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Note 7 - Mortgage Notes Payable
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Notes to Financial Statements    
Mortgage Notes Payable Disclosure [Text Block]
7.
MORTGAGE NOTES PAYABLE
 
Mortgage notes payable consist of the following:
 
   
 
  
Principal as of
  
 
  
 
    
 
   
 
  
June 30,
    
December 31,
  
Loan
 		  
  Interest
 
    
Mortgage note property
  
 Notes
  
2020
    
2019
  
Type
 		  
  Rate
(1)
 
  
Maturity
 
Waterman Plaza
  
(7)
   $
3,247,878
      
3,274,097
  
Variable
    
4.25
%
  
4/29/2021
World Plaza
  
(3)(4)
    
5,854,222
      
4,979,383
  
Variable
    
4.40
%
  
7/5/2021
Garden Gateway Plaza
  
(3)
    
5,967,727
      
6,071,315
  
Fixed
    
5.00
%
  
8/5/2021
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
West Fargo Industrial
  
 
    
4,177,324
      
4,216,565
  
Fixed
    
4.79
%
  
5/31/2029
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 the
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%.
 
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
June 30, 2020:
 
   
Presidio Property
Trust, Inc.
Notes Payable
    
Model
Homes
Notes Payable
    
Total Principal
Payments
  
Nine 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
  
7.
 MORTGAGE NOTES PAYABLE
 
Mortgage notes payable consisted of the following:
 
       
Principal as of
      
 
 
 
    
       
December 31,
    
December 31,
      
Interest
      
Mortgage note property
  
Notes
  
2019
    
2018
  
Loan Type
  
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 Centers
  
(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