Presidio Property Trust(SQFT) - 2025 Q4 - Annual Report

Model Homes and Properties - As of December 31, 2025, the company owned 80 model homes with a net book value of approximately $36.7 million[26] - In 2025, the company acquired 22 Model Home Properties for approximately $9.4 million, consisting of $2.8 million in cash and $6.6 million in mortgage notes[22] - The company disposed of 20 model homes for approximately $9.8 million in 2025, recognizing a gain of approximately $1.0 million[24] - The company operates four limited partnerships related to its model home business, with two partnerships dissolved in 2025[28] - The Company plans to refinance a significant portion of mortgage notes payable or sell model home properties to repay $4.5 million in principal payments due in 2026[41] Commercial Properties - The company recognized a net gain of approximately $4.5 million from the sale of two commercial properties for approximately $15.9 million in 2025[24] - The company’s commercial properties tenant base consists of approximately 131 individual tenants, with the largest tenant representing 6.90% of annualized base rent[20] - As of December 31, 2025, the ten largest tenants represented approximately 37.69% of the company’s annualized base rent[20] - The Company’s commercial properties and Model Homes adequately covered their debt servicing needs during the year ended December 31, 2025[42] Financial Performance and Debt - Total debt as of December 31, 2025, included $22.6 million with recourse to the Company, of which $5.5 million was related to model homes properties[39] - The Company uses non-recourse financing for seven of its nine commercial mortgage loans, limiting exposure to equity invested in each property[39] Stock and Dividends - The company repurchased 16,080 shares of Series A Common Stock at an average price of $4.79 per share, totaling $77,092 in 2025[30] - A Tender Offer in 2025 resulted in the purchase of 214,412 shares of Series A common stock for approximately $1.458 million[32] - Series D Preferred Stock has a cumulative cash dividend rate of 9.375% per annum, equating to $2.34375 per share annually[36] - As of January 28, 2026, the Company suspended the monthly dividend on Series D Preferred Stock, with unpaid dividends accruing at $0.19531 per share each month[38] Company Structure and Employment - As of December 31, 2025, the Company had a total of 15 full-time employees[55] - The Board of Directors consists of six members, four of whom are independent directors[51] Market Focus - The company focuses on regionally dominant markets with strong employment growth and low unemployment rates to maximize returns[21] Office Space - The Company reduced its office space from approximately 9,224 square feet to 6,570 square feet in September 2024[54] REIT Qualification - The Company qualified as a REIT for federal income tax purposes for the fiscal year ended December 31, 2025[52]