Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 416

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 416
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 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
          86,232 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 had agreed on the broker the Company would use to sell the property to settle the non-recourse debt.  As of
           December 31, 2024, 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)

           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