If You Invested in Presidio Property Trust, Inc. (SQFT)

Presidio Property Trust, Inc. (Nasdaq: SQFT) is an internally managed, diversified real estate investment trust (REIT) that focuses on income-producing properties across several categories. According to the company’s public disclosures, Presidio holds a portfolio that includes model home properties that are triple-net leased to homebuilders, as well as office, industrial, and retail properties. The company’s securities, including its common stock (SQFT), 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock (SQFTP), and Series A common stock purchase warrants (SQFTW), are listed on The Nasdaq Stock Market LLC.

Presidio states that its model home properties are leased to homebuilders located primarily in the sun belt states. In various press releases, the company notes that model homes account for a significant share of its net real estate assets and rental revenue, and that many of these homes are wholly owned through Presidio’s subsidiaries and affiliates. These model homes are triple-net leased, meaning the homebuilders are generally responsible for property-level expenses under the lease structure as described by the company.

The company’s office, industrial, and retail properties are described as being located primarily in Colorado, with additional properties in Maryland, North Dakota, Texas, and Southern California. In its updates, Presidio highlights leasing activity and refinancing efforts related to these commercial assets, including office buildings such as Genesis Plaza and One Park Center in the Denver, Colorado area. The company has reported commercial leasing activity measured in square feet and notes tenant retention rates and lease extensions as part of its ongoing operations.

Business focus and property mix

Presidio’s disclosures emphasize two main operating areas: its model home portfolio and its commercial (office, industrial, and retail) portfolio. The model home division acquires, leases, and, at times, sells model homes used by homebuilders. The company has reported acquisitions and dispositions of model homes in multiple quarters, with homes acquired and sold across various years. It has also described model homes as representing a defined percentage of its net real estate assets and rental revenue at specific reporting dates.

On the commercial side, Presidio owns office, industrial, and retail properties that generate rental and recovery revenue. The company’s segment reporting in its earnings releases breaks out rental income, recovery revenue, and other operating revenue for retail, office/industrial, and model homes, along with associated rental operating costs, general and administrative expenses, depreciation and amortization, and impairment charges. These segments are used by the company’s chief operating decision maker (CODM) to assess performance and allocate capital.

Geographic footprint

Based on its public statements, Presidio’s model homes are leased to homebuilders located primarily in sun belt states. In one description, the company notes that model homes are leased in states such as Arizona, Texas, and Florida, and in another it refers more generally to sun belt states. For its office, industrial, and retail properties, the company identifies Colorado as the primary market, with additional properties in Maryland, North Dakota, Texas, and Southern California.

The company’s principal executive offices are located in San Diego, California, as indicated in its Form 8-K filings, which list San Diego, California as the city and state of its headquarters. The company is incorporated in Maryland, as reflected in its SEC filings.

Financial reporting and REIT metrics

As a REIT, Presidio reports traditional GAAP measures and also discusses non-GAAP metrics that it believes are useful for evaluating its performance. In its earnings press releases, the company describes the use of Funds From Operations (FFO) and Core Funds From Operations (Core FFO). Presidio defines FFO in line with the NAREIT framework, starting from net income or loss and adjusting for items such as gains or losses from sales of property, depreciation and amortization, and certain impairment charges. The company notes that FFO is used as a performance measure and as a basis for distributions to equity holders, while also acknowledging the limitations of FFO because it excludes depreciation, amortization, and changes in property values.

Core FFO is presented as an additional non-GAAP measure that adjusts FFO for items the company considers non-core, including acquisition costs, loss on early extinguishment of debt, changes in fair value of contingent consideration or earn-outs, non-cash warrant dividends, certain non-recurring expenses, and the amortization of stock-based compensation. Presidio states that it believes Core FFO helps compare operations between reporting periods and assess the sustainability of ongoing operating performance, while also noting that definitions may differ across REITs.

Capital markets activity and listing status

Presidio’s common stock, preferred stock, and warrants trade on Nasdaq under the symbols SQFT, SQFTP, and SQFTW, respectively. In a June 2025 press release, the company reported that it had received formal notice from Nasdaq that it regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) after maintaining a minimum closing bid price of at least $1.00 for the required period. The company stated that its common stock would continue to be listed and traded on Nasdaq following this notice.

The company has also reported various capital markets transactions. For example, in July 2025 Presidio announced a registered direct offering of common stock to a single institutional investor under an effective shelf registration statement on Form S-3. The company indicated that it intended to use the net proceeds for working capital and general corporate purposes and described an associated amendment to existing warrants. In October 2025, Presidio disclosed an at-the-market (ATM) Sales Agreement with a broker-dealer for the potential issuance and sale of additional shares of its Series A common stock under the same shelf registration statement.

Dividends and preferred stock

Presidio has issued 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock, which trades under the symbol SQFTP. In multiple press releases and related Form 8-K filings, the company has announced monthly cash dividends on the Series D Preferred Stock, specifying per-share dividend amounts and payment and record dates for various months. These announcements describe the dividends as being in accordance with the terms of the Series D Preferred Stock.

Operational updates and segment performance

In its quarterly earnings releases and separate operational updates, Presidio provides detail on acquisitions, dispositions, leasing, and refinancing activity. For example, the company has reported the sale of model homes during specific quarters, with aggregate sale proceeds and gains recognized, as well as the acquisition of additional model homes funded through a combination of cash and mortgage notes. It has also described impairment charges recorded on certain model homes and commercial properties based on estimated selling prices, market conditions, occupancy rates, and expected hold periods.

For its commercial properties, Presidio has reported refinancing of office buildings, including One Park Center and Genesis Plaza, with details on loan terms such as interest rates, maturities, and interest-only periods. The company has also highlighted commercial leasing activity, including the total square footage leased year-to-date and the percentage of expiring leases that were extended within a given year.

Segment tables included in the company’s earnings releases present rental revenue, recovery revenue, other operating revenue, rental operating costs, and net operating income (NOI) for retail, office/industrial, and model homes, along with corporate and other items. The company explains that these segment metrics, including NOI and adjusted NOI for model homes, are reviewed by management in evaluating performance and making capital allocation decisions.

Corporate communications and investor outreach

In December 2025, Presidio announced that it engaged Acorn Management Partners LLC, a communications and capital markets firm, to enhance its visibility and expand access to investors. The company described this engagement as an effort to broaden and reinforce its long-term shareholder base through investor communications and broker-driven distribution.