Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 1699

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 1699
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 08/15 

     2003

     2,850

     88.8
     %

     100.0
     %

     1,589

      Mandolin, Houston, TX (7) 

     10,500
      
      08/21 

     2021

     4,892

     100.0
     %

     61.3
     %

     3,573

      Total Retail Properties 

     65,242

     $
     18,954

     86.2
     %

     $
     13,032

      (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 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