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Note 7 - Mortgage Notes Payable

12 Months Ended

Dec. 31, 2020

7. MORTGAGE NOTES PAYABLE

Mortgage notes payable consisted of the following:

			*Principal as of*
			*December 31,*			*December 31,*			*Loan*	*Interest*
Mortgage note property	*Notes*		*2020*			*2019*			*Type*	*Rate (1)*			*Maturity*
Waterman Plaza		(3) (6)	$	3,207,952		$	3,274,097		Variable		4.25	%	4/29/2021
World Plaza		(3) (5)		5,802,568			4,979,384		Variable		2.91	%	7/5/2021
Garden Gateway Plaza		(3)		5,861,523			6,071,315		Fixed		5.00	%	8/5/2021
300 N.P.				2,273,478			2,311,739		Fixed		4.95	%	6/11/2022
Highland Court		(3)		6,274,815			6,424,366		Fixed		3.82	%	9/1/2022
Dakota Center				9,900,279			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				1,760,432			1,813,305		Fixed		3.94	%	1/5/2025
Arapahoe Service Center				7,932,255			8,085,727		Fixed		4.34	%	1/5/2025
Union Town Center				8,315,550			8,440,000		Fixed		4.28	%	1/5/2025
One Park Centre				6,385,166			6,487,532		Fixed		4.77	%	9/5/2025
Genesis Plaza				6,276,273			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)		2,985,998			4,839,577		Fixed		4.83	%	6/1/2027
West Fargo Industrial				4,262,718			4,216,565		Fixed		3.27	%	8/5/2029
Grand Pacific Center		(4)		3,738,142			3,851,962		Fixed		4.02	%	8/1/2037
Subtotal, Presidio Property Trust, Inc. Properties			$	92,704,649		$	110,814,920
Model Home mortgage notes		(3)		28,083,356			32,644,129		Fixed		(7	)		2021 - 2023
Mortgage Notes Payable			$	120,788,005		$	143,459,049
Unamortized loan costs				(758,309	)		(1,066,057	)
Mortgage Notes Payable, net			$	120,029,696		$	142,392,992

(1)	Interest rates as of December 31, 2020.

(2)	Property sold during the year ended December 31, 2020, see Footnote 3 above for further detail. One of four buildings at Executive Office Park were sold.

(3)	Properties held for sale as of December 31, 2020. Seven model homes were included as held for sale.

(4)	Interest rate is subject to reset on September 1, 2023.

(5)	Interest on this loan is ABR + 0.75% and LIBOR plus 2.75%. For the year-ended December 31, 2020, the weighted average interest rate was 3.37%.

(6)	Interest on this loan resets annually at LIBOR plus 3.00%, with a floor of 4.25%

(7)	Each Model Home has a stand-alone mortgage note at interest rates ranging from 2.5% to 5.6% at December 31, 2020.

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: