The Shea Center II foreclosure auction on June 17, 2026 is the next major catalyst — expect further asset shrinkage and potential additional impairments. The undeclared preferred dividend arrearage signals liquidity stress. Monitor for further asset sales or restructuring actions. The stock is a warrant (SQFTW) with no market cap data — extreme caution warranted.
Price Chart
Executive Summary
Presidio Property Trust (SQFTW) reported Q1 2026 results with total revenue of $3.8M, down 8.5% YoY from $4.1M, driven by the sale of Dakota Center. Net loss attributable to common stockholders was $(129,632) or $(0.10) per share, compared to net income of $1.7M ($1.31) in Q1 2025. Core FFO worsened to ($1.44) per share from ($0.76). The company faces a foreclosure on Shea Center II (auction June 17, 2026), recognized $0.5M in impairments, and saw cash burn of $2.25M. A $3.4M gain on debt extinguishment from Dakota Center's disposition partially offset operating weakness.
Key Financial Metrics
Key Facts
- Total revenue declined 8.5% YoY to $3.8M from $4.1M
- Net loss attributable to common stockholders of $(129,632) vs income of $1.7M in Q1 2025
- Core FFO per share worsened to ($1.44) from ($0.76) YoY
- Shea Center II property in foreclosure; auction scheduled June 17, 2026
- Impairment charges of $524,373 recognized, including $0.4M related to Shea Center II
- Cash and restricted cash fell to $5.2M from $7.4M at year-end 2025
- Gain on debt extinguishment of $3.4M from Dakota Center disposition
- No model homes or commercial properties acquired during the quarter
- Series D preferred dividends undeclared and in arrears of $570,541
- CEO agreed to voluntary 5% salary reduction; Board reducing by one director
Financial Impact
Revenue decline of ~$0.35M YoY; Core FFO decline of ~$0.9M; cash burn of $2.25M
Risk Factors
- Foreclosure of Shea Center II could trigger additional losses and reduce portfolio value by ~$16M
- Cash burn rate of ~$2.25M/quarter with only $5.2M remaining — liquidity runway limited
- Preferred dividend arrearage of $570,541 indicates potential preferred stock covenant issues
- Portfolio continues to shrink (9 commercial properties vs 10, 75 model homes vs 84)
- Interest expense increased 36% YoY despite lower debt, driven by default interest charges
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-024043 |
| Exhibit: ex99-1.htm | 0001493152-26-024043 |
| Document: form8-k.htm | 0001493152-26-024043 |
| Document: 0001493152-26-024043-index-headers.html | 0001493152-26-024043 |
| Document: 0001493152-26-024043-index.html | 0001493152-26-024043 |
| Document: 0001493152-26-024043.txt | 0001493152-26-024043 |
| 8-K Data (Synthetic) | 0001493152-26-024043 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 2, 2026 20w ago | 8-K | $0.0194 $0.0153 | ▼ −21.13% | ▼ −23.63% | — |
May 18, 2026 23w ago | 8-K | $0.0194 $0.0148 | ▲ +23.71% | ▲ +28.56% | — |
US Market Status
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