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Note 7 - Mortgage Notes Payable

6 Months Ended

Jun. 30, 2023

7. MORTGAGE NOTES PAYABLE

Mortgage notes payable consist of the following:

	*Principal as of*
	*June 30,*			*December 31,*			*Loan*	*Interest*
Mortgage note property	*2023*			*2022*			*Type*	*Rate (1)*			*Maturity*
Dakota Center		9,321,018			9,442,976		Fixed		4.74	%	7/6/2024
Research Parkway		1,618,782			1,648,237		Fixed		3.94	%	1/5/2025
Arapahoe Service Center		7,514,694			7,602,273		Fixed		4.34	%	1/5/2025
Union Town Center		7,948,249			8,025,300		Fixed		4.28	%	1/5/2025
One Park Centre		6,103,844			6,163,177		Fixed		4.77	%	9/5/2025
Genesis Plaza		5,996,779			6,055,682		Fixed		4.71	%	9/6/2025
Shea Center II		17,090,897			17,229,573		Fixed		4.92	%	1/5/2026
West Fargo Industrial (2)		3,969,781			4,030,297		Fixed		3.27	%	8/5/2029
Grand Pacific Center (3)		3,816,980			3,496,330		Fixed		6.35	%	5/5/2033
Baltimore		5,670,000			5,670,000		Fixed		4.67	%	4/6/2032
Mandolin		3,604,414			3,635,362		Fixed		4.35	%	4/20/2029
Subtotal, Presidio Property Trust, Inc. Properties	$	72,655,438		$	72,999,207
Model Home mortgage notes (4)		31,527,788			24,752,448		Fixed					2023 - 2028
Mortgage Notes Payable	$	104,183,226		$	97,751,655
Unamortized loan costs		(844,267	)		(852,956	)
Mortgage Notes Payable, net	$	103,338,959		$	96,898,699

(1)	Interest rates as of June 30, 2023.
(2)	Interest rate was reset on August 5, 2023, to 6.70%. The loan agreement states that the lender may, upon not less than sixty (60) days prior, give written notice to the Company to increase the interest rate effective on 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).
(3)	On May 5, 2023, the Company, through its subsidiary, refinanced the mortgage loan on our Grand Pacific Center property and entered into a construction loan related to the tenant improvement associated with the KLJ Engineering LLC lease to occupy 33,296 square feet of the building. The refinanced loan is for approximately $3.8 million, a term of 10 years, with an interest rate of 6.35%, for the first 60 months. The interest rate is subject to reset in year five. The construction loan is for approximately $2.7 million, a term of 10 years, and will begin amortizing in year three, with an interest rate of 6.35%, for the first 60 months. The interest rate is subject to reset in year five.
(4)	As of June 30, 2023, there were four 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 6.70% per annum as of June 30, 2023.

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 June 30, 2023: