Company: SQFTP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001437749-25-016828
Chunk: 49

Company: Presidio Property Trust, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 49
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 8,185,279   8,241,456 
 Commercial properties        78,500,665   90,180,500 
 Model Home properties (7)  2019 - 2025  AZ, FL, TX, AL   38,865,350   37,416,000 
 Total real estate assets and lease intangibles, net       $117,366,015  $127,596,500 

       17

    (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 78,215 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 agreed to the broker the Company would use to sell the property to settle the non-recourse debt.  As of  March 31, 2025, the property was included in the real estate assets held for sale, net on the consolidated balance sheet.  Any purchase offers will be subject to lender approval.   
 (3)  During  February 2025, Union Town Center and Research Parkway were sold to a single buyer for a combined $16.95 million and recorded a net gain of approximately $4.2 million, net of closing costs.    
 (4)  During the year ended