Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 669

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 669
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 amount of approximately $2.7 million on the construction loan. 
(5)As of  December 31, 2024, there were 9  model homes included as real estate assets held for sale.  Our model homes have stand-alone mortgage notes at interest rates ranging from 5.37% to 8.0% per annum as of  December 31, 2024.
(6) These mortgage loans mature 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 these properties.  As we get closer to the loan maturity date, the Company will finalize our plans.  Union Town Center and Research Parkway have been listed for sale, and included in the real estate assets held for sale, net on the consolidated balance sheet as of  December 31, 2024. These properties were sold to a single buy in  February 2025 and their loans were paid in full. 

   The loan agreement between NetREIT Model, Homes, Inc. (“NRMH”) and their Lender has a covenant for a Fixed Charge Coverage Ratio, (“FCCR”) as defined for NRMH as of any date (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 (ii) Principal Payments Paid for the period ended as of such date plus (iii) 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  December 31, 2024, NRMH was in compliance with this covenant.  The Company and stand along subsidiaries have other various quarterly and annual reporting requirements to the individual property lenders and is in compliance with all material conditions and covenants on those mortgage notes payable as of  December 31, 2024.
    
   Scheduled principal payments of mortgage notes payable were as follows as of  December 31, 2024:

        F-
       24

       Commercial    Model      
   Properties    Homes    Total Principal  
 Years ending December 31:   Notes Payable    Notes Payable    Payments  
 2025  $30,494,