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Note 7 - Mortgage Notes Payable | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Mortgage Notes Payable Disclosure [Text Block] | 7. MORTGAGE NOTES PAYABLE Mortgage notes payable consist of the following:
|  |  |  |  |  | Principal as of |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | September 30, |  |  | December 31, |  | Loan |  | Interest |  |  |  |  |
Mortgage note property |  | Notes |  |  | 2020 |  |  | 2019 |  | Type |  | Rate (1) |  |  | Maturity |
Waterman Plaza |  |  | (3) (7) |  |  | $ | 3,240,076 |  |  | $ | 3,274,097 |  | Variable |  |  | 4.25 | % |  | 4/29/2021 |
World Plaza |  |  | (3) (4) |  |  |  | 5,828,395 |  |  |  | 4,979,384 |  | Variable |  |  | 2.91 | % |  | 7/5/2021 |
Garden Gateway Plaza |  |  | (3) |  |  |  | 5,914,955 |  |  |  | 6,071,315 |  | Fixed |  |  | 5.00 | % |  | 8/5/2021 |
300 N.P. |  |  |  |  |  |  | 2,283,380 |  |  |  | 2,311,739 |  | Fixed |  |  | 4.95 | % |  | 6/11/2022 |
Highland Court |  |  |  |  |  |  | 6,312,739 |  |  |  | 6,424,366 |  | Fixed |  |  | 3.82 | % |  | 9/1/2022 |
Dakota Center |  |  |  |  |  |  | 9,954,740 |  |  |  | 10,111,693 |  | Fixed |  |  | 4.74 | % |  | 7/6/2024 |
Union Terrace |  |  | (2 | ) |  |  | — |  |  |  | 6,240,396 |  | Fixed |  |  | 4.50 | % |  | 8/5/2024 |
Centennial Tech Center |  |  | (2 | ) |  |  | — |  |  |  | 9,561,652 |  | Fixed |  |  | 4.43 | % |  | 12/5/2024 |
Research Parkway |  |  |  |  |  |  | 1,773,846 |  |  |  | 1,813,305 |  | Fixed |  |  | 3.94 | % |  | 1/5/2025 |
Arapahoe Service Center |  |  |  |  |  |  | 7,971,736 |  |  |  | 8,085,727 |  | Fixed |  |  | 4.34 | % |  | 1/5/2025 |
Union Town Center |  |  |  |  |  |  | 8,350,338 |  |  |  | 8,440,000 |  | Fixed |  |  | 4.28 | % |  | 1/5/2025 |
One Park Centre |  |  |  |  |  |  | 6,411,646 |  |  |  | 6,487,532 |  | Fixed |  |  | 4.77 | % |  | 9/5/2025 |
Genesis Plaza |  |  |  |  |  |  | 6,302,600 |  |  |  | 6,378,110 |  | Fixed |  |  | 4.71 | % |  | 9/6/2025 |
Shea Center II |  |  |  |  |  |  | 17,727,500 |  |  |  | 17,727,500 |  | Fixed |  |  | 4.92 | % |  | 1/5/2026 |
Executive Office Park |  |  | (3 | ) |  |  | 4,754,908 |  |  |  | 4,839,577 |  | Fixed |  |  | 4.83 | % |  | 6/1/2027 |
West Fargo Industrial |  |  |  |  |  |  | 4,290,717 |  |  |  | 4,216,565 |  | Fixed |  |  | 3.27 | % |  | 8/5/2029 |
Grand Pacific Center |  |  | (5 | ) |  |  | 3,767,027 |  |  |  | 3,851,962 |  | Fixed |  |  | 4.02 | % |  | 8/1/2037 |
Subtotal, Presidio Property Trust, Inc. Properties |  |  |  |  |  | $ | 94,884,603 |  |  | $ | 110,814,920 |  |  |  |  |  |  |  |  |  |
Model Home mortgage notes |  |  | (3 | ) |  |  | 29,514,663 |  |  |  | 32,644,129 |  | Fixed |  |  | (6 | ) |  |  | 2020 - 2023 |
Mortgage Notes Payable |  |  |  |  |  | $ | 124,399,266 |  |  | $ | 143,459,049 |  |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  |  |  |  |  | (862,452 | ) |  |  | (1,066,057 | ) |  |  |  |  |  |  |  |  |
Mortgage Notes Payable, net |  |  |  |  |  | $ | 123,536,814 |  |  | $ | 142,392,992 |  |  |  |  |  |  |  |  |  |
(1) | Interest rates as of September 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 September 30, 2020. One of four buildings at Executive Office Park was classified as held for sale; one model home was included as held for sale.
(4) | Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the nine months ended September 30, 2020, the weighted average interest rate was 3.53%.
(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 2.50% to 5.63% per annum at September 30, 2020.
(7) | Interest on this loan resets annually at LIBOR plus 3.00%, with a floor of 4.25%.
The Company is in compliance with all material conditions and covenants of its mortgage notes payable. Scheduled principal payments of mortgage notes payable were as follows as of September 30, 2020:
|  | Presidio Property |  |  | Model |  |  |  |  |
|  | Trust, Inc. |  |  | Homes |  |  | Total Principal |
|  | Notes Payable |  |  | Notes Payable |  |  | Payments |
Three months remaining in 2020 |  | $ | 468,332 |  |  | $ | 1,112,728 |  |  | $ | 1,581,060 |
Years ending December 31: |  |  |  |  |  |  |  |  |  |  |  |
2021 |  |  | 16,406,080 |  |  |  | 11,306,633 |  |  | $ | 27,712,713 |
2022 |  |  | 9,826,391 |  |  |  | 11,667,980 |  |  | $ | 21,494,371 |
2023 |  |  | 1,542,085 |  |  |  | 5,427,322 |  |  | $ | 6,969,407 |
2024 |  |  | 1,602,019 |  |  |  | — |  |  | $ | 1,602,019 |
Thereafter |  |  | 65,039,696 |  |  |  | — |  |  |  | 65,039,696 |
Total |  | $ | 94,884,603 |  |  | $ | 29,514,663 |  |  | $ | 124,399,266 |

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