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Note 7 - Mortgage Notes Payable | 12 Months Ended
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Dec. 31, 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 |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, |  |  | 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 |  |  | 9,442,976 |  |  |  | 9,677,108 |  |  | Fixed |  |  |  | 4.74 | % |  | 7/6/2024 |
Research Parkway |  |  | 1,648,237 |  |  |  | 1,705,438 |  |  | Fixed |  |  |  | 3.94 | % |  | 1/5/2025 |
Arapahoe Service Center |  |  | 7,602,273 |  |  |  | 7,770,887 |  |  | Fixed |  |  |  | 4.34 | % |  | 1/5/2025 |
Union Town Center |  |  | 8,025,300 |  |  |  | 8,173,568 |  |  | Fixed |  |  |  | 4.28 | % |  | 1/5/2025 |
One Park Centre |  |  | 6,163,177 |  |  |  | 6,276,849 |  |  | Fixed |  |  |  | 4.77 | % |  | 9/5/2025 |
Genesis Plaza |  |  | 6,055,682 |  |  |  | 6,168,604 |  |  | Fixed |  |  |  | 4.71 | % |  | 9/6/2025 |
Shea Center II |  |  | 17,229,573 |  |  |  | 17,494,527 |  |  | Fixed |  |  |  | 4.92 | % |  | 1/5/2026 |
West Fargo Industrial (6) |  |  | 4,030,297 |  |  |  | 4,148,405 |  |  | Fixed |  |  |  | 3.27 | % |  | 8/5/2029 |
Grand Pacific Center (3) |  |  | 3,496,330 |  |  |  | 3,619,695 |  |  | Fixed |  |  |  | 4.02 | % |  | 8/1/2037 |
Baltimore |  |  | 5,670,000 |  |  |  | — |  |  | Fixed |  |  |  | 4.67 | % |  | 4/6/2032 |
Mandolin |  |  | 3,635,362 |  |  |  | — |  |  | Fixed |  |  |  | 4.35 | % |  |  | 4/20/2029 |
Subtotal, Presidio Property Trust, Inc. Properties |  | $ | 72,999,207 |  |  | $ | 67,268,004 |  |  |  |  |  |  |  |  |  |  |  |
Model Home mortgage notes (4) (5) |  |  | 24,752,448 |  |  |  | 22,154,128 |  |  | Fixed |  |  |  |  |  |  |  | 2022 - 2025 |
Mortgage Notes Payable |  | $ | 97,751,655 |  |  | $ | 89,422,132 |  |  |  |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  | (852,956 | ) |  |  | (562,300 | ) |  |  |  |  |  |  |  |  |  |  |
Mortgage Notes Payable, net |  | $ | 96,898,699 |  |  | $ | 88,859,832 |  |  |  |  |  |  |  |  |  |  |  |
(1) | Interest rates as of December 31, 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. The lender may, upon not less than sixty (60) days prior written notice to the Company, increase the interest rate effective on September 1, 2023 and September 1, 2030 to the rate then being quoted by the Lender for new seven-year commercial mortgage loans of similar size and quality with like terms and security (provided that in no event shall the new rate be less than the initial rate).
(4) | As of December 31, 2022, there were six 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 6.70% per annum as of December 31, 2022.
(6) | The lender may, upon not less than sixty (60) days prior written notice to the Company, increase the interest rate effective on the August 5, 2023 and August 5, 2026, to the rate then being quoted by the lender for new three-year commercial mortgage loans of similar size and quality with like terms and security (provided that in no event shall the new rate be less than the initial rate).
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 December 31, 2022:
|  | Presidio Property |  |  | Model |  |  |  |  |
|  | Trust, Inc. |  |  | Homes |  |  | Total Principal |
Years ending December 31: |  | Notes Payable |  |  | Notes Payable |  |  | Payments |
2023 |  | $ | 1,470,877 |  |  | $ | 6,799,272 |  |  | $ | 8,270,149 |
2024 |  |  | 10,453,347 |  |  |  | 10,694,954 |  |  |  | 21,148,301 |
2025 |  |  | 28,851,691 |  |  |  | 7,258,222 |  |  |  | 36,109,913 |
2026 |  |  | 16,717,516 |  |  |  | — |  |  |  | 16,717,516 |
2027 |  |  | 364,407 |  |  |  | — |  |  |  | 364,407 |
Thereafter |  |  | 15,141,369 |  |  |  | — |  |  |  | 15,141,369 |
Total |  | $ | 72,999,207 |  |  | $ | 24,752,448 |  |  | $ | 97,751,655 |

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