Mortgage Notes Payable (Tables)

9 Months Ended

Sep. 30, 2019

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Mortgage notes payable consist of the following:


Mortgage note property	Notes	Principal as of					Loan Type		Interest Rate (1)	Maturity
						September 30,					December 31,
						2019					2018
Garden Gateway Plaza	(3)	$	6,122,148	$	6,270,896	Fixed	5.00	%	2/5/2020
World Plaza	(3)(4)	5,005,210		3,350,539		Variable	5.18	%	7/5/2020
West Fargo Industrial		4,236,111		4,292,809		Fixed	4.79	%	9/6/2020
Morena Office Center	(2)	—		1,567,358		Fixed	4.30	%	6/1/2021
Waterman Plaza		3,293,690		3,369,960		Fixed	5.78	%	4/29/2021
300 N.P.		2,321,165		2,348,443		Fixed	4.95	%	6/11/2022
Highland Court		6,460,871		6,568,320		Fixed	3.82	%	9/1/2022
Dakota Center		10,163,642		10,314,520		Fixed	4.74	%	7/6/2024
Union Terrace	(3)	6,269,514		6,354,153		Fixed	4.50	%	8/5/2024
The Presidio	(7)	—		5,992,905		Fixed	4.54	%	12/1/2021
Centennial Tech Center	(3)	9,608,758		9,745,811		Fixed	4.43	%	12/5/2024
Research Parkway		1,826,202		1,864,139		Fixed	3.94	%	1/5/2025
Arapahoe Service Center		8,123,537		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		4,867,125		4,947,808		Fixed	4.83	%	6/1/2027
Genesis Plaza		6,403,234		6,476,032		Fixed	4.71	%	9/6/2025
One Park Centre		6,512,787		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)	3,879,710		3,961,304		Fixed	4.02	%	8/1/2037
Subtotal, Presidio Property Trust, Inc. Properties		111,261,204		118,411,986
Model Home mortgage notes		29,823,671		32,728,930		Fixed	(6)		2019-2022
Mortgage Notes Payable		$	141,084,875	$	151,140,916
Unamortized loan costs		(1,109,867)		(1,426,740)
Mortgage Notes Payable, net		$	139,975,008	$	149,714,176

(1)Interest rates as of September 30, 2019.

(2)Morena Office Center was sold on January 15, 2019.

(3)Properties held for sale as of September 30, 2019.

(4)Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the nine months ended September 30, 2019, the weighted average interest rate was 5.29%.

(5)Interest rate is subject to reset on September 1, 2023. Each model home has a stand-alone mortgage note at interest rates ranging from 3.72% to 5.75% per annum (at September 30, 2019).

(6)The Presidio was sold on July 31, 2019.

Scheduled Principal Payments of Mortgage Notes Payable

Scheduled principal payments of mortgage notes payable were as follows as of September 30, 2019:


	Presidio Property Trust, Inc. Notes Payable		Model Homes Notes Payable		Total Principal Payments
Three months remaining in 2019	$	482,495	$	2,272,651	$	2,755,146
Years ending December 31:
2020	16,846,577		11,585,541		$	28,432,118
2021	4,951,463		11,679,255		$	16,630,718
2022	10,055,657		4,286,224		$	14,341,881
2023	1,783,291		—		$	1,783,291
Thereafter	77,141,721		—		$	77,141,721
Total	$	111,261,204	$	29,823,671	$	141,084,875