SQFTW

• Acquisitions: Acquired a 30,000 square foot building 100% leased to the Bloomberg School of Public Health at Johns Hopkins University. - Dispositions: Sold World Plaza retail center, exited all California retail except Genesis Plaza (headquarters). - Shareholder Rewards: Issued warrants to shareholders on January 14, 2021, trading on NASDAQ as SQFTW. - SPAC: Sponsored Murphy Canyon Acquisition to help bring a real-estate related company public. - Core FFO: Increased due to lower interest expense and collections above billed amounts in 2021. - Leasing Activity: Strong 2021 leasing, diversified office portfolio in high growth (e.g., Denver) and stable (e.g., Fargo) regions. - Model Home: Sold 44 Model Homes, acquired 18, recent acquisitions of 4 more, with builders returning as price growth slows.

• Plan to continuously grow through smart acquisitions, will raise capital when the time is right and markets are favorable. - Expect the leasing pipeline to continue with the ~18 prospective lease transactions. - Anticipate Model Home builders returning as the rate of price growth begins to slow.

Core Performance: Core funds from operations (core FFO) was $2.5 million in 2021, up from $1.5 million in 2020. Interest expense in 2021 was 45% lower than in 2020. Leasing: In 2021, 50 leases were executed covering ~217,000 square feet, with over a third being new tenants and the rest lease renewals/extensions. There are ~18 prospective lease transactions in the pipeline. Model Home Division: In 2021, 44 Model Homes were sold for approximately $21 million, with a gain of about $3 million. Acquired 18 Model Home properties and leased them back, recently acquired 4 more. Revenue contribution: Core FFO was the main cash flow measure, leasing activity contributed to property performance, and Model Home division had specific sales and acquisition figures.

• Impact of potential future lockdowns on tenants, but historically managed through tenant concessions. - Uncertainty in SPAC negotiations affecting potential value from shareholdings. - Market conditions affecting acquisition and disposition decisions.

Q: How much will you make from your shares in the SPAC if it is successful?

A: That depends on the negotiations with the target company. It could be as much as 30% to 40% of our total equity or it could be more. We really won't know the answer to that question until the negotiations are finalized and the shareholders of the SPAC have voted to approve the acquisition of the target company.

Q: What kinds of properties specifically are you looking at for new acquisitions?

A: We're going to continue the strategy that we embarked on last year, where given where we are in the real estate cycle and the economic cycle with the pandemic, bolstering all that, our focus is on yield driven, stable longer term lease properties with little capital expense exposure and little lease rollover expense. We're looking at a diversified property type; it could be industrial, it could be office, it could be retail.

Q: If there were to be another lockdown in 2022, how much of an effect do you think it would have on the Presidio Property portfolio?

A: Well looking at the, historically looking at the last lockdown, I believe we had 13 tenants out of our portfolio of over 200 tenants who requested some sort of assistance on rents, some deferral or such. We got out of that, relatively unscathed. We were able to get concessions from tenants in return for a temporary rent break and we assume if that's the worst case and we have another locked down in the future, I would expect that given the diversification of our tenants businesses that we would have no worse of a situation and we already have.

Q: Do you have plans to raise more capital and what can we expect?

A: We always are looking at the capital markets and will take advantage of opportunities. Our plan is to continuously grow through smart acquisitions, so we will raise more capital when the time is right and the markets are favorable.