial Cost | 164,472,000 | ||||
Acquisition Price | 195,452,000 | ||||
Capitalized Improvements | 26,279,000 | ||||
Land Cost, Total Cost | 30,330,000 | ||||
Building & Improvements, Total Cost | 155,296,000 | ||||
Total cost | 211,905,000 | ||||
Accumulated Depreciation & Depreciation | 42,387,199 | [1] | $ 44,113,962 | $ 43,567,809 | |
Reserve for Impairment | 3,264,000 | ||||
NBV Real Estate | 166,254,000 | ||||
Industrial Office Properties [Member] | |||||
Encumbrances | 73,618,000 | ||||
Land, Initial Cost | 16,539,000 | ||||
Building and Improvements, Initial Cost | 104,660,000 | ||||
Acquisition Price | 121,882,000 | ||||
Capitalized Improvements | 23,723,000 | ||||
Land Cost, Total Cost | 16,539,000 | ||||
Building & Improvements, Total Cost | 94,071,000 | ||||
Total cost | 134,333,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 34,743,000 | |||
Reserve for Impairment | 400,000 | ||||
NBV Real Estate | 99,190,000 | ||||
Industrial Office Properties [Member] | Garden Gateway [Member] | |||||
Encumbrances | [2],[3] | 5,861,000 | |||
Land, Initial Cost | [2],[3] | 3,035,000 | |||
Building and Improvements, Initial Cost | [2],[3] | 12,091,000 | |||
Acquisition Price | [2],[3] | 15,126,000 | |||
Capitalized Improvements | [2],[3] | 3,329,000 | |||
Land Cost, Total Cost | [2],[3] | 3,035,000 | |||
Building & Improvements, Total Cost | [2],[3] | 10,874,000 | |||
Total cost | [2],[3] | 17,238,000 | |||
Accumulated Depreciation & Depreciation | [1],[2],[3] | 5,774,000 | |||
Reserve for Impairment | [2],[3] | 0 | |||
NBV Real Estate | [2],[3] | 11,464,000 | |||
Industrial Office Properties [Member] | Executive Park [Member] | |||||
Encumbrances | 2,986,000 | ||||
Land, Initial Cost | 583,000 | ||||
Building and Improvements, Initial Cost | 8,815,000 | ||||
Acquisition Price | 10,081,000 | ||||
Capitalized Improvements | 1,473,000 | ||||
Land Cost, Total Cost | 583,000 | ||||
Building & Improvements, Total Cost | 5,561,000 | ||||
Total cost | 7,617,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 2,510,000 | |||
Reserve for Impairment | 0 | ||||
NBV Real Estate | 5,107,000 | ||||
Industrial Office Properties [Member] | Genesis Plaza [Member] | |||||
Encumbrances | 6,276,000 | ||||
Land, Initial Cost | 1,400,000 | ||||
Building and Improvements, Initial Cost | 8,600,000 | ||||
Acquisition Price | 10,000,000 | ||||
Capitalized Improvements | 2,625,000 | ||||
Land Cost, Total Cost | 1,400,000 | ||||
Building & Improvements, Total Cost | 8,323,000 | ||||
Total cost | 12,348,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 3,697,000 | |||
Reserve for Impairment | 0 | ||||
NBV Real Estate | 8,651,000 | ||||
Industrial Office Properties [Member] | Dakota Center [Member] | |||||
Encumbrances | 9,900,000 | ||||
Land, Initial Cost | 832,000 | ||||
Building and Improvements, Initial Cost | 8,743,000 | ||||
Acquisition Price | 9,575,000 | ||||
Capitalized Improvements | 1,306,000 | ||||
Land Cost, Total Cost | 832,000 | ||||
Building & Improvements, Total Cost | 9,960,000 | ||||
Total cost | 12,098,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 3,500,000 | |||
Reserve for Impairment | 0 | ||||
NBV Real Estate | 8,598,000 | ||||
Industrial Office Properties [Member] | Grand Pacific Center [Member] | |||||
Encumbrances | 3,738,000 | ||||
Land, Initial Cost | 413,000 | ||||
Building and Improvements, Initial Cost | 4,926,000 | ||||
Acquisition Price | 5,339,000 | ||||
Capitalized Improvements | 904,000 | ||||
Land Cost, Total Cost | 413,000 | ||||
Building & Improvements, Total Cost | 6,099,000 | ||||
Total cost | 7,416,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 1,732,000 | |||
Reserve for Impairment | 0 | ||||
NBV Real Estate | 5,684,000 | ||||
Industrial Office Properties [Member] | Arapahoe Center [Member] | |||||
Encumbrances | 7,932,000 | ||||
Land, Initial Cost | 1,420,000 | ||||
Building and Improvements, Initial Cost | 10,430,000 | ||||
Acquisition Price | 11,850,000 | ||||
Capitalized Improvements | 2,078,000 | ||||
Land Cost, Total Cost | 1,420,000 | ||||
Building & Improvements, Total Cost | 8,857,000 | ||||
Total cost | 12,355,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 3,122,000 | |||
Reserve for Impairment | 0 | ||||
NBV Real Estate | 9,233,000 | ||||
Industrial Office Properties [Member] | West Fargo Industrial [Member] | |||||
Encumbrances | 4,263,000 | ||||
Land, Initial Cost | 1,693,000 | ||||
Building and Improvements, Initial Cost | 6,207,000 | ||||
Acquisition Price | 7,900,000 | ||||
Capitalized Improvements | 264,000 | ||||
Land Cost, Total Cost | 1,693,000 | ||||
Building & Improvements, Total Cost | 6,099,000 | ||||
Total cost | 8,056,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 995,000 | |||
Reserve for Impairment | 0 | ||||
NBV Real Estate | 7,061,000 | ||||
Industrial Office Properties [Member] | The 300 N.P [Member] | |||||
Encumbrances | 2,274,000 | ||||
Land, Initial Cost | 135,000 | ||||
Building and Improvements, Initial Cost | 3,715,000 | ||||
Acquisition Price | 3,850,000 | ||||
Capitalized Improvements | 319,000 | ||||
Land Cost, Total Cost | 135,000 | ||||
Building & Improvements, Total Cost | 3,589,000 | ||||
Total cost | 4,043,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 764,000 | |||
Reserve for Impairment | 0 | ||||
NBV Real Estate | 3,279,000 | ||||
Industrial Office Properties [Member] | Highland Court [Member] | |||||
Encumbrances | 6,275,000 | ||||
Land, Initial Cost | 3,608,000 | ||||
Building and Improvements, Initial Cost | 9,442,000 | ||||
Acquisition Price | 13,050,000 | ||||
Capitalized Improvements | 3,408,000 | ||||
Land Cost, Total Cost | 3,608,000 | ||||
Building & Improvements, Total Cost | 7,767,000 | ||||
Total cost | 14,783,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 3,883,000 | |||
Reserve for Impairment | 400,000 | ||||
NBV Real Estate | 10,500,000 | ||||
Industrial Office Properties [Member] | One Park Centre [Member] | |||||
Encumbrances | 6,385,000 | ||||
Land, Initial Cost | 1,206,000 | ||||
Building and Improvements, Initial Cost | 7,944,000 | ||||
Acquisition Price | 9,150,000 | ||||
Capitalized Improvements | 1,952,000 | ||||
Land Cost, Total Cost | 1,206,000 | ||||
Building & Improvements, Total Cost | 7,416,000 | ||||
Total cost | 10,574,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 1,987,000 | |||
Reserve for Impairment | 0 | ||||
NBV Real Estate | 8,587,000 | ||||
Industrial Office Properties [Member] | Shea Center II [Member] | |||||
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 | 6,065,000 | ||||
Land Cost, Total Cost | 2,214,000 | ||||
Building & Improvements, Total Cost | 19,526,000 | ||||
Total cost | 27,805,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 6,779,000 | |||
Reserve for Impairment | 0 | ||||
NBV Real Estate | 21,026,000 | ||||
Retail Properties [Member] | |||||
Encumbrances | 19,087,000 | ||||
Land, Initial Cost | 6,206,000 | ||||
Building and Improvements, Initial Cost | 22,950,000 | ||||
Acquisition Price | 29,156,000 | ||||
Capitalized Improvements | 2,556,000 | ||||
Land Cost, Total Cost | 6,239,000 | ||||
Building & Improvements, Total Cost | 24,363,000 | ||||
Total cost | 33,158,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 5,740,000 | |||
Reserve for Impairment | 2,864,000 | ||||
NBV Real Estate | 24,554,000 | ||||
Retail Properties [Member] | World Plaza [Member] | |||||
Encumbrances | [3] | 5,803,000 | |||
Land, Initial Cost | [3] | 1,698,000 | |||
Building and Improvements, Initial Cost | [3] | 6,232,000 | |||
Acquisition Price | [3] | 7,930,000 | |||
Capitalized Improvements | [3] | 1,761,000 | |||
Land Cost, Total Cost | [3] | 1,698,000 | |||
Building & Improvements, Total Cost | [3] | 8,758,000 | |||
Total cost | [3] | 12,217,000 | |||
Accumulated Depreciation & Depreciation | [1],[3] | 2,246,000 | |||
Reserve for Impairment | [3] | 700,000 | |||
NBV Real Estate | [3] | 9,271,000 | |||
Retail Properties [Member] | Waterman Plaza [Member] | |||||
Encumbrances | [4] | 3,208,000 | |||
Land, Initial Cost | [4] | 2,350,000 | |||
Building and Improvements, Initial Cost | [4] | 4,814,000 | |||
Acquisition Price | [4] | 7,164,000 | |||
Capitalized Improvements | [4] | 239,000 | |||
Land Cost, Total Cost | [4] | 2,383,000 | |||
Building & Improvements, Total Cost | [4] | 4,324,000 | |||
Total cost | [4] | 6,946,000 | |||
Accumulated Depreciation & Depreciation | [1],[4] | 1,282,000 | |||
Reserve for Impairment | [4] | 2,164,000 | |||
NBV Real Estate | [4] | 3,500,000 | |||
Retail Properties [Member] | Union Town Center [Member] | |||||
Encumbrances | 8,316,000 | ||||
Land, Initial Cost | 1,750,000 | ||||
Building and Improvements, Initial Cost | 9,462,000 | ||||
Acquisition Price | 11,212,000 | ||||
Capitalized Improvements | 513,000 | ||||
Land Cost, Total Cost | 1,750,000 | ||||
Building & Improvements, Total Cost | 8,932,000 | ||||
Total cost | 11,195,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 1,851,000 | |||
Reserve for Impairment | 0 | ||||
NBV Real Estate | 9,344,000 | ||||
Retail Properties [Member] | Research Parkway [Member] | |||||
Encumbrances | 1,760,000 | ||||
Land, Initial Cost | 408,000 | ||||
Building and Improvements, Initial Cost | 2,442,000 | ||||
Acquisition Price | 2,850,000 | ||||
Capitalized Improvements | 43,000 | ||||
Land Cost, Total Cost | 408,000 | ||||
Building & Improvements, Total Cost | 2,349,000 | ||||
Total cost | 2,800,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 361,000 | |||
Reserve for Impairment | 0 | ||||
NBV Real Estate | 2,439,000 | ||||
Model Home [Member] | |||||
Encumbrances | 28,083,000 | ||||
Land, Initial Cost | 7,552,000 | ||||
Building and Improvements, Initial Cost | 36,862,000 | ||||
Acquisition Price | 44,414,000 | ||||
Land Cost, Total Cost | 7,552,000 | ||||
Building & Improvements, Total Cost | 36,862,000 | ||||
Total cost | 44,414,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 1,904,000 | |||
NBV Real Estate | 42,510,000 | ||||
Model Home [Member] | Model Homes -NDMHR, LP [Member] | |||||
Encumbrances | 974,000 | ||||
Land, Initial Cost | 534,000 | ||||
Building and Improvements, Initial Cost | 2,047,000 | ||||
Acquisition Price | 2,581,000 | ||||
Land Cost, Total Cost | 534,000 | ||||
Building & Improvements, Total Cost | 2,047,000 | ||||
Total cost | 2,581,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 197,000 | |||
NBV Real Estate | 2,384,000 | ||||
Model Home [Member] | Model Homes-DMH LP #202 [Member] | |||||
Encumbrances | 3,149,000 | ||||
Land, Initial Cost | 741,000 | ||||
Building and Improvements, Initial Cost | 4,238,000 | ||||
Acquisition Price | 4,979,000 | ||||
Land Cost, Total Cost | 741,000 | ||||
Building & Improvements, Total Cost | 4,238,000 | ||||
Total cost | 4,979,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 337,000 | |||
NBV Real Estate | 4,642,000 | ||||
Model Home [Member] | Model Homes-DMH LP #203 [Member] | |||||
Encumbrances | 5,271,000 | ||||
Land, Initial Cost | 1,600,000 | ||||
Building and Improvements, Initial Cost | 7,132,000 | ||||
Acquisition Price | 8,732,000 | ||||
Land Cost, Total Cost | 1,600,000 | ||||
Building & Improvements, Total Cost | 7,132,000 | ||||
Total cost | 8,732,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 441,000 | |||
NBV Real Estate | 8,291,000 | ||||
Model Home [Member] | Model Homes-DMH LP #204 [Member] | |||||
Encumbrances | 5,385,000 | ||||
Land, Initial Cost | 1,412,000 | ||||
Building and Improvements, Initial Cost | 6,787,000 | ||||
Acquisition Price | 8,199,000 | ||||
Land Cost, Total Cost | 1,412,000 | ||||
Building & Improvements, Total Cost | 6,787,000 | ||||
Total cost | 8,199,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 345,000 | |||
NBV Real Estate | 7,854,000 | ||||
Model Home [Member] | Model Homes-DMH LP #205 [Member] | |||||
Encumbrances | 5,214,000 | ||||
Land, Initial Cost | 1,461,000 | ||||
Building and Improvements, Initial Cost | 6,287,000 | ||||
Acquisition Price | 7,748,000 | ||||
Land Cost, Total Cost | 1,461,000 | ||||
Building & Improvements, Total Cost | 6,287,000 | ||||
Total cost | 7,748,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 179,000 | |||
NBV Real Estate | 7,569,000 | ||||
Model Home [Member] | Model Homes-DMH LP #206 [Member] | |||||
Encumbrances | 1,696,000 | ||||
Land, Initial Cost | 294,000 | ||||
Building and Improvements, Initial Cost | 2,181,000 | ||||
Acquisition Price | 2,475,000 | ||||
Land Cost, Total Cost | 294,000 | ||||
Building & Improvements, Total Cost | 2,181,000 | ||||
Total cost | 2,475,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 27,000 | |||
NBV Real Estate | 2,448,000 | ||||
Model Home [Member] | Model Homes-NMH Inc. [Member] | |||||
Encumbrances | 6,394,000 | ||||
Land, Initial Cost | 1,510,000 | ||||
Building and Improvements, Initial Cost | 8,190,000 | ||||
Acquisition Price | 9,700,000 | ||||
Land Cost, Total Cost | 1,510,000 | ||||
Building & Improvements, Total Cost | 8,190,000 | ||||
Total cost | 9,700,000 | ||||
Accumulated Depreciation & Depreciation | [1] | 378,000 | |||
NBV Real Estate | $ 9,322,000 | ||||
[1] | Depreciation is computed on a straight-line basis using useful lives up to 39 years. | ||||
[2] | Garden Gateway sold for approximately $11.2 million on February 19, 2021. | ||||
[3] | Property held for sale as of December 31, 2020. | ||||
[4] | Waterman Plaza sold for approximately $3.5 million on January 28, 2021. |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation and Amortization - Balances (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Balance at the beginning of the year | $ 244,320,582 | $ 254,675,874 | |
Acquisitions | 10,161,613 | 13,037,562 | |
Improvements | 2,834,367 | 6,393,711 | |
Impairments | (1,730,851) | 0 | |
Dispositions of real estate | (46,944,545) | (29,786,565) | |
Balance at the end of the year | 208,641,166 | 244,320,582 | |
Balance at the beginning of the year | (44,113,962) | (43,567,809) | |
Depreciation and amortization expense | (5,938,958) | (6,693,613) | |
Dispositions of real estate | 7,665,721 | 6,147,460 | |
Balance at the end of the year | (42,387,199) | [1] | (44,113,962) |
Real estate assets, net | $ 166,253,967 | $ 200,206,620 | |
[1] | Depreciation is computed on a straight-line basis using useful lives up to 39 years. |