Company: SQFTP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001437749-25-016828
Chunk: 161

Company: Presidio Property Trust, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 161
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2024, we had approximately $12.0 million and $8.0 million  in cash equivalents, respectively, including $4.0 million and $5.0 million  of restricted cash, respectively. Our cash equivalents and restricted cash consist of invested cash, cash in our operating accounts, short-term bonds and cash held in bank accounts at third-party institutions. During 2025 and 2024, we did not experience any loss or lack of access to our cash or cash equivalents.  Approximately $1.5 million of our cash balance was used in our Tender Offer that closed on May 5, 2025.  Approximately $1.5 million to 2.0 million of our cash balance is intended for capital expenditures on existing properties, net of any construction financing (some of which is held in deposits reserve accounts by our lenders) during the rest of the year. We intend to use the remainder of our existing cash and cash equivalents for asset/property acquisitions, reduction of principal debt, general corporate purposes, common stock repurchases (if market conditions are met), or dividends to our stockholders. 

    Secured Debt

     As of
    March 31, 2025, all our commercial properties, except 300 N.P. which has no debt, had fixed-rate mortgage notes payable in the aggregate principal amount of 
    $67.4 million, collateralized by a total of 9 commercial properties with loan terms at issuance ranging from 5 to 10 years. The weighted-average interest rate on these mortgage notes payable as of
    March 31, 2025, was approximately
    5.38%, and our debt to estimated market value for our commercial properties was approximately 
    67.6%.  During the next 12 months, three of our commercial property loans, totaling approximately $28.2 million, will mature, with an estimated combined loan to value of approximately 69.3% as of
    March 31, 2025. 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 decided to impair the property’s book value, in accordance with ASC