Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 60

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 60
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 fund operations through at least the next twelve months from the date of the issuance of these unaudited interim financial statements.
    
   Segments. The Company acquires and operates income producing properties in three business segments including Office/Industrial Properties, Model Home Properties and Retail Properties. See Note 13. “Segments”.
    
   Concentration. Concentration of credit risk with respect to tenant receivables is limited due to the large number of tenants comprising the Company’s rental revenue.  We have five commercial properties located in Colorado, four in North Dakota, one in Southern California, one in Texas and one in Maryland. Our model home properties are concentrated in Texas with a few model homes in Florida and Arizona. We had one tenant account for 6.07% of total rental income for the year ended  December 31, 2024.  On  December 31, 2022, the lease for our largest tenant at that time, Halliburton Energy Services, Inc. ("Halliburton"), expired.  Halliburton was located in our Shea Center II property in Colorado and did not renew the lease.  We placed approximately $1.1 million in a reserve account with our lender to cover future mortgage payments, if necessary, in connection with Halliburton's vacant space, none of which has been used as of  December 31, 2024. This reserve amount is included in "Cash, cash equivalents and restricted cash" on the consolidated balance sheet.  Our management team is working to fill the 45,535 square foot space and has leased approximately 54% of the space as of  February 2025 and has reviewed various proposals for the remaining 46%.
    
   The following table sets forth certain information with respect to our top 10 tenants at our Office/Industrial and Retail Properties.

     As of December 31, 2024 Tenant     Number of Leases    Annualized Base Rent    % of Total Annualized Base Rent  
 John Hopkins University     1   724,453   6.07%
 Finastra USA Corporation     1   543,600   4.55%
 KLJ Engineering LLC     1   536,080   4.49%
 MasTec North America, Inc.     1   371,106   3.11%
 L&T Care LLC     1   342,692