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Mortgage Notes Payable (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2017

Dec. 31, 2016

Mortgage Loans on Real Estate [Abstract]

Mortgage Notes Payable

Mortgage notes payable consisted of the following:

						Principal as of
						September 30,				December 31,				Loan Type				Interest Rate(1)
Mortgage note property		Notes				2017				2016												Maturity
Rangewood Medical Office Building						$	—			$	958,106				Fixed				4.95	%			1/1/2019
Regatta Square							—				1,150,566				Fixed				4.95	%			1/1/2019
Garden Gateway Plaza							6,491,497				6,626,739				Fixed				5.00	%			2/5/2020
Port of San Diego Complex							9,645,958				9,852,456				Fixed				4.75	%			3/5/2020
West Fargo Industrial							4,383,209				4,434,655				Fixed				4.79	%			8/4/2020
Morena Office Center			(2	)			2,173,577				2,224,839				Fixed				4.50	%			1/1/2021
Waterman Plaza							3,872,112				3,939,037				Fixed				4.25	%			4/29/2021
Pacific Oaks Plaza							1,477,981				1,512,640				Fixed				4.50	%			6/1/2021
The Presidio							6,000,000				6,000,000				Fixed				4.54	%			12/1/2021
Shoreline Medical Building							—				3,602,238				Fixed				5.10	%			6/1/2022
Highland Court							6,729,472				6,829,348				Fixed				3.82	%			9/1/2022
Dakota Bank Buildings							10,538,950				10,677,761				Fixed				4.74	%			7/6/2024
Union Terrace Building							6,480,347				6,558,704				Fixed				4.50	%			9/5/2024
Centennial Tech Center							9,950,275				10,077,242				Fixed				4.34	%			11/5/2024
Research Parkway							1,920,972				1,956,154				Fixed				3.94	%			1/5/2025
Arapahoe Service Center							8,397,863				8,500,000				Fixed				4.34	%			1/5/2025
Union Town Center							8,440,000				8,440,000				Fixed				4.28	%			1/5/2025
Yucca Valley Retail Center							6,000,000				6,000,000				Fixed				4.30	%			4/11/2025
Executive Office Park			(3	)			4,171,269				4,231,842				Fixed				5.80	%			7/1/2025
Genesis Plaza							6,500,000				6,610,000				Fixed				4.65	%			8/25/2025
One Park Centre							6,610,000				6,500,000				Fixed				4.77	%			9/5/2025
Shea Center II							17,727,500				17,727,500				Fixed				4.92	%			1/5/2026
Bismarck Office Building			(5	)			4,083,446				4,158,998				Fixed				4.02	%			8/1/2037
300 N.P.							2,388,948				—				Fixed				4.02	%			8/1/2037
Subtotal, Presidio Property Trust, Inc. properties							133,983,376				138,568,825								4.71	%
Model Home mortgage notes							30,717,681				22,259,779				Fixed				(4	)			2017-2020
Mortgage Notes Payable						$	164,701,057			$	160,828,604
Unamortized loan costs							(1,781,974	)			(1,942,493	)
Mortgage Notes Payable, net						$	162,919,083			$	158,886,111

(1) Interest rates as of September 30, 2017.

(2) Interest rate is subject to reset on May 4, 2018.

(3) Interest rate is subject to reset on July 1, 2018.

(4) Each Model Home has a stand-alone mortgage note at interest rates ranging from 3.8% to 5.5% per annum (at September 30, 2017).

(5) Interest rate is subject to reset on September 1, 2023 and on September 1, 2030.

Mortgage notes payable consisted of the following:

						Principal as of
						December 31,				December 31,				Loan Type				Interest Rate(1)				Maturity
Mortgage note property		Notes				2016				2015
Havana/Parker Complex						$	—			$	2,500,000				Fixed				6.51	%			7/1/2016
Rangewood Medical Office Building							958,106				1,027,085				Fixed				4.95	%			1/1/2019
Regatta Square							1,150,566				1,183,473				Fixed				4.95	%			1/1/2019
Port of San Diego Complex							9,852,456				10,097,726				Fixed				4.75	%			3/5/2020
Garden Gateway Plaza							6,626,739				6,799,229				Fixed				5.00	%			4/5/2020
West Fargo Industrial							4,434,655				4,500,000				Fixed				4.79	%			8/4/2020
Morena Office Center			(2	)			2,224,839				2,289,899				Fixed				4.50	%			1/1/2021
Waterman Plaza			(4	)			3,939,037				—				Fixed				4.25	%			4/29/2021
Pacific Oaks Plaza							1,512,640				1,556,891				Fixed				4.50	%			6/1/2021
Shoreline Medical Building			(2	)			3,602,238				3,727,569				Fixed				5.10	%			6/1/2022
Highland Court							6,829,348				6,958,147				Fixed				3.82	%			8/28/2022
Dakota Bank Buildings							10,677,761				10,825,201				Fixed				4.74	%			7/6/2024
Union Terrace Building							6,558,704				6,600,000				Fixed				4.50	%			9/5/2024
The Presidio							6,000,000				6,000,000				Fixed				4.54	%			12/1/2024
Centennial Technology Center							10,077,242				10,237,591				Fixed				4.34	%			1/5/2025
Research Parkway							1,956,154				—				Fixed				3.94	%			1/5/2025
Arapahoe Service Center							8,500,000				8,500,000				Fixed				4.34	%			1/5/2025
Union Town Center							8,440,000				8,440,000				Fixed				4.28	%			1/5/2025
Yucca Valley Retail Center							6,000,000				6,000,000				Fixed				4.30	%			4/11/2025
Executive Office Park			(3	)			4,231,842				4,307,975				Fixed				5.80	%			7/1/2025
Genesis Plaza							6,610,000				6,500,000				Fixed				4.65	%			8/25/2025
One Park Centre							6,500,000				6,610,000				Fixed				4.77	%			9/5/2025
Shea Center II							17,727,500				17,727,500				Fixed				4.92	%			1/5/2026
Bismarck Office Building			(6	)			4,158,998				3,252,016				Fixed				4.02	%			8/1/2037
NetREIT, Inc. properties							138,568,825				135,640,302								4.71	%
Model Home mortgage notes							22,259,779				9,050,268				Fixed				(5	)			2016-2020
Mortgage Notes Payable						$	160,828,604			$	144,690,570
Unamortized loan costs							(1,942,493	)			(2,052,169	)
Mortgage Notes Payable, net						$	158,886,111			$	142,638,401

(1) Interest rates as of December 31, 2016.

(2) Interest rate subject to resetting on the 6th loan anniversary.

(3) Interest rate is subject to reset on July 1, 2018.

(4) Interest rate is subject to reset on April 28, 2017.

(5) Each Model Home has a standalone mortgage note at interest rates ranging from 3.8% to 5.5% (at December 31, 2016).

(6) Interest rate is subject to reset on September 1, 2023.

Scheduled Principal Payments of Mortgage Notes Payable

Scheduled principal payments of mortgage notes payable were as follows as of September 30, 2017:

		Presidio Property Trust, Inc.				Model Homes				Principal
		Notes Payable				Notes Payable				Payments
Three months remaining in 2017		$	474,791			$	299,579			$	774,370
Years ending December 31:
2018			1,931,368				1,720,327			$	3,651,695
2019			2,286,504				16,696,091			$	18,982,595
2020			21,156,934				12,001,684			$	33,158,618
2021			14,496,465				—			$	14,496,465
Thereafter			93,637,314				—			$	93,637,314
Total		$	133,983,376			$	30,717,681			$	164,701,057

Scheduled principal payments of mortgage notes payable are as follows:

		NetREIT, Inc.				Model Homes				Principal
Years ending December 31:		Notes Payable				Notes Payable				Payments
2017		$	1,927,307			$	1,844,449			$	3,771,756
2018			6,213,089				1,153,766				7,366,855
2019			3,153,040				16,764,027				19,917,067
2020			2,569,269				2,497,537				5,066,806
2021			12,081,874				—				12,081,874
Thereafter			112,624,246				—				112,624,246
Total		$	138,568,825			$	22,259,779			$	160,828,604

X

- Definition

Tabular disclosure of the aggregate amount of payments due on known contractual obligations for the five years following the date of the latest balance sheet and the combined aggregate amount of maturities of known contractual obligations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 303
-Paragraph a
-Subparagraph 5

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

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