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Note 7 - Mortgage Notes Payable
 9 Months Ended
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