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MORTGAGE NOTES PAYABLE | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2021 | Dec. 31, 2020
Debt Disclosure [Abstract] |  |
MORTGAGE NOTES PAYABLE | 7. MORTGAGE NOTES PAYABLE Mortgage notes payable consist of the following: SCHEDULE OF DEBT
|  | 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: SCHEDULE OF PRINCIPAL PAYMENTS OF MORTGAGE NOTES PAYABLE
|  | Presidio Property |  |  | Model |  |  | Total |
|  | Trust, Inc. |  |  | Homes |  |  | 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 |
| 7. MORTGAGE NOTES PAYABLE Mortgage notes payable consisted of the following: SCHEDULE OF DEBT
|  |  |  | Principal as of |  |  |  |  |  |  |  |
|  |  |  | December 31, |  |  | December 31, |  |  | Loan |  | Interest |  |  |
Mortgage note property |  | Notes |  | 2020 |  |  | 2019 |  |  | Type |  | Rate (1) |  |  | Maturity
Waterman Plaza |  | (3) (6) |  | $ | 3,207,952 |  |  | $ | 3,274,097 |  |  | Variable |  |  | 4.25 | % |  | 4/29/2021
World Plaza |  | (3) (5) |  |  | 5,802,568 |  |  |  | 4,979,384 |  |  | Variable |  |  | 2.91 | % |  | 7/5/2021
Garden Gateway Plaza |  | (3) |  |  | 5,861,523 |  |  |  | 6,071,315 |  |  | Fixed |  |  | 5.00 | % |  | 8/5/2021
300 N.P. |  |  |  |  | 2,273,478 |  |  |  | 2,311,739 |  |  | Fixed |  |  | 4.95 | % |  | 6/11/2022
Highland Court |  | (3) |  |  | 6,274,815 |  |  |  | 6,424,366 |  |  | Fixed |  |  | 3.82 | % |  | 9/1/2022
Dakota Center |  |  |  |  | 9,900,279 |  |  |  | 10,111,693 |  |  | Fixed |  |  | 4.74 | % |  | 7/6/2024
Union Terrace |  | (2) |  |  | - |  |  |  | 6,240,396 |  |  | Fixed |  |  | 4.50 | % |  | 8/5/2024
Centennial Tech Center |  | (2) |  |  | - |  |  |  | 9,561,652 |  |  | Fixed |  |  | 4.43 | % |  | 12/5/2024
Research Parkway |  |  |  |  | 1,760,432 |  |  |  | 1,813,305 |  |  | Fixed |  |  | 3.94 | % |  | 1/5/2025
Arapahoe Service Center |  |  |  |  | 7,932,255 |  |  |  | 8,085,727 |  |  | Fixed |  |  | 4.34 | % |  | 1/5/2025
Union Town Center |  |  |  |  | 8,315,550 |  |  |  | 8,440,000 |  |  | Fixed |  |  | 4.28 | % |  | 1/5/2025
One Park Centre |  |  |  |  | 6,385,166 |  |  |  | 6,487,532 |  |  | Fixed |  |  | 4.77 | % |  | 9/5/2025
Genesis Plaza |  |  |  |  | 6,276,273 |  |  |  | 6,378,110 |  |  | Fixed |  |  | 4.71 | % |  | 9/6/2025
Shea Center II |  |  |  |  | 17,727,500 |  |  |  | 17,727,500 |  |  | Fixed |  |  | 4.92 | % |  | 1/5/2026
Executive Office Park |  | (3) |  |  | 2,985,998 |  |  |  | 4,839,577 |  |  | Fixed |  |  | 4.83 | % |  | 6/1/2027
West Fargo Industrial |  |  |  |  | 4,262,718 |  |  |  | 4,216,565 |  |  | Fixed |  |  | 3.27 | % |  | 8/5/2029
Grand Pacific Center |  | (4) |  |  | 3,738,142 |  |  |  | 3,851,962 |  |  | Fixed |  |  | 4.02 | % |  | 8/1/2037
Subtotal, Presidio Property Trust, Inc. Properties |  |  |  | $ | 92,704,649 |  |  | $ | 110,814,920 |  |  |  |  |  |  |  |  |
Model Home mortgage notes |  | (3) |  |  | 28,083,356 |  |  |  | 32,644,129 |  |  | Fixed |  |  | (7 | ) |  | 2021 - 2023
Mortgage Notes Payable |  |  |  | $ | 120,788,005 |  |  | $ | 143,459,049 |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  |  |  | (758,309 | ) |  |  | (1,066,057 | ) |  |  |  |  |  |  |  |
Mortgage Notes Payable, net |  |  |  | $ | 120,029,696 |  |  | $ | 142,392,992 |  |  |  |  |  |  |  |  |
| (1) | Interest rates as of December 31, 2020.
| (2) | Property sold during the year ended December 31, 2020, see Footnote 3 above for further detail. One of four buildings at Executive Office Park were sold.
| (3) | Properties held for sale as of December 31, 2020. Seven model homes were included as held for sale.
| (4) | Interest rate is subject to reset on September 1, 2023.
| (5) | Interest on this loan is ABR + 0.75% and LIBOR plus 2.75%. For the year-ended December 31, 2020, the weighted average interest rate was 3.37%.
| (6) | Interest on this loan resets annually at LIBOR plus 3.00%, with a floor of 4.25%
| (7) | Each Model Home has a stand-alone mortgage note at interest rates ranging from 2.5% to 5.6% at December 31, 2020.
The Company is in compliance with all conditions and covenants of its mortgage notes payable. SCHEDULE OF PRINCIPAL PAYMENTS OF MORTGAGE NOTES PAYABLE Scheduled principal payments of mortgage notes payable are as follows:
|  |  | Presidio Property |  |  | Model |  |  |  |
|  |  | Trust, Inc. |  |  | Homes |  |  | Total Principal |
Years ending December 31: |  |  | Notes Payable |  |  | Notes Payable |  |  | Payments |
2021 |  |  | $ | 16,385,688 |  |  | $ | 10,169,248 |  |  | $ | 26,554,936 |
2022 |  |  |  | 9,780,330 |  |  |  | 11,735,522 |  |  |  | 21,515,852 |
2023 |  |  |  | 1,493,749 |  |  |  | 6,178,586 |  |  |  | 7,672,335 |
2024 |  |  |  | 10,447,888 |  |  |  | — |  |  |  | 10,447,888 |
2025 |  |  |  | 28,902,297 |  |  |  | — |  |  |  | 28,902,297 |
Thereafter |  |  |  | 25,694,697 |  |  |  | — |  |  |  | 25,694,697 |
Total |  |  | $ | 92,704,649 |  |  | $ | 28,083,356 |  |  | $ | 120,788,005 |

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