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Note 7 - Mortgage Notes Payable | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Mortgage Notes Payable Disclosure [Text Block] | 7. MORTGAGE NOTES PAYABLE Mortgage notes payable consist of the following:
|  | Principal as of |  |  |  |  |  |  |  |  |  |
|  | September 30, |  |  | December 31, |  | Loan |  | Interest |  |  |  |  |
Mortgage note property |  | 2021 |  |  | 2020 |  | Type |  | Rate (1) |  |  | Maturity |
Waterman Plaza (2) |  | $ | — |  |  | $ | 3,207,952 |  | Variable |  |  | — |  |  |  | — |
World Plaza (3) (4) |  |  | — |  |  |  | 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. |  |  | 2,243,328 |  |  |  | 2,273,478 |  | Fixed |  |  | 4.95 | % |  | 6/11/2022 |
Highland Court (2) |  |  | — |  |  |  | 6,274,815 |  | Fixed |  |  | 3.82 | % |  | 9/1/2022 |
Dakota Center |  |  | 9,734,220 |  |  |  | 9,900,279 |  | Fixed |  |  | 4.74 | % |  | 7/6/2024 |
Research Parkway |  |  | 1,719,390 |  |  |  | 1,760,432 |  | Fixed |  |  | 3.94 | % |  | 1/5/2025 |
Arapahoe Service Center |  |  | 7,812,125 |  |  |  | 7,932,255 |  | Fixed |  |  | 4.34 | % |  | 1/5/2025 |
Union Town Center |  |  | 8,197,495 |  |  |  | 8,315,550 |  | Fixed |  |  | 4.28 | % |  | 1/5/2025 |
One Park Centre |  |  | 6,304,625 |  |  |  | 6,385,166 |  | Fixed |  |  | 4.77 | % |  | 9/5/2025 |
Genesis Plaza |  |  | 6,196,202 |  |  |  | 6,276,273 |  | Fixed |  |  | 4.71 | % |  | 9/6/2025 |
Shea Center II |  |  | 17,559,316 |  |  |  | 17,727,500 |  | Fixed |  |  | 4.92 | % |  | 1/5/2026 |
Executive Office Park (2) |  |  | — |  |  |  | 2,985,998 |  | Fixed |  |  | 4.83 | % |  | 6/1/2027 |
West Fargo Industrial |  |  | 4,177,334 |  |  |  | 4,262,718 |  | Fixed |  |  | 3.27 | % |  | 8/5/2029 |
Grand Pacific Center (5) |  |  | 3,649,729 |  |  |  | 3,738,142 |  | Fixed |  |  | 4.02 | % |  | 8/1/2037 |
Subtotal, Presidio Property Trust, Inc. Properties |  | $ | 67,593,764 |  |  | $ | 92,704,649 |  |  |  |  |  |  |  |  |  |
Model Home mortgage notes (3) |  |  | 19,335,267 |  |  |  | 28,083,356 |  | Fixed |  |  | (6 | ) |  |  | 2021 - 2024 |
Mortgage Notes Payable |  | $ | 86,929,031 |  |  | $ | 120,788,005 |  |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  | (673,351 | ) |  |  | (758,309 | ) |  |  |  |  |  |  |  |  |
Mortgage Notes Payable, net |  | $ | 86,255,680 |  |  | $ | 120,029,696 |  |  |  |  |  |  |  |  |  |
(1) | Interest rates as of September 30, 2021.
(2) | Waterman Plaza and Garden Gateway Plaza were sold during the first quarter of 2021, while Highland Court and Executive Office Park were sold in the second quarter of 2021.
(3) | Property held for sale as of September 30, 2021. There were three model homes included as real estate assets held for sale.
(4) | During June 2021, this loan was paid in full with cash from the sale of other properties and excess cash on hand.
(5) | Interest rate is subject to reset on September 1, 2023.
(6) | Our model homes have stand-alone mortgage note at interest rates ranging from 2.50% to 5.63% per annum as of September 30, 2021.
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 September 30, 2021:
|  | Presidio Property |  |  | Model |  |  |  |  |
|  | Trust, Inc. |  |  | Homes |  |  | Total Principal |
Years ending December 31: |  | Notes Payable |  |  | Notes Payable |  |  | Payments |
2021 |  | $ | 336,488 |  |  | $ | 606,375 |  |  | $ | 942,863 |
2022 |  |  | 3,581,868 |  |  |  | 8,766,945 |  |  |  | 12,348,813 |
2023 |  |  | 1,410,835 |  |  |  | 4,241,024 |  |  |  | 5,651,859 |
2024 |  |  | 10,368,843 |  |  |  | 5,720,923 |  |  |  | 16,089,766 |
2025 |  |  | 28,770,832 |  |  |  | — |  |  |  | 28,770,832 |
Thereafter |  |  | 23,124,898 |  |  |  | — |  |  |  | 23,124,898 |
Total |  | $ | 67,593,764 |  |  | $ | 19,335,267 |  |  | $ | 86,929,031 |

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