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Mortgage Notes Payable (Tables) | 3 Months Ended
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Mar. 31, 2019
Mortgage Loans On Real Estate [Abstract] |
Mortgage Notes Payable | Mortgage notes payable consisted of the following:
|  |  |  | Principal as of |  |  |  |  |  |  |  |  |
|  |  |  | March 31, |  |  | December 31, |  |  | Loan |  | Interest |  |  |
Mortgage note property |  | Notes |  | 2019 |  |  | 2018 |  |  | Type |  | Rate (1) |  |  | Maturity
Garden Gateway Plaza |  |  |  |  | 6,221,930 |  |  |  | 6,270,896 |  |  | Fixed |  |  | 5.00 | % |  | 2/5/2020
World Plaza |  | (3)(4) |  |  | 4,652,783 |  |  |  | 3,350,539 |  |  | Variable |  |  | 5.10 | % |  | 7/5/2020
West Fargo Industrial |  |  |  |  | 4,273,389 |  |  |  | 4,292,809 |  |  | Fixed |  |  | 4.79 | % |  | 9/6/2020
Morena Office Center |  | (2) |  |  | - |  |  |  | 1,567,358 |  |  | Fixed |  |  | 4.30 | % |  | 6/1/2021
Waterman Plaza |  |  |  |  | 3,342,821 |  |  |  | 3,369,960 |  |  | Fixed |  |  | 5.78 | % |  | 4/29/2021
300 N.P. |  |  |  |  | 2,339,040 |  |  |  | 2,348,443 |  |  | Fixed |  |  | 4.95 | % |  | 6/11/2022
Highland Court |  |  |  |  | 6,532,844 |  |  |  | 6,568,320 |  |  | Fixed |  |  | 3.82 | % |  | 9/1/2022
Dakota Center |  |  |  |  | 10,263,049 |  |  |  | 10,314,520 |  |  | Fixed |  |  | 4.74 | % |  | 7/6/2024
Union Terrace Building |  | (3) |  |  | 6,325,217 |  |  |  | 6,354,153 |  |  | Fixed |  |  | 4.50 | % |  | 8/5/2024
The Presidio |  | (3) |  |  | 5,976,369 |  |  |  | 5,992,905 |  |  | Fixed |  |  | 4.54 | % |  | 12/1/2021
Centennial Tech Center |  | (3) |  |  | 9,699,063 |  |  |  | 9,745,811 |  |  | Fixed |  |  | 4.43 | % |  | 12/5/2024
Research Parkway |  |  |  |  | 1,851,618 |  |  |  | 1,864,139 |  |  | Fixed |  |  | 3.94 | % |  | 1/5/2025
Arapahoe Service Center |  |  |  |  | 8,195,988 |  |  |  | 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 |  |  |  |  | 4,921,238 |  |  |  | 4,947,808 |  |  | Fixed |  |  | 4.83 | % |  | 6/1/2027
Genesis Plaza |  |  |  |  | 6,450,941 |  |  |  | 6,476,032 |  |  | Fixed |  |  | 4.71 | % |  | 8/25/2025
One Park Centre |  |  |  |  | 6,560,690 |  |  |  | 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) |  |  | 3,934,379 |  |  |  | 3,961,304 |  |  | Fixed |  |  | 4.02 | % |  | 8/1/2037
Subtotal, Presidio Property Trust, Inc. Properties |  |  |  |  | 117,708,859 |  |  |  | 118,411,986 |  |  |  |  |  |  |  |  |
Model Home mortgage notes |  |  |  |  | 29,423,690 |  |  |  | 32,728,930 |  |  | Fixed |  | (6) |  |  | 2019-2021
Mortgage Notes Payable |  |  |  | $ | 147,132,549 |  |  | $ | 151,140,916 |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  |  |  | (1,276,667 | ) |  |  | (1,426,740 | ) |  |  |  |  |  |  |  |
Mortgage Notes Payable, net |  |  |  | $ | 145,855,882 |  |  | $ | 149,714,176 |  |  |  |  |  |  |  |  |
(1) | Interest rates as of March 31, 2019.
(2) | Morena Office Center was sold on January 15, 2019.
(3) | Properties held for sale as of March 31, 2019.
(4) | Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the 3 months ended March 31, 2019, the weighted average interest rate was 5.38%.
(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 3.7% to 5.75% per annum (at March 31, 2019).
Scheduled Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable were as follows as of March 31, 2019:
|  | Presidio Property Trust, Inc. |  |  | Model Homes |  |  | Principal |
|  | Notes Payable |  |  | Notes Payable |  |  | Payments |
Nine months remaining in 2019 |  | $ | 1,496,106 |  |  | $ | 6,253,663 |  |  | $ | 7,749,769 |
Years ending December 31: |  |  |  |  |  |  |  |  |  |  |  |
2020 |  |  | 16,537,438 |  |  |  | 12,314,258 |  |  | $ | 28,851,696 |
2021 |  |  | 10,756,794 |  |  |  | 10,855,769 |  |  | $ | 21,612,563 |
2022 |  |  | 10,055,656 |  |  |  | - |  |  | $ | 10,055,656 |
2023 |  |  | 1,783,291 |  |  |  | - |  |  | $ | 1,783,291 |
Thereafter |  |  | 77,079,574 |  |  |  | - |  |  | $ | 77,079,574 |
Total |  | $ | 117,708,859 |  |  | $ | 29,423,690 |  |  | $ | 147,132,549 |

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