# EDGAR Filing Document

**Accession Number:** 0001080657
**File Stem:** 0001641172-25-024137
**Filing Date:** 2025-8
**Character Count:** 62089
**Document Hash:** de4f68c8f57de1a6224c62a30d205f39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-024137.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001641172-25-024137

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250814

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Presidio Property Trust, Inc.
- **CENTRAL INDEX KEY:** 0001080657
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 330841255
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34049
- **FILM NUMBER:** 251220622

**BUSINESS ADDRESS:**
- **STREET 1:** 4995 MURPHY CANYON ROAD
- **STREET 2:** SUITE 300
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92123
- **BUSINESS PHONE:** 760-471-8536

**MAIL ADDRESS:**
- **STREET 1:** 4995 MURPHY CANYON ROAD
- **STREET 2:** SUITE 300
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92123

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NETREIT, INC.
- **DATE OF NAME CHANGE:** 20100903

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NETREIT
- **DATE OF NAME CHANGE:** 19990225

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **August 14, 2025**

**Presidio Property Trust, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-34049** | **33-0841255** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

**4995 Murphy Canyon Road, Suite 300**

**San Diego, California 92123**

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: **(760) 471-8536**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange on which registered** |
| Series A Common Stock, $0.01 par value per share | SQFT | The Nasdaq Stock Market LLC |
| 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share | SQFTP | The Nasdaq Stock Market LLC |
| Series A Common Stock Purchase Warrants to Purchase Shares of Common Stock | SQFTW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

---

*Press Release*

On August 14, 2025, Presidio Property Trust, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2025, and made the press release available on its website, www.PresidioPT.com. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

The Company also made available on its website a financial supplement containing financial data of the Company ("Supplemental Financial Information") for the quarter ended June 30, 2025, and such Supplemental Financial Information is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

The information in this Item 2.02 of this Current Report on Form 8-K, including the information contained in the exhibits, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

The Supplemental Financial Information furnished by the Company and posted to its website as described above under Item 2.02 is hereby incorporated by reference into this Item 7.01.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

---

| | |
|:---|:---|
| (d) | Exhibits |
| 99.1 | [Press Release dated August 14, 2025](ex99-1.htm) |
| 99.2 | [Supplemental Financial Information for the six months ended June 30, 2025](ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded with the inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | **PRESIDIO PROPERTY TRUST, INC.** | **PRESIDIO PROPERTY TRUST, INC.** |
|  | By: | */s/ Ed Bentzen* |
|  | Name: | Ed Bentzen |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**Presidio Property Trust, Inc. Announces Earnings for**

**the Second Quarter Ended June 30, 2025**

**San Diego, California, August 14, 2025 –** Presidio Property Trust, Inc. (Nasdaq: SQFT, SQFTP, SQFTW) (the "Company"), an internally managed, diversified real estate investment trust ("REIT"), today reported earnings for its three months ended June 30, 2025.

"I am proud of the way our team members performed this quarter and feel we are well positioned as we head into the second half of 2025," said Jack Heilbron, the Company's President and Chief Executive Officer.

"Leasing retention rates have continued positive for the second quarter of 2025 with approximately 90% renewing their current leases year-to-date. We are happy to see that existing tenants have stable space requirements, and in some cases expanded," said Gary Katz, the Company's Chief Investment Officer.

"Builders continue to offer discounted prices and strong incentive packages as they aim to reduce above-average inventory levels. Despite these challenges in the residential real estate market, we have seen overall positive performance in our resale portfolio. We remain focused on capturing value and reducing risk as we continue to navigate the challenging market," said Steve Hightower, President of the Model Home Division.

**<u>The Second Quarter Ended June 30, 2025, Financial Results</u>**

Net loss attributable to the Company's common stockholders for the three months ended June 30, 2025 was approximately $5.9 million, or $5.13 per basic and diluted share, compared to a net loss of approximately $12.4 million, or ($9.97) per basic and diluted share for the three months ended June 30, 2024. The change in net income attributable to the Company's common stockholders was a result of:

● Total revenues were approximately $4.4 million for the three months ended June 30, 2025, compared to approximately $4.6 million for the same period in 2024. As of June 30, 2025, we had approximately $114.6 million in net real estate assets including 87 model homes, compared to approximately $130.9 million in net real estate assets including 80 model homes at June 30, 2024. The average number of model homes held during the three months ended June 30, 2025 and 2024 was 85 and 84, respectively. The change in revenue is directly related to the decrease in commercial real estate rental income during the current period, from the sale of two commercial properties on February 7, 2025

● General and administrative ("G&A") for the three months ended June 30, 2025 and 2024 totaled approximately $1.2 million and $2.2 million, respectively. G&A expenses as a percentage of total revenue was 27.9% and 48.0% for the three months ended June 30, 2025 and 2024, respectively. G&A expenses for the three months ended June 30, 2025 decreased by approximately $1.0 million partially related to consulting fees in 2024 and additional legal fees related to Zuma Capital Management, LLC (Zuma Capital"), which was not repeated in 2025. During the three months ended June 30, 2025, we also reduced our accrual for board fees by $130,000, and our accrual for income tax preparation.

● During the three months ended June, 2025, Company sold seven (7) model homes for approximately $3.1 million, net of sales costs, and recognized a gain of approximately $323,359.

● During the three months ended June 30, 2025 and 2024, we recognized non-cash impairment charges of approximately $0.1 million related to one model home property and approximately $0.1 million related to four model homes, respectively, based on estimated selling prices. Additionally, during the three months ended June 30, 2025, in connection with the pending sale of Dakota Center, we have impaired the property's book value and recorded an impairment charge of approximately $3.3 million, with the short sale expected to take place during the third quarter of 2025, which will include a discounted payoff for the non-recourse loan. We also recorded an impairment charge of approximately $0.9 million, on our Shea Center II property, based on current market conditions, occupancy rates, and the estimated hold period of the property.

● Interest expense, including amortization of deferred finance charges was approximately $1.5 million for the three months ended June 30, 2025, compared to approximately $1.5 million for the same period in 2024. The weighted average interest rate on our outstanding debt was 5.90% and 5.38% as of June 30, 2025 and 2024, respectively. Mortgage notes payable totaled approximately $95.4 million and $102.0 million as of June 30, 2025 and 2024, respectively. The decrease in mortgage notes payable is a direct result of the sale of our two commercial properties during February 2025 and the change in the number of model homes.

FFO (non-GAAP) totaled approximately $(409,437) and $(1.3 million) for the three months ended June 30, 2025 and 2024, respectively. A reconciliation of FFO to net income, the most directly comparable GAAP financial measure, is attached to this press release. However, because FFO excludes depreciation and amortization as well as the changes in the value of the Company's properties that result from use or market conditions, each of which have real economic effects and could materially impact the Company's results from operations, the utility of FFO as a measure of the Company's performance is limited.

We believe Core FFO (non-GAAP) provides a useful metric in comparing operations between reporting periods and in assessing the sustainability of our ongoing operating performance. Core FFO increased by about $0.3 million, from approximately $(0.4 million) for the three months ended June 30, 2024, to approximately $(94,563) for the three months ended June 30, 2025. A reconciliation of Core FFO to net income, the most directly comparable GAAP financial measure, is attached to this press release.

**<u>Acquisitions and Dispositions for the second quarter ended June 30, 2025:</u>**

Acquisitions during the three months ended June 30, 2025:

● We acquired 10 model homes for approximately $5.1 million. The purchase price was paid through cash payments of approximately $1.6 million and mortgage notes of approximately $3.6 million.

Dispositions during the three months ended June 30, 2025:

● The Company sold seven (7) model homes for approximately $3.1 million, net of sales costs, and recognized a gain of approximately $0.3 million.

**<u>Segment Income during the three months ended June 30, 2025:</u>**

The following tables compare the Company's segment activity and NOI and adjusted NOI for Model Home income to its results of operations and financial position as of and for the three months ended June 30, 2025. The line items listed in the below NOI tables include the significant expense considered by the CODM for cash allocations on future investments. The Other Non-Segment & Consolidating Items represent corporate activity, the investment in Conduit Pharmaceutical, and other eliminating items for consolidation. The information for Corporate and Other are presented to reconcile back to the consolidated statement of operations, but is not considered a reportable segment. This includes the loss on Conduit marketable securities.

The following tables compare the Company's segment activity to its results of operations and financial position as of and for the three months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** |
|  | **Retail** | **Office/Industrial** | **Model <br> Homes** | **Corporate <br> and Other** | **Total** |
| Rental revenue | $93574 | $2452956 | $1019301 | $— | $3565831 |
| Recovery revenue |  | 715922 |  |  | 715922 |
| Other operating revenue | - | 64893 | 428 | 31666 | 96987 |
| Total revenues | 93574 | 3233771 | 1019729 | 31666 | 4378740 |
| Rental operating costs | 4824 | 1549497 | 49940 | (141656) | 1462605 |
| Net Operating Income (NOI) | 88750 | 1684274 | 969789 | 173322 | 2916135 |
| Gain on Sale - Model Homes |  |  | 323359 |  | 323359 |
| Impairment of Model Homes |  |  | (90769) |  | (90769) |
| Adjusted NOI | $88750 | $1684274 | $1202379 | $173322 | $3148725 |

---

The CODM reviews on a regular basis the GAAP performance of each segment, including the significant segment expenses reported for GAAP shown in the table below. Our significant segment expenses include consolidated expense categories presented in our consolidated statements of operations, as well as rental operating costs. This information is provided to the CODM and factors into the CODM's decision making for company-wide strategy. The following tables compare the Company's segment activity and to its results of GAAP operations and financial position as of and for the three months ended June 30, 2025. The information for Corporate and Other are presented to reconcile back to the consolidated statement of operations, but is not considered a reportable segment as noted above.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** |
|  | **Retail** | **Office/Industrial** | **Model <br> Homes** | **Corporate <br> and Other** | **Total** |
| **Revenues:** |  |  |  |  |  |
| Rental income | $93574 | $3168878 | $1019301 | $— | $4281753 |
| Fees and other income | - | 64893 | 428 | 31666 | 96987 |
| Total revenue | 93574 | 3233771 | 1019729 | 31666 | 4378740 |
| **Costs and expenses:** |  |  |  |  |  |
| Rental operating costs | 4824 | 1549497 | 49940 | (141656) | 1462605 |
| General and administrative |  |  | 187935 | 1035723 | 1223658 |
| Depreciation and amortization | 22928 | 955575 | 231954 | 1234 | 1211691 |
| Impairment of goodwill and real estate assets |  | 4226620 | 90769 |  | 4317389 |
| Total costs and expenses | 27752 | 6731692 | 560598 | 895301 | 8215343 |
| **Other income (expense):** |  |  |  |  |  |
| Interest expense - mortgage notes | (39942) | (921953) | (514636) | (1339) | (1477870) |
| Interest and other income, net |  |  | 8 | 5198 | 5206 |
| Net loss in Conduit Pharmaceuticals marketable securities (see footnote 9) |  |  |  | (7802) | (7802) |
| Gain on sales of real estate, net |  |  | 323359 |  | 323359 |
| Income tax (expense) benefit |  |  | (30309) | (23601) | (53910) |
| Total other income (expense), net | (39942) | (921953) | (221578) | (27544) | (1211017) |
| **Net income (loss)** | 25880 | (4419874) | 237553 | (891179) | (5047620) |
| Less: Income attributable to noncontrolling interests |  | (11655) | (217250) |  | (228905) |
| **Net income (loss) attributable to Presidio Property Trust, Inc. stockholders** | $25880 | $(4431529) | $20303 | $(891179) | $(5276525) |

---

**<u>Dividends paid during the three months ended June 30, 2025 and 2024:</u>**

The following is a summary of distributions declared per share of our Series D Preferred Stock for the three months ended June 30, 2025 and 2024.

 **

***Series D Preferred Stock***

 **

---

| | | |
|:---|:---|:---|
| **Month** | **2025** | **2024** |
|  | **Distributions <br> Declared** | **Distributions <br> Declared** |
| April | $0.19531 | $0.19531 |
| May | 0.19531 | 0.19531 |
| June | 0.19531 | 0.19531 |
| Total | $0.58593 | $0.58593 |

---

 ****

 ****

**About Presidio Property Trust**

Presidio is an internally managed, diversified REIT with holdings in model home properties which are triple-net leased to homebuilders, office, industrial, and retail properties. Presidio's model homes are leased to homebuilders located primarily in the sun belt states. Presidio's office, industrial, and retail properties are located primarily in Colorado, with properties also located in Maryland, North Dakota, Texas, and Southern California. For more information on Presidio, please visit Presidio's website at <u>https://www.PresidioPT.com</u>.

**<u>Definitions</u>** 

**Non-GAAP Financial Measures**

**Funds from Operations ("FFO")** – The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs.

However, because FFO excludes depreciation and amortization as well as the changes in the value of the Company's properties that result from use or market conditions, each of which have real economic effects and could materially impact the Company's results from operations, the utility of FFO as a measure of the Company's performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as the Company does, and, accordingly, the Company's FFO may not be comparable to other REITs' FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company's performance.

**Core Funds from Operations ("Core FFO")** – We calculate Core FFO by using FFO as defined by NAREIT and adjusting for certain other non-core items. We exclude from our Core FFO calculation acquisition costs, loss on early extinguishment of debt, changes in the fair value of the earn-out, changes in fair value of contingent consideration, non-cash warrant dividends, other non-recuring expenses, and the amortization of stock-based compensation.

We believe Core FFO provides a useful metric in comparing operations between reporting periods and in assessing the sustainability of our ongoing operating performance. Other equity REITs may calculate Core FFO differently or not at all, and, accordingly, the Company's Core FFO may not be comparable to such other REITs' Core FFO.

**Cautionary Note Regarding Forward-Looking Statements**

This press release contains statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and other federal securities laws. Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as "believe," "expect," "anticipate," "intend," "estimate," "may," "will," "should" and "could." Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements also include statements relating to the closing of the business combination with Conduit within a certain timeframe or at all. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. Except as required by law, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" section of the Company's documents filed with the SEC, copies of which are available on the SEC's website, <u>www.sec.gov</u>.

**Investor Relations Contact:**

Presidio Property Trust, Inc.

Lowell Hartkorn, Investor Relations

<u>LHartkorn@presidiopt.com</u>

Telephone: (760) 471-8536 x1244

**Presidio Property Trust, Inc. and Subsidiaries**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | **(unaudited)** | |
| **ASSETS** |  |  |
| Real estate assets and lease intangibles: |  |  |
| &nbsp;&nbsp;&nbsp;Land | $16833321 | $15983323 |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | 106094790 | 102862977 |
| &nbsp;&nbsp;&nbsp;Tenant improvements | 16505440 | 16488066 |
| &nbsp;&nbsp;&nbsp;Lease intangibles | 3475531 | 3776654 |
| Real estate assets and lease intangibles held for investment, cost | 142909082 | 139111020 |
| Accumulated depreciation and amortization | (35619708) | (33700262) |
| Real estate assets and lease intangibles held for investment, net | 107289374 | 105410758 |
| Real estate assets held for sale, net | 7286923 | 22185742 |
| Real estate assets, net | 114576297 | 127596500 |
| Other assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash | 7285089 | 8036496 |
| &nbsp;&nbsp;&nbsp;Deferred leasing costs, net | 1425887 | 1666135 |
| &nbsp;&nbsp;&nbsp;Goodwill | 1389000 | 1389000 |
| &nbsp;&nbsp;&nbsp;Investment in Conduit Pharmaceuticals marketable securities | 7728 | 206177 |
| &nbsp;&nbsp;&nbsp;Deferred tax asset | 298645 | 298645 |
| &nbsp;&nbsp;&nbsp;Other assets, net | 3417767 | 3376697 |
| Total other assets | 13824116 | 14973150 |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $128400413 | $142569650 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| Mortgage notes payable, net | $84003364 | $80977448 |
| Mortgage notes payable related to properties held for sale, net | 10600440 | 21116646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, total net | 94603804 | 102094094 |
| Accounts payable and accrued liabilities | 3037530 | 3290170 |
| Accrued real estate taxes | 1133318 | 1972477 |
| Dividends payable | 190393 | 194784 |
| Lease liability, net | 52552 | 64345 |
| Below-market leases, net | 5803 | 8625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 99023400 | 107624495 |
| **Commitments and contingencies** |  |  |
| Equity: |  |  |
| Series D Preferred Stock, $0.01 par value per share; 1,000,000 shares authorized; 974,823 shares issued and outstanding (liquidation preference $25.00 per share) as of June 30, 2025 and 997,082 shares issued and outstanding as of December 31, 2024 | 9748 | 9971 |
| Series A Common Stock, $0.01 par value per share, shares authorized: 100,000,000; 1,071,760 shares and 1,283,432 shares were issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 10718 | 128343 |
| Additional paid-in capital | 184578728 | 185770842 |
| Dividends and accumulated losses | (163538854) | (159374010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity before noncontrolling interest | 21060340 | 26535146 |
| Noncontrolling interest | 8316673 | 8410009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 29377013 | 34945155 |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND EQUITY** | $128400413 | $142569650 |

---

**Presidio Property Trust, Inc. and Subsidiaries**

**Consolidated Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months<br> Ended June 30,** | **For the Three Months<br> Ended June 30,** | **For the Six Months <br> Ended June 30,** | **For the Six Months <br> Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $4281753 | $4474198 | $8314182 | $9113925 |
| &nbsp;&nbsp;&nbsp;Fees and other income | 96987 | 112343 | 189743 | 262678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 4378740 | 4586541 | 8503925 | 9376603 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental operating costs | 1462605 | 1492495 | 3075248 | 3056072 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1223658 | 2202916 | 2885634 | 4287366 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1211691 | 1351370 | 2455796 | 2702388 |
| &nbsp;&nbsp;&nbsp;Impairment of goodwill and real estate assets | 4317389 | 101245 | 4344332 | 196793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 8215343 | 5148026 | 12761010 | 10242619 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense - mortgage notes | (1477870) | (1525845) | (2988341) | (3041051) |
| &nbsp;&nbsp;&nbsp;Interest and other income, net | 5206 | 5206 | 10354 | 9852 |
| &nbsp;&nbsp;&nbsp;Gain on sales of real estate, net | 323359 | 811903 | 4777327 | 2829998 |
| &nbsp;&nbsp;&nbsp;Net loss in Conduit Pharmaceuticals marketable securities (see Note 9) | (7802) | (10027433) | (184459) | (13888667) |
| &nbsp;&nbsp;&nbsp;Income tax expense | (53910) | (81021) | (28501) | (160586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (1211017) | (10817190) | 1586380 | (14250454) |
| Net loss | (5047620) | (11378675) | (2670705) | (15116470) |
| Less: Income attributable to noncontrolling interests | (228905) | (469365) | (340468) | (1973233) |
| Net loss attributable to Presidio Property Trust, Inc. stockholders | $(5276525) | $(11848040) | $(3011173) | $(17089703) |
| Less: Series D Preferred Stock dividends | (574096) | (543331) | (1153671) | (1065363) |
| Net loss attributable to Presidio Property Trust, Inc. common stockholders | $(5850621) | $(12391371) | $(4164844) | $(18155066) |
| Net loss per share attributable to Presidio Property Trust, Inc. common stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic & Diluted | $(5.13) | $(9.97) | $(3.42) | $(14.69) |
| Weighted average number of common shares outstanding - basic & dilutive | 1139437 | 1242879 | 1217332 | 1236099 |

---

**FFO AND CORE FFO RECONCILIATION**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months** <br> **Ended June 30,** | **For the Three Months** <br> **Ended June 30,** | **For the Six** <br> **Months Ended June,** | **For the Six** <br> **Months Ended June,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders | $(5850621) | $(12391371) | $(4164844) | $(18155066) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income attributable to noncontrolling interests | 228905 | 469365 | 340468 | 1973233 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1211691 | 1351370 | 2455796 | 2702388 |
| &nbsp;&nbsp;&nbsp;Amortization of above and below market leases, net | (1244) | (1244) | (2265) | (2487) |
| &nbsp;&nbsp;&nbsp;Impairment of real estate assets | 4317389 | 101245 | 4344332 | 196793 |
| &nbsp;&nbsp;&nbsp;Net change in marketable securities | 7802 | 10027433 | 184459 | 13889227 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on sale of real estate assets, net | (323359) | (811903) | (4777327) | (2829998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFO | $(409437) | $(1255105) | $(1619381) | $(2225910) |
| Restricted stock compensation | 314874 | 343107 | 544376 | 885029 |
| Cost associated with Zuma Capital Management | - | 469552 | - | 565534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core FFO | $(94563) | $(442446) | $(1075005) | $(775347) |
| Weighted average number of common shares outstanding - basic and diluted | 1139437 | 1242879 | 1217332 | 1236099 |
| Core FFO / Wgt Avg Share | $(0.08) | $(0.36) | $(0.88) | $(0.63) |
| Quarterly Dividends / Share | $— | $— | $— | $— |

---

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

![](ex99-2_002.jpg)

SUPPLEMENTAL FINANCIAL INFORMATION

As of June 30, 2025

---

| | |
|:---|:---|
| FORWARD-LOOKING STATEMENTS | ![](ex99-2_003.jpg) |

---

This presentation contains "forward-looking statements" within the meaning of the federal securities laws that involve risks and uncertainties, many of which are beyond our control. Our actual results could differ materially and adversely from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Quarterly Report on Form 10-Q. Forward-looking statements relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, financial condition, liquidity, capital resources, cash flows, dividends, results of operations and other financial and operating information. When used in this presentation, the words "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "should," "project," "plan," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.

The forward-looking statements contained in this presentation are based on historical performance and management's current plans, estimates and expectations in light of information currently available to it and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to the factors, risks and uncertainties described in the Annual Report on Form 10-K, as filed March 31, 2025 ("Annual Report") and the Company's Quarterly Report on Form 10-Q filed with the SEC on the date hereof ("Quarterly Report"), changes in global, regional or local political, economic, business, competitive, market, regulatory and other factors described in the "Risk Factors" section of the Annual Report and the Quarterly Report, many of which are beyond our control. Should one or more of these risks or uncertainties materialize or should any of our assumptions prove to be incorrect, our actual results may vary in material respects from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Any forward-looking statement made by us in this presentation speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws.

---

| | |
|:---|:---|
| COMPANY OVERVIEW | ![](ex99-2_003.jpg) |

---

![](ex99-2_005.jpg)

● Presidio Property
 Trust, Inc. ("Presidio" or the "Company") was founded in 1999 as NetREIT

● Presidio is an internally
 managed real estate company focused on commercial real estate opportunities in often overlooked and regionally dominant markets

● The Company acquires, owns,
 and manages office and industrial real estate assets in markets with strong demographic and economic drivers with attractive going-in
 cap rates

● Presidio's commercial
 portfolio currently includes 10 commercial properties with a book value of approximately $78.5 million

● In addition to its commercial
 real estate holdings, Presidio generates fees and rental income from affiliated entities, which manage and/or own a portfolio of model
 homes <sup>(1)</sup>

---

| | |
|:---|:---|
| **Corporate Information** | **Corporate Information** |
| Headquarters | San Diego, CA |
| Founded | 1999 |
| Key Geographies | CA, CO, MD, ND & TX |
| Employees | 14 |

---

---

| | |
|:---|:---|
| **Portfolio Summary (Number / Square Footage)** | **Portfolio Summary (Number / Square Footage)** |
| Office | 8 properties / 608,076 sqft. |
| Retail | 1 properties / 10,500 sqft. |
| Industrial | 1 property / 150,099 sqft. |
| Model Homes <sup>(1)</sup> | 87 homes / 260,227 sqft |

---

---

| | |
|:---|:---|
| **Portfolio Value & Debt** | **Portfolio Value & Debt** |
| Book Value | $114.6 million <sup>(2)</sup> |
| Existing Secured Debt | $94.6 million |

---

(1) The
Company holds partial ownership interests in several entities which own model home properties

(2) Includes
 book value of model homes

---

| | |
|:---|:---|
| ![](ex99-2_004.jpg) | ![](ex99-2_006.jpg) |

---

---

| | |
|:---|:---|
| COMMERCIAL PORTFOLIO | ![](ex99-2_003.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Real estate assets and lease<br> intangibles, net** | **Real estate assets and lease<br> intangibles, net** |
| <br>**Property Name** | **Date**<br>**Acquired** | <br>**Location** | **June 30, 2025** | **December 31, 2024** |
| Genesis Plaza (1) | August 2010 | San Diego, CA | $7274090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7363571 |
| Dakota Center (2) | May 2011 | Fargo, ND | 4838139 | 8154951 |
| Grand Pacific Center | March 2014 | Bismarck, ND | 8332564 | 8413926 |
| Arapahoe Center | December 2014 | Centennial, CO | 9058658 | 9298534 |
| Union Town Center (3) | December 2014 | Colorado Springs, CO |  | 8922943 |
| West Fargo Industrial | August 2015 | Fargo, ND | 6469043 | 6599953 |
| 300 N.P. | August 2015 | Fargo, ND | 1990914 | 1963000 |
| Research Parkway (3) | August 2015 | Colorado Springs, CO |  | 2220284 |
| One Park Center (4) | August 2015 | Westminster, CO | 5482703 | 5580950 |
| Shea Center II (5) | December 2015 | Highlands Ranch, CO | 17595866 | 18820370 |
| Mandolin (6) | August 2021 | Houston, TX | 4554707 | 4600562 |
| Baltimore | December 2021 | Baltimore, MD | 8129102 | 8241456 |
| **Commercial properties** |  |  | 73725786 | 90180500 |
| **Model Home properties (7)** | 2019 - 2025 | AZ, TN, TX, AL | 40850511 | 37416000 |
| &nbsp;&nbsp;&nbsp;Total real estate assets and lease intangibles, net |  |  | $114576297 | $127596500 |

---

(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 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 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 as of June 30, 2025. The sale is expected to take place
during the third quarter 2025.

(3) During
February 2025, Union Town Center and Research Parkway were sold to a single buyer for a combined $16.95 million and recorded a net gain
of approximately $4.2 million, net of closing costs.

(4) During
the year ended December 31, 2023, we recorded a $2.0 million impairment charge for One Park Center that reflects management's revised
estimate of the fair market value based on sales comparable of like properties in the same geographical area as well as an evaluation
of future cash flows or an executed purchase sale agreement. No additional impairment was deemed necessary during the six months
ended June 30, 2025.

(5) On
December 31, 2022, the lease for our largest tenant, Halliburton, expired. Halliburton was located in our Shea Center II property
in Colorado, and made up approximately $536,080 of our annual base rent. Halliburton did not renew the lease and we placed approximately
$1.1 million in a reserve account with our lender to cover future mortgage payments, if necessary, none of which has been used as of June 30, 2025 . Our management team is working to fill the 45,535 square foot space
and has leased approximately 54% of the space to other tenants and has reviewed various proposals for the remaining 46%. As
of June 30, 2025 , management is pursuing third party tenants who fit into our
long-term plans, however, there is no guarantee we will be successful in signing new tenants. During the three months ended June
30, 2025 , we have reassessed the value of the property and recorded an impairment charge of approximately $0.9 million.

(6) A
portion of the proceeds from the sale of Highland Court were used in like-kind exchange transactions pursued under Section 1031 of the
Code for the acquisition of our Mandolin property. Mandolin is owned by NetREIT Palm Self-Storage LP, through its wholly owned subsidiary,
NetREIT Highland LLC, and the Company is the sole general partner and owns 61.3% of NetREIT Palm Self-Storage LP.

(7) Includes
 Model Homes listed as held for sale as of June 30, 2025 and December 31, 2024.
 During the three and six months ended June 30, 2025, we recorded an impairment charge for model homes totaling $0.1
 million, which reflects the estimated sales prices for these specific model homes. The short hold period, less than two years,
 and the builder changing their model style after we purchased the homes, contributed to the lower than expected sales price.

---

| | |
|:---|:---|
| MODEL HOMES PORTFOLIO | ![](ex99-2_003.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **State** | **No. of Properties** | **Aggregate Square Feet** | **Approximate % of Square Feet** | **Current Base Annual Rent** | **Approximate of Aggregate % Annual Rent** |
| Alabama | 10 | 23835 | 9.2% | $347064 | 9.2% |
| Arizona | 2 | 6822 | 2.6% | $149196 | 3.9% |
| Tennessee | 2 | 5534 | 2.1% | $89304 | 2.4% |
| Texas | 73 | 224036 | 86.1% | $3207360 | 84.5% |
| Total | 87 | 260227 | 100.0% | $3792924 | 100.0% |

---

---

| | |
|:---|:---|
| CONSOLIDATED BALANCE SHEET | ![](ex99-2_003.jpg) |

---

**Presidio Property Trust, Inc. and Subsidiaries**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | **(unaudited)** | |
| **ASSETS** |  |  |
| Real estate assets and lease intangibles: |  |  |
| &nbsp;&nbsp;&nbsp;Land | $16833321 | $15983323 |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | 106094790 | 102862977 |
| &nbsp;&nbsp;&nbsp;Tenant improvements | 16505440 | 16488066 |
| &nbsp;&nbsp;&nbsp;Lease intangibles | 3475531 | 3776654 |
| Real estate assets and lease intangibles held for investment, cost | 142909082 | 139111020 |
| Accumulated depreciation and amortization | (35619708) | (33700262) |
| Real estate assets and lease intangibles held for investment, net | 107289374 | 105410758 |
| Real estate assets held for sale, net | 7286923 | 22185742 |
| Real estate assets, net | 114576297 | 127596500 |
| Other assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash | 7285089 | 8036496 |
| &nbsp;&nbsp;&nbsp;Deferred leasing costs, net | 1425887 | 1666135 |
| &nbsp;&nbsp;&nbsp;Goodwill | 1389000 | 1389000 |
| &nbsp;&nbsp;&nbsp;Investment in Conduit Pharmaceuticals marketable securities | 7728 | 206177 |
| &nbsp;&nbsp;&nbsp;Deferred tax asset | 298645 | 298645 |
| &nbsp;&nbsp;&nbsp;Other assets, net | 3417767 | 3376697 |
| Total other assets | 13824116 | 14973150 |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $128400413 | $142569650 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| Mortgage notes payable, net | $84003364 | $80977448 |
| Mortgage notes payable related to properties held for sale, net | 10600440 | 21116646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, total net | 94603804 | 102094094 |
| Accounts payable and accrued liabilities | 3037530 | 3290170 |
| Accrued real estate taxes | 1133318 | 1972477 |
| Dividends payable | 190393 | 194784 |
| Lease liability, net | 52552 | 64345 |
| Below-market leases, net | 5803 | 8625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 99023400 | 107624495 |
| **Commitments and contingencies (see Note 10)** |  |  |
| Equity: |  |  |
| Series D Preferred Stock, $0.01 par value per share; 1,000,000 shares authorized; 974,823 shares issued and outstanding (liquidation preference $25.00 per share) as of June 30, 2025 and 997,082 shares issued and outstanding as of December 31, 2024 | 9748 | 9971 |
| Series A Common Stock, $0.01 par value per share, shares authorized: 100,000,000; 1,071,760 shares and 1,283,432 shares were issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 10718 | 128343 |
| Additional paid-in capital | 184578728 | 185770842 |
| Dividends and accumulated losses | (163538854) | (159374010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity before noncontrolling interest | 21060340 | 26535146 |
| Noncontrolling interest | 8316673 | 8410009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 29377013 | 34945155 |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND EQUITY** | $128400413 | $142569650 |

---

---

| | |
|:---|:---|
| CONSOLIDATED STATEMENT OF OPERATIONS | ![](ex99-2_003.jpg) |

---

**Presidio Property Trust, Inc. and Subsidiaries**

**Consolidated Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $4281753 | $4474198 | $8314182 | $9113925 |
| &nbsp;&nbsp;&nbsp;Fees and other income | 96987 | 112343 | 189743 | 262678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 4378740 | 4586541 | 8503925 | 9376603 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental operating costs | 1462605 | 1492495 | 3075248 | 3056072 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1223658 | 2202916 | 2885634 | 4287366 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1211691 | 1351370 | 2455796 | 2702388 |
| &nbsp;&nbsp;&nbsp;Impairment of goodwill and real estate assets | 4317389 | 101245 | 4344332 | 196793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 8215343 | 5148026 | 12761010 | 10242619 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense - mortgage notes | (1477870) | (1525845) | (2988341) | (3041051) |
| &nbsp;&nbsp;&nbsp;Interest and other income, net | 5206 | 5206 | 10354 | 9852 |
| &nbsp;&nbsp;&nbsp;Gain on sales of real estate, net | 323359 | 811903 | 4777327 | 2829998 |
| &nbsp;&nbsp;&nbsp;Net loss in Conduit Pharmaceuticals marketable securities (see Note 9) | (7802) | (10027433) | (184459) | (13888667) |
| &nbsp;&nbsp;&nbsp;Income tax expense | (53910) | (81021) | (28501) | (160586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (1211017) | (10817190) | 1586380 | (14250454) |
| Net loss | (5047620) | (11378675) | (2670705) | (15116470) |
| Less: Income attributable to noncontrolling interests | (228905) | (469365) | (340468) | (1973233) |
| Net loss attributable to Presidio Property Trust, Inc. stockholders | $(5276525) | $(11848040) | $(3011173) | $(17089703) |
| Less: Series D Preferred Stock dividends | (574096) | (543331) | (1153671) | (1065363) |
| Net loss attributable to Presidio Property Trust, Inc. common stockholders | $(5850621) | $(12391371) | $(4164844) | $(18155066) |
| Net loss per share attributable to Presidio Property Trust, Inc. common stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic & Diluted | $(5.13) | $(9.97) | $(3.42) | $(14.69) |
| Weighted average number of common shares outstanding - basic & dilutive | 1139437 | 1242879 | 1217332 | 1236099 |

---

---

| | |
|:---|:---|
| CONSOLIDATED STATEMENT OF CASH FLOWS | ![](ex99-2_003.jpg) |

---

**Presidio Property Trust, Inc. and Subsidiaries**

**Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(2670705) | $(15116470) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2455796 | 2702388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation | 544376 | 885029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate assets, net | (4777327) | (2829998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss in Conduit Pharmaceuticals fair value marketable securities | 184459 | 13888667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) in fair value marketable securities |  | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill and real estate assets | 4344332 | 196793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of financing costs | 137749 | 214071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of below-market leases | (2266) | (2487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustment | (27948) | (95602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 36322 | 588866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (397856) | (877612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued real estate taxes | (839159) | (855233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (1012227) | (1301028) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Real estate acquisitions | (9444465) | (5740918) |
| &nbsp;&nbsp;&nbsp;Additions to buildings and tenant improvements | (741071) | (1417990) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of marketable securities | 13990 | 60467 |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of real estate, net | 21544343 | 20058923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 11372797 | 12960482 |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from mortgage notes payable, net of issuance costs | 6592396 | 10663089 |
| &nbsp;&nbsp;&nbsp;Payment of debt issuance costs | (247882) | (182798) |
| &nbsp;&nbsp;&nbsp;Repayment of mortgage notes payable | (14014678) | (17282249) |
| &nbsp;&nbsp;&nbsp;Payment of deferred offering costs |  | (349589) |
| &nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests | (433804) | (2806333) |
| &nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  | 200000 |
| &nbsp;&nbsp;&nbsp;Issuance of Series D Preferred Stock, net of offering costs |  | 1195855 |
| &nbsp;&nbsp;&nbsp;Repurchase of Series A Common Stock, at cost | (1526551) | (7613) |
| &nbsp;&nbsp;&nbsp;Repurchase of Series D Preferred Stock, at cost | (327787) |  |
| &nbsp;&nbsp;&nbsp;Dividends paid to Series D Preferred Stockholders | (1153671) | (1065363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (11111977) | (9635001) |
| Net (decrease) increase in cash equivalents and restricted cash | (751407) | 2024453 |
| Cash, cash equivalents and restricted cash - beginning of period | 8036496 | 6510428 |
| Cash, cash equivalents and restricted cash - end of period | $7285089 | $8534881 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Income taxes paid | $46511 | $— |
| &nbsp;&nbsp;&nbsp;Interest paid-mortgage notes payable | $2998056 | $2810393 |
| **Non-cash financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid building and tenant improvements from prior year | $(207847) | $(295567) |
| &nbsp;&nbsp;&nbsp;Unpaid building and tenant improvements | $176307 | $91513 |
| &nbsp;&nbsp;&nbsp;Dividends payable - Series D Preferred Stock | $190393 | $195310 |

---

---

| | |
|:---|:---|
| EBITDAre RECONCILIATION | ![](ex99-2_003.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months** <br> **Ended June 30,** | **For the Three Months** <br> **Ended June 30,** | **For the Six** <br> **Months Ended June,** | **For the Six** <br> **Months Ended June,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders | $(5850621) | $(12391371) | $(4164844) | $(18155066) |
| Adjustments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Expense | 1477870 | 1525845 | 2988341 | 3041051 |
| &nbsp;&nbsp;&nbsp;Depreciation and Amortization | 1210447 | 1350126 | 2453531 | 2699901 |
| &nbsp;&nbsp;&nbsp;Asset Impairment | 4317389 | 101245 | 4344332 | 196793 |
| &nbsp;&nbsp;&nbsp;Net loss (gain) on sale of real estate | (323359) | (811903) | (4777327) | (2829998) |
| &nbsp;&nbsp;&nbsp;Net change in marketable securities | 7802 | 10027433 | 184459 | 13889227 |
| &nbsp;&nbsp;&nbsp;Income Taxes | 53910 | 81021 | 28501 | 160586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDAre | $893438 | $(117604) | $1056993 | $(997506) |

---

---

| | |
|:---|:---|
| FFO AND CORE FFO RECONCILIATION | ![](ex99-2_003.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months** <br> **Ended June 30,** | **For the Three Months** <br> **Ended June 30,** | **For the Six** <br> **Months Ended June,** | **For the Six** <br> **Months Ended June,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders | $(5850621) | $(12391371) | $(4164844) | $(18155066) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income attributable to noncontrolling interests | 228905 | 469365 | 340468 | 1973233 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1211691 | 1351370 | 2455796 | 2702388 |
| &nbsp;&nbsp;&nbsp;Amortization of above and below market leases, net | (1244) | (1244) | (2265) | (2487) |
| &nbsp;&nbsp;&nbsp;Impairment of real estate assets | 4317389 | 101245 | 4344332 | 196793 |
| &nbsp;&nbsp;&nbsp;Net change in Conduit marketable securities | 7802 | 10027433 | 184459 | 13889227 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on sale of real estate assets, net | (323359) | (811903) | (4777327) | (2829998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFO | $(409437) | $(1255105) | $(1619381) | $(2225910) |
| Restricted stock compensation | 314874 | 343107 | 544376 | 885029 |
| Cost associated with Zuma Capital Management | - | 469552 | - | 565534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core FFO | $(94563) | $(442446) | $(1075005) | $(775347) |
| &nbsp;&nbsp;&nbsp;Weighted average number of common shares outstanding - basic and diluted | 1139437 | 1242879 | 1217332 | 1236099 |
| Core FFO / Wgt Avg Share | $(0.08) | $(0.36) | $(0.88) | $(0.63) |
| Quarterly Dividends / Share | $— | $— | $— | $— |

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| | |
|:---|:---|
| SEGMENT DATA | ![](ex99-2_003.jpg) |

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The following tables compare the Company's segment activity and NOI and adjusted NOI for Model Home income to its results of operations and financial position and the Company's segment activity and to its results of GAAP operations and financial position as of and for the six months ended June 30, 2025. The information for Corporate and Other are presented to reconcile back to the consolidated statement of operations, but is not considered a reportable segment.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
|  | **Retail** | **Office/Industrial** | **Model Homes** | **Corporate and Other** | **Total** |
| Rental revenue | $300013 | $4920507 | $1934822 | $— | $7155342 |
| Recovery revenue | 56439 | 1102401 |  |  | 1158840 |
| Other operating revenue | 400 | 127255 | (1326) | 63414 | 189743 |
| Total revenues | 356852 | 6150163 | 1933496 | 63414 | 8503925 |
| Rental operating costs | 105392 | 3167862 | 98097 | (296103) | 3075248 |
| Net Operating Income (NOI) | 251460 | 2982301 | 1835399 | 359517 | 5428677 |
| Gain on Sale - Model Homes |  |  | 564258 |  | 564258 |
| Impairment of Model Homes |  |  | (117712) |  | (117712) |
| Adjusted NOI | $251460 | $2982301 | $2281945 | $359517 | $5875223 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
|  | **Retail** | **Office/Industrial** | **Model Homes** | **Corporate and Other** | **Total** |
| **Revenues:** |  |  |  |  |  |
| Rental income | $356452 | $6022908 | $1934822 | $— | $8314182 |
| Fees and other income | 400 | 127255 | (1326) | 63414 | 189743 |
| Total revenue | 356852 | 6150163 | 1933496 | 63414 | 8503925 |
| **Costs and expenses:** |  |  |  |  |  |
| Rental operating costs | 105392 | 3167862 | 98097 | (296103) | 3075248 |
| General and administrative |  | 16850 | 417895 | 2450889 | 2885634 |
| Depreciation and amortization | 54617 | 1954744 | 443967 | 2468 | 2455796 |
| Impairment of goodwill and real estate assets |  | 4226620 | 117712 |  | 4344332 |
| Total costs and expenses | 160009 | 9366076 | 1077671 | 2157254 | 12761010 |
| **Other income (expense):** |  |  |  |  |  |
| Interest expense - mortgage notes | (198039) | (1813284) | (974346) | (2672) | (2988341) |
| Interest and other income, net |  |  | 15 | 10339 | 10354 |
| Net loss in Conduit Pharmaceuticals marketable securities (see footnote 9) |  |  |  | (184459) | (184459) |
| Gain on sales of real estate, net | 4213068 |  | 564259 |  | 4777327 |
| Income tax (expense) benefit |  |  | (52481) | 23980 | (28501) |
| Total other income (expense), net | 4015029 | (1813284) | (462553) | (152812) | 1586380 |
| **Net income (loss)** | 4211872 | (5029197) | 393272 | (2246652) | (2670705) |
| Less: Income attributable to noncontrolling interests |  | (29614) | (310854) |  | (340468) |
| **Net income (loss) attributable to Presidio Property Trust, Inc. stockholders** | $4211872 | $(5058811) | $82418 | $(2246652) | $(3011173) |

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| | | |
|:---|:---|:---|
| <br>**Assets by Reportable Segment:** | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Office/Industrial Properties:** |  |  |
| Land, buildings and improvements, net (1) | $69162017 | $74425180 |
| Total assets (2) | $70228381 | $76292662 |
| **Model Home Properties:** |  |  |
| Land, buildings and improvements, net (1) | $40850511 | $37416000 |
| Total assets (2) | $41464138 | $38166964 |
| **Retail Properties:** |  |  |
| Land, buildings and improvements, net (1) | $4554707 | $15743789 |
| Total assets (2) | $4703901 | $16673605 |
| **Reconciliation to Total Assets:** |  |  |
| Total assets for reportable segments | $116396420 | $131133231 |
| Corporate and other assets: |  |  |
| Cash, cash equivalents and restricted cash | 1243312 | 564922 |
| Other assets, net | 10760681 | 10871497 |
| &nbsp;&nbsp;&nbsp;Total Assets | $128400413 | $142569650 |

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(1) Includes
 lease intangibles and the land purchase option related to property acquisitions.

(2) Includes land,
 buildings and improvements, cash, cash equivalents, and restricted cash, current receivables, deferred rent receivables and deferred
 leasing costs and other related intangible assets, all shown on a net basis.

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|:---|:---|
| DEFINITIONS – NON-GAAP MEASUREMENTS | ![](ex99-2_003.jpg) |

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**EBITDAre -** EBITDAre is defined by NAREIT as earnings before interest, taxes, depreciation, and amortization, gain or loss on disposal of depreciated assets, and impairment write-offs.

**Funds from Operations (**"**FFO**"**)** – The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO, a non-GAAP measure, as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs.

However, because FFO excludes depreciation and amortization as well as the changes in the value of the Company's properties that result from use or market conditions, each of which have real economic effects and could materially impact the Company's results from operations, the utility of FFO as a measure of the Company's performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as the Company does, and, accordingly, the Company's FFO may not be comparable to other REITs' FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company's performance.

**Core Funds from Operations (**"**Core FFO**"**)** – We calculate Core FFO by using FFO as defined by NAREIT and adjusting for certain other non-core items. We exclude from our Core FFO calculation acquisition costs, loss on early extinguishment of debt, changes in the fair value of the earn-out, changes in fair value of contingent consideration, non-cash warrant dividends, other non-recuring expenses, and the amortization of stock-based compensation.

We believe Core FFO provides a useful metric in comparing operations between reporting periods and in assessing the sustainability of our ongoing operating performance. Other equity REITs may calculate Core FFO differently or not at all, and, accordingly, the Company's Core FFO may not be comparable to such other REITs' Core FFO.