Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 358

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9A
Chunk 358
---
205,019)
 Vested   (673,664)
 Balance at December 31, 2024   1,170,805 

   The non-vested restricted shares outstanding as of  December 31, 2024, will vest over the next one to four years.  As of  December 31, 2024, there were approximately 213,000 shares available to grant under the Company's 2017 Incentive Award Plan.  Removed from the Granted and Vested totals noted above are 149,253 shares of common stock that were granted to the CEO in connection to his annual bonus in  March 2024, as set by the Board of Directors, that vested immediately.  These 149,253 shares were voluntarily returned to the Company in  December 2024 by the CEO so they could be distributed to the employees as part of their annual grants in 2025. 
    
   Share-based compensation expense was approximately $1.4 million and $1.0 million for the years ended  December 31, 2024 and 2023, respectively.  As of  December 31, 2024, future unrecognized stock compensation related to unvested shares totaled approximately $1.4 million.

        F-
       32

   13. SEGMENTS
    
   The Company’s reportable segments consist of three types of real estate properties for which the Company’s chief operating decision maker (CODM), which is our Chief Executive Officer ("CEO"), as the CEO has the final decision when allocating capital and personnel to the various segments, internally evaluate operating performance and financial results: Office/Industrial Properties, Model Home Properties and Retail Properties. The Company also has certain corporate-level activities including accounting, finance, legal administration, and management information systems which are not considered separate operating segments.  There is no material inter-segment activity.
    
   The CODM evaluates the performance of our segments based upon an internal net operating income (“NOI”), which is a non-GAAP supplemental financial measure on a quarterly basis as disclosed in the 10-Qs and 10-Ks. We believe that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI  may not be comparable to that of other real estate companies as they  may have different methodologies for computing this amount. The Company defines NOI for its segments