Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 250

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9
Chunk 250
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 real estate assets held for sale, net on the consolidated balance sheet.  Any purchase offers will be subject to lender approval.

(3)

           Grand Pacific Center, Bismarck, ND, was removed from held-for-sale after signing a major lease with KLJ Engineering on
           December 7, 2022 for approximately
          33,296 usable square feet, a term of
          122 months, and starting annualized rent of
          $532,736.  KLJ Engineering moved into the building during
           December 2023, with rent that commenced on
           February 28, 2024.

(4)

           As of
           September 30, 2024, Union Town Center and Research Parkway were listed for sale, and included in the real estate assets held for sale, net on the consolidated balance sheet as of
           December 31, 2024.  The sale of UTC and Research Parkway took place in
           February 2025, to a single buyer for a combined sales price of
          $16.95 million, and the Company recorded a combined gain of approximately
          $4.0 million.

(5)

           During the year ended
           December 31, 2023, we recorded a
          $2.0 million impairment charge for One Park Center that reflects management’s revised estimate of the fair market value based on sales comparable of like properties in the same geographical area as well as an evaluation of future cash flows or an executed purchase sale agreement.  
          No additional impairment was deemed necessary during the year ended
           December 31, 2024. 

(6)

           On
           December 31, 2022, the lease for our largest tenant, Halliburton, expired.  Halliburton was located in our Shea Center II property in Colorado, and made up approximately
          $536,080 of our annual base rent.  Halliburton did
          not renew the lease and we placed approximately
          $1.1 million in a reserve account with our lender to cover future mortgage payments, if necessary,
          none of which has been used as of
           December 31, 2024.

(7)

           A portion of the proceeds from the sale of Highland Court were used in like-kind exchange transactions pursued under Section
          1031 of the Code for the acquisition of our Mandolin property. Mandolin is owned by