Mortgage Notes Payable

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

7. 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.

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 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

7. MORTGAGE NOTES PAYABLE

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.

The Company is in compliance with all conditions and covenants of its mortgage notes payable.

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