Company: SQFTP
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001437749-25-026786
Chunk: 57

Company: Presidio Property Trust, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 57
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, CO   5,482,703   5,580,950 
 Shea Center II (5)   December 2015   Highlands Ranch, CO   17,595,866   18,820,370 
 Mandolin (6)  August 2021  Houston, TX   4,554,707   4,600,562 
 Baltimore   December 2021   Baltimore, MD   8,129,102   8,241,456 
 Commercial properties        73,725,786   90,180,500 
 Model Home properties (7)  2019 - 2025  AZ, TN, TX, AL   40,850,511   37,416,000 
 Total real estate assets and lease intangibles, net       $114,576,297  $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  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