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Note 7 - Mortgage Notes Payable | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Mortgage Notes Payable Disclosure [Text Block] | 7. MORTGAGE NOTES PAYABLE Mortgage notes payable consisted of the following:
|  | Principal as of |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, |  |  | 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 |  |  |  | — |  |  |  | — |
Garden Gateway Plaza (2) |  |  | — |  |  |  | 5,861,523 |  |  | Fixed |  |  |  | — |  |  |  | — |
300 N.P. (8) |  |  | 2,232,923 |  |  |  | 2,273,478 |  |  | Fixed |  |  |  | 4.95 | % |  | 6/11/2022 |
Highland Court (2) |  |  | — |  |  |  | 6,274,815 |  |  | Fixed |  |  |  | 3.82 | % |  | — |
Dakota Center |  |  | 9,677,108 |  |  |  | 9,900,279 |  |  | Fixed |  |  |  | 4.74 | % |  | 7/6/2024 |
Research Parkway |  |  | 1,705,438 |  |  |  | 1,760,432 |  |  | Fixed |  |  |  | 3.94 | % |  | 1/5/2025 |
Arapahoe Service Center |  |  | 7,770,887 |  |  |  | 7,932,255 |  |  | Fixed |  |  |  | 4.34 | % |  | 1/5/2025 |
Union Town Center |  |  | 8,173,568 |  |  |  | 8,315,550 |  |  | Fixed |  |  |  | 4.28 | % |  | 1/5/2025 |
One Park Centre |  |  | 6,276,849 |  |  |  | 6,385,166 |  |  | Fixed |  |  |  | 4.77 | % |  | 9/5/2025 |
Genesis Plaza |  |  | 6,168,604 |  |  |  | 6,276,273 |  |  | Fixed |  |  |  | 4.71 | % |  | 9/6/2025 |
Shea Center II |  |  | 17,494,527 |  |  |  | 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 |  |  | 4,148,405 |  |  |  | 4,262,718 |  |  | Fixed |  |  |  | 3.27 | % |  | 8/5/2029 |
Grand Pacific Center (5) (7) |  |  | 3,619,695 |  |  |  | 3,738,142 |  |  | Fixed |  |  |  | 4.02 | % |  | 8/1/2037 |
Subtotal, Presidio Property Trust, Inc. Properties |  | $ | 67,268,004 |  |  | $ | 92,704,649 |  |  |  |  |  |  |  |  |  |  |  |
Model Home mortgage notes (3) |  |  | 22,154,128 |  |  |  | 28,083,356 |  |  | Fixed |  |  |  | (6 | ) |  |  | 2022 - 2024 |
Mortgage Notes Payable |  | $ | 89,422,132 |  |  | $ | 120,788,005 |  |  |  |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  | (562,300 | ) |  |  | (758,309 | ) |  |  |  |  |  |  |  |  |  |  |
Mortgage Notes Payable, net |  | $ | 88,859,832 |  |  | $ | 120,029,696 |  |  |  |  |  |  |  |  |  |  |  |
(1) | Interest rates as of December 31, 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) | Properties held for sale as of December 31, 2021. Five model homes were included as 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) | Each Model Home has a stand-alone mortgage note at interest rates ranging from 2.5% to 4.33% at December 31, 2021.
(7) | Property was listed as held for sale in February 2022.
(8) | The mortgage note payable for 300 N.P. is an amortizing loan with a balloon payment of $2.2 million due at maturity, on June 11, 2022, and is no longer subject to defeasance or yield maintenance. The Company expects to pay this note in full at or before maturity with proceeds from property sales, property financing and other available cash on hand.
The Company is in compliance with all material conditions and covenants of its mortgage notes payable. Scheduled principal payments of mortgage notes payable are as follows:
|  | Commercial |  |  | Model |  |  |  |  |
|  | Properties |  |  | Homes |  |  | Total Principal |
Years ending December 31: |  | Notes Payable |  |  | Notes Payable |  |  | Payments |
2022 |  |  | 3,577,700 |  |  |  | 8,633,455 |  |  | $ | 12,211,155 |
2023 |  |  | 1,406,466 |  |  |  | 4,376,107 |  |  |  | 5,782,573 |
2024 |  |  | 10,379,660 |  |  |  | 9,144,566 |  |  |  | 19,524,226 |
2025 |  |  | 28,782,401 |  |  |  | — |  |  |  | 28,782,401 |
2025 |  |  | 16,644,046 |  |  |  | — |  |  |  | 16,644,046 |
Thereafter |  |  | 6,477,731 |  |  |  | — |  |  |  | 6,477,731 |
Total |  | $ | 67,268,004 |  |  | $ | 22,154,128 |  |  | $ | 89,422,132 |

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