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MORTGAGE NOTES PAYABLE (Tables) | 6 Months Ended
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Jun. 30, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
Mortgage Notes Payable | Mortgage notes payable consist of the following:
Mortgage note property |  | Notes |  | Principal as of |  |  |  | Loan Type |  | Interest Rate (1) |  | Maturity
|  |  |  | June 30, |  | December 31, |  |  |  |  |  |
|  |  |  | 2020 |  | 2019 |  |  |  |  |  |
Garden Gateway Plaza |  | (3) |  |  | $ | 5,967,727 |  |  | $ | 6,071,315 |  |  | Fixed |  | 5.00 | % |  | 8/5/2021
World Plaza |  | (3)(4) |  | 5,854,222 |  |  | 4,979,383 |  |  | Variable |  | 4.40 | % |  | 7/5/2021
West Fargo Industrial |  |  |  | 4,177,324 |  |  | 4,216,565 |  |  | Fixed |  | 4.79 | % |  | 5/31/2029
Waterman Plaza |  | (7) |  |  | 3,247,878 |  |  | 3,274,097 |  |  | Variable |  | 4.25 | % |  | 4/29/2021
300 N.P. |  |  |  | 2,292,848 |  |  | 2,311,738 |  |  | Fixed |  | 4.95 | % |  | 6/11/2022
Highland Court |  |  |  | 6,350,303 |  |  | 6,424,366 |  |  | Fixed |  | 3.82 | % |  | 9/1/2022
Dakota Center |  |  |  | 10,007,257 |  |  | 10,111,693 |  |  | Fixed |  | 4.74 | % |  | 7/6/2024
Union Terrace |  | (2) |  |  | — |  |  | 6,240,396 |  |  | Fixed |  | 4.50 | % |  | 9/5/2024
Centennial Tech Center |  | (2) |  |  | — |  |  | 9,561,654 |  |  | Fixed |  | 4.43 | % |  | 1/5/2024
Research Parkway |  |  |  | 1,787,129 |  |  | 1,813,305 |  |  | Fixed |  | 3.94 | % |  | 1/5/2025
Arapahoe Service Center |  |  |  | 8,009,836 |  |  | 8,085,727 |  |  | Fixed |  | 4.34 | % |  | 1/5/2025
Union Town Center |  |  |  | 8,406,185 |  |  | 8,440,000 |  |  | Fixed |  | 4.28 | % |  | 1/5/2025
Executive Office Park |  | (3) |  | 4,783,471 |  |  | 4,839,576 |  |  | Fixed |  | 4.83 | % |  | 6/1/2027
Genesis Plaza |  |  |  | 6,327,800 |  |  | 6,378,110 |  |  | Fixed |  | 4.71 | % |  | 9/6/2025
One Park Centre |  |  |  | 6,436,968 |  |  | 6,487,532 |  |  | 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) |  |  | 3,795,623 |  |  | 3,851,962 |  |  | Fixed |  | 4.02 | % |  | 8/1/2037
Subtotal, Presidio Property Trust, Inc. Properties |  |  |  | 95,172,071 |  |  | 110,814,919 |  |  |  |  |  |  |
Model Home mortgage notes |  | (3) |  |  | 31,270,029 |  |  | 32,644,129 |  |  | Fixed |  | (6) |  |  | 2020-2023
Mortgage Notes Payable |  |  |  | $ | 126,442,100 |  |  | $ | 143,459,048 |  |  |  |  |  |  |
Unamortized loan costs |  |  |  | (911,172) |  |  | (1,066,056) |  |  |  |  |  |  |
Mortgage Notes Payable, net |  |  |  | $ | 125,530,928 |  |  | $ | 142,392,992 |  |  |  |  |  |  |
(1)Interest rates as of June 30, 2020. (2)Centennial Tech Center and Union Terrace were sold on February 5, 2020 and March 13, 2020, respectively. (3)Properties held for sale as of June 30, 2020. Only one of four buildings at Executive Office Park was classified as held for sale. There are four model homes included as held for sale. (4)Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the six months ended June 30, 2020, the weighted average interest rate was 4.40%. (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 2.52% to 5.63% per annum at June 30, 2020. (7)Interest on this loan resets annually at LIBOR plus 3.00%, with a floor of 4.25%.
Schedule of Maturities of Long-term Debt | Scheduled principal payments of mortgage notes payable were as follows as of June 30, 2020:
| Presidio Property Trust, Inc. Notes Payable |  | Model Homes Notes Payable |  | Total Principal Payments
Six months remaining in 2020 | $ | 882,006 |  |  | $ | 6,150,969 |  |  | $ | 7,032,975 |
Years ending December 31: |  |  |  |  |
2021 | 16,382,167 |  |  | 12,708,950 |  |  | $ | 29,091,117 |
2022 | 9,798,450 |  |  | 8,505,525 |  |  | $ | 18,303,975 |
2023 | 1,514,611 |  |  | 3,904,585 |  |  | $ | 5,419,196 |
2024 | 1,645,496 |  |  | — |  |  | $ | 1,645,496 |
Thereafter | 64,949,341 |  |  | — |  |  | $ | 64,949,341 |
Total | $ | 95,172,071 |  |  | $ | 31,270,029 |  |  | $ | 126,442,100 |

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