Company: SQFTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001437749-25-034461
Chunk: 139

Company: Presidio Property Trust, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 139
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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 on  June 10, 2028.  As of  December 31, 2024, we had fully drawn down the loan amount of approximately $2.7 million on the construction loan. 
(6)This mortgage loan matures within the next twelve months and management is reviewing various options for the loan maturity, including but not limited to refinancing, restructuring and or selling this property.  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 property.
 (7)  As of  September 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 5.94% to 8.0% per annum as of  September 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  September 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  September 30, 2025, with the exception for Dakota Center's loan maturity. 
    
   Scheduled principal payments of mortgage notes payable were as follows as of  September 30, 2025:

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