Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 1051

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 1051
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 the intended hold period, obtaining evidence to corroborate management’s judgments, and searching for evidence contrary to such judgments. 

  ●  Testing the mathematical accuracy of the valuation models for certain real estate assets. 

  ●  Involving our valuation professionals with specialized skills and knowledge in (1) evaluating the reasonableness of the valuation methodology and (2) testing the underlying assumptions such as the market rental rates, leasing assumptions, capitalization rates and discount rates used to estimate future cash flows and, where applicable, fair values for certain real estate assets. The evaluation included comparison of Company assumptions to independently developed ranges using market data from industry transaction databases and published industry reports. 

  ●  Evaluating whether the assumptions used by management were consistent with evidence obtained in other areas of the audit. 

/s/ Moss Adams
 
Irvine, California
 
March 31, 2025
 
We have served as the Company’s auditor since 2024.

    F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the shareholders and the board of directors of Presidio Property Trust, Inc. and Subsidiaries:
 
Opinion on the Financial Statements 
 
We have audited the accompanying consolidated balance sheets of Presidio Property Trust, Inc. and Subsidiaries (the Company) as of December 31, 2023, the related consolidated statements of operations, equity and cash flows, for the years then ended, and the related notes to the consolidated financial statements and schedule in Item 15 (2), Schedule III – Real Estate and Accumulated Depreciation and Amortization (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
 
Basis for Opinion 
 
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the