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Note 4 - Real Estate Assets - Summary of Properties Owned (Details) - USD ($) | 12 Months Ended |
--- | --- | ---
Dec. 31, 2024 | Dec. 31, 2023
Real estate assets owned |  | $ 127,596,500 | $ 144,155,784
Genesis Plaza [Member] |  |  |
Geographic location | [1] | San Diego, CA |
Real estate assets owned | [1] | $ 7,363,571 | 7,542,725
Dakota Center [Member] |  |  |
Geographic location | [2] | Fargo, ND |
Real estate assets owned | [2] | $ 8,154,951 | 9,201,883
Grand Pacific Center [Member] |  |  |
Geographic location | [3] | Bismarck, ND |
Real estate assets owned | [3] | $ 8,413,926 | 8,274,454
Arapahoe Center [Member] |  |  |
Geographic location |  | Centennial, CO |
Real estate assets owned |  | $ 9,298,534 | 9,341,991
Union Town Center [Member] |  |  |
Geographic location | [4] | Colorado Springs, CO |
Real estate assets owned | [4] | $ 8,922,943 | 8,918,742
West Fargo Industrial [Member] |  |  |
Geographic location |  | Fargo, ND |
Real estate assets owned |  | $ 6,599,953 | 6,819,765
The 300 N.P [Member] |  |  |
Geographic location |  | Fargo, ND |
Real estate assets owned |  | $ 1,963,000 | 2,774,176
Research Parkway [Member] |  |  |
Geographic location | [4] | Colorado Springs, CO |
Real estate assets owned | [4] | $ 2,220,284 | 2,266,173
One Park Centre [Member] |  |  |
Geographic location | [5] | Westminster, CO |
Real estate assets owned | [5] | $ 5,580,950 | 5,700,000
Shea Center II [Member] |  |  |
Geographic location | [6] | Highlands Ranch, CO |
Real estate assets owned | [6] | $ 18,820,370 | 19,367,289
Mandolin [Member] |  |  |
Geographic location | [7] | Houston, TX |
Real estate assets owned | [7] | $ 4,600,562 | 4,692,274
Baltimore [Member] |  |  |
Geographic location |  | Baltimore, MD |
Real estate assets owned |  | $ 8,241,456 | 8,466,165
Presidio Property Trust, Inc. Properties [Member] |  |  |
Real estate assets owned |  | $ 90,180,500 | 93,365,637
Model Home Properties [Member] |  |  |
Geographic location | [8] | AZ, FL, TX |
Real estate assets owned | [8] | $ 37,416,000 | $ 50,790,147
[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 78,215 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 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. During December 2024, the lender had agreed on the broker the Company would use to sell the property to settle the non-recourse debt. As of December 31, 2024, the property was included in the real estate assets held for sale, net on the consolidated balance sheet. Any purchase offers will be subject to lender approval.
[3] | Grand Pacific Center, Bismarck, ND, was removed from held-for-sale after signing a major lease with KLJ Engineering on December 7, 2022 for approximately 33,296 usable square feet, a term of 122 months, and starting annualized rent of $532,736. KLJ Engineering moved into the building during December 2023, with rent that commenced on February 28, 2024.
[4] | As of September 30, 2024, Union Town Center and Research Parkway were listed for sale, and included in the real estate assets held for sale, net on the consolidated balance sheet as of December 31, 2024. The sale of UTC and Research Parkway took place in February 2025, to a single buyer for a combined sales price of $16.95 million, and the Company recorded a combined gain of approximately $4.3 million.
[5] | During the year ended December 31, 2023, we recorded a $2.0 million impairment charge for One Park Center that reflects management’s revised estimate of the fair market value based on sales comparable of like properties in the same geographical area as well as an evaluation of future cash flows or an executed purchase sale agreement. No additional impairment was deemed necessary during the year ended December 31, 2024.
[6] | On December 31, 2022, the lease for our largest tenant, Halliburton, expired. Halliburton was located in our Shea Center II property in Colorado, and made up approximately $536,080 of our annual base rent. Halliburton did not renew the lease and we placed approximately $1.1 million in a reserve account with our lender to cover future mortgage payments, if necessary, none of which has been used as of December 31, 2023. Our management team is working to fill the 45,535 square foot space and has leased approximately 54% of the space as of February 2025 and has reviewed various proposals for the remaining 46%.
[7] | 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.
[8] | Includes Model Homes listed as held for sale as of December 31, 2024. During the year ended December 31, 2024, we recorded an impairment charge for model homes totaling $0.4 million, which reflects the estimated sales prices for these specific model homes after the closing of each quarter in 2024. 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.

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