XML 28 R13.htm IDEA: XBRL DOCUMENT v3.21.4
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:

 

   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   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:

  

      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.

 

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