Presidio Property Trust is a small, internally-managed REIT with two distinct businesses: commercial office and industrial properties, and model homes. On the commercial side, Presidio owns a portfolio of multi-tenant office and industrial properties concentrated in Colorado and North Dakota, with additional assets in California, Maryland, and Texas. These properties are leased to roughly 131 tenants on relatively short leases averaging about 3.0 years, with no single tenant exceeding 7% of annualized base rent. On the model home side, Presidio buys newly built model homes from homebuilders and immediately leases them back on triple-net leases, allowing the homebuilder to use the home to market its residential development. When the lease ends, Presidio sells the home on the open market. Presidio owned 80 model homes as of year-end 2025, located across Alabama, Texas, Tennessee, and Arizona, with about 69% leased to a single homebuilder. Presidio also acts as general partner of several model home limited partnerships, earning management, acquisition, and disposition fees. Presidio finances its portfolio with fixed-rate, non-recourse property-level mortgage debt. The company operates with only 15 employees and has been actively shrinking its commercial portfolio while recycling model homes as leases expire. The Board suspended the preferred dividend in January 2026, and at least one commercial property is in default, signaling balance sheet stress.