{"url_path":"/sec/sqft/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1080657/0001437749-26-017340-index.html","accession_number":"0001437749-26-017340","cik":"0001080657","ticker":"SQFT","issuer_name":"Presidio Property Trust, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1080657/0001437749-26-017340-index.html","primary_entity_key":"0001080657","primary_entity_name":"Presidio Property Trust, Inc."},"word_count":2719,"has_tables":true,"body_markdown":"sqft20260331_10q.htm\n\n0001080657\nPresidio Property Trust, Inc.\nfalse\n--12-31\nQ1\n2026\n\n0.01\n0.01\n1,000,000\n1,000,000\n973,736\n973,736\n25.00\n25.00\n973,736\n973,736\n0.01\n0.01\n100,000,000\n100,000,000\n1,314,159\n1,314,159\n1,314,159\n1,314,159\n2\n2\n2\n3\n3\n3\n1\n1\n1\n10\n1\n5\n4\n0\n0\n0\n0\n1\n2\n3\n3\n1\n1\n1\n4\n7\n1\n1\n75\n2\n1\n0\n0\nhttp://fasb.org/us-gaap/2026#OtherAssetsMiscellaneous\nhttp://fasb.org/us-gaap/2026#OtherAssetsMiscellaneous\n4\n2\n66.67\n0.01\n0.01\n1\n1\n1\n0\n0\n0\n2\n3\n10\n1\n3\n3\n223,388\nfalse\nfalse\nfalse\nfalse\n\nGenesis 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.\nIncludes 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.\nThe 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. During July 2025, the lender approved a purchase offer from a third party for $5,125,000. In connection with the approved sale, we have impaired the property’s book value and recorded an impairment charge of approximately $3.5 million for the year ended December 31, 2025. The sale was completed on January 14, 2026, resulting in a net gain of approximately $0.6 million, net of closing costs.\nAs of December 31, 2025, there were five model homes included as real estate assets held for sale. Our model homes have stand-alone mortgage notes at interest rates ranging from 5.94% to 8.0% per annum as of December 31, 2025.\nIncludes lease intangibles and the land purchase option related to property acquisitions.\nThe 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 March 31, 2026, 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 approved sale, we have impaired the property’s book value and recorded an impairment charge of approximately $3.5 million for the year ended December 31, 2025. The sale was completed on January 14, 2026, resulting in a net gain of approximately $0.6 million, net of closing costs. See Note 4. Real Estate Assets above for further discussion on impairment of the property.\nAs of March 31, 2026, there were four model homes included as real estate assets held for sale. Our model homes have stand-alone mortgage notes at interest rates ranging from 5.76% to 8.0% per annum as of March 31, 2026\nIncludes Model Homes listed as held for sale as of March 31, 2026 and December 31, 2025. During the three months ended March 31, 2026, we recorded an impairment charge for model homes totaling $75,639, 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.\nDuring January 2026, the Company received notice that the Company's failure to repay in full by January 5, 2026 the indebtedness related to the loan agreement governing Shea Center II had triggered a default event. On February 13, 2026, the Company received notification that the Shea Center II property governed by the loan agreement was moved into receivership, which will fulfill its obligation for this non-recourse loan. The foreclosure sale and public auction is scheduled for June 17, 2026. During the three months ended March 31, 2026, the Company completed the transfer of the real estate to lender in connection with a loan default. At the time of transfer, cash of approximately $2.3 million was held in a lender-controlled lockbox and was legally restricted for the benefit of the lender. The restricted cash was retained by the lender upon receivership, and the Company did not receive any cash proceeds from the transaction. Prior to the foreclosure, the restricted cash was presented within Cash, cash equivalents and restricted cash on the consolidated balance sheet. The receivership resulted in the derecognition of real estate, restricted cash, and the related mortgage debt. The Company recognized a loss on foreclosure of approximately $2.4 million. The transaction represents a noncash investing and financing activity on the statement of cash flow.\nAs of March 31, 2026 and December 31, 2025, includes approximately $7.4 million and $8.6 million, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities.\nA 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.\nInterest rates as of March 31, 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of Contents](#toc)\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**___________________________________________________________**\n\n**FORM 10-Q**\n\n**___________________________________________________________**\n\n \n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the quarterly period ended March 31, 2026**\n\n**OR**\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the period from _____ to _____**\n\n**001-34049**\n\n**(Commission File No.)**\n\n**___________________________________________________________**\n\n \n\n**PRESIDIO PROPERTY TRUST, INC.**\n\n**(Exact name of registrant as specified in its charter)**\n\n**___________________________________________________________**\n\n   \n\n**Maryland**\n \n**33-0841255**\n\n**(State or other jurisdiction of incorporation or organization**\n \n**(I.R.S. employer identification no.)**\n\n**4995 Murphy Canyon Road, Suite 300, San Diego, CA 92123**\n\n**(Address of principal executive offices)**\n\n \n\n**(760) 471-8536**\n\n**(Registrant's telephone number, including area code)**\n\n**Title of each class of registered securities** ** Trading Symbol(s)** **Name of each exchange on which registered**\n\nSeries A Common Stock, SQFT \nThe Nasdaq Stock Market LLC\n\n$0.01 par value per share    \n\n     \n\n9.375% Series D Cumulative Redeemable Perpetual Preferred Stock, SQFTP The Nasdaq Stock Market LLC\n\n$0.01 par value per share    \n\n     \n\nSeries A Common Stock Purchase Warrants to  SQFTW The Nasdaq Stock Market LLC\n\nPurchase Shares of Common Stock    \n\n     \n\n**________________________________________________**\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)    Yes ☒    No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n \nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n \nSmaller reporting company\n\n☒\n\nEmerging Growth company\n\n☐\n   \n\nIf 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. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes No ☒\n\nAt May 14, 2026, registrant had issued and outstanding 1,437,030 shares of its Series A Common Stock, $0.01 par value per share.\n\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\n**Index**\n\n**Page**\n\n \n \n\n[Part I. FINANCIAL INFORMATION:](#pone)\n\n[5](#pone)\n\n[**Item 1. FINANCIAL STATEMENTS:**](#pone)\n\n[5](#pone)\n\n[Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025](#pone)\n\n[5](#pone)\n\n[Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (unaudited)](#statops)\n\n[6](#statops)\n\n[Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025 (unaudited)](#equity)\n\n[7](#equity)\n\n[Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited)](#cflows)\n\n[9](#cflows)\n\n[Notes to Consolidated Financial Statements (unaudited)](#notes)\n\n[10](#notes)\n\n[**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**](#item2)\n\n[33](#item2)\n\n[**Item 3. Quantitative and Qualitative Disclosures about Market Risk**](#quanqual)\n\n[42](#quanqual)\n\n[**Item 4. Controls and Procedures**](#conpro)\n\n[42](#conpro)\n\n[Part II. OTHER INFORMATION](#ptwo)\n\n[43](#ptwo)\n\n[Item 1. Legal Proceedings](#legal)\n\n[43](#legal)\n\n[Item 1A. Risk Factors](#risk)\n\n[43](#risk)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#unreg)\n\n[43](#unreg)\n\n[Item 3. Defaults Upon Senior Securities](#defaults)\n\n[44](#defaults)\n\n[Item 4. Mine Safety Disclosures](#minesafe)\n\n[44](#minesafe)\n\n[Item 5. Other Information](#otherinfo)\n\n[44](#otherinfo)\n\n[Item 6. Exhibits](#exhibits)\n\n[45](#exhibits)\n\n[Signatures](#sigs)\n\n[46](#sigs)\n\n \n\n \n\n2\n\n[Table of Contents](#toc)\n\n \n\n \n\n**CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS**\n\n \n\n*This report 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 this report and in our other filings with the Securities and Exchange Commission (the \"SEC\"). 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, results of operations and other financial and operating information.**Forward-looking statements included in this report include, but are not limited to, statements regarding purchases and sales of properties, plans for financing and refinancing our properties, the adequacy of our capital resources, changes to the markets in which we operate, our business plans and strategies, and our payment of dividends.**When used in this report, 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. Important factors that may cause actual results to differ from projections include, but are not limited to:*\n\n \n\n \n\n•\n\ninherent risks associated with real estate investments and with the real estate industry;\n\n \n\n \n\n•\n\nsignificant competition may decrease or prevent increases in our properties' occupancy and rental rates and may reduce the value of our properties;\n\n \n\n \n\n•\n\na decrease in demand for commercial space and model homes and/or an increase in operating costs;\n\n \n\n \n\n•\n\nfailure by any major tenant (or a substantial number of tenants) to make rental payments to us because of a deterioration of its financial condition, an early termination of its lease, a non-renewal of its lease, or a renewal of its lease on terms less favorable to us;\n\n \n\n \n\n•\n\nchallenging economic conditions facing us and our tenants may have a material adverse effect on our financial condition and results of operations;\n\n \n\n \n\n•\n\nour failure to generate sufficient cash to pay dividends and to service or retire our debt obligations in a timely manner;\n\n \n\n \n\n•\n\nour inability to borrow or raise sufficient capital to maintain or expand our real estate investment portfolio;\n\n \n\n \n\n•\n\nadverse changes in the real estate financing markets, including potential increases in interest rates and/or borrowing costs;\n\n \n\n \n\n•\n\npotential losses, including from adverse weather conditions, natural disasters and title claims, may not be covered by insurance;\n\n \n\n \n\n•\n\ninability to complete acquisitions or dispositions and, even if these transactions are completed, failure to successfully operate acquired properties or sell properties without incurring significant defeasance costs;\n\n \n\n \n\n•\n\nour reliance on third-party property managers to manage a substantial number of our properties and brokers and/or agents to lease our properties;\n\n \n\n3\n\n[Table of Contents](#toc)\n\n \n\n \n\n•\n\ndecrease in supply and/or demand for single family homes, inability to acquire additional model homes and increased competition to buy such properties;\n\n \n\n \n\n•\n\nfailure to continue to qualify as a REIT;\n\n \n\n \n\n•\n\nadverse results of any legal proceedings;\n\n \n\n \n\n•\n\nchanges in laws, rules and regulations affecting our business including related to taxation, tariffs, real estate and zoning laws, and increases in real property tax rates;\n\n \n\n \n•\nthe possibility that if any of the banking institutions in which we deposit funds ultimately fails, we may lose any amounts of our deposits over federally insured levels which could reduce the amount of cash we have available to distribute or invest and could result in a decline in our value;\n\n \n\n \n\n•\n\nthe possibility that we may not comply with the continued listing requirements of the Nasdaq Capital Market (\"Nasdaq\"), which may result in our common stock being delisted, which could affect our common stock's market price and liquidity and reduce our ability to raise capital;\n\n \n \n \n\n \n\n•\n\nactions of activist stockholders may cause us to incur substantial costs, divert management's attention and resources, and have an adverse effect on our business;\n\n \n \n \n\n \n•\nthe potential adverse effects of a resurgence of the COVID-19 pandemic or of new epidemics, pandemics or public health crises and ensuing economic turmoil on our financial condition, results of operations, cash flows and performance, particularly our ability to collect rent, on the financial condition, results of operations, cash flows and performance of our tenants, and on the global economy and financial markets, adverse economic conditions in the real estate market and overall financial market fluctuations; and\n\n \n \n \n\n \n\n•\n\nthe other risks and uncertainties discussed in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in this Quarterly Report on Form 10-Q, any subsequent filings with the SEC, and in the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 27, 2026.\n\n \n\n \n\n4\n\n[Table of Contents](#toc)\n\n \n\n**PART I — FINANCIAL INFORMATION**"}