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): May 15, 2026

Presidio Property Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-34049

33-0841255

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

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 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 May 15, 2026, Presidio Property Trust, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026, 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 March 31, 2026, 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 May 15, 2026
99.2		Supplemental Financial Information for the quarter ended March 31, 2026
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: May 18, 2026	PRESIDIO PROPERTY TRUST, INC.

	By:	/s/ Ed Bentzen
	Name:	Ed Bentzen
	Title:	Chief Financial Officer

Exhibit 99.1

Presidio Property Trust, Inc. Announces Earnings for

the Quarter Ended March 31, 2026

San Diego, California, May 15, 2026 – Presidio Property Trust, Inc. (Nasdaq: SQFT, SQFTP, SQFTW) (the “Company”), an internally managed, diversified real estate investment trust (“REIT”), today reported earnings for its quarter ended March 31, 2026.

“We continue to seek suitable model home investment opportunities with builders in market areas we believe have upside potential. Those opportunities in market areas with strong employment in technology, artificial intelligence (AI), and industrial automation are of particular interest,” said Steve Hightower, President of the Model Home Division.

“Our strategic evaluation of our commercial portfolio continues, as we focus on maximizing value through leasing and consider future sell/hold/buy potential. As with 2025, our tenant retention through the First Quarter has been excellent” said Gary Katz, the Company’s Chief Investment Officer.

The Quarter Ended March 31, 2026, Financial Results

Net loss attributable to the Company’s common stockholders for the three months ended March 31, 2026 was approximately $(129,632), or $(0.10) per basic and diluted share, compared to a net income of approximately $1.7 million, or $1.31 per basic and diluted share for the three months ended March 31, 2025. The change in net income attributable to the Company’s common stockholders was a result of:

	●	Total revenues were approximately $3.8 million for the three months ended March 31, 2026, compared to approximately $4.1 million for the same period in 2025. As of March 31, 2026, we had approximately $100.5 million in net real estate assets including 75 model homes, compared to approximately $117.4 million in net real estate assets, including 84 model homes at March 31, 2025. The average number of model homes held during the three months ended March 31, 2026 and 2025 was approximately 78 and 81, 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 Dakota Center.

	●	Rental operating costs totaled approximately $1.5 million for the three months ended March 31, 2026, compared to approximately $1.6 million for the same period in 2025. Rental operating costs as a percentage of total revenue was approximately 35% and 39% for the three months ended March 31, 2026 and 2025, respectively.

	●	G&A expenses for the three months ended March 31, 2026 and 2025 totaled approximately $1.7 million and $1.7 million, respectively. G&A expenses as a percentage of total revenue was 44.4% and 40.3% for the three months ended March 31, 2026 and 2025, respectively. G&A expenses for the three months ended March 31, 2026 remained constant compared to the same period ending in 2025; however, the Company is actively looking to reduce G&A expenses during the year. There has been a reduction of employee headcount during the first quarter of 2026 with more expected this year. Starting in April 2026, the Chief Executive Officer has agreed to a voluntary 5% reduction in his annual salary. Additionally, the Board of Directors have approved the reduction by one Director starting in June 2026, which will provide additional G&A savings.

	●	On January 14, 2026, the Company sold one commercial property, Dakota Center, to a single buyer for approximately $4.7 million, net of selling costs, and recognized a net gain on the disposition of the assets and liabilities of approximately $3.4 million.

	●	During the three months ended March 31, 2026, we reviewed the carrying value of each of our real estate properties regularly to determine if circumstances indicate an impairment in the carrying value of these investments exists. During the three months ended March 31, 2026 and 2025, we recognized non-cash impairment charges of approximately $524,373 and $26,943, respectively. Approximately $0.4 million of the impairment charge for the three months ended March 31, 2026 and 2025, was related to the Shea Center II.

	●	Interest expense, including amortization of deferred finance charges was approximately $2.1 million for the three months ended March 31, 2026, compared to approximately $1.5 million for the same period in 2025. The weighted average interest rate on our outstanding debt was 6.29% and 5.83% as of March 31, 2026 and 2025, respectively. Mortgage notes payable totaled approximately $82.4 million and $94.4 million as of March 31, 2026 and 2025, respectively. While mortgage interest expenses increased over the three months ended March 31, 2026 and 2025, approximately $0.7 million of the interest expense attributed to the three months ended March 31, 2026 was related to one-time charge for the default interest on the loan for Dakota Center. Management expects future interest expenses to continue to decrease going forward for the year ended 2026. Additionally, during the three months ended March 31, 2026, we recorded defaulted interest expense of approximately $0.1 million related to the Shea Center II loan.

FFO (non-GAAP) totaled approximately ($2.1 million) and ($1.2 million) for the three months ended March 31, 2026 and 2025, respectively. A reconciliation of FFO to net loss, 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 decreased by about $0.9 million, from approximately ($1.0 million) for the three months ended March 31, 2025, to approximately ($1.9 million) for the three months ended March 31, 2026. A reconciliation of Core FFO to net income, the most directly comparable GAAP financial measure, is attached to this press release.

Acquisitions during the three months ended March 31, 2026:

●

The Company acquired no model homes or commercial properties.

Dispositions during the three months ended March 31, 2026:

	●	On January 14, 2026, the Company sold one commercial property, Dakota Center, to a single buyer for approximately $4.7 million, net of selling costs, and recognized a net gain on the disposition of the assets and liabilities of approximately $3.4 million.

	●	The Company sold 5 model homes for approximately $2.3 million, net of sales costs, and recognized a gain of approximately $0.2 million.

Segment Income during the three months ended March 31, 2026:

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 March 31, 2026. 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 March 31, 2026:

	For the Three Months Ended March 31, 2026

		Retail		Office/Industrial		Model Homes			Corporate and Other			Total
Rental revenue	$	93,574	$	2,234,494	$	919,890		$	—		$	3,247,958
Recovery revenue		-		436,086		—			—			436,086
Other operating revenue		-		82,800		5,534			422			88,756
Total revenues		93,574		2,753,380		925,424			422			3,772,800

Rental operating costs		4,832		1,630,837		48,877			(140,105	)		1,544,441
Net Operating Income (NOI)		88,742		1,122,543		876,547			140,527			2,228,359

Gain on Sale - Model Homes		—		—		172,096			—			172,096
Impairment of Model Homes		—		—		(75,639	)		—			(75,639	)
Adjusted NOI	$	88,742	$	1,122,543	$	973,004		$	140,527		$	2,324,816

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 to its results of GAAP operations and financial position as of and for the three months ended March 31, 2026. 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 March 31, 2026

		Retail			Office/Industrial			Model Homes			Corporate and Other			Total
Revenues:
Rental income	$	93,574		$	2,670,580		$	919,890		$	—		$	3,684,044
Fees and other income		-			82,800			5,534			422			88,756
Total revenue		93,574			2,753,380			925,424			422			3,772,800
Costs and expenses:
Rental operating costs		4,832			1,630,837			48,877			(140,105	)		1,544,441
General and administrative		—			17,499			226,882			1,429,442			1,673,823
Depreciation and amortization		22,928			784,276			191,292			473			998,969
Impairment of goodwill and real estate assets		—			448,734			75,639			—			524,373
Total costs and expenses		27,760			2,881,346			542,690			1,289,810			4,741,606
Other income (expense):
Interest expense - mortgage notes		(43,117	)		(1,543,083	)		(462,558	)		(1,316	)		(2,050,074	)
Interest and other income, net		—			—			9			5,140			5,149
Net loss in Conduit Pharmaceuticals marketable securities (see footnote 9)		—			—			—			1,985			1,985
Gain on sales of real estate, net		—			—			172,096			—			172,096
Gain on disposition of assets and liabilities, net		—			3,416,501			—			—			3,416,501
Income tax (expense) benefit		—			—			(15,657	)		(2,400	)		(18,057	)
Total other income (expense), net		(43,117	)		1,873,418			(306,110	)		3,409			1,527,600
Net income (loss)		22,697			1,745,452			76,624			(1,285,979	)		558,794
Less: Income attributable to noncontrolling interests		—			2,053			(119,938	)		—			(117,885	)
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders	$	22,697		$	1,747,505		$	(43,314	)	$	(1,285,979	)	$	440,909

Subsequent Real Estate Activity:

As of April 24, 2026, the Company amended its agreement with Origin Bank (the lender) through its partnership with Dubose Model Homes #207 LP. The terms of the new amendment decrease the floor interest rate by 1.5 percentage points from its original value while requiring that the Company and DMH#207 LP maintain liquid assets of $200,000 on a quarterly basis, starting March 31, 2026.

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 https://www.PresidioPT.com.

Definitions

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. 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, www.sec.gov.

Investor Relations Contact:

Presidio Property Trust, Inc.

Lowell Hartkorn, Investor Relations

[email protected]

Telephone: (760) 471-8536 x1244

Presidio Property Trust, Inc. and Subsidiaries

Consolidated Balance Sheets

	March 31,			December 31,
	2026			2025
		(unaudited)
ASSETS
Real estate assets and lease intangibles:
Land	$	13,789,653		$	16,390,250
Buildings and improvements		82,684,544			101,878,107
Tenant improvements		11,435,230			17,645,103
Lease intangibles		1,400,602			3,467,798
Real estate assets and lease intangibles held for investment, cost		109,310,029			139,381,258
Accumulated depreciation and amortization		(26,266,550	)		(37,536,809	)
Real estate assets and lease intangibles held for investment, net		83,043,479			101,844,449
Real estate assets held for sale, net		17,451,127			6,805,255
Real estate assets, net		100,494,606			108,649,704
Other assets:
Cash, cash equivalents and restricted cash		5,171,903			7,422,359
Deferred leasing costs, net		1,230,452			1,340,853
Goodwill		1,317,000			1,317,000
Investment in Conduit Pharmaceuticals marketable securities (see Notes 2 & 9)		5,885			3,900
Deferred tax asset		223,388			223,388
Other assets, net (see Note 6)		2,803,541			3,095,670
Total other assets		10,752,169			13,403,170
TOTAL ASSETS (1)	$	111,246,775		$	122,052,874
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	64,160,535		$	81,936,586
Mortgage notes payable related to real estate assets held for sale, net		17,473,032			10,137,781
Mortgage notes payable, total net		81,633,567			92,074,367
Accounts payable and accrued liabilities		3,044,512			3,302,187
Accrued real estate taxes		1,378,644			1,785,029
Dividends payable		—			190,220
Lease liability, net		33,756			40,108
Below-market leases, net		2,073			3,316
Total liabilities		86,092,552			97,395,227

Commitments and contingencies (see Note 10)
Equity:
Series D Preferred Stock, $0.01 par value per share; 1,000,000 shares authorized; 973,736 shares issued and outstanding (liquidation preference $25.00 per share) as of March 31, 2026 and 973,736 shares issued and outstanding as of December 31, 2025		9,737			9,737
Series A Common Stock, $0.01 par value per share, shares authorized: 100,000,000; 1,314,159 shares and 1,314,159 shares were issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		13,142			13,142
Additional paid-in capital		186,954,022			186,762,388
Dividends and accumulated losses		(169,504,393	)		(169,945,302	)
Total stockholders’ equity before noncontrolling interest		17,472,508			16,839,965
Noncontrolling interest		7,681,715			7,817,682
Total equity		25,154,223			24,657,647
TOTAL LIABILITIES AND EQUITY	$	111,246,775		$	122,052,874

Presidio Property Trust, Inc. and Subsidiaries

Consolidated Statements of Operations

	For the Three Months Ended March 31,
	2026			2025
Revenues:
Rental income	$	3,684,044		$	4,032,429
Fees and other income		88,756			92,755
Total revenue		3,772,800			4,125,184
Costs and expenses:
Rental operating costs		1,544,441			1,612,642
General and administrative		1,673,823			1,661,978
Depreciation and amortization		998,969			1,244,104
Impairment of goodwill and real estate assets		524,373			26,943
Total costs and expenses		4,741,606			4,545,667
Other income (expense):
Interest expense - mortgage notes		(2,050,074	)		(1,510,470	)
Net gain (loss) in Conduit Pharmaceuticals marketable securities (see Note 9)		1,985			(176,658	)
Interest and other income, net		5,149			5,149
Gain on sales of real estate, net		172,096			4,453,968
Gain on disposition of assets and liabilities, net		3,416,501			—
Income tax (expense) benefit		(18,057	)		25,409
Total other income (expense), net		1,527,600			2,797,398
Net income		558,794			2,376,915
Less: Income attributable to noncontrolling interests		(117,885	)		(111,563	)
Net income attributable to Presidio Property Trust, Inc. stockholders	$	440,909		$	2,265,352
Less: Series D Preferred Stock declared dividends		—			(579,575	)
Less: Series D Preferred Stock undeclared dividends in arrears		(570,541	)		—
Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders	$	(129,632	)	$	1,685,777

Net (loss) income per share attributable to Presidio Property Trust, Inc. common stockholders:
Basic & Diluted	$	(0.10	)	$	1.31

Weighted average number of common shares outstanding - basic & dilutive		1,314,159			1,283,432

FFO AND CORE FFO RECONCILIATION

	For the Three Months Ended March 31,
	2026			2025
Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders	$	(129,632	)	$	1,685,777
Adjustments:
Income attributable to noncontrolling interests		117,885			111,563
Depreciation and amortization		998,969			1,244,104
Amortization of above and below market leases, net		(1,244	)		(1,022	)
Impairment of real estate assets		524,373			26,943
Loss on marketable securities		(1,985	)		176,658
Net gain on sale of real estate assets		(172,096	)		(4,453,968	)
Gain on extinguishment of debt		(3,416,501	)		—
FFO	$	(2,080,231	)	$	(1,209,945	)
Stock Based Compensation		191,633			229,502
Core FFO	$	(1,888,598	)	$	(980,443	)

Weighted average number of common shares outstanding - basic and diluted		1,314,159			1,283,432

Core FFO / Wgt Avg Share	$	(1.44	)	$	(0.76	)

Exhibit 99.2

SUPPLEMENTAL FINANCIAL INFORMATION

As of March 31, 2026

FORWARD-LOOKING STATEMENTS

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 27, 2026 (“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

●	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 Portfolio Summary (Number / Square Footage)

●	Presidio’s commercial portfolio currently includes 9 commercial properties with a book value of approximately $66.2 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 ⁽¹⁾

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

Portfolio Summary (Number / Square Footage)
Office	7 properties / 649,120 sqft.
Retail	1 properties / 10,500 sqft.
Industrial	1 property / 150,099 sqft.
Model Homes ⁽¹⁾	75 homes / 237,981 sqft

Portfolio Value & Debt
Book Value	$100.5 million ⁽²⁾
Existing Secured Debt	$82.4 million

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

(2)	Includes book value of model homes

COMMERCIAL PORTFOLIO

	Date		Real estate assets and lease intangibles, net
Property Name	Acquired	Location	March 31, 2026		December 31, 2025
Genesis Plaza (1)	August 2010	San Diego, CA	$	7,154,860	$	7,274,600
Dakota Center (2)	May 2011	Fargo, ND		—		4,861,267
Grand Pacific Center	March 2014	Bismarck, ND		7,991,440		8,082,202
Arapahoe Center	December 2014	Centennial, CO		8,752,279		8,874,198
West Fargo Industrial	August 2015	Fargo, ND		6,355,397		6,404,774
300 N.P.	August 2015	Fargo, ND		1,925,488		1,949,040
One Park Center	August 2015	Westminster, CO		5,637,002		5,740,065
Shea Center II (3)	December 2015	Highlands Ranch, CO		15,978,009		16,249,498
Mandolin (4)	August 2021	Houston, TX		4,485,923		4,508,851
Baltimore	December 2021	Baltimore, MD		7,960,570		8,016,747
Commercial properties				66,240,968		71,961,242
Model Home properties (5)	2019 - 2025	AZ, TN, TX, AL		34,253,639		36,688,462
Total real estate assets and lease intangibles, net			$	100,494,606	$	108,649,704

(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. During July 2025, the lender approved a purchase offer from a third party for $5,125,000. On January 14, 2026, the Company completed the disposition of the Dakota Center property securing nonrecourse mortgage debt that had been in default. The lender controlled and approved the disposition process and accepted the proceeds from the sale in full satisfaction of the outstanding debt obligation. The Company recognized a gain on disposition of approximately $3.5 million, consisting primarily of the extinguishment of nonrecourse debt obligations and derecognition of the related net liabilities associated with the property
(3)	During 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 non-recourse loan agreement was moved into receivership and the lender has started the foreclosure process. The foreclosure sale and public auction is scheduled for June 17, 2026. The lender holds approximately $2.4 million in restricted cash, some of which is being utilized by the receiver to operate the property. Additionally, during the three months ended March 31, 2026 and 2025, Shea Center II was listed as held for sale, related to the foreclosure sale and impaired approximately $0.4 million.
(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.
(5)	Includes 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 $524,373, 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

State	No. of Properties	Aggregate Square Feet		Approximate % of Square Feet			Current Base Annual Rent		Approximate % of Aggregate Annual Rent
Alabama	10		23,835		10.7	%	$	61,032		1.9	%
Arizona	1		3,474		1.5	%		41,508		1.2	%
Tennessee	2		5,534		2.5	%		2,271,504		69.3	%
Texas	62		190,417		85.4	%		903,900		27.6	%
Total	75		223,260		100.0	%	$	3,277,944		100.0	%

CONSOLIDATED BALANCE SHEET

Presidio Property Trust, Inc. and Subsidiaries

Consolidated Balance Sheets

	March 31,			December 31,
	2026			2025
	(unaudited)
ASSETS
Real estate assets and lease intangibles:
Land	$	13,789,653		$	16,390,250
Buildings and improvements		82,684,544			101,878,107
Tenant improvements		11,435,230			17,645,103
Lease intangibles		1,400,602			3,467,798
Real estate assets and lease intangibles held for investment, cost		109,310,029			139,381,258
Accumulated depreciation and amortization		(26,266,550	)		(37,536,809	)
Real estate assets and lease intangibles held for investment, net		83,043,479			101,844,449
Real estate assets held for sale, net		17,451,127			6,805,255
Real estate assets, net		100,494,606			108,649,704
Other assets:
Cash, cash equivalents and restricted cash		5,171,903			7,422,359
Deferred leasing costs, net		1,230,452			1,340,853
Goodwill		1,317,000			1,317,000
Investment in Conduit Pharmaceuticals marketable securities (see Notes 2 & 9)		5,885			3,900
Deferred tax asset		223,388			223,388
Other assets, net (see Note 6)		2,803,541			3,095,670
Total other assets		10,752,169			13,403,170
TOTAL ASSETS (1)	$	111,246,775		$	122,052,874
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	64,160,535		$	81,936,586
Mortgage notes payable related to real estate assets held for sale, net		17,473,032			10,137,781
Mortgage notes payable, total net		81,633,567			92,074,367
Accounts payable and accrued liabilities		3,044,512			3,302,187
Accrued real estate taxes		1,378,644			1,785,029
Dividends payable		—			190,220
Lease liability, net		33,756			40,108
Below-market leases, net		2,073			3,316
Total liabilities		86,092,552			97,395,227

Commitments and contingencies (see Note 10)
Equity:
Series D Preferred Stock, $0.01 par value per share; 1,000,000 shares authorized; 973,736 shares issued and outstanding (liquidation preference $25.00 per share) as of March 31, 2026 and 973,736 shares issued and outstanding as of December 31, 2025		9,737			9,737
Series A Common Stock, $0.01 par value per share, shares authorized: 100,000,000; 1,314,159 shares and 1,314,159 shares were issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		13,142			13,142
Additional paid-in capital		186,954,022			186,762,388
Dividends and accumulated losses		(169,504,393	)		(169,945,302	)
Total stockholders’ equity before noncontrolling interest		17,472,508			16,839,965
Noncontrolling interest		7,681,715			7,817,682
Total equity		25,154,223			24,657,647
TOTAL LIABILITIES AND EQUITY	$	111,246,775		$	122,052,874

CONSOLIDATED STATEMENT OF OPERATIONS

Presidio Property Trust, Inc. and Subsidiaries

Consolidated Statements of Operations

	For the Three Months Ended March 31,
	2026			2025
Revenues:
Rental income	$	3,684,044		$	4,032,429
Fees and other income		88,756			92,755
Total revenue		3,772,800			4,125,184
Costs and expenses:
Rental operating costs		1,544,441			1,612,642
General and administrative		1,673,823			1,661,978
Depreciation and amortization		998,969			1,244,104
Impairment of goodwill and real estate assets		524,373			26,943
Total costs and expenses		4,741,606			4,545,667
Other income (expense):
Interest expense - mortgage notes		(2,050,074	)		(1,510,470	)
Net gain (loss) in Conduit Pharmaceuticals marketable securities (see Note 9)		1,985			(176,658	)
Interest and other income, net		5,149			5,149
Gain on sales of real estate, net		172,096			4,453,968
Gain on disposition of assets and liabilities, net		3,416,501			—
Income tax (expense) benefit		(18,057	)		25,409
Total other income (expense), net		1,527,600			2,797,398
Net income		558,794			2,376,915
Less: Income attributable to noncontrolling interests		(117,885	)		(111,563	)
Net income attributable to Presidio Property Trust, Inc. stockholders	$	440,909		$	2,265,352
Less: Series D Preferred Stock declared dividends		—			(579,575	)
Less: Series D Preferred Stock undeclared dividends in arrears		(570,541	)		—
Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders	$	(129,632	)	$	1,685,777

Net (loss) income per share attributable to Presidio Property Trust, Inc. common stockholders:
Basic & Diluted	$	(0.10	)	$	1.31

Weighted average number of common shares outstanding - basic & dilutive		1,314,159			1,283,432

CONSOLIDATED STATEMENT OF CASH FLOWS

Presidio Property Trust, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

	For the Three Months Ended March 31,
	2026			2025
Cash flows from operating activities:
Net income	$	558,794		$	2,376,915
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		998,969			1,244,104
Stock compensation		191,634			229,502
Bad debt expense		73,000			—
Gain on sale of real estate assets, net		(172,096	)		(4,453,968	)
Gain on disposition of assets and liabilities, net		(3,416,501	)		—
Net (gain) loss in Conduit Pharmaceuticals fair value marketable securities		(1,985	)		176,658
Impairment of goodwill and real estate assets		524,373			26,943
Amortization of financing costs		53,987			68,923
Amortization of below-market leases		(1,243	)		(1,022	)
Straight-line rent adjustment		2,479			(84,822	)
Changes in operating assets and liabilities:
Other assets		88,369			567,686
Accounts payable and accrued liabilities		656,426			532,895
Deferred leasing costs		(72,834	)		99,752
Accrued real estate taxes		(440,575	)		(902,471	)
Net cash used in operating activities		(957,203	)		(118,905	)
Cash flows from investing activities:
Real estate acquisitions		—			(4,270,192	)
Additions to buildings and tenant improvements		(165,817	)		(568,555	)
Proceeds from sales of real estate, net		7,052,033			18,391,811
Net cash provided by investing activities		6,886,216			13,553,064
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of issuance costs		—			2,979,052
Payment of debt issuance costs		—			(61,914	)
Repayment of mortgage notes payable		(7,721,564	)		(11,379,734	)
Payment of deferred offering costs		(13,833	)		(60,000	)
Distributions to noncontrolling interests		(253,852	)		(216,659	)
Repurchase of Series D Preferred Stock, at cost		—			(194,972	)
Dividends paid to Series D Preferred Stockholders		(190,220	)		(579,575	)
Net cash used in financing activities		(8,179,469	)		(9,513,802	)
Net (decrease) increase in cash equivalents and restricted cash		(2,250,456	)		3,920,357
Cash, cash equivalents and restricted cash - beginning of period		7,422,359			8,036,496
Cash, cash equivalents and restricted cash - end of period	$	5,171,903		$	11,956,853
Supplemental disclosure of cash flow information:
Interest paid-mortgage notes payable	$	2,108,796		$	1,335,280
Income taxes paid	$	78,848		$	46,511
Non-cash investing activities:
Paid building and tenant improvements from prior year	$	(361,261	)	$	(207,847	)
Paid deferred offering costs from prior year	$	6,589		$	—
Non-cash financing activities:
Unpaid deferred offering costs	$	820		$	—
Unpaid building and tenant improvements	$	262,251		$	—
Dividends payable - Series D Preferred Stock	$	—		$	192,232

EBITDAre RECONCILIATION

	For the Three Months Ended March 31,
	2026			2025
Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders	$	(129,632	)	$	1,685,777
Adjustments
Interest Expense		2,050,074			1,510,470
Depreciation and Amortization		997,725			1,243,082
Asset Impairment		524,373			26,943
Net gain on sale of real estate		(172,096	)		(4,453,968	)
Gain on extinguishment of debt		(3,416,501	)		—
Net loss on marketable securities		(1,985	)		176,658
Income Taxes		18,057			(25,409	)

EBITDAre	$	(129,985	)	$	163,553

FFO AND CORE FFO RECONCILIATION

	For the Three Months Ended March 31,
	2026			2025
Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders	$	(129,632	)	$	1,685,777
Adjustments:
Income attributable to noncontrolling interests		117,885			111,563
Depreciation and amortization		998,969			1,244,104
Amortization of above and below market leases, net		(1,244	)		(1,022	)
Impairment of real estate assets		524,373			26,943
Loss on marketable securities		(1,985	)		176,658
Net gain on sale of real estate assets		(172,096	)		(4,453,968	)
Gain on extinguishment of debt		(3,416,501	)		—
FFO	$	(2,080,231	)	$	(1,209,945	)
Stock Based Compensation		191,633			229,502
Core FFO	$	(1,888,598	)	$	(980,443	)
Weighted average number of common shares outstanding - basic and diluted		1,314,159			1,283,432
Core FFO / Wgt Avg Share	$	(1.44	)	$	(0.76	)

SEGMENT DATA

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 for the year ended March 31, 2026. The information for Corporate and Other are presented to reconcile back to the consolidated statement of operations, but is not considered a reportable segment.

	For the Three Months Ended March 31, 2026

	Retail		Office/Industrial		Model Homes			Corporate and Other			Total

Rental revenue	$	93,574	$	2,234,494	$	919,890		$	—		$	3,247,958
Recovery revenue		-		436,086		—			—			436,086
Other operating revenue		-		82,800		5,534			422			88,756
Total revenues		93,574		2,753,380		925,424			422			3,772,800

Rental operating costs		4,832		1,630,837		48,877			(140,105	)		1,544,441
Net Operating Income (NOI)		88,742		1,122,543		876,547			140,527			2,228,359

Gain on Sale - Model Homes		—		—		172,096			—			172,096
Impairment of Model Homes		—		—		(75,639	)		—			(75,639	)

Adjusted NOI	$	88,742	$	1,122,543	$	973,004		$	140,527		$	2,324,816

	For the Three Months Ended March 31, 2026

	Retail			Office/Industrial			Model Homes			Corporate and Other			Total
Revenues:
Rental income	$	93,574		$	2,670,580		$	919,890		$	—		$	3,684,044
Fees and other income		-			82,800			5,534			422			88,756
Total revenue		93,574			2,753,380			925,424			422			3,772,800
Costs and expenses:
Rental operating costs		4,832			1,630,837			48,877			(140,105	)		1,544,441
General and administrative		—			17,499			226,882			1,429,442			1,673,823
Depreciation and amortization		22,928			784,276			191,292			473			998,969
Impairment of goodwill and real estate assets		—			448,734			75,639			—			524,373
Total costs and expenses		27,760			2,881,346			542,690			1,289,810			4,741,606
Other income (expense):
Interest expense - mortgage notes		(43,117	)		(1,543,083	)		(462,558	)		(1,316	)		(2,050,074	)
Interest and other income, net		—			—			9			5,140			5,149
Net loss in Conduit Pharmaceuticals marketable securities (see footnote 9)		—			—			—			1,985			1,985
Gain on sales of real estate, net		—			—			172,096			—			172,096
Gain on disposition of assets and liabilities, net		—			3,416,501			—			—			3,416,501
Income tax (expense) benefit		—			—			(15,657	)		(2,400	)		(18,057	)
Total other income (expense), net		(43,117	)		1,873,418			(306,110	)		3,409			1,527,600
Net income (loss)		22,697			1,745,452			76,624			(1,285,979	)		558,794
Less: Income attributable to noncontrolling interests		—			2,053			(119,938	)		—			(117,885	)
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders	$	22,697		$	1,747,505		$	(43,314	)	$	(1,285,979	)	$	440,909

SEGMENT DATA (continued)

	March 31,		December 31,
Assets by Reportable Segment:	2026		2025
Office/Industrial Properties:
Land, buildings and improvements, net (1)	$	61,748,416	$	67,445,290
Total assets (2)	$	69,016,593	$	68,980,087
Model Home Properties:
Land, buildings and improvements, net (1)	$	34,253,639	$	36,688,462
Total assets (2)	$	34,519,643	$	37,301,777
Retail Properties:
Land, buildings and improvements, net (1)	$	4,485,923	$	4,508,851
Total assets (2)	$	4,652,651	$	4,669,852
Reconciliation to Total Assets:
Total assets for reportable segments	$	108,188,887	$	110,951,716
Corporate and other assets:
Cash, cash equivalents and restricted cash		116,685		173,621
Other assets, net		2,941,203		10,927,537
Total Assets	$	111,246,775	$	122,052,874

(1)	Includes lease intangibles.

(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.

DEFINITIONS – NON-GAAP MEASUREMENTS

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.

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.