1 unchanged sentence
General Information
−Removed: We invest in a diverse multi-tenant portfolio of real estate assets primarily consisting of office/industrial, retail, and model home properties located in the western United States.
−Removed: As of December 31, 2020, we owned or had an equity interest in 11 office/industrial buildings totaling approximately 982,796 rentable square feet and four retail centers totaling approximately 131,722 rentable square feet.
−Removed: In addition, through our Model Home subsidiary and our investments in six limited partnerships and one corporation, we own a total of 118 Model Home properties located in 6 states.
+Added: We invest in a diverse multi-tenant portfolio of real estate assets primarily consisting of office/industrial, retail, and model home properties located primarily in the western United States.
+Added: As of December 31, 2021, we owned or had an equity interest in nine office/industrial buildings totaling approximately 757,578 rentable square feet and four retail centers totaling approximately 121,052 rentable square feet.
+Added: In addition, through our Model Home subsidiary and our investments in six limited partnerships and one corporation, we own a total of 92 Model Home properties located in four states.
We directly manage the operations and leasing of our properties.
Substantially all of our revenues consist of base rents received under leases that generally have terms that range from one to five years.
−Removed: We estimate that approximately 69% of our existing leases as of December 31, 2020 contain contractual rent increases that provide for increases in the base rental payments.
+Added: th e majority of our ex isting leases as of December 31, 2021 contain contractual rent increases that provide for increases in the base rental payments.
Our tenants consist of local, regional and national businesses.
Our properties generally attract a mix of diversified tenants creating lower risk in periods of economic fluctuations.
−Removed: Our largest tenant represented less than 7% of total revenues for the year ended December 31, 2020.
+Added: Our largest tenant represented approximately 8.0% of total revenues for the year ended December 31, 2021.
Geographic Diversification Table
7 unchanged sentences
Model Home Properties:
+Added: Geographic Region
of Properties
11 unchanged sentences
Mortgage On property
−Removed: Estimated Renovation or Improvement Cost (2)
Office/Industrial Properties:
−Removed: Garden Gateway, Colorado Springs, CO (5) (7)
−Removed: Executive Office Park, Colorado Springs, CO (5)
Genesis Plaza, San Diego, CA (2)
4 unchanged sentences
300 N.P., West Fargo, ND
−Removed: Highland Court, Centennial CO (4)
One Park Centre, Westminster CO
Shea Center II, Highlands Ranch, CO
+Added: Baltimore, Baltimore, MD
Total Office/Industrial Properties
1 unchanged sentence
World Plaza, San Bernardino, CA (4)
−Removed: Waterman Plaza, San Bernardino, CA (5) (6)
Union Town Center, Colorado Springs, CO
Research Parkway, Colorado Springs, CO
+Added: Mandolin, Houston, TX
Total Retail Properties
2 unchanged sentences
After January 1, 2009, acquisition related costs and expenses were expensed when incurred.
−Removed: Expected capital expenditures over the next 12 months.
−Removed: Genesis Plaza is owned by two tenants-in-common, each of which 57% and 43%, respectively, and we beneficially own an aggregate of 76.4%.
−Removed: Highland Court is owned by two tenants-in-common, each of which 60% and 40%, respectively, and we beneficially own an aggregate of 84.5%.
−Removed: Property held for sale as of December 31, 2020.
−Removed: Waterman Plaza sold on January 28, 2021 for approximately $3.5 million.
−Removed: Garden Gateway sold on February 19, 2021 for approximately $11.2 million.
+Added: Genesis Plaza is owned by two tenants-in-common, each of which own 57% and 43%, respectively, and we beneficially own an aggregate of 76.4%, based on our ownership percentages of each tenant-in-common.
+Added: Property was listed as held for sale during the February 2022.
+Added: Property held for sale as of December 31, 2021. 
Top Ten Tenants Physical Occupancy Table
5 unchanged sentences
Halliburton Energy Services, Inc.
+Added: Johns Hopkins University
Finastra USA Corporation
−Removed: The College for Financial Planning, Inc.
−Removed: Restaurant Technology Services
−Removed: MasTec North America, Inc.
Wells Fargo Bank, N.A.
−Removed: Cobham Colorado Springs (2)
−Removed: MGA Home Healthcare Colorado, Inc.
−Removed: Merrill Lynch
+Added: Nova Financial & Investment Corporation
+Added: Republic Indemnity of America
+Added: Meissner Jacquet Real Estate Management Group, Inc.
Fredrikson & Byron P.A.
−Removed: T his tenant occupies space in the Highla nd Court, which was classified as held for sale as of December 31, 2020.
−Removed: T his tenant occupies space in the Garden Gateway Plaza , which was classified as held for sale as of December 31, 2020.
+Added: T his tenant occupies space in the World Plaza , which was classified as held for sale as of December 31, 2021.
+Added: T his tenant occupies space in the Grand Pacific Center , which was classified as held for sale in February 2022.
Lease Expirations Tables
33 unchanged sentences
Property held for sale as of December 31, 2021.
−Removed: Waterman Plaza was sold on January 28, 2021.
−Removed: Garden Gateway was sold on February 19, 2021.
+Added: Property was sold during the year ended December 31, 2021.
+Added: Property was listed as held for sale in February 2022.
+Added: 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.
+Added: 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.
Annualized Base Rent Per Square Foot for Last 5 Years
21 unchanged sentences
Annualized Base Rent is based upon actual rents due as of December 31, 2021.
+Added: Property was sold during the year ended December 31, 2021.
+Added: Property was listed as held for sale in February 2022.
+Added: 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.
+Added: 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.
Property held for sale as of December 31, 2021.
−Removed: Waterman Plaza was sold on January 28, 2021.
−Removed: Garden Gateway was sold on February 19, 2021.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.