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Mortgage Notes Payable (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2020 | Dec. 31, 2019
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:
|  |  |  | Principal as of |  |  |  |  |  |  |  |  |
|  |  |  | March 31, |  |  | December 31, |  |  | Loan |  | Interest |  |  |  |
Mortgage note property |  | Notes |  | 2020 |  |  | 2019 |  |  | Type |  | Rate (1) |  |  | Maturity |
Garden Gateway Plaza |  | (3) |  | $ | 6,019,844 |  |  | $ | 6,071,315 |  |  | Fixed |  |  | 5.00 | % |  |  | 8/5/2021 |
World Plaza |  | (3)(4) |  |  | 4,953,556 |  |  |  | 4,979,383 |  |  | Variable |  |  | 4.41 | % |  |  | 7/5/2020 |
West Fargo Industrial |  |  |  |  | 4,196,788 |  |  |  | 4,216,565 |  |  | Fixed |  |  | 4.79 | % |  |  | 9/6/2020 |
Waterman Plaza |  |  |  |  | 3,254,223 |  |  |  | 3,274,097 |  |  | Fixed |  |  | 5.78 | % |  |  | 4/29/2021 |
300 N.P. |  |  |  |  | 2,302,197 |  |  |  | 2,311,738 |  |  | Fixed |  |  | 4.95 | % |  |  | 6/11/2022 |
Highland Court |  |  |  |  | 6,387,511 |  |  |  | 6,424,366 |  |  | Fixed |  |  | 3.82 | % |  |  | 9/1/2022 |
Dakota Center |  |  |  |  | 10,059,135 |  |  |  | 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 |  |  |  |  | 1,800,281 |  |  |  | 1,813,305 |  |  | Fixed |  |  | 3.94 | % |  |  | 1/5/2025 |
Arapahoe Service Center |  |  |  |  | 8,047,511 |  |  |  | 8,085,727 |  |  | Fixed |  |  | 4.34 | % |  |  | 1/5/2025 |
Union Town Center |  |  |  |  | 8,416,833 |  |  |  | 8,440,000 |  |  | Fixed |  |  | 4.28 | % |  |  | 1/5/2025 |
Executive Office Park |  | (3) |  |  | 4,811,730 |  |  |  | 4,839,576 |  |  | Fixed |  |  | 4.83 | % |  |  | 6/1/2027 |
Genesis Plaza |  |  |  |  | 6,352,694 |  |  |  | 6,378,110 |  |  | Fixed |  |  | 4.71 | % |  |  | 9/6/2025 |
One Park Centre |  |  |  |  | 6,461,980 |  |  |  | 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) |  |  | 3,823,965 |  |  |  | 3,851,962 |  |  | Fixed |  |  | 4.02 | % |  |  | 8/1/2037 |
Subtotal, Presidio Property Trust, Inc. Properties |  |  |  |  | 94,615,748 |  |  |  | 110,814,919 |  |  |  |  |  |  |  |  |  |  |
Model Home mortgage notes |  |  |  |  | 33,386,972 |  |  |  | 32,644,129 |  |  | Fixed |  |  | (6 | ) |  |  | 2019-2023 |
Mortgage Notes Payable |  |  |  | $ | 128,002,720 |  |  | $ | 143,459,048 |  |  |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  |  |  | (879,175 | ) |  |  | (1,066,056 | ) |  |  |  |  |  |  |  |  |  |
Mortgage Notes Payable, net |  |  |  | $ | 127,123,545 |  |  | $ | 142,392,992 |  |  |  |  |  |  |  |  |  |  |
(1) | Interest rates as of March 31, 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 March 31, 2020. Only one of four buildings at Executive Office Park were classified as held for sale.
(4) | Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the three months ended March 31, 2020, the weighted average interest rate was 4.41%.
(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 3.44% to 5.63% per annum at March 31, 2020.
| Mortgage notes payable consisted of the following:
|  |  |  | Principal as of |  |  |  |  |  |  |
|  |  |  | December 31, |  |  | December 31, |  |  |  |  |
Mortgage note property |  | Notes |  | 2019 |  |  | 2018 |  |  | Loan Type |  | Interest Rate (1) |  | Maturity
Garden Gateway Plaza |  | (7) |  | $ | 6,071,315 |  |  | $ | 6,270,896 |  |  | Fixed |  | 5.00% |  | 2/5/2020
World Plaza |  | (4) |  |  | 4,979,383 |  |  |  | 3,350,539 |  |  | Variable |  | 5.10% |  | 7/5/2020
West Fargo Industrial |  |  |  |  | 4,216,565 |  |  |  | 4,292,809 |  |  | Fixed |  | 4.79% |  | 9/6/2020
Morena Office Center |  | (2) |  |  | — |  |  |  | 1,567,358 |  |  | Fixed |  | 4.30% |  | 6/1/2021
Waterman Plaza |  |  |  |  | 3,274,097 |  |  |  | 3,369,960 |  |  | Fixed |  | 5.78% |  | 4/29/2021
300 N.P. |  |  |  |  | 2,311,738 |  |  |  | 2,348,443 |  |  | Fixed |  | 4.95% |  | 6/11/2022
Highland Court |  |  |  |  | 6,424,366 |  |  |  | 6,568,320 |  |  | Fixed |  | 3.82% |  | 9/1/2022
Dakota Center |  |  |  |  | 10,111,693 |  |  |  | 10,314,520 |  |  | Fixed |  | 4.74% |  | 7/6/2024
Union Terrace |  |  |  |  | 6,240,396 |  |  |  | 6,354,153 |  |  | Fixed |  | 4.50% |  | 9/5/2024
The Presidio |  |  |  |  | — |  |  |  | 5,992,905 |  |  | Fixed |  | 4.54% |  | 12/1/2021
Centennial Tech Center |  | (6) |  |  | 9,561,654 |  |  |  | 9,745,811 |  |  | Fixed |  | 4.43% |  | 1/5/2024
Research Parkway |  |  |  |  | 1,813,305 |  |  |  | 1,864,139 |  |  | Fixed |  | 3.94% |  | 1/5/2025
Arapahoe Center |  |  |  |  | 8,085,727 |  |  |  | 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 |  |  |  |  | 4,839,576 |  |  |  | 4,947,808 |  |  | Fixed |  | 4.83% |  | 6/1/2027
Genesis Plaza |  |  |  |  | 6,378,110 |  |  |  | 6,476,032 |  |  | Fixed |  | 4.71% |  | 8/25/2025
One Park Centre |  |  |  |  | 6,487,532 |  |  |  | 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 |  | (3) |  |  | 3,851,962 |  |  |  | 3,961,304 |  |  | Fixed |  | 4.02% |  | 8/1/2037
Office/Industrial and Retail Properties |  |  |  | $ | 110,814,919 |  |  | $ | 118,411,986 |  |  |  |  |  |  |
Model Home Properties |  |  |  |  | 32,644,129 |  |  |  | 32,728,930 |  |  | Fixed |  | (5) |  | 2019—2022
Mortgage Notes Payable |  |  |  | $ | 143,459,048 |  |  | $ | 151,140,916 |  |  |  |  |  |  |
Unamortized loan costs |  |  |  |  | (1,066,056 | ) |  |  | (1,426,740 | ) |  |  |  |  |  |
Mortgage Notes Payable held for investment, net |  |  |  | $ | 142,392,992 |  |  | $ | 149,714,176 |  |  |  |  |  |  |
(1) | Interest rates as of December 31, 2019.
(2) | Morena Office Center sold on January 15, 2019.
(3) | Interest rate is subject to reset on September 1, 2023.
(4) | Interest on this loan is ABR + 0.75% and LIBOR plus 2.75% For the year-ended December 31, 2019, the weighted average interest rate was 5.04%.
(5) | Each Model Home has a stand-alone mortgage note at interest rates ranging from 3.8% to 5.6% (at December 31, 2019).
(6) | Centennial Tech Center was held for sale as of December 31, 2019 and sold for approximately $15.0 million on February 5, 2020.
(7) | The maturity date of the mortgage loan was extended to August 5, 2021.
Scheduled Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable were as follows as of March 31, 2020:
|  | Presidio Property Trust, Inc. Notes Payable |  |  | Model Homes Notes Payable |  |  | Total Principal Payments |
Nine months remaining in 2020 |  | $ | 10,312,547 |  |  | $ | 9,903,239 |  |  | $ | 20,215,786 |
Years ending December 31: |  |  |  |  |  |  |  |  |  |  |  |
2021 |  |  | 10,472,745 |  |  |  | 12,949,485 |  |  |  | 23,422,230 |
2022 |  |  | 9,710,259 |  |  |  | 8,345,200 |  |  |  | 18,055,459 |
2023 |  |  | 1,422,043 |  |  |  | 2,189,048 |  |  |  | 3,611,091 |
2024 |  |  | 10,365,425 |  |  |  | — |  |  |  | 10,365,425 |
Thereafter |  |  | 52,332,729 |  |  |  | — |  |  |  | 52,332,729 |
Total |  | $ | 94,615,748 |  |  | $ | 33,386,972 |  |  | $ | 128,002,720 |
| Scheduled principal payments of mortgage notes payable are as follows:
Years ending December 31: |  | Office/ Industrial and Retail Notes Payable |  |  | Model Home Properties Notes Payable |  |  | Principal Payments |
2020 |  |  | $16,871,952 |  |  |  | $12,294,895 |  |  | $ | 29,166,847 |
2021 |  |  | 4,960,217 |  |  |  | 11,932,259 |  |  |  | 16,892,476 |
2022 |  |  | 10,055,657 |  |  |  | 8,416,975 |  |  |  | 18,472,632 |
2023 |  |  | 1,783,291 |  |  |  | — |  |  |  | 1,783,291 |
2024 |  |  | 24,813,868 |  |  |  | — |  |  |  | 24,813,868 |
Thereafter |  |  | 52,329,934 |  |  |  | — |  |  |  | 52,329,934 |
Total |  |  | $110,814,919 |  |  | $ | 32,644,129 |  |  | $ | 143,459,048 |

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