Note 7 - Mortgage Notes Payable

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Mortgage Notes Payable Disclosure [Text Block]

7. MORTGAGE NOTES PAYABLE

Mortgage notes payable consist of the following:

	Principal as of
	June 30,			December 31,			Loan	Interest
Mortgage note property	2022			2021			Type	Rate (1)			Maturity
300 N.P. (2)		-			2,232,923		Fixed		4.95	%	6/11/2022
Dakota Center		9,560,814			9,677,108		Fixed		4.74	%	7/6/2024
Research Parkway		1,677,119			1,705,438		Fixed		3.94	%	1/5/2025
Arapahoe Service Center		7,687,042			7,770,887		Fixed		4.34	%	1/5/2025
Union Town Center		8,099,754			8,173,568		Fixed		4.28	%	1/5/2025
One Park Centre		6,220,286			6,276,849		Fixed		4.77	%	9/5/2025
Genesis Plaza		6,112,415			6,168,604		Fixed		4.71	%	9/6/2025
Shea Center II		17,362,510			17,494,527		Fixed		4.92	%	1/5/2026
West Fargo Industrial (6)		4,089,833			4,148,405		Fixed		3.27	%	8/5/2029
Grand Pacific Center (3) (4)		3,558,614			3,619,695		Fixed		4.02	%	8/1/2037
Baltimore		5,670,000			—		Fixed		4.67	%	4/6/2032
Mandolin		3,665,201			—		Fixed		4.35	%	4/20/2029
Subtotal, Presidio Property Trust, Inc. Properties	$	73,703,588		$	67,268,004
Model Home mortgage notes (4) (5)		20,947,121			22,154,128		Fixed					2022 - 2024
Mortgage Notes Payable	$	94,650,709		$	89,422,132
Unamortized loan costs		(717,475	)		(562,300	)
Mortgage Notes Payable, net	$	93,933,234		$	88,859,832

(1)	Interest rates as of June 30, 2022.
(2)	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.  The Company paid this note in full on May 11, 2022 with available cash on hand.
(3)	Interest rate is subject to possible reset on September 1, 2023.
(4)	Property held for sale as of June 30, 2022. There were five model homes included as real estate assets held for sale.
(5)	Our model homes have stand-alone mortgage note at interest rates ranging from 2.50% to 5.18% per annum as of  June 30, 2022.
(6)	Interest rate is subject to possible reset on August 5, 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, 2022:

	Presidio Property		Model
	Trust, Inc.		Homes		Total Principal
Years ending December 31:	Notes Payable		Notes Payable		Payments
2022	$	704,494	$	3,244,546	$	3,949,040
2023		1,470,877		7,768,366		9,239,243
2024		10,449,488		9,934,209		20,383,697
2025		28,852,888		—		28,852,888
2026		16,719,849		—		16,719,849
Thereafter		15,505,992		—		15,505,992
Total	$	73,703,588	$	20,947,121	$	94,650,709