Company: SQFTP
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001437749-25-026786
Chunk: 190

Company: Presidio Property Trust, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 190
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 (the “Amendment”). The Amendment amends certain warrants to purchase 200,000 shares of Series A Common Stock purchased by the Purchaser on July 14, 2021 to (i) reduce the exercise price to $12.00 per share from $55 per share and (ii) extend the termination date to July 16, 2030 from July 16, 2026. Pursuant to the Stock Purchase Agreement, the Company agreed to file a resale registration statement to register the shares of Series A Common Stock underlying such warrants within 30 days of the closing of the offering and to cause the registration statement to go effective within 60 days of the closing.

    Secured Debt

     As of
    June 30, 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 
    $67.0 million, collateralized by a total of nine 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
    June 30, 2025, was approximately
    5.38%, and our debt to estimated market value for our commercial properties was approximately 
    67.2%.  During the next 12 months, three of our commercial property loans, totaling approximately $28.1 million, will mature, with an estimated combined loan to value of approximately 68.9% as of
    June 30, 2025. The non-recourse loan on the Dakota Center property matured on July 6, 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
    June 30, 2025, the property was included in the real estate assets held for sale, net on the consolidated balance sheet. During July 2025, the lender approved a purchase offer from a third party for $5,125,000.  In connection with the pending sale, we have impaired the property’s book value and recorded an impairment charge of approximately $3.3 million as of
    June 30, 2025.  The sale is expected to take place during the third quarter 2025. The loan is considered non-recourse and we will not be required to