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Note 7 - Mortgage Notes Payable

3 Months Ended

Mar. 31, 2021

7. MORTGAGE NOTES PAYABLE

Mortgage notes payable consist of the following:

			*Principal as of*
			*March 31,*			*December 31,*			*Loan*	*Interest*
Mortgage note property	*Notes*		*2021*			*2020*			*Type*	*Rate (1)*			*Maturity*
Waterman Plaza		(2)	$	—		$	3,207,952		Variable		—		—
World Plaza		(3) (4)		5,776,741			5,802,568		Variable		2.91	%	7/5/2021
Garden Gateway Plaza		(2)		—			5,861,523		Fixed		5.00	%	8/5/2021
300 N.P.				2,263,143			2,273,478		Fixed		4.95	%	6/11/2022
Highland Court		(3)		6,236,527			6,274,815		Fixed		3.82	%		9/1/2022
Dakota Center				9,843,880			9,900,279		Fixed		4.74	%	7/6/2024
Research Parkway				1,746,886			1,760,432		Fixed		3.94	%	1/5/2025
Arapahoe Service Center				7,891,395			7,932,255		Fixed		4.34	%	1/5/2025
Union Town Center				8,279,408			8,315,550		Fixed		4.28	%	1/5/2025
One Park Centre				6,357,531			6,385,166		Fixed		4.77	%	9/5/2025
Genesis Plaza				6,248,822			6,276,273		Fixed		4.71	%	9/6/2025
Shea Center II				17,681,769			17,727,500		Fixed		4.92	%	1/5/2026
Executive Office Park		(3)		2,967,746			2,985,998		Fixed		4.83	%	6/1/2027
West Fargo Industrial				4,234,489			4,262,718		Fixed		3.27	%	8/5/2029
Grand Pacific Center		(5)		3,708,966			3,738,142		Fixed		4.02	%	8/1/2037
Subtotal, Presidio Property Trust, Inc. Properties			$	83,237,303		$	92,704,649
Model Home mortgage notes		(3)		26,332,673			28,083,356		Fixed		(6	)		2021 - 2023
Mortgage Notes Payable			$	109,569,976		$	120,788,005
Unamortized loan costs				(884,795	)		(758,309	)
Mortgage Notes Payable, net			$	108,685,181		$	120,029,696

(1)	Interest rates as of March 31, 2021.

(2)	Waterman Plaza and Garden Gateway Plaza were sold during the first quarter of 2021.

(3)	Properties held for sale as of March 31, 2021. There were 16 model homes included as real estate assets 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, 2021, the weighted average interest rate was 2.88% per annum.

(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 March 31, 2021.

The Company believes that it 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, 2021: