Company: SQFTP
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001437749-25-026786
Chunk: 63

Company: Presidio Property Trust, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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 to the loan maturity date, the Company will finalize our plans.  As of  June 30, 2025, we have finalized terms sheets to refinance the loans on Genesis Plaza and One Park Centre from third party lenders.  The Genesis Plaza loan closed on  August 6, 2025 and the One Park Centre loan is expected to close in  September 2025.  We have begun exploring options for the Shea Center II loan which matures in  January 2026, although there can be no guarantee we will be successful in refinancing the properties.
 (7)  As of  June 30, 2025, there were five model homes included as real estate assets held for sale.  Our model homes have stand-alone mortgage notes at interest rates ranging from 6.0% to 8.0% per annum as of  June 30, 2025. 

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   The loan agreement between NetREIT Model, Homes, Inc. (“NRMH”) and its Lender has a covenant for a Fixed Charge Coverage Ratio (“FCCR”) as defined for NRMH as of any date that equals (a) the sum of (i) EBITDA for the period ended as of such date minus (ii) distributions for the period ended as of such date divided by (b) the sum of (i) principal payments paid for the period ended as of such date plus (ii) interest expense for period ended as of such date.  The FCCR is to be no less than 1.10 to 1.00, tested at the end of each fiscal quarter.  As of  June 30, 2025, NRMH was in compliance with this covenant.  The Company and standalone subsidiaries have other various quarterly and annual reporting requirements to the individual property lenders and the Company is in compliance with all material conditions and covenants on those mortgage notes payable as of  June 30, 2025, with the exception for Dakota Center's loan maturity. 
    
   Scheduled principal payments of mortgage notes payable were as follows as of  June 30, 2025:

       Commercial    Model      
   Properties    Homes    Total Principal  
 Years ending December 31:  Notes Payable  Notes Payable  Payments 
 2025  $20,695,521  $3,665,513