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Mortgage Notes Payable (Tables) | 6 Months Ended
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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 |

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