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Note 7 - Mortgage Notes Payable
 9 Months Ended
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