MORTGAGE NOTES PAYABLE

3 Months Ended

Mar. 31, 2020

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Mortgage notes payable consist of the following:


Mortgage note property	Notes	Principal as of					Loan Type		Interest Rate (1)	Maturity
						March 31,					December 31,
						2020					2019
Garden Gateway Plaza	(3)	$	6,019,844	$	6,071,315	Fixed	5.00	%	8/5/2021
World Plaza	(3)(4)	4,953,556		4,979,383		Variable	4.41	%	7/5/2020
West Fargo Industrial		4,196,788		4,216,565		Fixed	4.79	%	9/6/2020
Waterman Plaza		3,254,223		3,274,097		Fixed	5.78	%	4/29/2021
300 N.P.		2,302,197		2,311,738		Fixed	4.95	%	6/11/2022
Highland Court		6,387,511		6,424,366		Fixed	3.82	%	9/1/2022
Dakota Center		10,059,135		10,111,693		Fixed	4.74	%	7/6/2024
Union Terrace	(2)	—		6,240,396		Fixed	4.50	%	9/5/2024
Centennial Tech Center	(2)	—		9,561,654		Fixed	4.43	%	1/5/2024
Research Parkway		1,800,281		1,813,305		Fixed	3.94	%	1/5/2025
Arapahoe Service Center		8,047,511		8,085,727		Fixed	4.34	%	1/5/2025
Union Town Center		8,416,833		8,440,000		Fixed	4.28	%	1/5/2025
Executive Office Park	(3)	4,811,730		4,839,576		Fixed	4.83	%	6/1/2027
Genesis Plaza		6,352,694		6,378,110		Fixed	4.71	%	9/6/2025
One Park Centre		6,461,980		6,487,532		Fixed	4.77	%	9/5/2025
Shea Center II		17,727,500		17,727,500		Fixed	4.92	%	1/5/2026
Grand Pacific Center	(5)	3,823,965		3,851,962		Fixed	4.02	%	8/1/2037
Subtotal, Presidio Property Trust, Inc. Properties		94,615,748		110,814,919
Model Home mortgage notes		33,386,972		32,644,129		Fixed	(6)		2019-2023
Mortgage Notes Payable		$	128,002,720	$	143,459,048
Unamortized loan costs		(879,175)		(1,066,056)
Mortgage Notes Payable, net		$	127,123,545	$	142,392,992

(1)Interest rates as of March 31, 2020.

(2)Centennial Tech Center and Union Terrace were sold on February 5, 2020 and March 13, 2020, respectively.

(3)Properties held for sale as of March 31, 2020. Only one of four buildings at Executive Office Park were classified as held for sale.

(4)Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the three months ended March 31, 2020, the weighted average interest rate was 4.41%.

(5)Interest rate is subject to reset on September 1, 2023. Each model home has a stand-alone mortgage note at interest rates ranging from 3.44% to 5.63% per annum at March 31, 2020.

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, 2020:


	Presidio Property Trust, Inc. Notes Payable		Model Homes Notes Payable		Total Principal Payments
Nine months remaining in 2020	$	10,312,547	$	9,903,239	$	20,215,786
Years ending December 31:
2021	10,472,745		12,949,485		$	23,422,230
2022	9,710,259		8,345,200		$	18,055,459
2023	1,422,043		2,189,048		$	3,611,091
2024	10,365,425		—		$	10,365,425
Thereafter	52,332,729		—		$	52,332,729
Total	$	94,615,748	$	33,386,972	$	128,002,720