XML 48 R38.htm IDEA: XBRL DOCUMENT
v3.25.2

Note 4 - Real Estate Assets - Summary of Properties Owned (Details) - USD ($) | 6 Months Ended |
--- | --- | ---
Jun. 30, 2025 | Dec. 31, 2024
Real estate assets owned |  | $ 114,576,297 | $ 127,596,500
Genesis Plaza [Member] |  |  |
Geographic location | [1] | San Diego, CA |
Real estate assets owned | [1] | $ 7,274,090 | 7,363,571
Dakota Center [Member] |  |  |
Geographic location | [2] | Fargo, ND |
Real estate assets owned | [2] | $ 4,838,139 | 8,154,951
Grand Pacific Center [Member] |  |  |
Geographic location |  | Bismarck, ND |
Real estate assets owned |  | $ 8,332,564 | 8,413,926
Arapahoe Center [Member] |  |  |
Geographic location |  | Centennial, CO |
Real estate assets owned |  | $ 9,058,658 | 9,298,534
Union Town Center [Member] |  |  |
Geographic location | [3] | Colorado Springs, CO |
Real estate assets owned | [3] | $ 0 | 8,922,943
West Fargo Industrial [Member] |  |  |
Geographic location |  | Fargo, ND |
Real estate assets owned |  | $ 6,469,043 | 6,599,953
The 300 N.P [Member] |  |  |
Geographic location |  | Fargo, ND |
Real estate assets owned |  | $ 1,990,914 | 1,963,000
Research Parkway [Member] |  |  |
Geographic location | [3] | Colorado Springs, CO |
Real estate assets owned | [3] | $ 0 | 2,220,284
One Park Centre [Member] |  |  |
Geographic location | [4] | Westminster, CO |
Real estate assets owned | [4] | $ 5,482,703 | 5,580,950
Shea Center II [Member] |  |  |
Geographic location | [5] | Highlands Ranch, CO |
Real estate assets owned | [5] | $ 17,595,866 | 18,820,370
Mandolin [Member] |  |  |
Geographic location | [6] | Houston, TX |
Real estate assets owned | [6] | $ 4,554,707 | 4,600,562
Baltimore [Member] |  |  |
Geographic location | [7] | Baltimore, MD |
Real estate assets owned |  | $ 8,129,102 | 8,241,456
Presidio Property Trust, Inc. Properties [Member] |  |  |
Real estate assets owned |  | $ 73,725,786 | 90,180,500
Model Home Properties [Member] |  |  |
Geographic location |  | AZ, TN, TX, AL |
Real estate assets owned | [7] | $ 40,850,511 | $ 37,416,000
[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 agreed to the broker the Company would use to sell the property to settle the non-recourse debt. As of June 30, 2025, the property was included in the real estate assets held for sale, net on the consolidated balance sheet. During July 2025, the lender approved a purchase offer from a third party for $5,125,000. In connection with the pending sale, we have impaired the property’s book value and recorded an impairment charge of approximately $3.3 million as of June 30, 2025. The sale is expected to take place during the third quarter 2025.
[3] | During February 2025, Union Town Center and Research Parkway were sold to a single buyer for a combined $16.95 million and recorded a net gain of approximately $4.2 million, net of closing costs.
[4] | 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 six months ended June 30, 2025.
[5] | 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 to other tenants and has reviewed various proposals for the remaining 46%. As of June 30, 2025, management is pursuing third party tenants who fit into our long-term plans, however, there is no guarantee we will be successful in signing new tenants. During the three months ended June 30, 2025, we have reassessed the value of the property and recorded an impairment charge of approximately $0.9 million.
[6] | 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.
[7] | Includes Model Homes listed as held for sale as of June 30, 2025 and December 31, 2024. During the three and six months ended June 30, 2025, we recorded an impairment charge for model homes totaling $26,943, 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.

X
- Definition Represents the location of real estate investment. + References No definition available. + Details
Name: | sqft_GeographicLocationOfProperty
Namespace Prefix: | sqft_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of real estate investment property and lease intangibles net. + References No definition available. + Details
Name: | sqft_RealEstateInvestmentPropertyAndLeaseIntangiblesNet
Namespace Prefix: | sqft_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_GenesisPlazaMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_DakotaCenterMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_GrandPacificCenterMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_ArapahoeCenterMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_UnionTownCenterMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_WestFargoIndustrialMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_The300NPMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_ResearchParkwayMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_OneParkCentreMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_SheaCenterIIMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_MandolinMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_BaltimoreMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_PresidioPropertyTrustIncPropertiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=sqft_ModelHomePropertiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |