Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 249

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9
Chunk 249
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 Highlands Ranch, CO   18,820,370   19,367,289 
 Mandolin (7)   August 2021   Houston, TX   4,600,562   4,692,274 
 Baltimore   December 2021   Baltimore, MD   8,241,456   8,466,165 
 Commercial properties        90,180,500   93,365,637 
 Model Home properties (8)   2019 - 2024   AZ, FL, TX   37,416,000   50,790,147 
 Total real estate assets and lease intangibles, net       $127,596,500  $144,155,784 

        F-
       20

   (1)

           Genesis Plaza is owned by
          two tenants-in-common, NetREIT Genesis and NetREIT Genessis II, each of which own
          57% and
          43%, respectively, and we beneficially own an aggregate of
          92.0%, based on our ownership of each entity.  We have
          100% ownership of NetREIT Genesis and
          81.5% ownership of NetREIT Genesis II, and we have control of both entities.  During
           July 
          2024, the Company completed a minority ownership conversion option as result of a death in a noncontrolling trust within NetREIT Genesis II.  The Company issued the trust
          86,232 shares of SQFT Series A Common Stock in exchange for their
          36.4% ownership in NetREIT Genesis II, as per the original exchange agreement.

(2)

           The non-recourse loan on the Dakota Center property matured on
           July 6, 2024.  During
           October 2024, management has agreed with the lender to sell the property to settle the loan balance.  Due to the uncertainties in the Fargo market, we have impaired the property’s book value and recorded an impairment charge of approximately
          $0.7 million as of 
           September 30, 2024.  During
           December 2024, the lender had agreed on the broker the Company would use to sell the property to settle the non-recourse debt.  As of
           December 31, 2024, the property was included in the