Presidio Property Trust (SQFT) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 10, 2021
Document Information [Line Items]
Entity Central Index Key	0001080657
Entity Registrant Name	Presidio Property Trust, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-34049
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	33-0841255
Entity Address, Address Line One	4995 Murphy Canyon Road, Suite 300
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92123
City Area Code	760
Local Phone Number	471-8536
Title of 12(b) Security	Series A Common Stock
Trading Symbol	SQFT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,508,363

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Real estate assets and lease intangibles:
Land	$ 17,851,741	$ 18,827,000
Buildings and improvements	109,787,999	115,409,423
Tenant improvements	12,032,338	11,960,018
Lease intangibles	4,110,139	4,110,139
Real estate assets and lease intangibles held for investment, cost	143,782,217	150,306,580
Accumulated depreciation and amortization	(27,477,471)	(26,551,789)
Real estate assets and lease intangibles held for investment, net	116,304,746	123,754,791
Real estate assets held for sale, net	29,043,401	42,499,176
Real estate assets, net	145,348,147	166,253,967
Cash, cash equivalents and restricted cash	6,985,381	11,540,917
Deferred leasing costs, net	1,538,917	1,927,951
Goodwill	2,423,000	2,423,000
Other assets, net	2,846,561	3,422,781
TOTAL ASSETS	159,142,006	185,568,616
Liabilities:
Mortgage notes payable, net	90,899,959	94,664,266
Mortgage notes payable related to properties held for sale, net	17,785,222	25,365,430
Mortgage notes payable, total net	108,685,181	120,029,696
Note payable, net	0	7,500,086
Accounts payable and accrued liabilities	3,881,486	5,126,199
Accrued real estate taxes	1,525,006	2,548,686
Lease liability, net	95,825	102,323
Below-market leases, net	120,008	139,045
Total liabilities	114,307,506	135,446,035
Commitments and contingencies (Note 9)
Equity:
Additional paid-in capital	156,463,146	156,463,146
Dividends and accumulated losses	(125,334,982)	(121,674,505)
Total stockholders' equity before noncontrolling interest	31,223,202	34,883,679
Noncontrolling interest	13,611,298	15,238,902
Total equity	44,834,500	50,122,581
TOTAL LIABILITIES AND EQUITY	159,142,006	185,568,616
Common Class A [Member]
Equity:
Series A Common Stock, $0.01 par value, shares authorized: 100,000,000; 9,508,363 shares were both issued and outstanding at March 31, 2021 and December 31, 2020, respectively	$ 95,038	$ 95,038

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - Common Class A [Member] - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	9,508,363	9,508,363
Common stock, shares outstanding (in shares)	9,508,363	9,508,363

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Rental income	$ 5,477,223	$ 6,785,685
Fees and other income	191,531	243,466
Total revenue	5,668,754	7,029,151
Costs and expenses:
Rental operating costs	1,838,923	2,381,092
General and administrative	1,537,265	1,351,345
Depreciation and amortization	1,428,934	1,574,526
Impairment of real estate assets	300,000	0
Total costs and expenses	5,105,122	5,306,963
Other income (expense):
Interest and other income (expense), net	(32,785)	(6,995)
Loss on sales of real estate, net	(1,161,328)	(9,835)
Gain on extinguishment of government debt	10,000	0
Income tax expense	(50,199)	(83,631)
Total other income (expense), net	(2,818,706)	(2,654,307)
Net loss	(2,255,074)	(932,119)
Less: Income attributable to noncontrolling interests	(406,608)	(175,011)
Net loss attributable to Presidio Property Trust, Inc. common stockholders	$ (2,661,682)	$ (1,107,130)
Basic and diluted loss per common share (in dollars per share)	$ (0.28)	$ (0.12)
Weighted average number of common shares outstanding - basic and diluted (in shares)	9,508,363	8,881,842
Mortgage Notes [Member]
Other income (expense):
Interest expense	$ (1,305,021)	$ (1,687,776)
Notes Payable [Member]
Other income (expense):
Interest expense	$ (279,373)	$ (866,070)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2019	8,881,842
Balance at Dec. 31, 2019	$ 88,818	$ 152,129,120	$ (113,037,144)	$ 39,180,794	$ 17,440,394	$ 56,621,188
Net loss	0	0	(1,107,130)	(1,107,130)	175,011	(932,119)
Distributions in excess of contributions received	$ 0	0	0	0	(277,472)	(277,472)
Balance (in shares) at Mar. 31, 2020	8,881,842
Balance at Mar. 31, 2020	$ 88,818	152,129,120	(114,144,274)	38,073,664	17,337,933	55,411,597
Balance (in shares) at Dec. 31, 2020	9,508,363
Balance at Dec. 31, 2020	$ 95,038	156,463,146	(121,674,505)	34,883,679	15,238,902	50,122,581
Net loss	0	0	(2,661,682)	(2,661,682)	406,608	(2,255,074)
Dividends paid	0	0	(998,795)	(998,795)	0	(998,795)
Distributions in excess of contributions received	$ 0	0	0	0	(2,034,212)	(2,034,212)
Balance (in shares) at Mar. 31, 2021	9,508,363
Balance at Mar. 31, 2021	$ 95,038	$ 156,463,146	$ (125,334,982)	$ 31,223,202	$ 13,611,298	$ 44,834,500

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (2,255,074)	$ (932,119)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,428,934	1,574,526
Stock compensation	301,547	157,371
Loss on sale of real estate assets, net	1,161,328	9,835
Gain on extinguishment of government debt	(10,000)	0
Impairment of real estate assets	300,000	0
Accretion of original issue discount	0	337,802
Amortization of financing costs	261,779	363,183
Amortization of above-market leases	18,027	12,671
Amortization of below-market leases	(19,037)	(42,595)
Straight-line rent adjustment	(132,990)	(52,941)
Changes in operating assets and liabilities:
Other assets	481,459	1,947,145
Accounts payable and accrued liabilities	(1,980,474)	(2,612,649)
Accrued real estate taxes	(1,023,680)	(1,236,304)
Net cash used in operating activities	(1,468,181)	(474,075)
Cash flows from investing activities:
Real estate acquisitions	0	(3,573,743)
Additions to buildings and tenant improvements	(100,765)	(889,673)
Additions to deferred leasing costs	(37,585)	0
Proceeds from sales of real estate, net	19,047,906	24,587,128
Net cash provided by investing activities	18,909,556	20,123,712
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of issuance costs	6,013,700	4,347,502
Repayment of mortgage notes payable	(17,231,730)	(19,803,831)
Repayment of note payable	(7,675,598)	(5,224,401)
Payment of deferred offering costs	(70,276)	(100,031)
Contributions from noncontrolling interests, net of distributions paid	(2,034,212)	(277,472)
Dividends paid to stockholders	(998,795)	0
Net cash used in financing activities	(21,996,911)	(21,058,233)
Net increase in cash equivalents and restricted cash	(4,555,536)	(1,408,596)
Cash, cash equivalents and restricted cash - beginning of period	11,540,917	10,391,275
Cash, cash equivalents and restricted cash - end of period	6,985,381	8,982,679
Supplemental disclosure of cash flow information:
Interest paid-mortgage notes payable	1,239,193	1,674,483
Interest paid-notes payable	103,861	247,805
Unpaid deferred financing costs	$ 0	$ 14,608

Note 1 - Organization

Note 1 - Organization	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization September 28, 1999, August 2010, October 2017, The Company or one • The Company is the sole general partner and a limited partner in two limited partnerships (NetREIT Palm Self-Storage LP and NetREIT Casa Grande LP), all with ownership interests in entities that own income producing real estate. The Company refers to these entities collectively as the "NetREIT Partnerships" • The Company is the general and/or limited partner in six limited partnerships that purchase model homes and lease them back to homebuilders (Dubose Model Home Investors #202, #203, #204, #205, #206, The Company has determined that the limited partnerships in which it owns less than 100% We have elected to be taxed as a REIT under Sections 856 860 90% not We, together with one no Initial Public Offering October 6, 2020, $0.5 not $0.5 Reverse Stock Split. July 29, 2020, one Liquidity. September 17, 2019 September 1, 2020, October 1, 2020 March 31, 2021, September 30, 2020 December 31, 2020, first 2021, Principal payments due on our mortgage notes payables, during the last nine 2021, one third second 2021, one As the Company continues its operations, it may no not twelve

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. There have been no 10 December 31, 2020 December 31, 2020 10 March 30, 2021. Basis of Presentation. 10 8 X. three March 31, 2021 2020 not may December 31, 2021. 10 December 31, 2020 December 31, 2020 10 March 30, 2021. three March 31, 2021 not December 31, 2021 19” Principles of Consolidation The Company classifies the noncontrolling interests in the NetREIT Partnerships as part of consolidated net income (loss) in 2020 2019 February 2010. not Use of Estimates may Real Estate Assets and Lease Intangibles. The Company allocates the purchase price to tangible assets of an acquired property based on the estimated fair values of those tangible assets assuming the property was vacant. Estimates of fair value for land, building and building improvements are based on many factors including, but not third The value allocated to acquired lease intangibles is based on management’s evaluation of the specific characteristics of each tenant’s lease. Characteristics considered by management in allocating these values include the nature and extent of the existing business relationships with the tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value allocable to the above-market or below-market component of an acquired in-place lease is determined based upon the present value (using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of rents that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above or below-market leases are amortized on a straight-line basis as an increase or reduction of rental income over the remaining non-cancelable term of the respective leases. Amortization of above and below-market rents resulted in a net increase in rental income of approximately $1,000 and $30,000 for the three March 31, 2021 March 31, 2020 The value of in-place leases and unamortized lease origination costs are amortized to expenses over the remaining term of the respective leases, which range from less than a year to ten third three March 31, 2021 March 31, 2020 Real Estate Held for Sale and Discontinued Operations. not Deferred Leasing Costs. one five third March 31, 2021 December 31, 2020 three March 31, 2021 March 31, 2020 Depreciation and Amortization. three March 31, 2021 March 31, 2020 Cash Equivalents and Restricted Cash. March 31, 2021 December 31, 2020 third Real Estate Held for Sale. March 31, 2021 Deferred Financing Costs. March 31, 2021 December 31, 2020 2019, 8. December 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 Deferred Offering Costs. March 31, 2021 December 31, 2020 3 December 29, 2020, April 13, 2021. March 31, 2021 December 31, 2020 Impairments of Real Estate Assets. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Although our strategy is to hold our properties over the long-term, if our strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may During the fourth 2020, third March 31, 2021. May 2021. Fair Value Measurements three one three • Level 1: • Level 2: not • Level 3: no When available, we utilize quoted market prices from independent third 1 2. not not third may third not not Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not Subsequent Events. Recently Issued and Adopted Accounting Pronouncements. June 2017, No. 2016 13, Financial Instruments – Credit Losses, February 2020 No. 2020 02, Financial Instruments—Credit Losses (Topic 326 842 2016 13 2016 13 2016 13 December 15, 2019, 2020 02 December 15, 2022. not

Note 3 - Recent Real Estate Tra

Note 3 - Recent Real Estate Transactions	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Real Estate Disclosure [Text Block]	3. During the three March 31, 2021 • Waterman Plaza, which was sold on January 28, 2021 • Garden Gateway, which was sold on February 19, 2021 During the three March 31, 2021 During the three March 31, 2021 not During the three March 31, 2020 • Centennial Tech Center, which was sold on February 5, 2020 • Union Terrace, which was sold on March 13, 2020 During the three March 31, 2020, During the three March 31, 2020,

Note 4 - Real Estate Assets

Note 4 - Real Estate Assets	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Real Estate Assets [Text Block]	4. The Company owns a diverse portfolio of real estate assets. The primary types of properties the Company invests in are office, industrial, retail, and triple-net leased model home properties located primarily in Colorado, with four properties located in North Dakota and two in Southern California. Our model home properties are located in four states. As of March 31, 2021 • Nine office buildings and one industrial property (“Office/Industrial Properties”) which total approximately 867,744 rentable square feet; • Three retail shopping centers (“Retail Properties”) which total approximately 110,552 rentable square feet; and • 106 model home residential properties (“Model Homes” or “Model Home Properties”) leased back on a triple-net basis to homebuilders that are owned by six affiliated limited partnerships and one wholly-owned corporation. A summary of the properties owned by the Company as of March 31, 2021 Date Real estate assets, net (in thousands) Property Name Acquired Location 2021 World Plaza (1) September 2007 San Bernardino, California 9,272 Executive Office Park (1) July 2008 Colorado Springs, Colorado 5,116 Genesis Plaza August 2010 San Diego, California 8,472 Dakota Center May 2011 Fargo, North Dakota 8,540 Grand Pacific Center March 2014 Bismarck, North Dakota 5,615 Arapahoe Center December 2014 Centennial, Colorado 9,077 Union Town Center December 2014 Colorado Springs, Colorado 9,276 West Fargo Industrial August 2015 Fargo, North Dakota 7,013 300 N.P. August 2015 Fargo, North Dakota 3,278 Research Parkway August 2015 Colorado Springs, Colorado 2,423 One Park Center August 2015 Westminster, Colorado 8,444 Highland Court (1) August 2015 Centennial, Colorado 10,218 Shea Center II December 2015 Highlands Ranch, Colorado 20,715 Presidio Property Trust, Inc. properties 107,459 Model Home properties (2) 2014 2020 TX, FL, IL, WI 37,889 Total real estate assets and lease intangibles, net $ 145,348 ( 1 March 31, 2021 ( 2 March 31, 2021

Note 5 - Lease Intangibles

Note 5 - Lease Intangibles	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	5. The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset: March 31, 2021 December 31, 2020 Lease Accumulated Lease Lease Accumulated Lease Intangibles Amortization Intangibles, net Intangibles Amortization Intangibles, net In-place leases $ 3,136,587 $ (2,826,071 ) $ 310,516 $ 3,136,587 $ (2,757,530 ) $ 379,057 Leasing costs 1,730,656 (1,548,144 ) 182,512 1,730,656 (1,510,559 ) 220,097 Above-market leases 333,485 (309,449 ) 24,036 333,485 (291,421 ) 42,064 $ 5,200,728 $ (4,683,664 ) $ 517,064 $ 5,200,728 $ (4,559,510 ) $ 641,218 At each of March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 The net value of acquired intangible liabilities was $0.1 million relating to below-market leases at each of March 31, 2021 December 31, 2020 Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows: 2021 $ 248,330 2022 202,479 2023 17,663 2024 17,663 2025 17,663 Thereafter 13,266 Total $ 517,064 The weighted average remaining amortization period of the intangible assets as of March 31, 2021

Note 6 - Other Assets

Note 6 - Other Assets	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Other Assets Disclosure [Text Block]	6. Other assets consist of the following: March 31, December 31, 2021 2020 Deferred rent receivable $ 1,876,250 $ 1,912,048 Prepaid expenses, deposits and other 124,169 299,187 Accounts receivable, net 181,949 541,885 Right-of-use assets, net 95,385 102,144 Other intangibles, net 127,483 142,483 Notes receivable 316,374 316,374 Deferred offering costs 124,951 108,660 Total other assets $ 2,846,561 $ 3,422,781

Note 7 - Mortgage Notes Payable

Note 7 - Mortgage Notes Payable	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Mortgage Notes Payable Disclosure [Text Block]	7. Mortgage notes payable consist of the following: Principal as of March 31, December 31, Loan Interest Mortgage note property Notes 2021 2020 Type Rate (1) Maturity Waterman Plaza (2) $ — $ 3,207,952 Variable — — World Plaza (3) (4) 5,776,741 5,802,568 Variable 2.91 % 7/5/2021 Garden Gateway Plaza (2) — 5,861,523 Fixed 5.00 % 8/5/2021 300 N.P. 2,263,143 2,273,478 Fixed 4.95 % 6/11/2022 Highland Court (3) 6,236,527 6,274,815 Fixed 3.82 % 9/1/2022 Dakota Center 9,843,880 9,900,279 Fixed 4.74 % 7/6/2024 Research Parkway 1,746,886 1,760,432 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 7,891,395 7,932,255 Fixed 4.34 % 1/5/2025 Union Town Center 8,279,408 8,315,550 Fixed 4.28 % 1/5/2025 One Park Centre 6,357,531 6,385,166 Fixed 4.77 % 9/5/2025 Genesis Plaza 6,248,822 6,276,273 Fixed 4.71 % 9/6/2025 Shea Center II 17,681,769 17,727,500 Fixed 4.92 % 1/5/2026 Executive Office Park (3) 2,967,746 2,985,998 Fixed 4.83 % 6/1/2027 West Fargo Industrial 4,234,489 4,262,718 Fixed 3.27 % 8/5/2029 Grand Pacific Center (5) 3,708,966 3,738,142 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties $ 83,237,303 $ 92,704,649 Model Home mortgage notes (3) 26,332,673 28,083,356 Fixed (6 ) 2021 2023 Mortgage Notes Payable $ 109,569,976 $ 120,788,005 Unamortized loan costs (884,795 ) (758,309 ) Mortgage Notes Payable, net $ 108,685,181 $ 120,029,696 ( 1 Interest rates as of March 31, 2021 ( 2 Waterman Plaza and Garden Gateway Plaza were sold during the first 2021. ( 3 Properties held for sale as of March 31, 2021 ( 4 Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the three March 31, 2021 ( 5 Interest rate is subject to reset on September 1, 2023. ( 6 Each model home has a stand-alone mortgage note at interest rates ranging from 2.50% to 5.63% per annum at March 31, 2021 The Company believes that it is in compliance with all material conditions and covenants of its mortgage notes payable. Scheduled principal payments of mortgage notes payable were as follows as of March 31, 2021 Presidio Property Model Trust, Inc. Homes Total Principal Years ending December 31: Notes Payable Notes Payable Payments 2021 $ 6,945,593 $ 4,401,258 $ 11,346,851 2022 9,780,330 11,526,092 21,306,422 2023 1,493,749 4,695,187 6,188,936 2024 10,448,812 5,710,136 16,158,948 2025 28,874,478 — 28,874,478 Thereafter 25,694,340 — 25,694,340 Total $ 83,237,302 $ 26,332,673 $ 109,569,975

Note 8 - Notes Payable

Note 8 - Notes Payable	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. On September 17, 2019, September 1, 2020 , October 1, 2020 March 31, 2021 , September 30, 2020 , December 31, 2020 September 17, 2019 October 1, 2020. December 31, 2020 March 31, 2021 The Company incurred approximately $1.1 million in legal and underwriting costs related to the transaction. These costs were recorded as debt issuance costs on the accompanying consolidated balance sheets as a direct deduction from the principal of the Polar Note and were amortized over the term of the Polar Note. During the first 2021, On April 22, 2020, 19 not no 2020. August 17, 2020 twelve 3.75% August 17, 2050. 19 On April 30, 2020, 19 April 22, 2020, December 31, 2020 January 2021, June 5, 2020, 24 December 31, 2020 March 31, 2021,

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. COMMITMENTS AND CONTINGENCIES The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Litigation. may Environmental Matters. no not not not

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	10. Preferred Stock. may one March 31, 2021 December 31, 2020 Common Stock. not not not one Cash Dividends. three March 31, 2021 three March 31, 2020 Partnership Interests. two five first four one Dividend Reinvestment Plan. may thirty January 23, 2012, December 7, 2018 October 6, 2020 March 31, 2021 three March 31, 2021

Note 11 - Share-based Incentive

Note 11 - Share-based Incentive Plan	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	11. The Company maintains a restricted stock incentive plan for the purpose of attracting and retaining officers, key employees and non-employee board members. Share awards vest in equal annual installments over a three ten A summary of the activity for the Company’s restricted stock was as follows: Common Shares Outstanding shares: Balance at December 31, 2020 126,190 Granted 274,496 Forfeited (12,706 ) Vested — Balance at March 31, 2021 387,980 The non-vested restricted shares outstanding as of March 31, 2021 one seven The value of non-vested restricted stock granted as of March 31, 2021 December 31, 2020 Share-based compensation expense for the three March 31, 2021 three March 31, 2020

Note 12 - Segments

Note 12 - Segments	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. The Company’s reportable segments consist of three not no The Company evaluates the performance of its segments based upon net operating income (“NOI”), which is a non-GAAP supplemental financial measure. The Company defines NOI for its segments as operating revenues (rental income, tenant reimbursements and other operating income) less property and related expenses (property operating expenses, real estate taxes, insurance, asset management fees, impairments and provision for bad debt). NOI excludes certain items that are not The following tables reconcile the Company’s segment activity to its results of operations and financial position as of and for the three March 31, 2021 March 31, 2020: For the Three Months Ended March 31, 2021 2020 Office/Industrial Properties: Rental, fees and other income $ 3,942,805 $ 4,984,942 Property and related expenses (1,854,272 ) (2,015,624 ) Net operating income, as defined 2,088,533 2,969,318 Model Home Properties: Rental, fees and other income 943,777 1,116,730 Property and related expenses (50,285 ) (46,260 ) Net operating income, as defined 893,492 1,070,470 Retail Properties: Rental, fees and other income 782,172 927,479 Property and related expenses (234,366 ) (319,208 ) Net operating (loss) income, as defined 547,806 608,271 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 3,529,831 4,648,059 General and administrative expenses (1,537,265 ) (1,351,345 ) Depreciation and amortization (1,428,934 ) (1,574,526 ) Interest expense (1,584,394 ) (2,553,846 ) Gain on extinguishment of government debt 10,000 — Other income (expense), net (32,785 ) (6,995 ) Income tax expense (50,199 ) (83,631 ) Gain (loss) on sale of real estate (1,161,328 ) (9,835 ) Net loss $ (2,255,074 ) $ (932,119 ) March 31, December 31, Assets by Reportable Segment: 2021 2020 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 86,427,084 $ 99,120,649 Total assets (2) $ 85,861,760 $ 100,046,782 Model Home Properties: Land, buildings and improvements, net (1) $ 37,888,865 $ 42,509,596 Total assets (2) $ 35,987,702 $ 42,246,022 Retail Properties: Land, buildings and improvements, net (1) $ 20,970,712 $ 24,555,371 Total assets (2) $ 22,190,105 $ 26,108,109 Reconciliation to Total Assets: Total assets for reportable segments $ 144,039,567 $ 168,400,913 Other unallocated assets: Cash, cash equivalents and restricted cash 229,700 2,149,088 Other assets, net 14,872,739 15,018,615 Total Assets $ 159,142,006 $ 185,568,616 ( 1 Includes lease intangibles and the land purchase option related to property acquisitions. ( 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. For the Three Months Ended March 31, Capital Expenditures by Reportable Segment 2021 2020 Office/Industrial Properties: Capital expenditures and tenant improvements $ 100,765 $ 881,497 Model Home Properties: Acquisition of operating properties — 3,573,743 Retail Properties: Capital expenditures and tenant improvements — 8,176 Totals: Acquisition of operating properties, net — 3,573,743 Capital expenditures and tenant improvements 100,765 889,673 Total real estate investments $ 100,765 $ 4,463,416

Note 13 - Subsequent Events

Note 13 - Subsequent Events	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	13. Our Form S- 3 April 27, 2021. may one may 415 1933, On April 1, 2021, #203, April 30, 2022. one

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation. 10 8 X. three March 31, 2021 2020 not may December 31, 2021. 10 December 31, 2020 December 31, 2020 10 March 30, 2021. three March 31, 2021 not December 31, 2021 19”
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The Company classifies the noncontrolling interests in the NetREIT Partnerships as part of consolidated net income (loss) in 2020 2019 February 2010. not
Use of Estimates, Policy [Policy Text Block]	Use of Estimates may
Real Estate, Policy [Policy Text Block]	Real Estate Assets and Lease Intangibles. The Company allocates the purchase price to tangible assets of an acquired property based on the estimated fair values of those tangible assets assuming the property was vacant. Estimates of fair value for land, building and building improvements are based on many factors including, but not third The value allocated to acquired lease intangibles is based on management’s evaluation of the specific characteristics of each tenant’s lease. Characteristics considered by management in allocating these values include the nature and extent of the existing business relationships with the tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value allocable to the above-market or below-market component of an acquired in-place lease is determined based upon the present value (using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of rents that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above or below-market leases are amortized on a straight-line basis as an increase or reduction of rental income over the remaining non-cancelable term of the respective leases. Amortization of above and below-market rents resulted in a net increase in rental income of approximately $1,000 and $30,000 for the three March 31, 2021 March 31, 2020 The value of in-place leases and unamortized lease origination costs are amortized to expenses over the remaining term of the respective leases, which range from less than a year to ten third three March 31, 2021 March 31, 2020 Real Estate Held for Sale and Discontinued Operations. not
Deferred Leasing Costs [Policy Text Block]	Deferred Leasing Costs. one five third March 31, 2021 December 31, 2020 three March 31, 2021 March 31, 2020
Depreciation, Depletion, and Amortization [Policy Text Block]	Depreciation and Amortization. three March 31, 2021 March 31, 2020
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents and Restricted Cash. March 31, 2021 December 31, 2020 third
Real Estate Held for Development and Sale, Policy [Policy Text Block]	Real Estate Held for Sale. March 31, 2021
Deferred Charges, Policy [Policy Text Block]	Deferred Financing Costs. March 31, 2021 December 31, 2020 2019, 8. December 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 Deferred Offering Costs. March 31, 2021 December 31, 2020 3 December 29, 2020, April 13, 2021. March 31, 2021 December 31, 2020
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairments of Real Estate Assets. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Although our strategy is to hold our properties over the long-term, if our strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may During the fourth 2020, third March 31, 2021. May 2021.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements three one three • Level 1: • Level 2: not • Level 3: no When available, we utilize quoted market prices from independent third 1 2. not not third may third not not Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not
Subsequent Events, Policy [Policy Text Block]	Subsequent Events.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued and Adopted Accounting Pronouncements. June 2017, No. 2016 13, Financial Instruments – Credit Losses, February 2020 No. 2020 02, Financial Instruments—Credit Losses (Topic 326 842 2016 13 2016 13 2016 13 December 15, 2019, 2020 02 December 15, 2022. not

Note 4 - Real Estate Assets (Ta

Note 4 - Real Estate Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Real Estate Properties [Table Text Block]	Date Real estate assets, net (in thousands) Property Name Acquired Location 2021 World Plaza (1) September 2007 San Bernardino, California 9,272 Executive Office Park (1) July 2008 Colorado Springs, Colorado 5,116 Genesis Plaza August 2010 San Diego, California 8,472 Dakota Center May 2011 Fargo, North Dakota 8,540 Grand Pacific Center March 2014 Bismarck, North Dakota 5,615 Arapahoe Center December 2014 Centennial, Colorado 9,077 Union Town Center December 2014 Colorado Springs, Colorado 9,276 West Fargo Industrial August 2015 Fargo, North Dakota 7,013 300 N.P. August 2015 Fargo, North Dakota 3,278 Research Parkway August 2015 Colorado Springs, Colorado 2,423 One Park Center August 2015 Westminster, Colorado 8,444 Highland Court (1) August 2015 Centennial, Colorado 10,218 Shea Center II December 2015 Highlands Ranch, Colorado 20,715 Presidio Property Trust, Inc. properties 107,459 Model Home properties (2) 2014 2020 TX, FL, IL, WI 37,889 Total real estate assets and lease intangibles, net $ 145,348

Note 5 - Lease Intangibles (Tab

Note 5 - Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	March 31, 2021 December 31, 2020 Lease Accumulated Lease Lease Accumulated Lease Intangibles Amortization Intangibles, net Intangibles Amortization Intangibles, net In-place leases $ 3,136,587 $ (2,826,071 ) $ 310,516 $ 3,136,587 $ (2,757,530 ) $ 379,057 Leasing costs 1,730,656 (1,548,144 ) 182,512 1,730,656 (1,510,559 ) 220,097 Above-market leases 333,485 (309,449 ) 24,036 333,485 (291,421 ) 42,064 $ 5,200,728 $ (4,683,664 ) $ 517,064 $ 5,200,728 $ (4,559,510 ) $ 641,218
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	2021 $ 248,330 2022 202,479 2023 17,663 2024 17,663 2025 17,663 Thereafter 13,266 Total $ 517,064

Note 6 - Other Assets (Tables)

Note 6 - Other Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Other Assets [Table Text Block]	March 31, December 31, 2021 2020 Deferred rent receivable $ 1,876,250 $ 1,912,048 Prepaid expenses, deposits and other 124,169 299,187 Accounts receivable, net 181,949 541,885 Right-of-use assets, net 95,385 102,144 Other intangibles, net 127,483 142,483 Notes receivable 316,374 316,374 Deferred offering costs 124,951 108,660 Total other assets $ 2,846,561 $ 3,422,781

Note 7 - Mortgage Notes Payab_2

Note 7 - Mortgage Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Debt [Table Text Block]	Principal as of March 31, December 31, Loan Interest Mortgage note property Notes 2021 2020 Type Rate (1) Maturity Waterman Plaza (2) $ — $ 3,207,952 Variable — — World Plaza (3) (4) 5,776,741 5,802,568 Variable 2.91 % 7/5/2021 Garden Gateway Plaza (2) — 5,861,523 Fixed 5.00 % 8/5/2021 300 N.P. 2,263,143 2,273,478 Fixed 4.95 % 6/11/2022 Highland Court (3) 6,236,527 6,274,815 Fixed 3.82 % 9/1/2022 Dakota Center 9,843,880 9,900,279 Fixed 4.74 % 7/6/2024 Research Parkway 1,746,886 1,760,432 Fixed 3.94 % 1/5/2025 Arapahoe Service Center 7,891,395 7,932,255 Fixed 4.34 % 1/5/2025 Union Town Center 8,279,408 8,315,550 Fixed 4.28 % 1/5/2025 One Park Centre 6,357,531 6,385,166 Fixed 4.77 % 9/5/2025 Genesis Plaza 6,248,822 6,276,273 Fixed 4.71 % 9/6/2025 Shea Center II 17,681,769 17,727,500 Fixed 4.92 % 1/5/2026 Executive Office Park (3) 2,967,746 2,985,998 Fixed 4.83 % 6/1/2027 West Fargo Industrial 4,234,489 4,262,718 Fixed 3.27 % 8/5/2029 Grand Pacific Center (5) 3,708,966 3,738,142 Fixed 4.02 % 8/1/2037 Subtotal, Presidio Property Trust, Inc. Properties $ 83,237,303 $ 92,704,649 Model Home mortgage notes (3) 26,332,673 28,083,356 Fixed (6 ) 2021 2023 Mortgage Notes Payable $ 109,569,976 $ 120,788,005 Unamortized loan costs (884,795 ) (758,309 ) Mortgage Notes Payable, net $ 108,685,181 $ 120,029,696
Contractual Obligation, Fiscal Year Maturity [Table Text Block]	Presidio Property Model Trust, Inc. Homes Total Principal Years ending December 31: Notes Payable Notes Payable Payments 2021 $ 6,945,593 $ 4,401,258 $ 11,346,851 2022 9,780,330 11,526,092 21,306,422 2023 1,493,749 4,695,187 6,188,936 2024 10,448,812 5,710,136 16,158,948 2025 28,874,478 — 28,874,478 Thereafter 25,694,340 — 25,694,340 Total $ 83,237,302 $ 26,332,673 $ 109,569,975

Note 11 - Share-based Incenti_2

Note 11 - Share-based Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	Common Shares Outstanding shares: Balance at December 31, 2020 126,190 Granted 274,496 Forfeited (12,706 ) Vested — Balance at March 31, 2021 387,980

Note 12 - Segments (Tables)

Note 12 - Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	For the Three Months Ended March 31, 2021 2020 Office/Industrial Properties: Rental, fees and other income $ 3,942,805 $ 4,984,942 Property and related expenses (1,854,272 ) (2,015,624 ) Net operating income, as defined 2,088,533 2,969,318 Model Home Properties: Rental, fees and other income 943,777 1,116,730 Property and related expenses (50,285 ) (46,260 ) Net operating income, as defined 893,492 1,070,470 Retail Properties: Rental, fees and other income 782,172 927,479 Property and related expenses (234,366 ) (319,208 ) Net operating (loss) income, as defined 547,806 608,271 Reconciliation to net loss: Total net operating income, as defined, for reportable segments 3,529,831 4,648,059 General and administrative expenses (1,537,265 ) (1,351,345 ) Depreciation and amortization (1,428,934 ) (1,574,526 ) Interest expense (1,584,394 ) (2,553,846 ) Gain on extinguishment of government debt 10,000 — Other income (expense), net (32,785 ) (6,995 ) Income tax expense (50,199 ) (83,631 ) Gain (loss) on sale of real estate (1,161,328 ) (9,835 ) Net loss $ (2,255,074 ) $ (932,119 )
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	March 31, December 31, Assets by Reportable Segment: 2021 2020 Office/Industrial Properties: Land, buildings and improvements, net (1) $ 86,427,084 $ 99,120,649 Total assets (2) $ 85,861,760 $ 100,046,782 Model Home Properties: Land, buildings and improvements, net (1) $ 37,888,865 $ 42,509,596 Total assets (2) $ 35,987,702 $ 42,246,022 Retail Properties: Land, buildings and improvements, net (1) $ 20,970,712 $ 24,555,371 Total assets (2) $ 22,190,105 $ 26,108,109 Reconciliation to Total Assets: Total assets for reportable segments $ 144,039,567 $ 168,400,913 Other unallocated assets: Cash, cash equivalents and restricted cash 229,700 2,149,088 Other assets, net 14,872,739 15,018,615 Total Assets $ 159,142,006 $ 185,568,616
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	For the Three Months Ended March 31, Capital Expenditures by Reportable Segment 2021 2020 Office/Industrial Properties: Capital expenditures and tenant improvements $ 100,765 $ 881,497 Model Home Properties: Acquisition of operating properties — 3,573,743 Retail Properties: Capital expenditures and tenant improvements — 8,176 Totals: Acquisition of operating properties, net — 3,573,743 Capital expenditures and tenant improvements 100,765 889,673 Total real estate investments $ 100,765 $ 4,463,416

Note 1 - Organization (Details

Note 1 - Organization (Details Textual)	Oct. 06, 2020USD ($)$ / sharesshares	Jul. 29, 2020	Mar. 31, 2021USD ($)	Dec. 31, 2016	Dec. 31, 2020USD ($)	Sep. 30, 2020	Sep. 01, 2020USD ($)	Sep. 17, 2019USD ($)	Jan. 23, 2012$ / shares
Number of Limited Liability Companies			2	4
Number of Limited Partnerships in which Company is Sole General Partner				1
Shares Issued, Price Per Share (in dollars per share) | $ / shares									$ 19
Long-Term Debt, Maturity, Remainder of Fiscal Year			$ 11,346,851
Mortgage Notes [Member]
Long-Term Debt, Maturity, Remainder of Fiscal Year			$ 11,300,000
Polar Multi-Strategy Master Fund [Member] | Notes Payable to Banks [Member]
Debt Instrument, Face Amount								$ 14,000,000
Debt Instrument, Interest Rate, Stated Percentage								8.00%
Long-term Debt, Total					$ 7,700,000		$ 8,800,000
Debt Instrument, Renewal Fee Percentage						4.00%		4.00%
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		2
IPO [Member]
Stock Issued During Period, Shares, New Issues (in shares) | shares	500,000
Shares Issued, Price Per Share (in dollars per share) | $ / shares	$ 5
Proceeds from Issuance of Common Stock	$ 2,000,000
IPO [Member] | Underwriting Discounts [Member]
Payments of Stock Issuance Costs	500,000
IPO [Member] | Other Expenses [Member]
Payments of Stock Issuance Costs	$ 500,000
Model Home Properties [Member]
Number of Limited Partnerships in which Company is Sole General Partner			6
Commercial Property [Member]
Number of Real Estate Properties, Fee Simple			13
Commercial Property [Member] | Partially Owned Properties [Member]
Number of Real Estate Properties, Fee Simple			2
Model Home [Member] | Mortgage Notes [Member]
Long-Term Debt, Maturity, Remainder of Fiscal Year			$ 4,400,000
World Plaza [Member] | Mortgage Notes [Member]
Long-Term Debt, Maturity, Remainder of Fiscal Year			$ 5,800,000
Debt Instrument, Term of Extension Options (Year)			1 year

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2021USD ($)		Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Amortization of above and below Market Leases	$ 1,000			$ 30,000
Amortization of Intangible Assets, Total	100,000			130,000
Deferred Costs, Total	1,500,000			1,900,000
Operating Lease, Initial Direct Cost Expense, over Term	86,000			99,000
Depreciation, Total	1,400,000			1,600,000
Cash Equivalents, at Carrying Value, Total	7,000,000		$ 11,500,000
Restricted Cash, Total	$ 4,000,000		4,200,000
Number of Real Estate Properties Held for Sale	3
Amortization of Debt Issuance Costs	$ 261,779			363,183
Real Estate Investment Property and Lease Intangibles, Net	145,348,000
Impairment of Real Estate	300,000			0
Series B Preferred Stock [Member]
Unamortized Deferred Stock Costs	100,000		100,000
Mortgage Notes [Member]
Debt Issuance Costs, Net, Total	900,000		800,000
Amortization of Debt Issuance Costs	1,200,000			1,600,000
Notes Payable to Banks [Member] | Polar Multi-Strategy Master Fund [Member]
Debt Issuance Costs, Net, Total			200,000
Amortization of Debt Issuance Costs	$ 200,000			$ 300,000
Executive Park [Member]
Number of Real Estate Properties Held for Sale	3
Model Home [Member]
Number of Real Estate Properties Held for Sale	16
Highland Court [Member]
Real Estate Investment Property and Lease Intangibles, Net	$ 10,218,000	[1]	10,500,000
Impairment of Real Estate			300,000
Highland Court [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Disposal Group, Including Discontinued Operation, Consideration			$ 10,200,000
Building and Building Improvements [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year)	39 years
Maximum [Member]
Amortization of Value In Place Leases (Year)	10 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year)	5 years
Maximum [Member] | Leasehold Improvements [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year)	10 years
Maximum [Member] | Furniture and Fixtures [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year)	5 years
Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year)	1 year
Minimum [Member] | Leasehold Improvements [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year)	1 year
Minimum [Member] | Furniture and Fixtures [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation (Year)	4 years
[1]	This property is held for sale as of March 31, 2021.

Note 3 - Recent Real Estate T_2

Note 3 - Recent Real Estate Transactions (Details Textual)	Feb. 19, 2021USD ($)	Jan. 28, 2021USD ($)	Mar. 13, 2020USD ($)	Feb. 05, 2020USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Notes Payable, Total					$ 0		$ 7,500,086
Discontinued Operations, Disposed of by Sale [Member]
Proceeds from Sale of Real Estate, Total					4,900,000	$ 2,800,000
Gain (Loss) on Sale of Properties					$ 400,000	$ 200,000
Number of Real Estate Properties					12	8
Waterman Plaza [Member] | Discontinued Operations, Disposed of by Sale [Member]
Proceeds from Sale of Real Estate, Total		$ 3,500,000
Gain (Loss) on Sale of Properties		$ (200,000)
Garden Gateway [Member] | Discontinued Operations, Disposed of by Sale [Member]
Proceeds from Sale of Real Estate, Total	$ 11,200,000
Gain (Loss) on Sale of Properties	$ (1,400,000)
Model Home [Member]
Number of Real Estate Properties					0	10
Real Estate Property, Consideration Transferred, Total						$ 3,600,000
Payments to Acquire Residential Real Estate						1,100,000
Model Home [Member] | Mortgage Notes [Member]
Notes Payable, Total						$ 2,500,000
Centennial Tech Center [Member] | Discontinued Operations, Disposed of by Sale [Member]
Proceeds from Sale of Real Estate, Total				$ 15,000,000
Gain (Loss) on Sale of Properties				$ (900,000)
Union Terrace [Member] | Discontinued Operations, Disposed of by Sale [Member]
Proceeds from Sale of Real Estate, Total			$ 11,300,000
Gain (Loss) on Sale of Properties			$ 690,000

Note 4 - Real Estate Assets (De

Note 4 - Real Estate Assets (Details Textual)	3 Months Ended	12 Months Ended
	Mar. 31, 2021ft²	Dec. 31, 2016	Mar. 31, 2020
Number of States Real Estate Property is Located	4
Number of Limited Partnerships in which Company is Sole General Partner		1
Number of Limited Liability Companies	2	4
Number of Real Estate Properties Held for Sale	3
Model Home [Member]
Number of Real Estate Properties	0		10
Number of Real Estate Properties Held for Sale	16
Office/Industrial Properties [Member]
Area of Real Estate Property (Square Foot)	867,744
Office/Industrial Properties [Member] | Industrial Buildings [Member]
Number of Real Estate Properties	1
Office/Industrial Properties [Member] | Office Buildings [Member]
Number of Real Estate Properties	9
Retail Properties [Member]
Number of Real Estate Properties	3
Area of Real Estate Property (Square Foot)	110,552
Model Home [Member]
Number of Real Estate Properties	106
Number of Limited Partnerships in which Company is Sole General Partner	6
Number of Limited Liability Companies	1
NORTH DAKOTA
Number of Real Estate Properties	4
SOUTH DAKOTA
Number of Real Estate Properties	2

Note 4 - Real Estate Assets - S

Note 4 - Real Estate Assets - Summary of Properties Owned (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021		Dec. 31, 2020
Real estate assets owned		$ 145,348
World Plaza [Member]
Geographic location	[1]	San Bernardino, California
Real estate assets owned	[1]	$ 9,272
Executive Office Park [Member]
Geographic location	[1]	Colorado Springs, Colorado
Real estate assets owned	[1]	$ 5,116
Genesis Plaza [Member]
Geographic location		San Diego, California
Real estate assets owned		$ 8,472
Dakota Center [Member]
Geographic location		Fargo, North Dakota
Real estate assets owned		$ 8,540
Grand Pacific Center [Member]
Geographic location		Bismarck, North Dakota
Real estate assets owned		$ 5,615
Arapahoe Center [Member]
Geographic location		Centennial, Colorado
Real estate assets owned		$ 9,077
Union Town Center [Member]
Geographic location		Colorado Springs, Colorado
Real estate assets owned		$ 9,276
West Fargo Industrial [Member]
Geographic location		Fargo, North Dakota
Real estate assets owned		$ 7,013
The 300 N.P [Member]
Geographic location		Fargo, North Dakota
Real estate assets owned		$ 3,278
Research Parkway [Member]
Geographic location		Colorado Springs, Colorado
Real estate assets owned		$ 2,423
One Park Centre [Member]
Geographic location		Westminster, Colorado
Real estate assets owned		$ 8,444
Highland Court [Member]
Geographic location	[1]	Centennial, Colorado
Real estate assets owned		$ 10,218	[1]	$ 10,500
Shea Center II [Member]
Geographic location		Highlands Ranch, Colorado
Real estate assets owned		$ 20,715
Presidio Property Trust, Inc. Properties [Member]
Real estate assets owned		107,459
Model Home Properties [Member]
Real estate assets owned	[2]	$ 37,889
[1]	This property is held for sale as of March 31, 2021.
[2]	Includes 16 Model Home listed as held for sale as of March 31, 2021.

Note 5 - Lease Intangibles (Det

Note 5 - Lease Intangibles (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Gross, Total	$ 5,200,728	$ 5,200,728
Finite-Lived Intangible Assets, Accumulated Amortization	4,683,664	4,559,510
Below Market Lease, Net, Ending Balance	$ 120,008	139,045
Weighted Average [Member]
Finite-Lived Intangible Assets, Remaining Amortization Period (Year)	1 year 3 months 21 days
Real Estate Assets Held for Sale [Member]
Finite-Lived Intangible Assets, Gross, Total	$ 1,100,000	1,100,000
Finite-Lived Intangible Assets, Accumulated Amortization	$ 1,100,000	$ 1,100,000

Note 5 - Lease Intangibles - Ne

Note 5 - Lease Intangibles - Net Value of Other Intangibles (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Lease intangibles, gross	$ 5,200,728	$ 5,200,728
Accumulated Amortization	(4,683,664)	(4,559,510)
Lease Intangibles, net	517,064	641,218
Leases, Acquired-in-Place [Member]
Lease intangibles, gross	3,136,587	3,136,587
Accumulated Amortization	(2,826,071)	(2,757,530)
Lease Intangibles, net	310,516	379,057
Leasing Costs [Member]
Lease intangibles, gross	1,730,656	1,730,656
Accumulated Amortization	(1,548,144)	(1,510,559)
Lease Intangibles, net	182,512	220,097
Above Market Lease [Member]
Lease intangibles, gross	333,485	333,485
Accumulated Amortization	(309,449)	(291,421)
Lease Intangibles, net	$ 24,036	$ 42,064

Note 5 - Lease Intangibles - Am

Note 5 - Lease Intangibles - Amortization Expense (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
2021	$ 248,330
2022	202,479
2023	17,663
2024	17,663
2025	17,663
Thereafter	13,266
Total	$ 517,064	$ 641,218

Note 6 - Other Assets - Other A

Note 6 - Other Assets - Other Assets (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Total other assets	$ 2,846,561	$ 3,422,781
Other Assets [Member]
Deferred rent receivable	1,876,250	1,912,048
Prepaid expenses, deposits and other	124,169	299,187
Accounts receivable, net	181,949	541,885
Right-of-use assets, net	95,385	102,144
Other intangibles, net	127,483	142,483
Notes receivable	316,374	316,374
Deferred offering costs	124,951	108,660
Total other assets	$ 2,846,561	$ 3,422,781

Note 7 - Mortgage Notes Payab_3

Note 7 - Mortgage Notes Payable (Details Textual)	3 Months Ended
	Mar. 31, 2021
Number of Real Estate Properties Held for Sale	3
Model Home [Member]
Number of Real Estate Properties Held for Sale	16
Model Home [Member] | Mortgage Notes [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage	2.50%
Model Home [Member] | Mortgage Notes [Member] | Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.63%
World Plaza [Member] | Mortgage Notes [Member]
Debt, Weighted Average Interest Rate	2.88%
World Plaza [Member] | ABR [Member] | Mortgage Notes [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
World Plaza [Member] | London Interbank Offered Rate (LIBOR) [Member] | Mortgage Notes [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%

Note 7 - Mortgage Notes Payab_4

Note 7 - Mortgage Notes Payable - Mortgage Notes Payable (Details) - USD ($)		15 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Mortgage Notes Payable, net		$ 108,685,181	$ 120,029,696
Mortgage Notes [Member]
Mortgage Notes Payable		109,569,976	120,788,005
Unamortized loan costs		(884,795)	(758,309)
Waterman Plaza [Member] | Mortgage Notes [Member]
Mortgage Notes Payable	[1]	$ 0	3,207,952
Interest rate, variable	[1],[2]	0.00%
World Plaza [Member] | Mortgage Notes [Member]
Mortgage Notes Payable	[3],[4]	$ 5,776,741	5,802,568
Interest rate, variable	[2],[3],[4]	2.91%
Maturity date	[3],[4]	Jul. 5, 2021
Garden Gateway Plaza [Member] | Mortgage Notes [Member]
Mortgage Notes Payable	[1]	$ 0	5,861,523
Maturity date	[1]	Aug. 5, 2021
Interest rate	[1],[2]	5.00%
The 300 N.P [Member] | Mortgage Notes [Member]
Mortgage Notes Payable		$ 2,263,143	2,273,478
Maturity date		Jun. 11, 2022
Interest rate	[2]	4.95%
Highland Court [Member] | Mortgage Notes [Member]
Mortgage Notes Payable	[4]	$ 6,236,527	6,274,815
Maturity date	[4]	Sep. 1, 2022
Interest rate	[2],[4]	3.82%
Dakota Center [Member] | Mortgage Notes [Member]
Mortgage Notes Payable		$ 9,843,880	9,900,279
Maturity date		Jul. 6, 2024
Interest rate	[2]	4.74%
Research Parkway [Member] | Mortgage Notes [Member]
Mortgage Notes Payable		$ 1,746,886	1,760,432
Maturity date		Jan. 5, 2025
Interest rate	[2]	3.94%
Arapahoe Center [Member] | Mortgage Notes [Member]
Mortgage Notes Payable		$ 7,891,395	7,932,255
Maturity date		Jan. 5, 2025
Interest rate	[2]	4.34%
Union Town Center [Member] | Mortgage Notes [Member]
Mortgage Notes Payable		$ 8,279,408	8,315,550
Maturity date		Jan. 5, 2025
Interest rate	[2]	4.28%
One Park Centre [Member] | Mortgage Notes [Member]
Mortgage Notes Payable		$ 6,357,531	6,385,166
Maturity date		Sep. 5, 2025
Interest rate	[2]	4.77%
Genesis Plaza [Member] | Mortgage Notes [Member]
Mortgage Notes Payable		$ 6,248,822	6,276,273
Maturity date		Sep. 6, 2025
Interest rate	[2]	4.71%
Shea Center II [Member] | Mortgage Notes [Member]
Mortgage Notes Payable		$ 17,681,769	17,727,500
Maturity date		Jan. 5, 2026
Interest rate	[2]	4.92%
Executive Office Park [Member] | Mortgage Notes [Member]
Mortgage Notes Payable	[4]	$ 2,967,746	2,985,998
Maturity date	[4]	Jun. 1, 2027
Interest rate	[2],[4]	4.83%
West Fargo Industrial [Member] | Mortgage Notes [Member]
Mortgage Notes Payable		$ 4,234,489	4,262,718
Maturity date		Aug. 5, 2029
Interest rate	[2]	3.27%
Grand Pacific Center [Member] | Mortgage Notes [Member]
Mortgage Notes Payable	[5]	$ 3,708,966	3,738,142
Maturity date	[5]	Aug. 1, 2037
Interest rate	[2],[5]	4.02%
Subtotal, Presidio Property Trust, Inc. Properties [Member] | Mortgage Notes [Member]
Mortgage Notes Payable		$ 83,237,303	92,704,649
Model Home [Member] | Mortgage Notes [Member]
Mortgage Notes Payable	[4],[6]	$ 26,332,673	$ 28,083,356
Model Home [Member] | Mortgage Notes [Member] | Minimum [Member]
Maturity date	[4],[6]	Dec. 31, 2023
Interest rate		2.50%
Model Home [Member] | Mortgage Notes [Member] | Maximum [Member]
Maturity date	[4],[6]	Dec. 31, 2021
Interest rate		5.63%
[1]	Waterman Plaza and Garden Gateway Plaza were sold during the first quarter of 2021.
[2]	Interest rates as of March 31, 2021.
[3]	Interest on this loan is ABR plus 0.75% and LIBOR plus 2.75%. For the three months ended March 31, 2021, the weighted average interest rate was 2.88% per annum.
[4]	Properties held for sale as of March 31, 2021. There were 16 model homes included as real estate assets held for sale.
[5]	Interest rate is subject to reset on September 1, 2023.
[6]	Each model home has a stand-alone mortgage note at interest rates ranging from 2.50% to 5.63% per annum at March 31, 2021.

Note 7 - Mortgage Notes Payab_5

Note 7 - Mortgage Notes Payable - Scheduled Principal Payments of Mortgage Notes Payable (Details)	Mar. 31, 2021USD ($)
2021	$ 11,346,851
2022	21,306,422
2023	6,188,936
2024	16,158,948
2025	28,874,478
Thereafter	25,694,340
Total	109,569,975
Office/Industrial and Retail Notes Payable [Member]
2021	6,945,593
2022	9,780,330
2023	1,493,749
2024	10,448,812
2025	28,874,478
Thereafter	25,694,340
Total	83,237,302
Model Home Properies Notes Payable [Member]
2021	4,401,258
2022	11,526,092
2023	4,695,187
2024	5,710,136
2025	0
Thereafter	0
Total	$ 26,332,673

Note 8 - Notes Payable (Details

Note 8 - Notes Payable (Details Textual) - USD ($)	Aug. 17, 2020	Apr. 30, 2020	Apr. 22, 2020	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Sep. 30, 2020	Sep. 01, 2020	Sep. 17, 2019
Gain (Loss) on Extinguishment of Debt, Total					$ 10,000	$ 0
Economic Injury Disaster Loan [Member]
Proceeds from Issuance of Unsecured Debt	$ 150,000		$ 10,000
Debt Instrument, Decrease, Forgiveness				$ 10,000
Gain (Loss) on Extinguishment of Debt, Total					10,000
Economic Injury Disaster Loan [Member] | Accounts Payable and Accrued Liabilities [Member]
Unsecured Debt, Total							$ 10,000
SBA CARES Act Paycheck Protection Program [Member]
Proceeds from Issuance of Unsecured Debt		$ 500,000
Polar Multi-Strategy Master Fund [Member] | Notes Payable to Banks [Member]
Debt Instrument, Face Amount										$ 14,000,000
Debt Instrument, Interest Rate, Stated Percentage										8.00%
Long-term Debt, Total							7,700,000		$ 8,800,000
Debt Instrument, Renewal Fee Percentage								4.00%		4.00%
Repayments of Notes Payable, Including Interest							6,300,000
Debt Instrument, Unamortized Discount, Total					$ 0		$ 0			$ 1,400,000
Debt Issuance Costs, Gross										$ 1,100,000

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	Jan. 23, 2012USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020USD ($)	Dec. 31, 2016	Mar. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020$ / sharesshares
Preferred Stock, Shares Authorized (in shares)		1,000,000			1,000,000
Maximum Individual Common Stock Ownership, Percentage		9.80%			9.80%
Payments of Dividends, Total | $		$ 1,000	$ 0
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares		$ 0.101
Number of Limited Liability Companies		2		4	2
Number of Limited Partnerships in which Company is Sole General Partner				1
Registered Shares of Common Stock Pursuant to Dividend Reinvestment Plan (in shares)	3,000,000
Common Stock, Percentage of Purchase Price Per Share	95.00%
Shares Issued, Price Per Share (in dollars per share) | $ / shares	$ 19
Payment of Sales, Commission or Dealer Manager Fee | $	$ 0
Notice Period for Amendments to Dividend Reinvestment Plan (Day)	30 days
Stock Issued During Period, Value, Dividend Reinvestment Plan | $			$ 0		$ 17,400
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares)					917,074
Commercial Property [Member]
Number of Real Estate Properties		13			13
Commercial Property [Member] | Partially Owned Properties [Member]
Number of Real Estate Properties		2			2
Redeemable Convertible Preferred Stock Series B [Member]
Preferred Stock, Shares Issued, Total (in shares)		0			0	0
Preferred Stock, Shares Outstanding, Ending Balance (in shares)		0			0	0
Common Class A [Member]
Common Stock, Shares Authorized (in shares)		100,000,000			100,000,000	100,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares		$ 0.01			$ 0.01	$ 0.01
Common Stock, Shares, Issued, Total (in shares)		9,508,363			9,508,363	9,508,363
Common Class B [Member]
Common Stock, Shares Authorized (in shares)		1,000			1,000
Common Stock, Shares, Issued, Total (in shares)						0
Common Class C [Member]
Common Stock, Shares Authorized (in shares)		9,000,000			9,000,000
Common Stock, Shares, Issued, Total (in shares)		0			0
Common Stock, Number of Entitled Votes		1			1

Note 11 - Share-based Incenti_3

Note 11 - Share-based Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jan. 23, 2012	Dec. 31, 2006
Shares Issued, Price Per Share (in dollars per share)				$ 19
Share-based Payment Arrangement, Expense	$ 300	$ 160
Restricted Stock [Member]
Shares Issued, Price Per Share (in dollars per share)					$ 20
Nonvested Resctricted Stock [Member]
Restricted Stock, Value, Shares Issued Net of Tax Withholdings	$ 2,300		$ 900
Minimum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Minimum [Member] | Nonvested Resctricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Maximum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	10 years
Maximum [Member] | Nonvested Resctricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	7 years

Note 11 - Share-based Incenti_4

Note 11 - Share-based Incentive Plan - Summary of Activity for Restricted Stock (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2021shares
Balance (in shares)	126,190
Granted (in shares)	274,496
Forfeited (in shares)	(12,706)
Vested (in shares)	0
Balance (in shares)	387,980

Note 12 - Segments (Details Tex

Note 12 - Segments (Details Textual)	3 Months Ended
	Mar. 31, 2021
Number of Reportable Segments	3

Note 12 - Segments - Operating

Note 12 - Segments - Operating Income by Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Rental, fees and other income	$ 5,668,754	$ 7,029,151
Property and related expenses	(1,838,923)	(2,381,092)
General and administrative expenses	(1,537,265)	(1,351,345)
Depreciation and amortization	(1,428,934)	(1,574,526)
Interest expense	(1,584,394)	(2,553,846)
Gain on extinguishment of government debt	10,000	0
Other income (expense), net	(32,785)	(6,995)
Income tax expense	(50,199)	(83,631)
Gain (loss) on sale of real estate	(1,161,328)	(9,835)
Net loss	(2,255,074)	(932,119)
Operating Segments [Member]
Net operating income, as defined	3,529,831	4,648,059
Office/Industrial Properties [Member] | Operating Segments [Member]
Rental, fees and other income	3,942,805	4,984,942
Property and related expenses	(1,854,272)	(2,015,624)
Net operating income, as defined	2,088,533	2,969,318
Model Home Properties [Member] | Operating Segments [Member]
Rental, fees and other income	943,777	1,116,730
Property and related expenses	(50,285)	(46,260)
Net operating income, as defined	893,492	1,070,470
Retail Properties [Member] | Operating Segments [Member]
Rental, fees and other income	782,172	927,479
Property and related expenses	(234,366)	(319,208)
Net operating income, as defined	$ 547,806	$ 608,271

Note 12 - Segments - Assets by

Note 12 - Segments - Assets by Reportable Segment (Details) - USD ($)		Mar. 31, 2021	Dec. 31, 2020
Total assets		$ 159,142,006	$ 185,568,616
Cash, cash equivalents and restricted cash		6,985,381	11,540,917
Other assets, net		2,846,561	3,422,781
Operating Segments [Member]
Total assets		144,039,567	168,400,913
Segment Reconciling Items [Member]
Total assets		159,142,006	185,568,616
Cash, cash equivalents and restricted cash		229,700	2,149,088
Other assets, net		14,872,739	15,018,615
Office/Industrial Properties [Member] | Operating Segments [Member]
Land, buildings and improvements, net	[1]	86,427,084	99,120,649
Total assets	[2]	85,861,760	100,046,782
Model Home Properties [Member] | Operating Segments [Member]
Land, buildings and improvements, net	[1]	37,888,865	42,509,596
Total assets	[2]	35,987,702	42,246,022
Retail Properties [Member] | Operating Segments [Member]
Land, buildings and improvements, net	[1]	20,970,712	24,555,371
Total assets	[2]	$ 22,190,105	$ 26,108,109
[1]	Includes lease intangibles and the land purchase option related to property acquisitions.
[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.

Note 12 - Segments - Capital Ex

Note 12 - Segments - Capital Expenditures by Reportable Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Capital expenditures and tenant improvements	$ 100,765	$ 889,673
Acquisition of operating properties	0	3,573,743
Total real estate investments	100,765	4,463,416
Office/Industrial Properties [Member]
Capital expenditures and tenant improvements	100,765	881,497
Model Home Properties [Member]
Acquisition of operating properties	0	3,573,743
Retail Properties [Member]
Capital expenditures and tenant improvements	$ 0	$ 8,176

Note 13 - Subsequent Events (De

Note 13 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($)	Apr. 27, 2021	Apr. 01, 2021
Equity Offering, Maximum Gross Proceeds	$ 200,000,000
Dubose Model Homes Investors #203, PL [Member] | LGD Investments Ltd [Member] | Unsecured Debt [Member]
Debt Instrument, Face Amount		$ 330,000
Debt Instrument, Interest Rate, Stated Percentage		4.00%