Company: SQFTP
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001437749-25-026786
Chunk: 77

Company: Presidio Property Trust, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 77
---
 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.

       26

     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   97,800 
 Forfeited   - 
 Vested   (6,326)
 Balance at June 30, 2025   208,555 

   The non-vested restricted shares outstanding as of  June 30, 2025, will vest over the next one to three years.  As of  June 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 $0.5 million for the three and six months ended  June 30, 2025, respectively.  Share-based compensation expense was approximately $0.3 million and $0.9 million for the three and six months ended  June 30, 2024, respectively. As of  June 30, 2025, future unrecognized stock compensation related to unvested shares totaled approximately $1.4 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"), as the CEO has the final decision when allocating capital and personnel to the various segments, internally evaluate operating performance and financial results: Office/Industrial Properties, Model Home Properties and Retail Properties. The Company also has certain corporate-level activities including accounting, finance, legal administration, and management information systems which are not considered separate operating segments.  There is no material inter-segment activity.
    
   The CODM evaluates the performance of our segments based upon an internal net operating income (“NOI”), which is a non-GAAP supplemental financial measure on a quarterly basis as disclosed in the