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Note 7 - Mortgage Notes Payable | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Mortgage Notes Payable Disclosure [Text Block] | 7. MORTGAGE NOTES PAYABLE Mortgage notes payable consist of the following:
|  | Principal as of |  |  |  |  |  |  |  |  |  |
|  | September 30, |  |  | December 31, |  | Loan |  | Interest |  |  |  |  |
Mortgage note property |  | 2023 |  |  | 2022 |  | Type |  | Rate (1) |  |  | Maturity |
Dakota Center |  |  | 9,260,159 |  |  |  | 9,442,976 |  | Fixed |  |  | 4.74 | % |  | 7/6/2024 |
Research Parkway |  |  | 1,603,836 |  |  |  | 1,648,237 |  | Fixed |  |  | 3.94 | % |  | 1/5/2025 |
Arapahoe Service Center |  |  | 7,471,082 |  |  |  | 7,602,273 |  | Fixed |  |  | 4.34 | % |  | 1/5/2025 |
Union Town Center |  |  | 7,910,038 |  |  |  | 8,025,300 |  | Fixed |  |  | 4.28 | % |  | 1/5/2025 |
One Park Centre |  |  | 6,074,444 |  |  |  | 6,163,177 |  | Fixed |  |  | 4.77 | % |  | 9/5/2025 |
Genesis Plaza |  |  | 5,967,580 |  |  |  | 6,055,682 |  | Fixed |  |  | 4.71 | % |  | 9/6/2025 |
Shea Center II |  |  | 17,022,587 |  |  |  | 17,229,573 |  | Fixed |  |  | 4.92 | % |  | 1/5/2026 |
West Fargo Industrial (2) |  |  | 3,942,804 |  |  |  | 4,030,297 |  | Fixed |  |  | 6.70 | % |  | 8/5/2029 |
Grand Pacific Center (3) |  |  | 3,806,187 |  |  |  | 3,496,330 |  | Fixed |  |  | 6.35 | % |  | 5/5/2033 |
Baltimore |  |  | 5,670,000 |  |  |  | 5,670,000 |  | Fixed |  |  | 4.67 | % |  | 4/6/2032 |
Mandolin |  |  | 3,589,108 |  |  |  | 3,635,362 |  | Fixed |  |  | 4.35 | % |  | 4/20/2029 |
Subtotal, Presidio Property Trust, Inc. Properties |  | $ | 72,317,825 |  |  | $ | 72,999,207 |  |  |  |  |  |  |  |  |  |
Model Home mortgage notes (4) |  |  | 30,948,811 |  |  |  | 24,752,448 |  | Fixed |  |  |  |  |  |  | 2023 - 2028 |
Mortgage Notes Payable |  | $ | 103,266,636 |  |  | $ | 97,751,655 |  |  |  |  |  |  |  |  |  |
Unamortized loan costs |  |  | (778,420 | ) |  |  | (852,956 | ) |  |  |  |  |  |  |  |  |
Mortgage Notes Payable, net |  | $ | 102,488,216 |  |  | $ | 96,898,699 |  |  |  |  |  |  |  |  |  |
(1) | Interest rates as of September 30, 2023.
(2) | On August 5, 2023, the lender increased the interest rate 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. As of September 30, 2023, we had not drawn down on the construction loan.
(4) | As of September 30, 2023, there were seven 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 7.12% per annum as of September 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 September 30, 2023:
|  | Presidio Property |  |  | Model |  |  |  |  |
|  | Trust, Inc. |  |  | Homes |  |  | Total Principal |
Years ending December 31: |  | Notes Payable |  |  | Notes Payable |  |  | Payments |
2023 |  | $ | 355,896 |  |  | $ | 3,074,354 |  |  | $ | 3,430,250 |
2024 |  |  | 10,401,908 |  |  |  | 11,571,492 |  |  |  | 21,973,400 |
2025 |  |  | 28,773,285 |  |  |  | 10,467,724 |  |  |  | 39,241,009 |
2026 |  |  | 16,651,242 |  |  |  | 165,968 |  |  |  | 16,817,210 |
2027 |  |  | 294,780 |  |  |  | 165,968 |  |  |  | 460,748 |
Thereafter |  |  | 15,840,714 |  |  |  | 5,503,305 |  |  |  | 21,344,019 |
Total |  | $ | 72,317,825 |  |  | $ | 30,948,811 |  |  | $ | 103,266,636 |

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