Presidio Property Trust, Inc.
For the period ended Dec 31, 2025. Filed Mar 27, 2026.
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FY2025 · Filed Mar 27, 2026
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Item 2. PROPERTIES
General Information
We invest in a diverse multi-tenant portfolio of real estate assets primarily consisting of office/industrial, retail, and model home properties located primarily in the western United States. As of December 31, 2025, we owned or had an equity interest in office/industrial buildings totaling approximately 758,175 rentable square feet and retail centers totaling approximately 10,500 rentable square feet. In addition, through our Model Home subsidiary and our investments in three limited partnerships and one corporation, we own a total of 80 Model Home Properties located in four states, totaling approximately 237,981 square feet. Of the 80 Model Home Properties in our portfolio, 63 of them are wholly owned by the Company through NetREIT Model Homes, Inc. We directly manage the operations and leasing of our properties. Substantially all of our revenues consist of base rents received under leases that generally have terms that range from one to five years. The majority of our existing leases as of December 31, 2025 contain contractual rent increases that provide for increases in the base rental payments. Our tenants consist of local, regional and national businesses. Our properties generally attract a mix of diversified tenants creating lower risk in periods of economic fluctuations. Our largest tenant represented approximately 6.90% of total revenues for the year ended December 31, 2025.
Geographic Diversification Table
The following table shows a list of properties we owned as of December 31, 2025, grouped by the state where each of our investments is located.
Office/Industrial and Retail Properties:
| State | No. of Properties | Aggregate Square Feet | Approximate % of Square Feet | Current Base Annual Rent | Approximate % of Aggregate Annual Rent |
|---|---|---|---|---|---|
| California | 1 | 57,807 | 7.5% | $1,636,781 | 15.3% |
| Colorado | 3 | 269,502 | 35.1% | 4,424,654 | 41.3% |
| Maryland | 1 | 31,752 | 4.1% | 739,050 | 6.9% |
| North Dakota | 4 | 399,114 | 51.9% | 3,553,243 | 33.2% |
| Texas | 1 | 10,500 | 1.4% | 349,546 | 3.3% |
| Total | 10 | 768,675 | 100.0% | $10,703,274 | 100.0% |
Model Home Properties:
| State | No. of Properties | Aggregate Square Feet | Approximate % of Square Feet | Current Base Annual Rent | Approximate % of Aggregate Annual Rent |
|---|---|---|---|---|---|
| Alabama | 10 | 23,835 | 10.0% | $347,064 | 10.0% |
| Arizona | 1 | 3,474 | 1.5% | 74,280 | 2.1% |
| Tennessee | 2 | 5,534 | 2.3% | 89,304 | 2.6% |
| Texas | 67 | 205,138 | 86.2% | 2,955,864 | 85.3% |
| Total | 80 | 237,981 | 100.0% | $3,466,512 | 100.0% |
The following table summarizes information relating to our properties (excluding model homes) at December 31, 2025:
Property Summary
| ($ in000's) Property Location · Sq., Ft. · Date Acquired · Year Property Constructed · Purchase Price · Occupancy · Percent Ownership · Mortgage On property | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Office/Industrial Properties: | ||||||||||||
| Genesis Plaza, San Diego, CA (1) | 57,807 | 08/10 | 1989 | $10,000 | 100.0% | 92.0% | $6,250 | |||||
| Dakota Center, Fargo, ND (2) | 119,554 | 05/11 | 1982 | 9,575 | 46.1% | 100.0% | 8,740 | |||||
| Grand Pacific Center, Bismarck, ND | 94,943 | 03/14 | 1976 | 5,339 | 88.6% | 100.0% | 6,392 | |||||
| Arapahoe Center, Colorado Springs, CO | 79,023 | 12/14 | 2000 | 11,850 | 100.0% | 100.0% | 8,670 | |||||
| West Fargo Industrial, West Fargo, ND | 150,099 | 08/15 | 1998/2005 | 7,900 | 96.5% | 100.0% | 5,750 | |||||
| 300 N.P., West Fargo, ND | 34,517 | 08/15 | 1922 | 3,850 | 66.4% | 100.0% | - | |||||
| One Park Centre, Westminster CO | 69,174 | 08/15 | 1983 | 9,150 | 84.0% | 100.0% | 6,100 | |||||
| Shea Center II, Highlands Ranch, CO (3) | 121,306 | 12/15 | 2000 | 25,961 | 71.5% | 100.0% | 16,432 | |||||
| Baltimore, Baltimore, MD | 31,752 | 12/21 | 2006 | 8,892 | 100.0% | 100.0% | 5,670 | |||||
| Total Office/Industrial Properties | 758,175 | $92,517 | 82.1% | $64,004 | ||||||||
| Retail Properties: | ||||||||||||
| Mandolin, Houston, TX (4) | 10,500 | 08/21 | 2021 | 4,892 | 100.0% | 61.3% | 3,458 | |||||
| Total Retail Properties | 10,500 | $4,892 | 100.0% | $3,458 | ||||||||
| (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 December 2024, the lender agreed to the broker the Company would use to sell the property to settle the non-recourse debt. At December 31, 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 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 took place in January of 2026. |
| (3) | During the year ended December 31, 2025, the Company impaired Shea Center II for a total of approximately $2.5 million after low property occupancy triggered a cash management event under the terms of the loan agreement. Subsequent to the year ended December 31, 2025, 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. The Company has received notification that the Shea Center II property governed by this agreement will be moved into receivership, which will fulfill its obligation for this non-recourse loan. |
| (4) | 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. |
For the years ended December 31, 2025 and 2024, depreciation and amortization expense totaled approximately $4.9 million and $5.5 million, respectively.
Top Ten Tenants Physical Occupancy Table
The following table sets forth certain information with respect to our top 10 tenants at our Office/Industrial and Retail Properties.
| As of December 31, 2025 Tenant · Number of Leases · Annualized Base Rent · % of Total Annualized Base Rent | ||||
|---|---|---|---|---|
| Johns Hopkins University | 1 | 739,050 | 6.90% | |
| Finastra USA Corporation | 1 | 561,720 | 5.25% | |
| KLJ Engineering LLC | 1 | 536,080 | 5.01% | |
| MasTec North America, Inc. | 1 | 380,526 | 3.56% | |
| L&T Care LLC | 1 | 349,546 | 3.27% | |
| Meissner Jacquet Real Estate Management Group, Inc. | 1 | 341,869 | 3.19% | |
| Wells Fargo Bank, NA | 1 | 307,934 | 2.88% | |
| OnPoint Medical Group Holdings, LLC | 1 | 287,480 | 2.69% | |
| Republic Indemnity of America | (1) | 1 | 278,831 | 2.61% |
| Fredrikson & Byron P.A. | 1 | 249,270 | 2.33% | |
| $4,032,306 | 37.69% | |||
| (1) | Republic Indemnity of America's lease expired on January 31, 2026 without a renewal. The Company is currently looking at potential tenants to occupy their vacant space. Republic Indemnity of America accounted for approximately 17% of the annualized rent at Genesis Plaza. |
Lease Expirations Tables
The following table sets forth lease expirations for our properties as of December 31, 2025, assuming that none of the tenants exercise their renewal options.
Office/Industrial and Retail Properties:
| Expiration Year · Number of Leases Expiring · Square Footage · Annual Rental From Lease · Percent of Total | |||||
|---|---|---|---|---|---|
| Month to Month | (1) | 17 | 15,234 | $203,876 | 1.0% |
| 2026 | 37 | 206,480 | $3,322,881 | 31.7% | |
| 2027 | 26 | 73,985 | $1,123,643 | 10.7% | |
| 2028 | 19 | 95,456 | $1,857,705 | 17.7% | |
| 2029 | 17 | 71,211 | $1,284,854 | 12.2% | |
| 2030 | 5 | 44,958 | $778,105 | 7.4% | |
| Thereafter | 10 | 114,494 | $2,132,210 | 20.3% | |
| Totals | 114 | 606,584 | $10,499,398 | 100.0% | |
| (1) | One of these leases expired on December 31, 2025 and was located in our One Park Centre property, and accounted for approximately 9% of One Park Centre's annual rent. During January 2026 the tenant renewed its lease until December 31, 2027. The remaining leases are mainly for month to month storage, parking and other miscellaneous space. |
Model Home Properties:
| Expiration Year (1) · Number of Leases Expiring · Square Footage · Annual Rental From Lease · Percent of Total | |||||||
|---|---|---|---|---|---|---|---|
| Expired Leases | (2) | 4 | 9,766 | $— | 0.0% | ||
| 2026 | 54 | 167,576 | 2,423,928 | 72.8% | |||
| 2027 | 22 | 60,639 | 903,900 | 27.2% | |||
| 80 | 237,981 | $3,327,828 | 100.0% | ||||
| (1) | These leases are subject to extensions by the home builder depending on sales of the total development. All model homes are sold at the end of the lease period. |
| (2) | These properties came off lease during 2025 and are listed as held for sale as of December 31, 2025. |
As of December 31, 2025 we had five model homes listed for sale, and are included in the real estate assets held for sale, net on the consolidated balance sheet.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.