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Note 7 - Mortgage Notes Payable

12 Months Ended

Dec. 31, 2021

7. MORTGAGE NOTES PAYABLE

Mortgage notes payable consisted of the following:

	*Principal as of*
	*December 31,*			*December 31,*			*Loan*	*Interest*
Mortgage note property	*2021*			*2020*			*Type*	*Rate (1)*			*Maturity*
Waterman Plaza (2)	$	—		$	3,207,952		Variable		—			—
World Plaza (3) (4)		—			5,802,568		Variable		—			—
Garden Gateway Plaza (2)		—			5,861,523		Fixed		—			—
300 N.P. (8)		2,232,923			2,273,478		Fixed		4.95	%	6/11/2022
Highland Court (2)		—			6,274,815		Fixed		3.82	%	—
Dakota Center		9,677,108			9,900,279		Fixed		4.74	%	7/6/2024
Research Parkway		1,705,438			1,760,432		Fixed		3.94	%	1/5/2025
Arapahoe Service Center		7,770,887			7,932,255		Fixed		4.34	%	1/5/2025
Union Town Center		8,173,568			8,315,550		Fixed		4.28	%	1/5/2025
One Park Centre		6,276,849			6,385,166		Fixed		4.77	%	9/5/2025
Genesis Plaza		6,168,604			6,276,273		Fixed		4.71	%	9/6/2025
Shea Center II		17,494,527			17,727,500		Fixed		4.92	%	1/5/2026
Executive Office Park (2)		—			2,985,998		Fixed		4.83	%	6/1/2027
West Fargo Industrial		4,148,405			4,262,718		Fixed		3.27	%	8/5/2029
Grand Pacific Center (5) (7)		3,619,695			3,738,142		Fixed		4.02	%	8/1/2037
Subtotal, Presidio Property Trust, Inc. Properties	$	67,268,004		$	92,704,649
Model Home mortgage notes (3)		22,154,128			28,083,356		Fixed		(6	)		2022 - 2024
Mortgage Notes Payable	$	89,422,132		$	120,788,005
Unamortized loan costs		(562,300	)		(758,309	)
Mortgage Notes Payable, net	$	88,859,832		$	120,029,696

(1)	Interest rates as of December 31, 2021.
(2)	Waterman Plaza and Garden Gateway Plaza were sold during the first quarter of 2021, while Highland Court and Executive Office Park were sold in the second quarter of 2021.
(3)	Properties held for sale as of December 31, 2021. Five model homes were included as held for sale.
(4)	During June 2021, this loan was paid in full with cash from the sale of other properties and excess cash on hand.
(5)	Interest rate is subject to reset on September 1, 2023.
(6)	Each Model Home has a stand-alone mortgage note at interest rates ranging from 2.5% to 4.33% at December 31, 2021.
(7)	Property was listed as held for sale in February 2022.
(8)	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, and is no longer subject to defeasance or yield maintenance. The Company expects to pay this note in full at or before maturity with proceeds from property sales, property financing and other available cash on hand.

The Company is in compliance with all material conditions and covenants of its mortgage notes payable.

Scheduled principal payments of mortgage notes payable are as follows: