| Real Estate Assets [Text Block] |
4. REAL ESTATE ASSETS
The Company owns a diverse portfolio of real estate assets. The primary types of properties the Company invests in are office, industrial, retail, and triple-net leased model home properties. We have three commercial properties located in Colorado, three in North Dakota, one in Southern California, one in Texas and one in Maryland. Our model home properties are located in four states. As of March 31, 2026, the Company owned or had an equity interest in:
| | • | Seven office buildings and one industrial property (“Office/Industrial Properties”); |
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| | • | One retail building (“Retail Property”) with approximately 10,500 rentable square feet (unaudited); and |
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| | • | 75 model home residential properties (“Model Homes” or “Model Home Properties”), all of which are owned by two affiliated limited partnerships and one wholly-owned corporation, all of which we control. As of March 31, 2026, all of the model homes in Dubose Model Home Investors #202, LP, Dubose Model Home Investors #203, LP, Dubose Model Home Investors #204, LP, and Dubose Model Home Investors #206, LP had been sold. |
A summary of the properties owned by the Company, including their lease intangibles, as of March 31, 2026 and December 31, 2025 is as follows:
| | | Date | | | | Real estate assets and lease intangibles, net | |
| Property Name | | Acquired | | Location | | March 31, 2026 | | | December 31, 2025 | |
| Genesis Plaza (1) | | August 2010 | | San Diego, CA | | $ | 7,154,860 | | | $ | 7,274,600 | |
| Dakota Center (2) | | May 2011 | | Fargo, ND | | | — | | | | 4,861,267 | |
| Grand Pacific Center | | March 2014 | | Bismarck, ND | | | 7,991,440 | | | | 8,082,202 | |
| Arapahoe Center | | December 2014 | | Centennial, CO | | | 8,752,279 | | | | 8,874,198 | |
| West Fargo Industrial | | August 2015 | | Fargo, ND | | | 6,355,397 | | | | 6,404,774 | |
| 300 N.P. | | August 2015 | | Fargo, ND | | | 1,925,488 | | | | 1,949,040 | |
| One Park Center | | August 2015 | | Westminster, CO | | | 5,637,002 | | | | 5,740,065 | |
| Shea Center II (3) | | December 2015 | | Highlands Ranch, CO | | | 15,978,009 | | | | 16,249,498 | |
| Mandolin (4) | | August 2021 | | Houston, TX | | | 4,485,923 | | | | 4,508,851 | |
| Baltimore | | December 2021 | | Baltimore, MD | | | 7,960,570 | | | | 8,016,747 | |
| Commercial properties | | | | | | | | 66,240,968 | | | | 71,961,242 | |
| Model Home properties (5) | | 2019 - 2025 | | AZ, TN, TX, AL | | | 34,253,639 | | | | 36,688,462 | |
| Total real estate assets and lease intangibles, net | | | | | | | $ | 100,494,606 | | | $ | 108,649,704 | |
| (1) | Genesis Plaza is owned by two tenants-in-common, NetREIT Genesis and NetREIT Genessis II, each of which own 57% and 43%, respectively, and we beneficially own an aggregate of 92.0%, based on our ownership of each entity. We have 100% ownership of NetREIT Genesis and 81.5% ownership of NetREIT Genesis II, and we have control of both entities. During July 2024, the Company completed a minority ownership conversion option as result of a death in a noncontrolling trust within NetREIT Genesis II. The Company issued the trust 86,232 shares of SQFT Series A Common Stock in exchange for their 36.4% ownership in NetREIT Genesis II, as per the original exchange agreement. |
| (2) | The non-recourse loan on the Dakota Center property matured on July 6, 2024. During December 2024, the lender agreed to the broker the Company would use to sell the property to settle the non-recourse debt. During July 2025, the lender approved a purchase offer from a third party for $5,125,000. On January 14, 2026, the Company completed the disposition of the Dakota Center property securing nonrecourse mortgage debt that had been in default. The lender controlled and approved the disposition process and accepted the proceeds from the sale in full satisfaction of the outstanding debt obligation. The Company recognized a gain on disposition of approximately $3.5 million, consisting primarily of the extinguishment of nonrecourse debt obligations and derecognition of the related net liabilities associated with the property |
| (3) | During January 2026, the Company received notice that the Company's failure to repay in full by January 5, 2026 the indebtedness related to the loan agreement governing Shea Center II had triggered a default event. On February 13, 2026, the Company received notification that the Shea Center II property governed by the non-recourse loan agreement was moved into receivership and the lender has started the foreclosure process. The foreclosure sale and public auction is scheduled for June 17, 2026. The lender holds approximately $2.4 million in restricted cash, some of which is being utilized by the receiver to operate the property. Additionally, during the three months ended March 31, 2026 and 2025, Shea Center II was listed as held for sale, related to the foreclosure sale and impaired approximately $0.4 million. |
| (4) | A portion of the proceeds from the sale of Highland Court were used in like-kind exchange transactions pursued under Section 1031 of the Code for the acquisition of our Mandolin property. Mandolin is owned by NetREIT Palm Self-Storage LP, through its wholly owned subsidiary, NetREIT Highland LLC, and the Company is the sole general partner and owns 61.3% of NetREIT Palm Self-Storage LP. |
| (5) | Includes Model Homes listed as held for sale as of March 31, 2026 and December 31, 2025. During the three months ended March 31, 2026, we recorded an impairment charge for model homes totaling $524,373, which reflects the estimated sales prices for these specific model homes. The short hold period, less than two years, and the builder changing their model style after we purchased the homes, contributed to the lower-than-expected sales price. |
For the three months ended March 31, 2026 and 2025, depreciation expense totaled approximately $0.9 million and $1.1 million, respectively.
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