Company: SQFTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001437749-25-034461
Chunk: 153

Company: Presidio Property Trust, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 153
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 the plan to 15% of the Company's outstanding shares of common stock, if on such date 350,000 (as adjusted for any reverse splits) is less than 15% of the Company's then-outstanding shares of common stock.  At the Company’s 2025 Annual Meeting of Stockholders, held on  June  2, 2025, the Company’s 2017 Incentive Award Plan was amended and restated to (i) increase the number of shares available for issuance thereunder to 450,000 from 350,000 shares of common stock and (ii) revise the plan’s evergreen provision to, on  April 1st and  October 1st of each year, automatically increase the maximum number of shares of common stock available under the plan to 15% of the Company’s outstanding shares of common stock, if on such date 450,000 shares constitute less than 15% of the Company’s then-outstanding shares of common stock.

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     A summary of the activity for the Company's restricted stock was as follows:

     Outstanding shares:   Common Shares  
     
 Balance at December 31, 2024   117,081 
 Granted   97,743 
 Forfeited   - 
 Vested   (6,326)
 Balance at September 30, 2025   208,498 

   The non-vested restricted shares outstanding as of  September 30, 2025, will vest over the next one to three years.  As of  September 30, 2025, there were approximately 23,494 shares available to grant under the Company's 2017 Incentive Award Plan. Share-based compensation expense was approximately $0.3 million and $0.8 million for the three and nine months ended  September 30, 2025, respectively.  Share-based compensation expense was approximately $0.3 million and $1.2 million for the three and nine months ended  September 30, 2024, respectively. As of  September 30, 2025, future unrecognized stock compensation related to unvested shares totaled approximately $1.2 million.

   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"),