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Note 7 - Mortgage Notes Payable | 9 Months Ended
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Sep. 30, 2022
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 |  | 2022 |  |  | 2021 |  | Type |  | Rate (1) |  |  | Maturity |
300 N.P. (2) |  |  | - |  |  |  | 2,232,923 |  | Fixed |  |  | 4.95 | % |  | 6/11/2022 |
Dakota Center |  |  | 9,502,870 |  |  |  | 9,677,108 |  | Fixed |  |  | 4.74 | % |  | 7/6/2024 |
Research Parkway |  |  | 1,662,749 |  |  |  | 1,705,438 |  | Fixed |  |  | 3.94 | % |  | 1/5/2025 |
Arapahoe Service Center |  |  | 7,645,349 |  |  |  | 7,770,887 |  | Fixed |  |  | 4.34 | % |  | 1/5/2025 |
Union Town Center |  |  | 8,063,205 |  |  |  | 8,173,568 |  | Fixed |  |  | 4.28 | % |  | 1/5/2025 |
One Park Centre |  |  | 6,192,311 |  |  |  | 6,276,849 |  | Fixed |  |  | 4.77 | % |  | 9/5/2025 |
Genesis Plaza |  |  | 6,084,613 |  |  |  | 6,168,604 |  | Fixed |  |  | 4.71 | % |  | 9/6/2025 |
Shea Center II |  |  | 17,297,630 |  |  |  | 17,494,527 |  | Fixed |  |  | 4.92 | % |  | 1/5/2026 |
West Fargo Industrial (6) |  |  | 4,060,187 |  |  |  | 4,148,405 |  | Fixed |  |  | 3.27 | % |  | 8/5/2029 |
Grand Pacific Center (3) (4) |  |  | 3,527,628 |  |  |  | 3,619,695 |  | Fixed |  |  | 4.02 | % |  | 8/1/2037 |
Baltimore |  |  | 5,670,000 |  |  |  | — |  | Fixed |  |  | 4.67 | % |  | 4/6/2032 |
Mandolin |  |  | 3,650,580 |  |  |  | — |  | Fixed |  |  | 4.35 | % |  | 4/20/2029 |
Subtotal, Presidio Property Trust, Inc. Properties |  | $ | 73,357,122 |  |  | $ | 67,268,004 |  |  |  |  |  |  |  |  |  |
Model Home mortgage notes (4) (5) |  |  | 21,471,355 |  |  |  | 22,154,128 |  | Fixed |  |  |  |  |  |  | 2022 - 2025 |
Mortgage Notes Payable |  | $ | 94,828,477 |  |  | $ | 89,422,132 |  |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  | (687,097 | ) |  |  | (562,300 | ) |  |  |  |  |  |  |  |  |
Mortgage Notes Payable, net |  | $ | 94,141,380 |  |  | $ | 88,859,832 |  |  |  |  |  |  |  |  |  |
(1) | Interest rates as of September 30, 2022.
(2) | 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. The Company paid this note in full on May 11, 2022 with available cash on hand.
(3) | Interest rate is subject to possible reset on September 1, 2023.
(4) | Property held for sale as of September 30, 2022. There were three model homes included as real estate assets held for sale.
(5) | Our model homes have stand-alone mortgage notes at interest rates ranging from 2.50% to 5.34% per annum as of September 30, 2022.
(6) | Interest rate is subject to possible reset on August 5, 2023.
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, 2022:
|  | Presidio Property |  |  | Model |  |  |  |  |
|  | Trust, Inc. |  |  | Homes |  |  | Total Principal |
Years ending December 31: |  | Notes Payable |  |  | Notes Payable |  |  | Payments |
2022 |  | $ | 384,630 |  |  | $ | 2,154,993 |  |  | $ | 2,539,623 |
2023 |  |  | 1,470,877 |  |  |  | 7,190,816 |  |  |  | 8,661,693 |
2024 |  |  | 10,452,033 |  |  |  | 9,882,495 |  |  |  | 20,334,528 |
2025 |  |  | 28,852,501 |  |  |  | 2,243,051 |  |  |  | 31,095,552 |
2026 |  |  | 16,719,855 |  |  |  | — |  |  |  | 16,719,855 |
Thereafter |  |  | 15,477,226 |  |  |  | — |  |  |  | 15,477,226 |
Total |  | $ | 73,357,122 |  |  | $ | 21,471,355 |  |  | $ | 94,828,477 |

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