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Note 7 - Mortgage Notes Payable

3 Months Ended

Mar. 31, 2023

7. MORTGAGE NOTES PAYABLE

Mortgage notes payable consist of the following:

	*Principal as of*
	*March 31,*			*December 31,*			*Loan*	*Interest*
Mortgage note property	*2023*			*2022*			*Type*	*Rate (1)*			*Maturity*
Dakota Center		9,381,139			9,442,976		Fixed		4.74	%	7/6/2024
Research Parkway		1,633,582			1,648,237		Fixed		3.94	%	1/5/2025
Arapahoe Service Center		7,557,820			7,602,273		Fixed		4.34	%	1/5/2025
Union Town Center		7,986,042			8,025,300		Fixed		4.28	%	1/5/2025
One Park Centre		6,132,884			6,163,177		Fixed		4.77	%	9/5/2025
Genesis Plaza		6,025,625			6,055,682		Fixed		4.71	%	9/6/2025
Shea Center II		17,158,342			17,229,573		Fixed		4.92	%	1/5/2026
West Fargo Industrial (4)		4,000,163			4,030,297		Fixed		3.27	%	8/5/2029
Grand Pacific Center (2)		3,464,716			3,496,330		Fixed		4.02	%	8/1/2037
Baltimore		5,670,000			5,670,000		Fixed		4.67	%	4/6/2032
Mandolin		3,619,541			3,635,362		Fixed		4.35	%	4/20/2029
Subtotal, Presidio Property Trust, Inc. Properties	$	72,629,854		$	72,999,207
Model Home mortgage notes (3)		27,754,076			24,752,448		Fixed					2023 - 2028
Mortgage Notes Payable	$	100,383,930		$	97,751,655
Unamortized loan costs		(834,370	)		(852,956	)
Mortgage Notes Payable, net	$	99,549,560		$	96,898,699

(1)	Interest rates as of March 31, 2023.
(2)	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).
(3)	As of March 31, 2023 there were six model homes included as real estate assets held for sale. Our model homes have stand-alone mortgage notes at interest rates ranging from 2.50% to 6.7% per annum as of March 31, 2023.
(4)	Interest rate is subject to possible reset on August 5, 2023. 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 March 31, 2023: