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Note 7 - Mortgage Notes Payable

12 Months Ended

Dec. 31, 2022

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: