Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 824

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 824
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 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   2.87%
 Wells Fargo Bank, NA     1   300,838   2.52%
 Republic Indemnity of America     1   278,831   2.34%
 Nova Financial & Investment Corporation   (1)   1   275,071   2.30%
 Meissner Commercial Real Estate Services   (2)   1   270,015   2.26%
 Fredrikson & Byron P.A.     1   249,270   2.09%
        $3,891,956   32.60%

        F-
       9

   (1) Nova Financial & Investment Corporation was subleasing to OnPoint Medical Group Holdings, LLC (“OnPoint”), until their lease expired in  January 2025.  Since  October 2024, OnPoint had also been directly leasing a 2,543 square foot space in our Shea Center building.  In  January 2025, OnPoint