ADDED
sqft20251231_10k.htm 0001080657 Presidio Property Trust, Inc.
false --12-31 FY 2025 Presidio Property Trust uses a cross-departmental approach to addressing cybersecurity risk, including input from senior management, employees, external consultants, and our Board of Directors (the "Board").
Senior management devote significant resources to cybersecurity and risk management processes to adapt to the changing cybersecurity landscape and respond to emerging threats in a timely and effective manner, including providing periodic training to staff, an annual third-party review of the Company s current posture to protect against threats, and annual tabletop testing to assess response readiness.
The Audit Committee of the Board of Directors oversees the steps taken by Presidio Property Trust s management to monitor and mitigate cybersecurity risks.
Senior management briefs the Audit Committee and the Board of Directors on cybersecurity matters on at least an annual basis.
Presidio Property Trust uses a cross-departmental approach to addressing cybersecurity risk, including input from senior management, employees, external consultants, and our Board of Directors (the "Board").
Senior management devote significant resources to cybersecurity and risk management processes to adapt to the changing cybersecurity landscape and respond to emerging threats in a timely and effective manner, including providing periodic training to staff, an annual third-party review of the Company s current posture to protect against threats, and annual tabletop testing to assess response readiness.
The Audit Committee of the Board of Directors oversees the steps taken by Presidio Property Trust s management to monitor and mitigate cybersecurity risks.
Senior management briefs the Audit Committee and the Board of Directors on cybersecurity matters on at least an annual basis.
Presidio Property Trust uses a cross-departmental approach to addressing cybersecurity risk, including input from senior management, employees, external consultants, and our Board of Directors (the "Board").
REMOVED
sqft20241231c_10k.htm 0001080657 Presidio Property Trust, Inc.
KLJ Engineering moved into the building during December 2023, with rent that commenced on February 28, 2024.
On May 5, 2023, the Company, through its subsidiary, refinanced the mortgage loan on our Grand Pacific Center property and entered into a construction loan related to the tenant improvement associated with the KLJ Engineering LLC lease to occupy 33,296 square feet of the building.
The refinanced loan is for approximately $3.8 million, a term of 10 years, with an interest rate of 6.35%, for the first 60 months.
The interest rate is subject to reset in year five on June 10, 2028.
The construction loan is for approximately $2.7 million, a term of 10 years, and will begin amortizing in year three, with an interest rate of 6.35%, for the first 60 months.
The interest rate is subject to reset in year five on June 10, 2028.
During the third quarter of 2024, we had fully drawn down the loan amount of approximately $2.7 million on the construction loan.
During October 2024, management has agreed with the lender to sell the property to settle the loan balance.
Due to the uncertainties in the Fargo market, we have impaired the property s book value and recorded an impairment charge of approximately $0.7 million as of September 30, 2024.