Presidio Property Trust (SQFT) 10-Q 19 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 19, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	PRESIDIO PROPERTY TRUST, INC.
Entity Central Index Key	0001080657
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding		17,708,523
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-53673
Entity Tax Identification Number	330841255
Entity Address, Address Line One	4995 Murphy Canyon Road
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92123
City Area Code	760
Local Phone Number	471-8536

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Real estate assets and lease intangibles:
Land	$ 29,906,354	$ 29,850,681
Buildings and improvements	150,703,421	152,642,115
Tenant improvements	17,143,107	15,457,302
Lease intangibles	6,382,637	6,552,142
Real estate assets and lease intangibles held for investment, cost	204,135,519	204,502,240
Accumulated depreciation and amortization	(34,237,272)	(31,732,241)
Real estate assets and lease intangibles held for investment, net	169,898,247	172,769,999
Real estate assets held for sale, net	35,827,398	38,338,066
Real estate assets, net	205,725,645	211,108,065
Cash equivalents and restricted cash	11,652,864	9,776,215
Deferred leasing costs, net	2,185,514	2,096,553
Goodwill	2,423,000	2,423,000
Other assets, net	5,741,653	7,646,207
TOTAL ASSETS	227,728,676	233,050,040
Liabilities:
Mortgage notes payable, net	121,423,081	123,039,215
Mortgage notes payable related to properties held for sale, net	26,681,682	26,674,961
Mortgage notes payable, total net	148,104,763	149,714,176
Accounts payable and accrued liabilities	6,937,212	5,751,245
Accrued real estate taxes	1,522,889	3,094,380
Dividends payable	1,082,947	1,075,371
Lease liability, net	613,074
Below-market leases, net	401,386	495,927
Total liabilities	174,662,271	176,908,997
Commitments and contingencies (Note 8)
Equity:
Additional paid-in capital	151,692,674	151,582,017
Dividends and accumulated losses	(115,414,927)	(111,343,840)
Total stockholders' equity before noncontrolling interest	36,454,906	40,415,393
Noncontrolling interest	16,611,499	15,725,650
Total equity	53,066,405	56,141,043
TOTAL LIABILITIES AND EQUITY	227,728,676	233,050,040
Redeemable Convertible Preferred Stock Series B [Member]
Liabilities:
Mandatorily redeemable Series B Preferred Stock, net	16,000,000	16,777,898
Common Class A [Member]
Equity:
Common stock series A	$ 177,159	$ 177,216

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2015
Preferred stock shares outstanding (in shares)	16,000	16,900
Redeemable Convertible Preferred Stock Series B [Member]
Preferred stock, par or stated value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock liquidation preference value (in dollars per share)	$ 1,000	$ 1,000
Preferred stock shares authorized (in shares)	40,000	40,000
Preferred stock shares issued (in shares)	16,000	16,900	35,000
Preferred stock shares outstanding (in shares)	16,000	16,900
Common Class A [Member]
Common stock, par or stated value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock shares issued (in shares)	17,715,778	17,721,422
Common stock shares outstanding (in shares)	17,715,778	17,721,422

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental income	$ 6,799,575	$ 7,843,654	$ 13,694,755	$ 15,789,760
Fees and other income	321,412	320,762	605,496	599,490
Total revenue	7,120,987	8,164,416	14,300,251	16,389,250
Costs and expenses:
Rental operating costs	2,526,002	2,662,223	5,289,552	5,312,132
General and administrative	1,419,668	1,357,578	3,180,371	2,692,672
Depreciation and amortization	1,749,113	2,265,889	3,959,194	4,604,933
Total costs and expenses	5,694,783	6,285,690	12,429,117	12,609,737
Other income (expense):
Interest expense-Series B preferred stock	(627,273)	(1,105,626)	(1,275,724)	(2,199,314)
Interest expense-mortgage notes	(1,864,597)	(2,041,553)	(3,761,349)	(4,024,842)
Interest and other income (expense), net	4,409	12,449	9,933	(5,842)
Gain on sales of real estate, net	176,392	355,276	1,390,634	429,489
Deferred offering costs		(1,507,599)		(1,507,599)
Income tax expense	(191,809)	(88,671)	(273,239)	(119,465)
Total other expense, net	(2,502,878)	(4,375,724)	(3,909,745)	(7,427,573)
Net loss	(1,076,674)	(2,496,998)	(2,038,611)	(3,648,060)
Less: Income attributable to noncontrolling interests	(182,924)	(400,762)	(949,379)	(567,892)
Net loss attributable to Presidio Property Trust, Inc. common stockholders	$ (1,259,598)	$ (2,897,760)	$ (2,987,990)	$ (4,215,952)
Basic and diluted loss per common share	$ (0.07)	$ (0.16)	$ (0.17)	$ (0.24)
Weighted average number of common shares outstanding - basic and diluted	17,715,778	17,667,857	17,724,812	17,564,805

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Equity (Unaudited) - USD ($)	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Dividends and Accumulated Losses [Member]	Parent [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2017	$ 52,042,168	$ 176,680	$ 151,121,902	$ (113,652,763)	$ 37,645,819	$ 14,396,349
Beginning balance (in shares) at Dec. 31, 2017		17,667,857
Net loss	(1,151,061)			(1,318,191)	(1,318,191)	167,130
Contributions received from noncontrolling interests, net of distributions paid	1,017,739					1,017,739
Ending balance at Mar. 31, 2018	51,908,846	$ 176,680	151,121,902	(114,970,954)	36,327,628	15,581,218
Ending balance (in shares) at Mar. 31, 2018		17,667,857
Beginning balance at Dec. 31, 2017	52,042,168	$ 176,680	151,121,902	(113,652,763)	37,645,819	14,396,349
Beginning balance (in shares) at Dec. 31, 2017		17,667,857
Net loss	(3,648,060)
Dividends paid & declared	0
Ending balance at Jun. 30, 2018	49,571,618	$ 176,680	151,121,902	(117,868,714)	33,429,868	16,141,750
Ending balance (in shares) at Jun. 30, 2018		17,667,857
Beginning balance at Mar. 31, 2018	51,908,846	$ 176,680	151,121,902	(114,970,954)	36,327,628	15,581,218
Beginning balance (in shares) at Mar. 31, 2018		17,667,857
Net loss	(2,496,998)			(2,897,760)	(2,897,760)	400,762
Contributions received from noncontrolling interests, net of distributions paid	159,770					159,770
Ending balance at Jun. 30, 2018	49,571,618	$ 176,680	151,121,902	(117,868,714)	33,429,868	16,141,750
Ending balance (in shares) at Jun. 30, 2018		17,667,857
Beginning balance at Dec. 31, 2018	56,141,043	$ 177,216	151,582,017	(111,343,840)	40,415,393	15,725,650
Beginning balance (in shares) at Dec. 31, 2018		17,721,422
Net loss	(961,937)			(1,728,392)	(1,728,392)	766,455
Dividends paid & declared	(150)			(150)	(150)
Contributions received from noncontrolling interests, net of distributions paid	(258,708)					(258,708)
Repurchase of common stock, value	(52,149)	$ (143)	(52,006)		(52,149)
Repurchase of common stock (in shares)		(14,322)
Vesting of restricted stock, value	230,883	$ 268	230,615		230,883
Vesting of restricted stock (in shares)		26,847
Ending balance at Mar. 31, 2019	55,098,982	$ 177,341	151,760,626	(113,072,382)	38,865,585	16,233,397
Ending balance (in shares) at Mar. 31, 2019		17,733,947
Beginning balance at Dec. 31, 2018	56,141,043	$ 177,216	151,582,017	(111,343,840)	40,415,393	15,725,650
Beginning balance (in shares) at Dec. 31, 2018		17,721,422
Net loss	(2,038,611)
Ending balance at Jun. 30, 2019	53,066,405	$ 177,159	151,692,674	(115,414,927)	36,454,906	16,611,499
Ending balance (in shares) at Jun. 30, 2019		17,715,778
Beginning balance at Mar. 31, 2019	55,098,982	$ 177,341	151,760,626	(113,072,382)	38,865,585	16,233,397
Beginning balance (in shares) at Mar. 31, 2019		17,733,947
Net loss	(1,076,674)			(1,259,598)	(1,259,598)	182,924
Dividends paid & declared	(1,082,947)			(1,082,947)	(1,082,947)
Contributions received from noncontrolling interests, net of distributions paid	195,178					195,178
Repurchase of common stock, value	(68,134)	$ (182)	(67,952)		(68,134)
Repurchase of common stock (in shares)		(18,169)
Ending balance at Jun. 30, 2019	$ 53,066,405	$ 177,159	$ 151,692,674	$ (115,414,927)	$ 36,454,906	$ 16,611,499
Ending balance (in shares) at Jun. 30, 2019		17,715,778

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net loss	$ (2,038,611)	$ (3,648,060)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,959,194	4,604,933
Stock compensation	635,758	286,182
Bad debt expense	19,088	26,661
Gain on sale of real estate assets, net	(1,390,634)	(429,489)
Amortization of financing costs	400,131	272,989
Amortization of above-market leases	30,125	37,401
Amortization of below-market leases	(94,541)	(123,120)
Straight-line rent adjustment	(9,267)	(249,065)
Changes in operating assets and liabilities:
Other assets	947,911	1,190,605
Accounts payable and accrued liabilities	1,525,219	251,331
Accrued real estate taxes	(1,571,491)	(1,500,066)
Net cash provided by operating activities	2,412,882	720,302
Cash flows from investing activities:
Real estate acquisitions	(6,116,035)	(10,196,098)
Additions to buildings and tenant improvements	(4,660,917)	(1,808,140)
Additions to deferred leasing costs	(661,401)	(348,579)
Proceeds from sales of real estate, net	14,848,959	4,215,867
Net cash provided by (used in) investing activities	3,410,606	(8,136,950)
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of issuance costs	9,151,851	18,169,709
Repayment of mortgage notes payable	(10,939,681)	(7,790,196)
Redemption of mandatorily redeemable preferred stock	(900,000)
Contributions from noncontrolling interests net of distributions paid	(63,530)	1,177,510
Repurchase of common stock	(119,958)
Dividends paid to stockholders	(1,075,521)
Net cash (used in) provided by financing activities	(3,946,839)	11,557,023
Net increase in cash equivalents and restricted cash	1,876,649	4,140,375
Cash equivalents and restricted cash - beginning of period	9,776,215	8,310,575
Cash equivalents and restricted cash - end of period	11,652,864	12,450,950
Supplemental disclosure of cash flow information:
Interest paid Series B preferred stock	1,146,872	2,160,939
Interest paid-mortgage notes payable	$ 3,072,901	$ 3,795,201

Organization

Organization	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. ORGANIZATION Organization . Presidio Property Trust, Inc. (“we”, “our”, “us” or the “Company”) is a self-managed real estate investment trust (“REIT”). We were incorporated in the State of California on September 28, 1999, and in August 2010, we reincorporated as a Maryland corporation. In October 2017, we changed our name from “NetREIT, Inc.” to “Presidio Property Trust, Inc.” The Company’s portfolio includes the following properties: • Thirteen office buildings and one industrial property (“Office/Industrial Properties”) which total approximately 1,273,788 rentable square feet; • Four retail shopping centers (“Retail Properties”) which total approximately 131,722 rentable square feet; and • 136 model home residential properties (“Model Homes”) leased back to homebuilders that are owned by five affiliated limited partnerships and one wholly-owned corporation (“Model Home Properties”). The Company operates in the following partnerships during the periods covered by these condensed consolidated financial statements: • The Company is the sole general partner in two limited partnerships (NetREIT Palm Self-Storage LP and NetREIT Casa Grande LP), all with ownership interest in real estate income producing properties. • The Company is the general and/ or limited partner in five limited partnerships that purchase Model Homes and lease them back to homebuilders (Dubose Model Home Investors #202, LP, Dubose Model Home Investors #203, LP, Dubose Model Home Investors #204, LP, Dubose Model Homes Investor #205, LP and NetREIT Dubose Model Home REIT, LP). The Company refers to these entities collectively, as the “Model Home Partnerships”. The Company has determined that the limited partnerships in which it owns less than 100%, should be included in the Company’s consolidated financial statements as the Company directs their activities and has control of such limited partnerships. We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“Code”), for federal income tax purposes. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. We, together with one of our entities, have elected to treat our subsidiaries as a taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary services for our tenants, and holding assets that we cannot hold directly. A TRS is subject to federal and state income taxes. The Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. Neither the Company nor its subsidiaries have been assessed any significant interest or penalties for tax positions by any major tax jurisdictions. Liquidity. The Company’s 16,000 shares of its Series B Preferred Stock are mandatorily redeemable by the Company on August 1, 2019 (“Mandatory Redemption Date”) for $16.0 million in cash. On August 2, 2019, the Company received a notice from PFP III Sub II, LLC (“Prime”), the sole holder of the Company’s Series B Preferred Stock, that an event of default occurred when the Company failed to redeem the Series B Preferred Stock on its Mandatory Redemption Date pursuant to the terms of the Investor Agreement dated August 4, 2014 and the corresponding Articles Supplementary. This event of default triggered an annual cash dividend payable per share equal to 24% of the liquidation preference of $1,000 per share, effective as of the Mandatory Redemption Date. Prime demanded immediate payment of all amounts due and reiterated the Company’s recourse obligation for costs and expenses in connection with Prime’s enforcement of its rights and remedies. Prime has not waived the event of default and has expressly reserved its rights and remedies. Prime has certain rights and remedies following the occurrence and during the continuation of an event of default and additional rights and remedies that commence on the Mandatory Redemption Date. Subject to certain limitations under certain agreements (including mortgage loan documents), the Maryland General Corporation Law and/or the Company’s charter, Prime’s right to take unilateral action to, or cause the Company to, among other rights, include the following: • Replace property managers and leasing agents; • Terminate contracts between the Company and/or any of its subsidiaries and any affiliate of the Company to the extent that such contracts relate to the ownership, leasing, management, or use of the Company’s real property: • Replace any managing member or general partner; • Following 180 days after the Mandatory Redemption Date, sell any real property; • Sell any property (in addition to real property); • Implement Major Decisions (as defined in the Investor Agreement), including the suspension of dividend payments to common stockholders; • Refinance, repay or prepay any indebtedness, including existing mortgage loans secured by real property; • Cure any default under any indebtedness, including mortgages; and • Elect six individuals to serve as members of the Board of Directors of the Company. Except for the annual cash dividend rate of 24%, which is 10% in excess of the 14% dividend rate that the Company had been accruing and paying, the Company has not received any notice or other communication from Prime that it intends to exercise any of the rights or remedies available to it in connection with the event of default. The exercise of additional rights and remedies by Prime, including its right to replace a majority of the Company’s board of directors (and, in effect, take control of the Company) and its right to sell real property, may have a material adverse effect on the Company, including its business, results of operations, cash flows, and financial condition. The foregoing descriptions of Prime’s rights and remedies and the Company’s recourse obligations in an event of default are only summaries and are qualified in their entirety by reference to the Investor Agreement and Articles Supplementary (which designates the preferences, powers, rights and other terms of the Series B Preferred Stock), copies of which were filed as exhibits to the Form 8-K filed on August 8, 2014. On August 14, 2019, the Company redeemed 2,000 shares of its Series B Preferred Stock for $2.0 million and 14,000 shares of Series B Preferred Stock remaining outstanding. The Company is pursuing financing alternatives to redeem the outstanding shares of Series B Preferred Stock, and the Company expects such financing and redemption to be completed before the end of the Company’s third fiscal quarter, September 30, 2019. The Company also continues to review its portfolio of real property to determine which properties to sell in order to generate sufficient net proceeds to redeem its Series B Preferred Stock. However, there is no guarantee that the Company will be able to obtain the financing necessary to redeem any or all Series B Preferred Stock outstanding or sell real property on terms favorable to the Company or on any terms. For the six months remaining in 2019 and the year ending December 31, 2020, we have $5.2 million and $11.5 million of mortgage notes payable maturing, respectively, related to the model home properties. We plan to sell the model home properties or refinance a significant portion of the mortgage notes payable to repay the mortgage notes payable.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	2. SIGNIFICANT ACCOUNTING POLICIES There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2018. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2019. Basis of Presentation. The accompanying condensed consolidated financial statements have been prepared by the Company's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statement and the instructions to Form 10-Q and Article 8 of Regulation S-X. Certain information and footnote disclosures required for annual consolidated financial statements have been condensed or excluded pursuant to rules and regulations of the SEC. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of our financial position, results of our operations, and cash flows as of and for the six months ended June 30, 2019 and 2018, respectively. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. The condensed consolidated balance sheet as of December 31, 2018 has been derived from the audited consolidated financial statements included in the Form 10-K filed with the SEC on March 22, 2019. Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company and its direct and indirect wholly-owned subsidiaries and entities the Company controls or of which it is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the allocation of purchase price paid for property acquisitions among land, building and intangible assets acquired including their useful lives; valuation of long-lived assets, and the allowance for doubtful accounts, which is based on an evaluation of the tenants’ ability to pay. Actual results may differ from those estimates. Cash Equivalents and Restricted Cash. At June 30, 2019 and December 31, 2018, we had approximately $5.1 million and $5.8 million in cash equivalents, respectively and $6.6 million and $4.0 million of restricted cash, respectively. Our cash equivalents and restricted cash consist of invested cash and cash in our operating accounts and are held in bank accounts at third party institutions. Restricted cash consists of funds used for property taxes, insurance, capital expenditures and leasing commissions. Real Estate Held for Sale. Real estate held for sale during the current period is classified as “real estate held for sale” for all prior periods presented in the accompanying condensed consolidated financial statements. Mortgage notes payable related to the real estate held for sale during the current period is classified as “mortgage notes payable related to real estate held for sale, net” for all prior periods presented in the accompanying condensed consolidated financial statements. As of June 30, 2019, four properties meet the criteria to be classified as held for sale which are World Plaza, The Presidio, Union Terrace and Centennial Tech Center. Impairments of Real Estate Asset. We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Since our properties typically have a long life, the assumptions used to estimate the future recoverability of book value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income because recording an impairment charge results in a negative adjustment to net income. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Although our strategy is to hold our properties over the long-term, if our strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized to reduce the property to fair value and such loss could be material. During the six months ended June 30, 2019, the Company determined that no impairment existed, and no impairment charge was recorded for the six months ended June 30, 2019. Fair Value Measurements . Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, we utilize quoted market prices from independent third-party sources to determine fair value and classify such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require us to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When we determine the market for a financial instrument owned by us to be illiquid or when market transactions for similar instruments do not appear orderly, we use several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establish a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of a liability in circumstances in which a quoted price in an active market for an identical liability is not available, we measure fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. Reclassifications. Certain reclassifications have been made to the previously presented consolidated financial statements and condensed consolidated financial statements to conform to the current period presentation. These reclassifications had no effect on previously reported results of consolidated operations or equity. Subsequent Events. We evaluate subsequent events up until the date the consolidated financial statements are issued. Exchange and Disposition Transactions On July 1, 2019, NetREIT Genesis, LLC sold a 43% tenants-in-common interest in Genesis Plaza (“TIC Interest”) for $5.6 million to a newly formed entity, NetREIT Genesis II, LLC, in which NetREIT Casa Grande LP is the sole member. NetREIT Casa Grande LP owned and sold Morena Office Center on January 15, 2019. The sale of the TIC Interest was structured as a 1031 exchange and included $2.9 million in cash and assumption of debt. The Company remains a guarantor of the debt and NetREIT Genesis, LLC and NetREIT Genesis II, LLC are jointly and severally liable for the debt securing Genesis Plaza, the financial terms and conditions of which remain materially unchanged. On July 31, 2019, we sold The Presidio office building for approximately $12.3 million and recognized a gain of $4.5 million. Default Upon Senior Securities; Partial Redemption of Series B Preferred Stock The Company’s 16,000 shares of its Series B Preferred Stock are mandatorily redeemable by the Company on August 1, 2019 for $16.0 million in cash. On August 2, 2019, the Company received a notice from PFP III Sub II, LLC, the sole holder of the Company’s Series B Preferred Stock, that an event of default occurred when the Company failed to redeem the Series B Preferred Stock on its maturity date, August 1, 2019. This event of default triggered an annual cash dividend payable per share equal to 24% of the liquidation preference of $1,000 per share, effective as of August 1, 2019. Prime demanded immediate payment of all amounts due and reiterated the Company’s recourse obligation for costs and expenses in connection with Prime’s enforcement of its rights and remedies. See additional discussion regarding the Series B Mandatorily Redeemable Preferred Stock in footnote 9. On August 14, 2019, the Company redeemed 2,000 shares of its Series B Preferred Stock for $2.0 million and 14,000 shares of Series B Preferred Stock remaining outstanding. Recently Issued Accounting Pronouncements. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) , which amended the existing accounting standards for lease accounting to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. We adopted the standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for periods presented before January 1, 2019 as these prior periods conform to the Accounting Standards Codification 840. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. We evaluated all leases within this scope under existing accounting standards and under the new ASU lease standard recognized approximately $514,000 of right-of-use assets and lease liabilities upon adoption and for the three months ended June 30, 3019 we recorded additional right-of-use assets and liabilities of approximately $147,000 for a total balance of $661,000 as of June 30, 2019. As a lessor, our rental revenue remained mainly consistent with previous guidance, apart from the narrower definition of initial direct costs that can be capitalized. The new standard defines initial direct costs as only the incremental costs of signing a lease. As such, certain compensation and certain external legal fees related to the execution of successful lease agreements no longer meet the definition of initial direct costs under the new standard and will be accounted for in the line item General and Administrative Expense Leases - Targeted Improvements . • The new standard provided a practical expedient, which allows lessors to combine non-lease components with the related lease components if both the timing and pattern of transfer are the same for the non-lease components(s) and the related lease components, and the lease components would be classified as an operating lease. Lessors are permitted to apply the practical expedient to all existing leases on a retrospective or prospective basis. We elected the practical expedient to combine our lease and non-lease components that meet the defined criteria. The non-lease components of our leases primarily consist of common area maintenance reimbursements from our tenants. • The new standard requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment to the line item Rental Income Rental Operating Expense In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Revenue from Contracts with Customers In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement

Recent Real Estate Transactions

Recent Real Estate Transactions	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Recent Real Estate Transactions	3. RECENT REAL ESTATE TRANSACTIONS During the six months ended June 30, 2019, the Company disposed of the following properties: • Morena Office Center was sold on January 15, 2019 for approximately $5.6 million and recognized a gain of approximately $700,000. • Nightingale land was sold on May 8, 2019 for approximately $875,000 and recognized a loss of approximately $93,000. During the six months ended June 30, 2019, the Company acquired 18 model homes for approximately $6.1 million. The purchase price was paid through cash payments of approximately $1.8 million and mortgage notes of approximately $4.3 million. During the six months ended June 30, 2019, the Company disposed of 26 model homes for approximately $9.4 million and recognized a gain of approximately $783,000. During the six months ended June 30, 2018, the Company acquired 26 model homes for approximately $10.2 million. The purchase price was paid through cash payments of approximately $3.1 million and mortgage notes of approximately $7.1 million. During the six months ended June 30, 2018, the Company disposed of 13 model homes for approximately $4.6 million and recognized a gain of approximately $429,000.

Real Estate Assets

Real Estate Assets	6 Months Ended
	Jun. 30, 2019
Real Estate Assets [Abstract]
Real Estate Assets	4. REAL ESTATE ASSETS A summary of the properties owned by the Company as of June 30, 2019 is as follows: Real estate Date assets, net Property Name Acquired Location (in thousands) Garden Gateway Plaza March 2007 Colorado Springs, Colorado $ 11,312 World Plaza (1) September 2007 San Bernardino, California 8,329 Executive Office Park July 2008 Colorado Springs, Colorado 7,858 Waterman Plaza August 2008 San Bernardino, California 4,933 Genesis Plaza August 2010 San Diego, California 8,946 Dakota Center May 2011 Fargo, North Dakota 8,951 The Presidio (1)(2) November 2012 Colorado Springs, Colorado 6,498 Grand Pacific Center March 2014 Bismarck, North Dakota 5,903 Union Terrace (1) August 2014 Lakewood, Colorado 8,174 Centennial Tech Center (1) December 2014 Colorado Springs, Colorado 12,826 Arapahoe Center December 2014 Centennial, Colorado 10,006 Union Town Center December 2014 Colorado Springs, Colorado 9,764 West Fargo Industrial August 2015 West Fargo, North Dakota 7,279 300 N.P. August 2015 Fargo, North Dakota 3,474 Research Parkway August 2015 Colorado Springs, Colorado 2,546 One Park Center August 2015 Westminster, Colorado 8,532 Highland Court August 2015 Centennial, Colorado 11,554 Shea Center II December 2015 Highlands Ranch, Colorado 22,305 Presidio Property Trust, Inc. properties 159,190 Model Home properties 2010-2019 AZ, CA, FL, IL, PA, SC, TX, WI 46,536 Total real estate assets and lease intangibles, net $ 205,726 (1) Properties held for sale as of June 30, 2019. (2) The Presidio was sold on July 31, 2019. Geographic Diversification Table The following tables show a list of properties owned by the Company grouped by state and geographic region as of June 30, 2019: State No. of Properties Aggregate Square Feet Approximate % of Square Feet Current Base Rent Approximate % of Aggregate Annual Rent California 3 134,787 9.6 % $ 1,822,676 10.0 % Colorado 11 873,684 62.2 % 12,814,687 70.1 % North Dakota 4 397,039 28.2 % 3,626,926 19.9 % Total 18 1,405,510 100.0 % $ 18,264,289 100.0 % Model Home properties: Geographic Region No. of Properties Aggregate Square Feet Approximate % of Square Feet Current Base Annual Rent Approximate of Aggregate % Annual Rent Southwest 98 298,345 76.3 % $ 2,794,116 71.1 % West 1 2,324 0.6 % 16,020 0.4 % Southeast 30 69,198 17.7 % 830,172 21.1 % Midwest 2 6,602 1.7 % 99,276 2.5 % East 2 5,255 1.3 % 70,716 1.8 % Northeast 3 9,271 2.4 % 121,020 3.1 % Total 136 390,995 100.0 % $ 3,931,320 100.0 %

Lease Intangibles

Lease Intangibles	6 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Lease Intangibles	5. LEASE INTANGIBLES The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset: June 30, 2019 December 31, 2018 Lease Intangibles Accumulated Amortization Lease Intangibles, net Lease Intangibles Accumulated Amortization Lease Intangibles, net In-place leases $ 4,924,439 $ (3,654,980 ) $ 1,269,459 $ 4,958,477 $ (3,467,781 ) $ 1,490,696 Leasing costs 3,593,077 (2,524,054 ) 1,069,023 3,628,080 (2,405,514 ) 1,222,566 Above-market leases 339,414 (221,327 ) 118,087 439,878 (291,666 ) 148,212 $ 8,856,930 $ (6,400,361 ) $ 2,456,569 $ 9,026,435 $ (6,164,961 ) $ 2,861,474 As of June 30, 2019, and December 31, 2018, $953,062 and $1,000,618, respectively, of net lease intangible assets were included in real estate assets held for sale. The net value of acquired intangible liabilities was $401,386 and $495,927 relating to below-market leases as of June 30, 2019 and December 31, 2018, respectively. Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows: Six months remaining in 2019 $ 500,709 Years ending December 31: 2020 687,974 2021 510,215 2022 360,116 2023 173,785 Thereafter 223,770 Total $ 2,456,569 The weighted average remaining amortization period of the intangible assets as of June 30, 2019 is 3.1 years.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2019
Other Assets [Abstract]
Other Assets	6. OTHER ASSETS Other assets consist of the following: June 30, December 31, 2019 2018 Deferred rent receivable $ 2,810,101 $ 2,883,581 Prepaid expenses, deposits and other 636,064 407,106 Tenant receivable, net 1,110,627 2,845,314 Raw land - 900,000 Right-of-use assets, net 615,104 - Other intangibles, net 253,383 293,832 Notes receivable 316,374 316,374 Total other assets $ 5,741,653 $ 7,646,207

Mortgage Notes Payable

Mortgage Notes Payable	6 Months Ended
	Jun. 30, 2019
Mortgage Loans On Real Estate [Abstract]
Mortgage Notes Payable	7. MORTGAGE NOTES PAYABLE Mortgage notes payable consist of the following: Principal as of June 30, December 31, Loan Interest Mortgage note property Notes 2019 2018 Type Rate (1) Maturity Garden Gateway Plaza 6,172,350 6,270,896 Fixed 5.00 % 2/5/2020 World Plaza (3)(4) 5,031,037 3,350,539 Variable 5.18 % 7/5/2020 West Fargo Industrial 4,254,866 4,292,809 Fixed 4.79 % 9/6/2020 Morena Office Center (2) - 1,567,358 Fixed 4.30 % 6/1/2021 Waterman Plaza 3,312,486 3,369,960 Fixed 5.78 % 4/29/2021 300 N.P. 2,330,160 2,348,443 Fixed 4.95 % 6/11/2022 Highland Court 6,497,029 6,568,320 Fixed 3.82 % 9/1/2022 Dakota Center 10,213,650 10,314,520 Fixed 4.74 % 7/6/2024 Union Terrace (3) 6,297,528 6,354,153 Fixed 4.50 % 8/5/2024 The Presidio (7) 5,945,942 5,992,905 Fixed 4.54 % 12/1/2021 Centennial Tech Center (3) 9,654,169 9,745,811 Fixed 4.43 % 12/5/2024 Research Parkway 1,838,972 1,864,139 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 8,159,966 8,233,567 Fixed 4.34 % 1/5/2025 Union Town Center 8,440,000 8,440,000 Fixed 4.28 % 1/5/2025 Executive Office Park 4,894,344 4,947,808 Fixed 4.83 % 6/1/2027 Genesis Plaza 6,427,233 6,476,032 Fixed 4.71 % 9/6/2025 One Park Centre 6,536,887 6,585,922 Fixed 4.77 % 9/5/2025 Shea Center II 17,727,500 17,727,500 Fixed 4.92 % 1/5/2026 Grand Pacific Center (5) 3,907,181 3,961,304 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties 117,641,300 118,411,986 Model Home mortgage notes 31,711,787 32,728,930 Fixed (6) 2019-2022 Mortgage Notes Payable $ 149,353,087 $ 151,140,916 Unamortized loan costs (1,248,324 ) (1,426,740 ) Mortgage Notes Payable, net $ 148,104,763 $ 149,714,176 (1) Interest rates as of June 30, 2019. (2) Morena Office Center was sold on January 15, 2019. (3) Properties held for sale as of June 30, 2019. (4) Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the six months ended June 30, 2019, the weighted average interest rate was 5.29%. ( 5 ) Interest rate is subject to reset on September 1, 2023. ( 6 ) Each model home has a stand-alone mortgage note at interest rates ranging from 3.72% to 5.75% per annum (at June 30, 2019). (7) Property held for sale as of June 30, 2019 and sold on July 31, 2019. The Company is in compliance with all material conditions and covenants of its mortgage notes payable. Scheduled principal payments of mortgage notes payable were as follows as of June 30, 2019 Presidio Property Trust, Inc. Model Homes Total Principal Notes Payable Notes Payable Payments Six months remaining in 2019 $ 951,000 $ 5,216,637 $ 6,167,637 Years ending December 31: 2020 16,968,243 11,462,749 $ 28,430,992 2021 10,745,976 11,165,553 $ 21,911,529 2022 10,055,656 3,866,848 $ 13,922,504 2023 1,783,291 - $ 1,783,291 Thereafter 77,137,134 - $ 77,137,134 Total $ 117,641,300 $ 31,711,787 $ 149,353,087

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. COMMITMENTS AND CONTINGENCIES The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future. The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of June 30, 2019, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations.

Series B Mandatorily Redeemable

Series B Mandatorily Redeemable Preferred Stock	6 Months Ended
	Jun. 30, 2019
Other Liabilities And Shares Subject To Mandatory Redemption [Abstract]
Series B Mandatorily Redeemable Preferred Stock	9. SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK In August 2014, the Company closed on a private placement offering of its mandatorily redeemable Series B Preferred Stock (“Series B Preferred Stock”). The financing was funded in installments and completed on December 24, 2015. As of December 31, 2015, the Company had issued 35,000 shares of its Series B Preferred Stock. As of June 30, 2019 and December 31, 2018, the outstanding number of shares was 16,000 and 16,900, respectively. The Company has classified the Series B Preferred Stock as a liability in accordance with ASC Topic No. 480, “ Distinguishing Liabilities from Equity The Series B Preferred Stock has a $0.01 par value and a $1,000 liquidation preference. The Series B Preferred Stock shall be redeemed through a cash payment of the face value of the shares outstanding at redemption. The preferred return on the funds invested is 14% and shall be paid on a monthly basis. The Series B Preferred Stock was scheduled to be redeemed on August 1, 2017; however, the Company had two one-year options to extend the redemption date. On June 30, 2017, the Company exercised its option to extend the redemption date to August 1, 2018 and paid an extension fee of $153,500. The Company paid an additional $153,500 to exercise its option to extend the redemption date to August 1, 2019 in July 2018. The Company incurred approximately $3.1 million in legal and underwriting costs related to this offering. These costs have been recorded as deferred financing costs on the accompanying consolidated balance sheets as a direct deduction from the carrying amount of that debt liability June 30, 2019 During the six months ended June 30, 2019, the Company redeemed 900 shares of its Series B Preferred Stock for $900,000. During the year ended December 31, 2018, the Company redeemed 13,800 shares of its Series B Preferred Stock for $13.8 million. As of June 30, 2019 and December 31, 2018, the outstanding number of shares was 16,000 and 16,900, respectively, which are redeemable for $16 million and $16.9 million in cash, respectively. The Company’s 16,000 shares of its Series B Preferred Stock are mandatorily redeemable by the Company on August 1, 2019 (“Mandatory Redemption Date”) for $16.0 million in cash. On August 2, 2019, the Company received a notice from PFP III Sub II, LLC (“Prime”), the sole holder of the Company’s Series B Preferred Stock, that an event of default occurred when the Company failed to redeem the Series B Preferred Stock on its Mandatory Redemption Date pursuant to the terms of the Investor Agreement dated August 4, 2014 and the corresponding Articles Supplementary. This event of default triggered an annual cash dividend payable per share equal to 24% of the liquidation preference of $1,000 per share, effective as of the Mandatory Redemption Date. Prime demanded immediate payment of all amounts due and reiterated the Company’s recourse obligation for costs and expenses in connection with Prime’s enforcement of its rights and remedies. Prime has not waived the event of default and has expressly reserved its rights and remedies. Prime has certain rights and remedies following the occurrence and during the continuation of an event of default and additional rights and remedies that commence on the Mandatory Redemption Date. Subject to certain limitations under certain agreements (including mortgage loan documents), the Maryland General Corporation Law and/or the Company’s charter, Prime’s right to take unilateral action to, or cause the Company to, among other rights, include the following: • Replace property managers and leasing agents; • Terminate contracts between the Company and/or any of its subsidiaries and any affiliate of the Company to the extent that such contracts relate to the ownership, leasing, management, or use of the Company’s real property: • Replace any managing member or general partner; • Following 180 days after the Mandatory Redemption Date, sell any real property; • Sell any property (in addition to real property); • Implement Major Decisions (as defined in the Investor Agreement), including the suspension of dividend payments to common stockholders; • Refinance, repay or prepay any indebtedness, including existing mortgage loans secured by real property; • Cure any default under any indebtedness, including mortgages; and • Elect six individuals to serve as members of the Board of Directors of the Company. Except for the annual cash dividend rate of 24%, which is 10% in excess of the 14% dividend rate that the Company had been accruing and paying, the Company has not received any notice or other communication from Prime that it intends to exercise any of the rights or remedies available to it in connection with the event of default. The exercise of additional rights and remedies by Prime, including its right to replace a majority of the Company’s board of directors (and, in effect, take control of the Company) and its right to sell real property, may have a material adverse effect on the Company, including its business, results of operations and financial condition. The foregoing descriptions of Prime’s rights and remedies and the Company’s recourse obligations in an event of default are only summaries and are qualified in their entirety by reference to the Investor Agreement and Articles Supplementary (which designates the preferences, powers, rights and other terms of the Series B Preferred Stock), copies of which were filed as exhibits to the Form 8-K filed on August 8, 2014. On August 14, 2019, the Company redeemed 2,000 shares of its Series B Preferred Stock for $2.0 million and 14,000 shares of Series B Preferred Stock remaining outstanding. The Company is pursuing financing alternatives to redeem the outstanding shares of Series B Preferred Stock, and the Company expects such financing and redemption to be completed before the end of the Company’s third fiscal quarter, September 30, 2019. The Company also continues to review its portfolio of real property to determine which properties to sell in order to generate sufficient net proceeds to redeem its Series B Preferred Stock. However, there is no guarantee that the Company will be able to obtain the financing necessary to redeem any or all Series B Preferred Stock outstanding or sell real property on terms favorable to the Company or on any terms.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Stockholders Equity Note [Abstract]
Stockholders' Equity	10. STOCKHOLDERS' EQUITY Preferred Stock. The Company is authorized to issue up to 8,990,000 shares of preferred stock (the “Preferred Stock”). The Preferred Stock may be issued from time to time in one or more series. The Board of Directors is authorized to fix the number of shares of any series of the Preferred Stock, to determine the designation of any such series, and to determine or alter the rights granted to or imposed upon any wholly unissued series of preferred stock including the dividend rights, dividend rate, conversion rights, voting rights, redemption rights (including sinking fund provisions), redemption price, and liquidation preference. The Board of Directors authorized the original issuance of 1,000,000 shares of the Preferred Stock as Series AA Convertible Preferred Stock (“Series AA”). Each share of Series AA (i) is non-voting, except under certain circumstances as provided in the Articles of Incorporation; (ii) is entitled to annual cash dividends of 7% which are cumulative and payable quarterly; (iii) ranks senior, as to the payment of dividends and distributions of assets upon liquidation, to common stock or any other series of Preferred Stock that is not senior to or on parity with the Series AA; (iv) is entitled to receive $25.00 plus accrued dividends upon liquidation; (v) may be redeemed by the Company prior to the mandatory conversion date at a price of $25.00 plus accrued dividends, and (vi) may be converted into two shares of common stock at the option of the holder prior to the mandatory conversion date. The conversion price is subject to certain anti-dilution adjustments. The Company has not issued any shares of this Series AA Preferred Stock. Common Stock. The Company is authorized to issue up to 100,000,000 shares of Series A Common Stock $0.01 par value (“Series A Common Stock”) and 1,000 shares of Series B Common Stock $0.01 par value (“Series B Common Stock”). The Series A Common Stock and the Series B Common Stock have identical rights, preferences, terms and conditions except that the holders of Series B Common Stock are not entitled to receive any portion of Company assets in the event of Company liquidation. There have been no shares of Series B Common Stock issued. Each share of Series A Common Stock and Series B Common Stock entitles the holder to one vote. The Series A Common Stock and Series B Common Stock are not subject to redemption and do not have any preference, conversion, exchange or pre-emptive rights. The articles of incorporation contain a restriction on ownership of the common stock that prevents one person from owning more than 9.8% of the outstanding shares of common stock. Cash Dividends. During the six months ended June 30, 2019 the Company paid a cash dividend of approximately $1,075,000 or $0.06 per share. During the six months ended June 30, 2018 the Company suspended the payment of dividends and no dividends were declared or paid. Dividend Reinvestment Plan. The Company had adopted a distribution reinvestment plan (“Plan) that allowed stockholders to receive dividends and other distributions otherwise distributable to them invested in additional shares of the Company’s common stock. The Company registered 3,000,000 shares of common stock pursuant to the Plan. The Plan became effective on January 23, 2012 and was suspended on December 7, 2018. The purchase price per share used in the past was 95% of the price the Company sold its shares or $9.50 per share. No sales commission or dealer manager fee were paid on shares sold through the Plan. The Company may amend, suspend or terminate the Plan at any time. Any such amendment, suspension or termination will be effective upon a designated dividend record date and notice of such amendment, suspension or termination will be sent to all participants at least thirty (30) days prior to such record date. As of June 30, 2019, approximately $17.4 million or approximately 1,834,147 shares of common stock have been issued under the Plan. No shares were issued under the Plan during the six months ended June 30, 2019.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	11. RELATED PARTY TRANSACTIONS The Company leases a portion of its corporate headquarters in San Diego, California to entities 100% owned by the Company’s Chairman and Chief Executive Officer. Rental income recorded for the three and six months ended June 30, 2019 and 2018 totaled $2,000 and $3,000, respectively, and $7,000 and $14,000, respectively.

Segments

Segments	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segments	12. SEGMENTS The Company’s reportable segments consist of three types of commercial real estate properties for which the Company’s decision-makers internally evaluate operating performance and financial results: Office/Industrial Properties, Model Home Properties and Retail Properties. The Company also has certain corporate-level activities including accounting, finance, legal administration and management information systems which are not considered separate operating segments. The accounting policies of the reportable segments are the same as those described in Note 2. There is no inter segment activity. The Company evaluates the performance of its segments based upon net operating income (“NOI”), which is a non-GAAP supplemental financial measure. The Company defines NOI for its segments as operating revenues (rental income, tenant reimbursements and other operating income) less property and related expenses (property operating expenses, real estate taxes, insurance, asset management fees, impairments and provision for bad debt). NOI excludes certain items that are not considered to be controllable in connection with the management of an asset such as non-property income and expenses, depreciation and amortization, real estate acquisition fees and expenses and corporate general and administrative expenses. The Company uses NOI to evaluate the operating performance of the Company’s real estate investments and to make decisions about resource allocations. The following tables reconcile the Company’s segment activity to its results of operations and financial position as of and for the three and six months ended June 30, 2019. For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Office/Industrial Properties: Rental, fees and other income $ 5,496,096 $ 6,058,387 $ 10,950,249 $ 12,215,534 Property and related expenses (2,299,126 ) (2,306,483 ) (4,803,914 ) (4,657,093 ) Net operating income, as defined 3,196,970 3,751,904 6,146,335 7,558,441 Model Home Properties: Rental, fees and other income 1,001,918 1,169,890 2,083,602 2,293,657 Property and related expenses (48,187 ) (34,825 ) (98,609 ) (87,351 ) Net operating income, as defined 953,731 1,135,065 1,984,993 2,206,306 Retail Properties: Rental, fees and other income 622,973 936,139 1,266,400 1,880,059 Property and related expenses (178,689 ) (320,915 ) (387,030 ) (567,688 ) Net operating income, as defined 444,284 615,224 879,370 1,312,371 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 4,594,985 5,502,193 9,010,698 11,077,118 General and administrative expenses (1,419,668 ) (1,357,578 ) (3,180,371 ) (2,692,672 ) Depreciation and amortization (1,749,113 ) (2,265,889 ) (3,959,194 ) (4,604,933 ) Interest expense (2,491,870 ) (3,147,179 ) (5,037,073 ) (6,224,156 ) Other income (expense) 4,409 12,449 9,933 (5,842 ) Registration fees - (1,507,599 ) - (1,507,599 ) Income tax expense (191,809 ) (88,671 ) (273,239 ) (119,465 ) Gain on sale of real estate 176,392 355,276 1,390,634 429,489 Net loss $ (1,076,674 ) $ (2,496,998 ) $ (2,038,611 ) $ (3,648,060 ) June 30, December 31, Assets by Reportable Segment: 2019 2018 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 133,617,761 $ 138,694,773 Total assets (2) $ 136,706,716 $ 143,620,315 Model Home Properties: Land, buildings and improvements, net (1) $ 46,535,828 $ 48,762,869 Total assets (2) $ 50,101,419 $ 48,864,060 Retail Properties: Land, buildings and improvements, net (1) $ 25,572,056 $ 23,650,423 Total assets (2) $ 26,634,809 $ 27,702,384 Reconciliation to Total Assets: Total assets for reportable segments $ 213,442,944 $ 220,186,759 Other unallocated assets: Cash equivalents and restricted cash 11,652,864 9,776,215 Other assets, net 2,632,868 3,087,066 Total Assets $ 227,728,676 $ 233,050,040 (1) Includes lease intangibles and the land purchase option related to property acquisitions. (2) Includes land, buildings and improvements, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis. For the Six Months Ended June 30, Capital Expenditures by Reportable Segment 2019 2018 Office/Industrial Properties: Capital expenditures and tenant improvements $ 4,645,667 $ 1,788,880 Model Home Properties: Acquisition of operating properties 6,116,035 10,196,098 Retail Properties: Capital expenditures and tenant improvements 15,250 19,260 Totals: Acquisition of operating properties, net 6,116,035 10,196,098 Capital expenditures and tenant improvements 4,660,917 1,808,140 Total real estate investments $ 10,776,952 $ 12,004,238

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying condensed consolidated financial statements have been prepared by the Company's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statement and the instructions to Form 10-Q and Article 8 of Regulation S-X. Certain information and footnote disclosures required for annual consolidated financial statements have been condensed or excluded pursuant to rules and regulations of the SEC. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of our financial position, results of our operations, and cash flows as of and for the six months ended June 30, 2019 and 2018, respectively. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. The condensed consolidated balance sheet as of December 31, 2018 has been derived from the audited consolidated financial statements included in the Form 10-K filed with the SEC on March 22, 2019.
Principles of Consolidation	Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company and its direct and indirect wholly-owned subsidiaries and entities the Company controls or of which it is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the allocation of purchase price paid for property acquisitions among land, building and intangible assets acquired including their useful lives; valuation of long-lived assets, and the allowance for doubtful accounts, which is based on an evaluation of the tenants’ ability to pay. Actual results may differ from those estimates.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash. At June 30, 2019 and December 31, 2018, we had approximately $5.1 million and $5.8 million in cash equivalents, respectively and $6.6 million and $4.0 million of restricted cash, respectively. Our cash equivalents and restricted cash consist of invested cash and cash in our operating accounts and are held in bank accounts at third party institutions. Restricted cash consists of funds used for property taxes, insurance, capital expenditures and leasing commissions.
Real Estate Held for Sale	Real Estate Held for Sale. Real estate held for sale during the current period is classified as “real estate held for sale” for all prior periods presented in the accompanying condensed consolidated financial statements. Mortgage notes payable related to the real estate held for sale during the current period is classified as “mortgage notes payable related to real estate held for sale, net” for all prior periods presented in the accompanying condensed consolidated financial statements. As of June 30, 2019, four properties meet the criteria to be classified as held for sale which are World Plaza, The Presidio, Union Terrace and Centennial Tech Center.
Impairments of Real Estate Asset	Impairments of Real Estate Asset. We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Since our properties typically have a long life, the assumptions used to estimate the future recoverability of book value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income because recording an impairment charge results in a negative adjustment to net income. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Although our strategy is to hold our properties over the long-term, if our strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized to reduce the property to fair value and such loss could be material. During the six months ended June 30, 2019, the Company determined that no impairment existed, and no impairment charge was recorded for the six months ended June 30, 2019.
Fair Value Measurements	Fair Value Measurements . Under GAAP, we are required to measure certain financial instruments at fair value on a recurring basis. In addition, we are required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, we utilize quoted market prices from independent third-party sources to determine fair value and classify such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require us to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When we determine the market for a financial instrument owned by us to be illiquid or when market transactions for similar instruments do not appear orderly, we use several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establish a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of a liability in circumstances in which a quoted price in an active market for an identical liability is not available, we measure fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument.
Reclassifications	Reclassifications. Certain reclassifications have been made to the previously presented consolidated financial statements and condensed consolidated financial statements to conform to the current period presentation. These reclassifications had no effect on previously reported results of consolidated operations or equity.
Subsequent Events	Subsequent Events. We evaluate subsequent events up until the date the consolidated financial statements are issued. Exchange and Disposition Transactions On July 1, 2019, NetREIT Genesis, LLC sold a 43% tenants-in-common interest in Genesis Plaza (“TIC Interest”) for $5.6 million to a newly formed entity, NetREIT Genesis II, LLC, in which NetREIT Casa Grande LP is the sole member. NetREIT Casa Grande LP owned and sold Morena Office Center on January 15, 2019. The sale of the TIC Interest was structured as a 1031 exchange and included $2.9 million in cash and assumption of debt. The Company remains a guarantor of the debt and NetREIT Genesis, LLC and NetREIT Genesis II, LLC are jointly and severally liable for the debt securing Genesis Plaza, the financial terms and conditions of which remain materially unchanged. On July 31, 2019, we sold The Presidio office building for approximately $12.3 million and recognized a gain of $4.5 million. Default Upon Senior Securities; Partial Redemption of Series B Preferred Stock The Company’s 16,000 shares of its Series B Preferred Stock are mandatorily redeemable by the Company on August 1, 2019 for $16.0 million in cash. On August 2, 2019, the Company received a notice from PFP III Sub II, LLC, the sole holder of the Company’s Series B Preferred Stock, that an event of default occurred when the Company failed to redeem the Series B Preferred Stock on its maturity date, August 1, 2019. This event of default triggered an annual cash dividend payable per share equal to 24% of the liquidation preference of $1,000 per share, effective as of August 1, 2019. Prime demanded immediate payment of all amounts due and reiterated the Company’s recourse obligation for costs and expenses in connection with Prime’s enforcement of its rights and remedies. See additional discussion regarding the Series B Mandatorily Redeemable Preferred Stock in footnote 9. On August 14, 2019, the Company redeemed 2,000 shares of its Series B Preferred Stock for $2.0 million and 14,000 shares of Series B Preferred Stock remaining outstanding.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) , which amended the existing accounting standards for lease accounting to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. We adopted the standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for periods presented before January 1, 2019 as these prior periods conform to the Accounting Standards Codification 840. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. We evaluated all leases within this scope under existing accounting standards and under the new ASU lease standard recognized approximately $514,000 of right-of-use assets and lease liabilities upon adoption and for the three months ended June 30, 3019 we recorded additional right-of-use assets and liabilities of approximately $147,000 for a total balance of $661,000 as of June 30, 2019. As a lessor, our rental revenue remained mainly consistent with previous guidance, apart from the narrower definition of initial direct costs that can be capitalized. The new standard defines initial direct costs as only the incremental costs of signing a lease. As such, certain compensation and certain external legal fees related to the execution of successful lease agreements no longer meet the definition of initial direct costs under the new standard and will be accounted for in the line item General and Administrative Expense Leases - Targeted Improvements . • The new standard provided a practical expedient, which allows lessors to combine non-lease components with the related lease components if both the timing and pattern of transfer are the same for the non-lease components(s) and the related lease components, and the lease components would be classified as an operating lease. Lessors are permitted to apply the practical expedient to all existing leases on a retrospective or prospective basis. We elected the practical expedient to combine our lease and non-lease components that meet the defined criteria. The non-lease components of our leases primarily consist of common area maintenance reimbursements from our tenants. • The new standard requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment to the line item Rental Income Rental Operating Expense In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Revenue from Contracts with Customers In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement

Real Estate Assets (Tables)

Real Estate Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate Assets [Abstract]
Real Estate Properties Owned	A summary of the properties owned by the Company as of June 30, 2019 is as follows: Real estate Date assets, net Property Name Acquired Location (in thousands) Garden Gateway Plaza March 2007 Colorado Springs, Colorado $ 11,312 World Plaza (1) September 2007 San Bernardino, California 8,329 Executive Office Park July 2008 Colorado Springs, Colorado 7,858 Waterman Plaza August 2008 San Bernardino, California 4,933 Genesis Plaza August 2010 San Diego, California 8,946 Dakota Center May 2011 Fargo, North Dakota 8,951 The Presidio (1)(2) November 2012 Colorado Springs, Colorado 6,498 Grand Pacific Center March 2014 Bismarck, North Dakota 5,903 Union Terrace (1) August 2014 Lakewood, Colorado 8,174 Centennial Tech Center (1) December 2014 Colorado Springs, Colorado 12,826 Arapahoe Center December 2014 Centennial, Colorado 10,006 Union Town Center December 2014 Colorado Springs, Colorado 9,764 West Fargo Industrial August 2015 West Fargo, North Dakota 7,279 300 N.P. August 2015 Fargo, North Dakota 3,474 Research Parkway August 2015 Colorado Springs, Colorado 2,546 One Park Center August 2015 Westminster, Colorado 8,532 Highland Court August 2015 Centennial, Colorado 11,554 Shea Center II December 2015 Highlands Ranch, Colorado 22,305 Presidio Property Trust, Inc. properties 159,190 Model Home properties 2010-2019 AZ, CA, FL, IL, PA, SC, TX, WI 46,536 Total real estate assets and lease intangibles, net $ 205,726 (1) Properties held for sale as of June 30, 2019. (2) The Presidio was sold on July 31, 2019.
Geographic Locations of Real Estate Properties Owned	The following tables show a list of properties owned by the Company grouped by state and geographic region as of June 30, 2019: State No. of Properties Aggregate Square Feet Approximate % of Square Feet Current Base Rent Approximate % of Aggregate Annual Rent California 3 134,787 9.6 % $ 1,822,676 10.0 % Colorado 11 873,684 62.2 % 12,814,687 70.1 % North Dakota 4 397,039 28.2 % 3,626,926 19.9 % Total 18 1,405,510 100.0 % $ 18,264,289 100.0 % Model Home properties: Geographic Region No. of Properties Aggregate Square Feet Approximate % of Square Feet Current Base Annual Rent Approximate of Aggregate % Annual Rent Southwest 98 298,345 76.3 % $ 2,794,116 71.1 % West 1 2,324 0.6 % 16,020 0.4 % Southeast 30 69,198 17.7 % 830,172 21.1 % Midwest 2 6,602 1.7 % 99,276 2.5 % East 2 5,255 1.3 % 70,716 1.8 % Northeast 3 9,271 2.4 % 121,020 3.1 % Total 136 390,995 100.0 % $ 3,931,320 100.0 %

Lease Intangibles (Tables)

Lease Intangibles (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Net Value of Other Intangible Assets	The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset: June 30, 2019 December 31, 2018 Lease Intangibles Accumulated Amortization Lease Intangibles, net Lease Intangibles Accumulated Amortization Lease Intangibles, net In-place leases $ 4,924,439 $ (3,654,980 ) $ 1,269,459 $ 4,958,477 $ (3,467,781 ) $ 1,490,696 Leasing costs 3,593,077 (2,524,054 ) 1,069,023 3,628,080 (2,405,514 ) 1,222,566 Above-market leases 339,414 (221,327 ) 118,087 439,878 (291,666 ) 148,212 $ 8,856,930 $ (6,400,361 ) $ 2,456,569 $ 9,026,435 $ (6,164,961 ) $ 2,861,474
Amortization Expense for the Company Lease Intangible Assets	Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows: Six months remaining in 2019 $ 500,709 Years ending December 31: 2020 687,974 2021 510,215 2022 360,116 2023 173,785 Thereafter 223,770 Total $ 2,456,569

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Other Assets [Abstract]
Other Assets	Other assets consist of the following: June 30, December 31, 2019 2018 Deferred rent receivable $ 2,810,101 $ 2,883,581 Prepaid expenses, deposits and other 636,064 407,106 Tenant receivable, net 1,110,627 2,845,314 Raw land - 900,000 Right-of-use assets, net 615,104 - Other intangibles, net 253,383 293,832 Notes receivable 316,374 316,374 Total other assets $ 5,741,653 $ 7,646,207

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2019
Mortgage Loans On Real Estate [Abstract]
Mortgage Notes Payable	Mortgage notes payable consist of the following: Principal as of June 30, December 31, Loan Interest Mortgage note property Notes 2019 2018 Type Rate (1) Maturity Garden Gateway Plaza 6,172,350 6,270,896 Fixed 5.00 % 2/5/2020 World Plaza (3)(4) 5,031,037 3,350,539 Variable 5.18 % 7/5/2020 West Fargo Industrial 4,254,866 4,292,809 Fixed 4.79 % 9/6/2020 Morena Office Center (2) - 1,567,358 Fixed 4.30 % 6/1/2021 Waterman Plaza 3,312,486 3,369,960 Fixed 5.78 % 4/29/2021 300 N.P. 2,330,160 2,348,443 Fixed 4.95 % 6/11/2022 Highland Court 6,497,029 6,568,320 Fixed 3.82 % 9/1/2022 Dakota Center 10,213,650 10,314,520 Fixed 4.74 % 7/6/2024 Union Terrace (3) 6,297,528 6,354,153 Fixed 4.50 % 8/5/2024 The Presidio (7) 5,945,942 5,992,905 Fixed 4.54 % 12/1/2021 Centennial Tech Center (3) 9,654,169 9,745,811 Fixed 4.43 % 12/5/2024 Research Parkway 1,838,972 1,864,139 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 8,159,966 8,233,567 Fixed 4.34 % 1/5/2025 Union Town Center 8,440,000 8,440,000 Fixed 4.28 % 1/5/2025 Executive Office Park 4,894,344 4,947,808 Fixed 4.83 % 6/1/2027 Genesis Plaza 6,427,233 6,476,032 Fixed 4.71 % 9/6/2025 One Park Centre 6,536,887 6,585,922 Fixed 4.77 % 9/5/2025 Shea Center II 17,727,500 17,727,500 Fixed 4.92 % 1/5/2026 Grand Pacific Center (5) 3,907,181 3,961,304 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties 117,641,300 118,411,986 Model Home mortgage notes 31,711,787 32,728,930 Fixed (6) 2019-2022 Mortgage Notes Payable $ 149,353,087 $ 151,140,916 Unamortized loan costs (1,248,324 ) (1,426,740 ) Mortgage Notes Payable, net $ 148,104,763 $ 149,714,176 (1) Interest rates as of June 30, 2019. (2) Morena Office Center was sold on January 15, 2019. (3) Properties held for sale as of June 30, 2019. (4) Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the six months ended June 30, 2019, the weighted average interest rate was 5.29%. ( 5 ) Interest rate is subject to reset on September 1, 2023. ( 6 ) Each model home has a stand-alone mortgage note at interest rates ranging from 3.72% to 5.75% per annum (at June 30, 2019). (7) Property held for sale as of June 30, 2019 and sold on July 31, 2019.
Scheduled Principal Payments of Mortgage Notes Payable	Scheduled principal payments of mortgage notes payable were as follows as of June 30, 2019 Presidio Property Trust, Inc. Model Homes Total Principal Notes Payable Notes Payable Payments Six months remaining in 2019 $ 951,000 $ 5,216,637 $ 6,167,637 Years ending December 31: 2020 16,968,243 11,462,749 $ 28,430,992 2021 10,745,976 11,165,553 $ 21,911,529 2022 10,055,656 3,866,848 $ 13,922,504 2023 1,783,291 - $ 1,783,291 Thereafter 77,137,134 - $ 77,137,134 Total $ 117,641,300 $ 31,711,787 $ 149,353,087

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Net Operating Income by Segment	The following tables reconcile the Company’s segment activity to its results of operations and financial position as of and for the three and six months ended June 30, 2019. For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Office/Industrial Properties: Rental, fees and other income $ 5,496,096 $ 6,058,387 $ 10,950,249 $ 12,215,534 Property and related expenses (2,299,126 ) (2,306,483 ) (4,803,914 ) (4,657,093 ) Net operating income, as defined 3,196,970 3,751,904 6,146,335 7,558,441 Model Home Properties: Rental, fees and other income 1,001,918 1,169,890 2,083,602 2,293,657 Property and related expenses (48,187 ) (34,825 ) (98,609 ) (87,351 ) Net operating income, as defined 953,731 1,135,065 1,984,993 2,206,306 Retail Properties: Rental, fees and other income 622,973 936,139 1,266,400 1,880,059 Property and related expenses (178,689 ) (320,915 ) (387,030 ) (567,688 ) Net operating income, as defined 444,284 615,224 879,370 1,312,371 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 4,594,985 5,502,193 9,010,698 11,077,118 General and administrative expenses (1,419,668 ) (1,357,578 ) (3,180,371 ) (2,692,672 ) Depreciation and amortization (1,749,113 ) (2,265,889 ) (3,959,194 ) (4,604,933 ) Interest expense (2,491,870 ) (3,147,179 ) (5,037,073 ) (6,224,156 ) Other income (expense) 4,409 12,449 9,933 (5,842 ) Registration fees - (1,507,599 ) - (1,507,599 ) Income tax expense (191,809 ) (88,671 ) (273,239 ) (119,465 ) Gain on sale of real estate 176,392 355,276 1,390,634 429,489 Net loss $ (1,076,674 ) $ (2,496,998 ) $ (2,038,611 ) $ (3,648,060 )
Reconciliation of Assets by Segment to Total Assets	June 30, December 31, Assets by Reportable Segment: 2019 2018 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 133,617,761 $ 138,694,773 Total assets (2) $ 136,706,716 $ 143,620,315 Model Home Properties: Land, buildings and improvements, net (1) $ 46,535,828 $ 48,762,869 Total assets (2) $ 50,101,419 $ 48,864,060 Retail Properties: Land, buildings and improvements, net (1) $ 25,572,056 $ 23,650,423 Total assets (2) $ 26,634,809 $ 27,702,384 Reconciliation to Total Assets: Total assets for reportable segments $ 213,442,944 $ 220,186,759 Other unallocated assets: Cash equivalents and restricted cash 11,652,864 9,776,215 Other assets, net 2,632,868 3,087,066 Total Assets $ 227,728,676 $ 233,050,040 (1) Includes lease intangibles and the land purchase option related to property acquisitions. (2) Includes land, buildings and improvements, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis.
Reconciliation of Capital Expenditures by Segment to Total Real Estate Investments	For the Six Months Ended June 30, Capital Expenditures by Reportable Segment 2019 2018 Office/Industrial Properties: Capital expenditures and tenant improvements $ 4,645,667 $ 1,788,880 Model Home Properties: Acquisition of operating properties 6,116,035 10,196,098 Retail Properties: Capital expenditures and tenant improvements 15,250 19,260 Totals: Acquisition of operating properties, net 6,116,035 10,196,098 Capital expenditures and tenant improvements 4,660,917 1,808,140 Total real estate investments $ 10,776,952 $ 12,004,238

Organization (Details)

Organization (Details)	Aug. 14, 2019USD ($)shares	Aug. 01, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)ft²PropertyCounterparty$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Real Estate Properties [Line Items]
Number of limited partnerships in which the company is sole general partner | Counterparty			2
Number of partnerships that purchase and lease back model homes from homebuilders in which the company is the general and limited partner | Counterparty			5
Key provisions of operating or partnership agreement, description			The Company operates in the following partnerships during the periods covered by these condensed consolidated financial statements:The Company is the sole general partner in two limited partnerships (NetREIT Palm Self-Storage LP and NetREIT Casa Grande LP), all with ownership interest in real estate income producing properties. The Company is the general and/ or limited partner in five limited partnerships that purchase Model Homes and lease them back to homebuilders (Dubose Model Home Investors #202, LP, Dubose Model Home Investors #203, LP, Dubose Model Home Investors #204, LP, Dubose Model Homes Investor #205, LP and NetREIT Dubose Model Home REIT, LP). The Company refers to these entities collectively, as the “Model Home Partnerships”. The Company has determined that the limited partnerships in which it owns less than 100%, should be included in the Company’s consolidated financial statements as the Company directs their activities and has control of such limited partnerships.
Income Tax Examination Description			We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“Code”), for federal income tax purposes. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership.
Percentage of distributed taxable income to qualify as REIT			90.00%
Preferred stock dividend rate percentage			14.00%
Percentage of excess dividend payment			10.00%
Preferred stock shares outstanding (in shares) | shares			16,000	16,900
Long-term maturity debt, remaining in 2019			$ 6,167,637
Long-term maturity debt, in 2020			28,430,992
Model Home [Member]
Real Estate Properties [Line Items]
Long-term maturity debt, remaining in 2019			5,216,637
Long-term maturity debt, in 2020			11,462,749
Mortgage Notes Payable [Member] | Model Home [Member]
Real Estate Properties [Line Items]
Long-term maturity debt, remaining in 2019			5,200,000
Long-term maturity debt, in 2020			$ 11,500,000
Redeemable Convertible Preferred Stock Series B [Member]
Real Estate Properties [Line Items]
Number of shares redeemed | shares			900	13,800
Redeemable preferred stock			$ 16,000,000	$ 16,900,000
Preferred stock liquidation preference value (in dollars per share) | $ / shares			$ 1,000	$ 1,000
Number of shares redeemed			$ 900,000	$ 13,800,000
Preferred stock shares outstanding (in shares) | shares			16,000	16,900
Redeemable Convertible Preferred Stock Series B [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Number of shares redeemed | shares	2,000	16,000
Redeemable preferred stock		$ 16,000,000
Preferred stock dividend rate percentage		24.00%
Preferred stock liquidation preference value (in dollars per share) | $ / shares		$ 1,000
Number of shares redeemed	$ 2,000,000
Preferred stock shares outstanding (in shares) | shares	14,000
Industrial Properties [Member]
Real Estate Properties [Line Items]
Number of properties | Property			1
Office Properties [Member]
Real Estate Properties [Line Items]
Number of properties | Property			13
Office/Industrial Properties [Member]
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²			1,273,788
Retail Properties [Member]
Real Estate Properties [Line Items]
Number of properties | Property			4
Area of Real Estate Property | ft²			131,722
Residential Properties [Member]
Real Estate Properties [Line Items]
Number of properties | Property			136
Number of Limited Liability Companies | Property			1
Number of limited partnerships in which the company is sole general partner | Counterparty			5

Significant Accounting Polici_3

Significant Accounting Policies (Details)	Aug. 14, 2019USD ($)shares	Aug. 01, 2019USD ($)$ / sharesshares	Jul. 01, 2019USD ($)	Jul. 31, 2019USD ($)	Jun. 30, 2019USD ($)Property$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Jan. 01, 2019USD ($)
Significant Account Policies [Line Items]
Cash equivalents					$ 5,100,000	$ 5,800,000
Restricted cash					$ 6,600,000	$ 4,000,000
Number of real estate properties held for sale | Property					4
Asset impairment charge					$ 0
Preferred stock dividend rate percentage					14.00%
Preferred stock shares outstanding (in shares) | shares					16,000	16,900
Right-of-use assets					$ 661,000
Lease liabilities					613,074
Lease liabilities, gross					661,000
Accounting Standards Update 2016-02 [Member]
Significant Account Policies [Line Items]
Right-of-use assets					147,000		$ 514,000
Lease liabilities					$ 147,000		$ 514,000
Redeemable Convertible Preferred Stock Series B [Member]
Significant Account Policies [Line Items]
Number of shares redeemed | shares					900	13,800
Redeemable preferred stock					$ 16,000,000	$ 16,900,000
Preferred stock liquidation preference value (in dollars per share) | $ / shares					$ 1,000	$ 1,000
Number of shares redeemed					$ 900,000	$ 13,800,000
Preferred stock shares outstanding (in shares) | shares					16,000	16,900
Subsequent Event [Member] | Redeemable Convertible Preferred Stock Series B [Member]
Significant Account Policies [Line Items]
Number of shares redeemed | shares	2,000	16,000
Redeemable preferred stock		$ 16,000,000
Preferred stock dividend rate percentage		24.00%
Preferred stock liquidation preference value (in dollars per share) | $ / shares		$ 1,000
Number of shares redeemed	$ 2,000,000
Preferred stock shares outstanding (in shares) | shares	14,000
Genesis Plaza [Member] | Subsequent Event [Member]
Significant Account Policies [Line Items]
Sale of Interest in property			43.00%
Sale of Property			$ 5,600,000
Sale of real estate property, debt assumed			2,900,000
Proceeds from sale of property			$ 2,900,000
The Presidio [Member] | Subsequent Event [Member]
Significant Account Policies [Line Items]
Proceeds from sale of property				$ 12,300,000
Gain recognized on sale of property				$ 4,500,000

Recent Real Estate Transactio_2

Recent Real Estate Transactions (Disposals of Properties) (Details)	May 08, 2019USD ($)	Jan. 15, 2019USD ($)	Jun. 30, 2019USD ($)Property	Jun. 30, 2018USD ($)Property	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Mortgage notes issued for property acquired			$ 148,104,763		$ 149,714,176
Residential Properties [Member]
Real Estate Properties [Line Items]
Proceeds from sale of property	$ 875,000
Gain (loss) on sale of property	$ 93,000
Residential Properties [Member] | Thirteen Dubose Model Homes [Member]
Real Estate Properties [Line Items]
Number of properties | Property				13
Proceeds from sale of property				$ 4,600,000
Gain (loss) on sale of property				$ 429,000
Residential Properties [Member] | Twenty-Six Dubose Model Homes [Member]
Real Estate Properties [Line Items]
Number of properties | Property			26	26
Proceeds from sale of property			$ 9,400,000
Gain (loss) on sale of property			$ 783,000
Purchase price of property acquired				$ 10,200,000
Cash payment for the properties acquired				3,100,000
Mortgage notes issued for property acquired				$ 7,100,000
Residential Properties [Member] | Eighteen Dubose Model Homes [Member]
Real Estate Properties [Line Items]
Number of properties | Property			18
Purchase price of property acquired			$ 6,100,000
Cash payment for the properties acquired			1,800,000
Mortgage notes issued for property acquired			$ 4,300,000
Residential Properties [Member] | Morena Office Center [Member]
Real Estate Properties [Line Items]
Proceeds from sale of property		$ 5,600,000
Gain (loss) on sale of property		$ 700,000

Real Estate Assets (Summary of

Real Estate Assets (Summary of Properties Owned) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Real Estate Assets Owned	$ 205,726
Garden Gateway Plaza [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Mar. 1, 2007
Location	Colorado Springs, Colorado
Real Estate Assets Owned	$ 11,312
World Plaza [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Sep. 1, 2007	[1]
Location	San Bernardino, California	[1]
Real Estate Assets Owned	$ 8,329	[1]
Executive Office Park [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Jul. 1, 2008
Location	Colorado Springs, Colorado
Real Estate Assets Owned	$ 7,858
Waterman Plaza [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Aug. 1, 2008
Location	San Bernardino, California
Real Estate Assets Owned	$ 4,933
Genesis Plaza [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Aug. 1, 2010
Location	San Diego, California
Real Estate Assets Owned	$ 8,946
Dakota Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	May 1, 2011
Location	Fargo, North Dakota
Real Estate Assets Owned	$ 8,951
The Presidio [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Nov. 1, 2012	[1],[2]
Location	Colorado Springs, Colorado	[1],[2]
Real Estate Assets Owned	$ 6,498	[1],[2]
Grand Pacific Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Mar. 1, 2014
Location	Bismarck, North Dakota
Real Estate Assets Owned	$ 5,903
Union Terrace [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Aug. 1, 2014	[1]
Location	Lakewood, Colorado	[1]
Real Estate Assets Owned	$ 8,174	[1]
Centennial Tech Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Dec. 1, 2014	[1]
Location	Colorado Springs, Colorado	[1]
Real Estate Assets Owned	$ 12,826	[1]
Arapahoe Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Dec. 1, 2014
Location	Centennial, Colorado
Real Estate Assets Owned	$ 10,006
Union Town Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Dec. 1, 2014
Location	Colorado Springs, Colorado
Real Estate Assets Owned	$ 9,764
West Fargo Industrial [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Aug. 1, 2015
Location	West Fargo, North Dakota
Real Estate Assets Owned	$ 7,279
300 N.P. [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Aug. 1, 2015
Location	Fargo, North Dakota
Real Estate Assets Owned	$ 3,474
Research Parkway [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Aug. 1, 2015
Location	Colorado Springs, Colorado
Real Estate Assets Owned	$ 2,546
One Park Centre [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Aug. 1, 2015
Location	Westminster, Colorado
Real Estate Assets Owned	$ 8,532
Highland Court [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Aug. 1, 2015
Location	Centennial, Colorado
Real Estate Assets Owned	$ 11,554
Shea Center II [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Dec. 1, 2015
Location	Highlands Ranch, Colorado
Real Estate Assets Owned	$ 22,305
Presidio Property Trust, Inc Properties [Member]
Real Estate And Accumulated Depreciation [Line Items]
Real Estate Assets Owned	159,190
Model Home Properties [Member]
Real Estate And Accumulated Depreciation [Line Items]
Real Estate Assets Owned	$ 46,536
Model Home Properties [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Jan. 1, 2010
Model Home Properties [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date acquired	Jan. 1, 2019
[1]	Properties held for sale as of June 30, 2019.
[2]	The Presidio was sold on July 31, 2019.

Real Estate Assets (Geographic

Real Estate Assets (Geographic Locations of Real Estate Properties Owned) (Details)	6 Months Ended
	Jun. 30, 2019USD ($)ft²Property
NetREIT, Inc. Properties [Member]
Real Estate Properties [Line Items]
Number of properties | Property	18
Aggregate Square Feet | ft²	1,405,510
Approximate % of Square Feet	100.00%
Current Base Annual Rent | $	$ 18,264,289
Approximate of Aggregate % Annual Rent	100.00%
NetREIT, Inc. Properties [Member] | California [Member]
Real Estate Properties [Line Items]
Number of properties | Property	3
Aggregate Square Feet | ft²	134,787
Approximate % of Square Feet	9.60%
Current Base Annual Rent | $	$ 1,822,676
Approximate of Aggregate % Annual Rent	10.00%
NetREIT, Inc. Properties [Member] | Colorado [Member]
Real Estate Properties [Line Items]
Number of properties | Property	11
Aggregate Square Feet | ft²	873,684
Approximate % of Square Feet	62.20%
Current Base Annual Rent | $	$ 12,814,687
Approximate of Aggregate % Annual Rent	70.10%
NetREIT, Inc. Properties [Member] | North Dakota [Member]
Real Estate Properties [Line Items]
Number of properties | Property	4
Aggregate Square Feet | ft²	397,039
Approximate % of Square Feet	28.20%
Current Base Annual Rent | $	$ 3,626,926
Approximate of Aggregate % Annual Rent	19.90%
Model Home Properties [Member]
Real Estate Properties [Line Items]
Number of properties | Property	136
Aggregate Square Feet | ft²	390,995
Approximate % of Square Feet	100.00%
Current Base Annual Rent | $	$ 3,931,320
Approximate of Aggregate % Annual Rent	100.00%
Model Home Properties [Member] | Southwest [Member]
Real Estate Properties [Line Items]
Number of properties | Property	98
Aggregate Square Feet | ft²	298,345
Approximate % of Square Feet	76.30%
Current Base Annual Rent | $	$ 2,794,116
Approximate of Aggregate % Annual Rent	71.10%
Model Home Properties [Member] | West [Member]
Real Estate Properties [Line Items]
Number of properties | Property	1
Aggregate Square Feet | ft²	2,324
Approximate % of Square Feet	0.60%
Current Base Annual Rent | $	$ 16,020
Approximate of Aggregate % Annual Rent	0.40%
Model Home Properties [Member] | Southeast [Member]
Real Estate Properties [Line Items]
Number of properties | Property	30
Aggregate Square Feet | ft²	69,198
Approximate % of Square Feet	17.70%
Current Base Annual Rent | $	$ 830,172
Approximate of Aggregate % Annual Rent	21.10%
Model Home Properties [Member] | Midwest [Member]
Real Estate Properties [Line Items]
Number of properties | Property	2
Aggregate Square Feet | ft²	6,602
Approximate % of Square Feet	1.70%
Current Base Annual Rent | $	$ 99,276
Approximate of Aggregate % Annual Rent	2.50%
Model Home Properties [Member] | East [Member]
Real Estate Properties [Line Items]
Number of properties | Property	2
Aggregate Square Feet | ft²	5,255
Approximate % of Square Feet	1.30%
Current Base Annual Rent | $	$ 70,716
Approximate of Aggregate % Annual Rent	1.80%
Model Home Properties [Member] | Northeast [Member]
Real Estate Properties [Line Items]
Number of properties | Property	3
Aggregate Square Feet | ft²	9,271
Approximate % of Square Feet	2.40%
Current Base Annual Rent | $	$ 121,020
Approximate of Aggregate % Annual Rent	3.10%

Lease Intangibles (Net Value of

Lease Intangibles (Net Value of Other Intangible Assets and Amortization by Class) (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Lease intangibles	$ 8,856,930	$ 9,026,435
Accumulated amortization	(6,400,361)	(6,164,961)
Lease intangibles, net	2,456,569	2,861,474
Leases, Acquired-in-Place [Member]
Finite Lived Intangible Assets [Line Items]
Lease intangibles	4,924,439	4,958,477
Accumulated amortization	(3,654,980)	(3,467,781)
Lease intangibles, net	1,269,459	1,490,696
Leasing Cost [Member]
Finite Lived Intangible Assets [Line Items]
Lease intangibles	3,593,077	3,628,080
Accumulated amortization	(2,524,054)	(2,405,514)
Lease intangibles, net	1,069,023	1,222,566
Above Market Leases [Member]
Finite Lived Intangible Assets [Line Items]
Lease intangibles	339,414	439,878
Accumulated amortization	(221,327)	(291,666)
Lease intangibles, net	$ 118,087	$ 148,212

Lease Intangibles - Additional

Lease Intangibles - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Lease intangibles, net	$ 2,456,569	$ 2,861,474
Below-market leases, net	$ 401,386	495,927
Weighted average [Member]
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period	3 years 1 month 6 days
Real Estate Assets Held for Sale [Member]
Finite Lived Intangible Assets [Line Items]
Lease intangibles, net	$ 953,062	$ 1,000,618

Lease Intangibles (Amortization

Lease Intangibles (Amortization Expense for the Company Lease Intangible Assets) (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Six months remaining in 2019	$ 500,709
2020	687,974
2021	510,215
2022	360,116
2023	173,785
Thereafter	223,770
Lease intangibles, net	$ 2,456,569	$ 2,861,474

Other Assets (Details)

Other Assets (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Other Assets [Line Items]
Raw land	$ 29,906,354	$ 29,850,681
Right-of-use assets, net	661,000
Other intangibles, net	253,383	293,832
Total other assets	5,741,653	7,646,207
Other Assets [Member]
Other Assets [Line Items]
Deferred rent receivable	2,810,101	2,883,581
Prepaid expenses, deposits and other	636,064	407,106
Tenant receivable, net	1,110,627	2,845,314
Raw land		900,000
Right-of-use assets, net	615,104
Notes receivable	$ 316,374	$ 316,374

Mortgage Notes Payable (Details

Mortgage Notes Payable (Details) - USD ($)		6 Months Ended
		Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Mortgage notes payable		$ 149,353,087	$ 151,140,916
Unamortized loan costs		(1,248,324)	(1,426,740)
Mortgage notes payable, total net		148,104,763	149,714,176
Garden Gateway Plaza [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 6,172,350	6,270,896
Fixed interest rate on mortgage (in hundredths)	[1]	5.00%
Maturity date		Feb. 5, 2020
World Plaza [Member]
Debt Instrument [Line Items]
Mortgage notes payable	[2],[3]	$ 5,031,037	3,350,539
Maturity date	[2],[3]	Jul. 5, 2020
Variable interest rate on mortgage (in hundredths)	[1],[2],[3]	5.18%
West Fargo Industrial [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 4,254,866	4,292,809
Fixed interest rate on mortgage (in hundredths)	[1]	4.79%
Maturity date		Sep. 6, 2020
Morena Office Center [Member]
Debt Instrument [Line Items]
Mortgage notes payable	[4]		1,567,358
Fixed interest rate on mortgage (in hundredths)	[1],[4]	4.30%
Maturity date	[4]	Jun. 1, 2021
Waterman Plaza [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 3,312,486	3,369,960
Fixed interest rate on mortgage (in hundredths)	[1]	5.78%
Maturity date		Apr. 29, 2021
Union Terrace [Member]
Debt Instrument [Line Items]
Mortgage notes payable	[3]	$ 6,297,528	6,354,153
Fixed interest rate on mortgage (in hundredths)	[1],[3]	4.50%
Maturity date	[3]	Aug. 5, 2024
300 N.P. [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 2,330,160	2,348,443
Fixed interest rate on mortgage (in hundredths)	[1]	4.95%
Maturity date		Jun. 11, 2022
Highland Court [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 6,497,029	6,568,320
Fixed interest rate on mortgage (in hundredths)	[1]	3.82%
Maturity date		Sep. 1, 2022
Dakota Center [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 10,213,650	10,314,520
Fixed interest rate on mortgage (in hundredths)	[1]	4.74%
Maturity date		Jul. 6, 2024
The Presidio [Member]
Debt Instrument [Line Items]
Mortgage notes payable	[5]	$ 5,945,942	5,992,905
Fixed interest rate on mortgage (in hundredths)	[1],[5]	4.54%
Maturity date	[5]	Dec. 1, 2021
Centennial Tech Center [Member]
Debt Instrument [Line Items]
Mortgage notes payable	[3]	$ 9,654,169	9,745,811
Fixed interest rate on mortgage (in hundredths)	[1],[3]	4.43%
Maturity date	[3]	Dec. 5, 2024
Research Parkway [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 1,838,972	1,864,139
Fixed interest rate on mortgage (in hundredths)	[1]	3.94%
Maturity date		Jan. 5, 2025
Arapahoe Service Center [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 8,159,966	8,233,567
Fixed interest rate on mortgage (in hundredths)	[1]	4.34%
Maturity date		Jan. 5, 2025
Union Town Center [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 8,440,000	8,440,000
Fixed interest rate on mortgage (in hundredths)	[1]	4.28%
Maturity date		Jan. 5, 2025
Executive Office Park [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 4,894,344	4,947,808
Fixed interest rate on mortgage (in hundredths)	[1]	4.83%
Maturity date		Jun. 1, 2027
Genesis Plaza [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 6,427,233	6,476,032
Fixed interest rate on mortgage (in hundredths)	[1]	4.71%
Maturity date		Sep. 6, 2025
One Park Centre [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 6,536,887	6,585,922
Fixed interest rate on mortgage (in hundredths)	[1]	4.77%
Maturity date		Sep. 5, 2025
Shea Center II [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 17,727,500	17,727,500
Fixed interest rate on mortgage (in hundredths)	[1]	4.92%
Maturity date		Jan. 5, 2026
Grand Pacific Center [Member]
Debt Instrument [Line Items]
Mortgage notes payable	[6]	$ 3,907,181	3,961,304
Fixed interest rate on mortgage (in hundredths)	[1],[6]	4.02%
Maturity date	[6]	Aug. 1, 2037
Presidio Property Trust, Inc Properties [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 117,641,300	118,411,986
Model Home Properties [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 31,711,787	$ 32,728,930
Model Home Properties [Member] | Minimum [Member]
Debt Instrument [Line Items]
Fixed interest rate on mortgage (in hundredths)		3.72%
Maturity date		Jan. 1, 2019
Model Home Properties [Member] | Maximum [Member]
Debt Instrument [Line Items]
Fixed interest rate on mortgage (in hundredths)		5.75%
Maturity date		Jan. 1, 2022
[1]	Interest rates as of June 30, 2019.
[2]	Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the six months ended June 30, 2019, the weighted average interest rate was 5.29%.
[3]	Properties held for sale as of June 30, 2019.
[4]	Morena Office Center was sold on January 15, 2019.
[5]	Property held for sale as of June 30, 2019 and sold on July 31, 2019.
[6]	Interest rate is subject to reset on September 1, 2023.

Mortgage Notes Payable (Parenth

Mortgage Notes Payable (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2019
World Plaza [Member]
Debt Instrument [Line Items]
Debt instrument, variable interest rate basis	LIBOR
Weighted average interest rate	5.29%
World Plaza [Member] | ABR [Member]
Debt Instrument [Line Items]
Variable interest rate on mortgage (in hundredth)	0.75%
World Plaza [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable interest rate on mortgage (in hundredth)	2.75%
Grand Pacific Center [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Terms	Interest rate is subject to reset on September 1, 2023.
Fixed interest rate on mortgage (in hundredth)	4.02%	[1],[2]
Model Home Properties [Member] | Minimum [Member]
Debt Instrument [Line Items]
Fixed interest rate on mortgage (in hundredth)	3.72%
Model Home Properties [Member] | Maximum [Member]
Debt Instrument [Line Items]
Fixed interest rate on mortgage (in hundredth)	5.75%
[1]	Interest rate is subject to reset on September 1, 2023.
[2]	Interest rates as of June 30, 2019.

Mortgage Notes Payable (Schedul

Mortgage Notes Payable (Scheduled Principal Payments of Mortgage Notes Payable) (Details)	Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
Six months remaining in 2019	$ 6,167,637
2020	28,430,992
2021	21,911,529
2022	13,922,504
2023	1,783,291
Thereafter	77,137,134
Total	149,353,087
Presidio Property Trust, Inc. [Member]
Debt Instrument [Line Items]
Six months remaining in 2019	951,000
2020	16,968,243
2021	10,745,976
2022	10,055,656
2023	1,783,291
Thereafter	77,137,134
Total	117,641,300
Model Home [Member]
Debt Instrument [Line Items]
Six months remaining in 2019	5,216,637
2020	11,462,749
2021	11,165,553
2022	3,866,848
Total	$ 31,711,787

Series B Mandatorily Redeemab_2

Series B Mandatorily Redeemable Preferred Stock (Details) - USD ($)	Aug. 14, 2019	Aug. 01, 2019	Jul. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2015
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Preferred stock shares outstanding (in shares)				16,000		16,000			16,900
Financial instruments subject to mandatory redemption, preferred return on funds invested				14.00%		14.00%
Interest expense				$ 2,491,870	$ 3,147,179	$ 5,037,073	$ 6,224,156
Preferred stock extend redemption date			Aug. 1, 2019					Aug. 1, 2018
Preferred stock redemption extension fee paid								$ 153,500
Preferred stock redemption extension additional fee paid			$ 153,500
Preferred stock dividend rate percentage						14.00%
Percentage of excess dividend payment				10.00%		10.00%
Redeemable Convertible Preferred Stock Series B [Member]
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Preferred stock shares issued (in shares)				16,000		16,000			16,900	35,000
Preferred stock shares outstanding (in shares)				16,000		16,000			16,900
Preferred stock, par or stated value (in dollars per share)				$ 0.01		$ 0.01			$ 0.01
Liquidation preference per share (in dollars per share)				$ 1,000		$ 1,000			$ 1,000
Financial instruments subject to mandatory redemption, preferred return on funds invested				14.00%		14.00%
Deferred financing costs				$ 3,100,000		$ 3,100,000
Interest expense				61,000	$ 19,000	122,000	$ 254,000
Total unamortized deferred costs				0		$ 0			$ 122,000
Number of shares redeemed						900			13,800
Number of shares redeemed						$ 900,000			$ 13,800,000
Redeemable preferred stock				$ 16,000,000		$ 16,000,000			$ 16,900,000
Preferred stock liquidation preference value (in dollars per share)				$ 1,000		$ 1,000			$ 1,000
Redeemable Convertible Preferred Stock Series B [Member] | Subsequent Event [Member]
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Preferred stock shares outstanding (in shares)	14,000
Liquidation preference per share (in dollars per share)		$ 1,000
Number of shares redeemed	2,000	16,000
Number of shares redeemed	$ 2,000,000
Redeemable preferred stock		$ 16,000,000
Preferred stock dividend rate percentage		24.00%
Preferred stock liquidation preference value (in dollars per share)		$ 1,000

Stockholders' Equity (Common an

Stockholders' Equity (Common and Preferred Stock) (Details)	6 Months Ended
	Jun. 30, 2019Vote$ / sharesshares	Dec. 31, 2018$ / sharesshares
Preferred Stock [Abstract]
Annual cash dividend rate (in hundredths)	14.00%
Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred shares authorized (in shares)	8,990,000
Preferred shares issued (in shares)	0
Convertible Series AA Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred shares authorized (in shares)	1,000,000
Annual cash dividend rate (in hundredths)	7.00%
Liquidation preference per share (in dollars per share) | $ / shares	$ 25
Initial conversion price (in dollars per share) | $ / shares	$ 25
Total number of common shares issuable upon conversion of outstanding shares of preferred stock (in shares)	2
Preferred shares issued (in shares)	0
Common Class A [Member]
Common Stock [Abstract]
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock shares issued (in shares)	17,715,778	17,721,422
Number of votes holder is entitled to | Vote	1
Maximum individual common stock ownership (in hundredths)	9.80%
Common Class B [Member]
Common Stock [Abstract]
Common stock, shares authorized (in shares)	1,000
Par value (in dollars per share) | $ / shares	$ 0.01
Common stock shares issued (in shares)	0
Number of votes holder is entitled to | Vote	1
Maximum individual common stock ownership (in hundredths)	9.80%

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends) (Details) - USD ($)	Jan. 23, 2012	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Cash Dividends [Abstract]
Cash dividend paid				$ 1,075,000	$ 0
Dividend payable to holders, per share				$ 0.06
Dividends declared		$ 1,082,947	$ 150		$ 0
Dividend Reinvestment Plan [Abstract]
Registered shares of common stock pursuant to Plan (in shares)	3,000,000
Percentage of purchase price per share (in hundredths)	95.00%
Sales price per share (in dollars per share)	$ 9.50
Payment of sales commission or dealer manager fee	$ 0
Notice period for amendments to Plan				30 days
Common stock issued under plan				$ 17,400,000
Common stock issued under plan (in shares)		1,834,147		1,834,147
Stock issued during period, shares plan				0

Related Party Transaction - Add

Related Party Transaction - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Chairman and Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Rent revenue from an entity 100% owned by the Company's Chairman and Chief Executive Officer	$ 2,000	$ 7,000	$ 3,000	$ 14,000

Segments (Net Operating Income

Segments (Net Operating Income by Segment) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Net Operating Income [Abstract]
Rental, fees and other income	$ 7,120,987		$ 8,164,416		$ 14,300,251	$ 16,389,250
Property and related expenses	(2,526,002)		(2,662,223)		(5,289,552)	(5,312,132)
Net operating income, as defined	4,594,985		5,502,193		9,010,698	11,077,118
General and administrative expenses	(1,419,668)		(1,357,578)		(3,180,371)	(2,692,672)
Depreciation and amortization	(1,749,113)		(2,265,889)		(3,959,194)	(4,604,933)
Interest expense	(2,491,870)		(3,147,179)		(5,037,073)	(6,224,156)
Other income (expense)	4,409		12,449		9,933	(5,842)
Registration fees			(1,507,599)			(1,507,599)
Income tax expense	(191,809)		(88,671)		(273,239)	(119,465)
Gain on sale of real estate	176,392		355,276		1,390,634	429,489
Net loss	(1,076,674)	$ (961,937)	(2,496,998)	$ (1,151,061)	(2,038,611)	(3,648,060)
Office/Industrial Properties [Member]
Net Operating Income [Abstract]
Rental, fees and other income	5,496,096		6,058,387		10,950,249	12,215,534
Property and related expenses	(2,299,126)		(2,306,483)		(4,803,914)	(4,657,093)
Net operating income, as defined	3,196,970		3,751,904		6,146,335	7,558,441
Model Home Properties [Member]
Net Operating Income [Abstract]
Rental, fees and other income	1,001,918		1,169,890		2,083,602	2,293,657
Property and related expenses	(48,187)		(34,825)		(98,609)	(87,351)
Net operating income, as defined	953,731		1,135,065		1,984,993	2,206,306
Retail/Mixed Use Properties [Member]
Net Operating Income [Abstract]
Rental, fees and other income	622,973		936,139		1,266,400	1,880,059
Property and related expenses	(178,689)		(320,915)		(387,030)	(567,688)
Net operating income, as defined	$ 444,284		$ 615,224		$ 879,370	$ 1,312,371

Segments (Assets) (Details)

Segments (Assets) (Details) - USD ($)		Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Segment Reporting Asset Reconciling Item [Line Items]
Land, buildings and improvements, net		$ 213,442,944	$ 220,186,759
Cash equivalents and restricted cash		11,652,864	9,776,215	$ 12,450,950	$ 8,310,575
Other assets, net		5,741,653	7,646,207
TOTAL ASSETS		227,728,676	233,050,040
Significant Reconciling Items [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Other assets, net		2,632,868	3,087,066
Office/Industrial Properties [Member] | Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	[1]	133,617,761	138,694,773
TOTAL ASSETS	[2]	136,706,716	143,620,315
Model Home Properties [Member] | Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	[1]	46,535,828	48,762,869
TOTAL ASSETS	[2]	50,101,419	48,864,060
Retail/Mixed Use Properties [Member] | Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Land, buildings and improvements, net	[1]	25,572,056	23,650,423
TOTAL ASSETS	[2]	$ 26,634,809	$ 27,702,384
[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.

Segments (Capital Expenditures)

Segments (Capital Expenditures) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Capital expenditures and tenant improvements	$ 4,660,917	$ 1,808,140
Acquisition of operating properties	6,116,035	10,196,098
Total real estate investments	10,776,952	12,004,238
Office/Industrial Properties [Member]
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Capital expenditures and tenant improvements	4,645,667	1,788,880
Model Home Properties [Member]
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Acquisition of operating properties	6,116,035	10,196,098
Retail/Mixed Use Properties [Member]
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Abstract]
Capital expenditures and tenant improvements	$ 15,250	$ 19,260