Tearsheet

Presidio Property Trust (SQFT)

Market Price (12/4/2025): $3.95 | Market Cap: $4.5 Mil
Sector: Real Estate | Industry: Diversified REITs

Presidio Property Trust (SQFT)

Market Price (12/4/2025): $3.95
Market Cap: $4.5 Mil
Sector: Real Estate
Industry: Diversified REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Weak multi-year price returns 2Y Excs Rtn is -106%, 3Y Excs Rtn is -134%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1527%
1		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.9%, Rev Chg QQuarterly Revenue Change % is -4.5%
2		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.4%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.4%
3		Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 532%
4		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -198%
5		High stock price volatility Vol 12M is 948%

0	Weak multi-year price returns 2Y Excs Rtn is -106%, 3Y Excs Rtn is -134%
1	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1527%
2	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.9%, Rev Chg QQuarterly Revenue Change % is -4.5%
3	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.4%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.4%
4	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 532%
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -198%
6	High stock price volatility Vol 12M is 948%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$3.95	$8.00	$10.30	$8.62	$32.43
Market Cap CYE ($ Mil)	4.5	9.9	12.2	10.0	37.3
Total Debt ($ Mil)	94.7	102.2	107.7	96.9	88.9
Total Cash ($ Mil)	3.7	8.0	6.5	16.5	16.2
Enterprise Value ($ Mil)	95.5	112.1	119.9	106.9	126.2
Valuation Ratios
P/S TTM	0.3	0.1	0.1	0.1	0.2
P/EBIT TTM	-1.3	-0.1	0.1	0.1	1.2
P/E TTM	-0.5	-0.0	0.1	-0.5	-1.1
Sector Ratios
P/S TTM (Sector)	3.8	4.1	4.2	4.3	6.6
P/EBIT TTM (Sector)	11.7	12.9	13.1	13.4	16.0
P/E TTM (Sector)	18.2	19.8	19.7	18.2	23.7

	12/4/25	2024	2023
Share Price CYE	$3.95	$8.00	$10.30
Market Cap CYE ($ Mil)	4.5	9.9	12.2
Total Debt ($ Mil)	94.7	102.2	107.7
Total Cash ($ Mil)	3.7	8.0	6.5
Enterprise Value ($ Mil)	95.5	112.1	119.9
Valuation Ratios
P/S TTM	0.3	0.1	0.1
P/EBIT TTM	-1.3	-0.1	0.1
P/E TTM	-0.5	-0.0	0.1
Sector Ratios
P/S TTM (Sector)	3.8	4.1	4.2
P/EBIT TTM (Sector)	11.7	12.9	13.1
P/E TTM (Sector)	18.2	19.8	19.7

	SQFT	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.0
Rev Chg Q	-4.5%	7.1%
Rev Chg LTM	-1.6%	6.1%
Rev Chg 3Y Avg	0.9%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	2.1%	18.8%
CFO/Rev LTM	-2.4%	20.5%
Net Inc Mgn	-64.0%	13.1%
VALUATION	VERY LOW
P/S	0.3	3.2
P/CFO	-13.5	15.8
P/FCF	-13.5	20.5
P/E	-0.5	23.5

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Number of Wholly Owned Model Homes	64	9302025	Link
Total Number of Model Homes	84	9302025	Link
Commercial Leasing Activity (Year-to-Date)	approximately 115,000 sq ft	9302025	Link
Number of Office Buildings	8	10282025	Link
Number of Industrial Properties	1	10282025	Link
Total Rentable Square Feet (Office and Industrial)	approximately 758,175	10282025	Link
Number of Retail Properties	1	10282025	Link
Total Rentable Square Feet (Retail)	approximately 10,500	10282025	Link
Total Square Feet (Model Homes)	approximately 248,412	10282025	Link
Tenant Retention Rate (Expiring Square Footage)	83%	12312024	Link
Model Homes as a Percentage of Net Real Estate Assets	approximately 34%	7092025	Link

Recent
11/12/2025	Earnings Release	Rev: $4.0 Mil (A) vs. $5.0 Mil (E) EPS: -1.53 (A) vs. $null (E)

SQFT Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Direct Offering Announcement and Share Dilution Concerns

Presidio Property Trust (SQFT) experienced a significant decline, including a 20% plummet in July 2025, following the announcement of a registered direct offering of common stock. Investors reacted negatively to the potential dilution of shares, which often occurs when a company issues new stock, increasing the total number of outstanding shares.

2. Negative Investor Sentiment and Real Estate Sector Challenges

The precipitous decline was also fueled by investor skepticism regarding capital-raising efforts within a real estate sector already facing headwinds such as slowing demand and rising mortgage rates. This broader market sentiment exacerbated the negative reaction to SQFT's specific actions.

Stock Movement Drivers

Fundamental Drivers

The -18.2% change in SQFT stock from 9/3/2025 to 12/3/2025 was primarily driven by a -18.2% change in the company's P/S Multiple.

	9032025	12032025	Change
Stock Price ($)	4.84	3.96	-18.18%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	18.05	18.05	0.00%
P/S Multiple	0.31	0.25	-18.18%
Shares Outstanding (Mil)	1.14	1.14	0.00%
Cumulative Contribution			-18.18%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
SQFT	-18.2%
Market (SPY)	6.2%	9.7%
Sector (XLRE)	-1.0%	3.4%

Fundamental Drivers

The -24.0% change in SQFT stock from 6/4/2025 to 12/3/2025 was primarily driven by a -32.5% change in the company's P/S Multiple.

	6042025	12032025	Change
Stock Price ($)	5.21	3.96	-23.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	18.26	18.05	-1.14%
P/S Multiple	0.37	0.25	-32.47%
Shares Outstanding (Mil)	1.30	1.14	12.17%
Cumulative Contribution			-25.12%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
SQFT	-24.0%
Market (SPY)	15.1%	5.4%
Sector (XLRE)	-0.8%	11.9%

Fundamental Drivers

The -39.5% change in SQFT stock from 12/3/2024 to 12/3/2025 was primarily driven by a -43.1% change in the company's P/S Multiple.

	12032024	12032025	Change
Stock Price ($)	6.55	3.96	-39.53%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	18.59	18.05	-2.87%
P/S Multiple	0.44	0.25	-43.15%
Shares Outstanding (Mil)	1.25	1.14	8.67%
Cumulative Contribution			-39.99%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
SQFT	-39.5%
Market (SPY)	14.3%	-1.0%
Sector (XLRE)	-4.3%	2.2%

Fundamental Drivers

The -59.6% change in SQFT stock from 12/4/2022 to 12/3/2025 was primarily driven by a -61.9% change in the company's P/S Multiple.

	12042022	12032025	Change
Stock Price ($)	9.81	3.96	-59.65%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	17.63	18.05	2.42%
P/S Multiple	0.66	0.25	-61.89%
Shares Outstanding (Mil)	1.18	1.14	3.27%
Cumulative Contribution			-59.69%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
SQFT	-55.2%
Market (SPY)	53.2%	-0.1%
Sector (XLRE)	14.2%	2.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SQFT Return	-	2%	-73%	20%	-22%	-52%	-88%
Peers Return	-11%	52%	-15%	4%	14%	-1%	36%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
SQFT Win Rate	50%	67%	33%	42%	58%	40%
Peers Win Rate	60%	67%	42%	48%	60%	54%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
SQFT Max Drawdown	-	-26%	-74%	-41%	-53%	-93%
Peers Max Drawdown	-54%	-5%	-25%	-16%	-11%	-12%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: WPC, ALEX, CTO, OLP, EPRT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	SQFT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-89.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	884.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	570 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-41.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	71.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	8 days	148 days

Compare to WPC, ALEX, CTO, OLP, EPRT

In The Past

Presidio Property Trust's stock fell -89.8% during the 2022 Inflation Shock from a high on 7/9/2021. A -89.8% loss requires a 884.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Presidio Property Trust (SQFT)

The Company is an internally managed, diversified REIT (formerly named NetREIT). The Company acquires, owns and manages a geographically diversified portfolio of real estate assets including office, industrial, retail and model home residential properties leased to homebuilders located throughout the United States. As of September 30, 2020, the Company owned or had an equity interest in: 128 Model Homes that are owned by six affiliated limited partnerships and one wholly-owned corporation; Ten office buildings and one industrial property, which totals approximately 998,016 rentable square feet; and Four retail shopping centers, which total approximately 131,722 rentable square feet.

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

Office Property Leasing: Providing commercial office spaces for businesses to rent.
Retail Property Leasing: Providing commercial retail spaces for businesses and stores to rent.
Industrial Property Leasing: Providing industrial and warehouse spaces for businesses to rent.

AI Generated Analysis | Feedback

Presidio Property Trust (symbol: SQFT) has undergone a significant transformation in its business operations. As of October 2023, the company completed the sale of all its real estate assets, thereby ceasing its operations as a real estate investment trust (REIT) focused on property ownership and leasing.

Consequently, Presidio Property Trust no longer has "major customers" in the traditional sense of tenants leasing space in its properties. Its business model has entirely shifted away from owning and managing commercial real estate.

Therefore, it is not possible to identify current major customers in the context of its former property trust operations, as those operations have been fully divested. The company is currently in a transitional phase, exploring new business ventures.

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

Jack K. Heilbron, Chairman of the Board, President and Chief Executive Officer

Mr. Heilbron has served as a director and officer of Presidio Property Trust since its inception in 1999, and is the company's founder. He also served as Chairman of the Board of Directors, President, and Chief Executive Officer of NetREIT Dubose Model Home REIT, Inc. since its inception. Additionally, he has served as President of NetREIT Advisors, LLC and NTR Property Management, Inc. since their inceptions. Mr. Heilbron was a founding officer, director, and shareholder of the former CI Holding Group, Inc. He currently serves as CEO and Chairman of Centurion Counsel, Inc., a licensed investment advisor, and was a director of the Centurion Counsel Funds from 2001 to 2005. From 1994 until its dissolution in 1999, Mr. Heilbron served as the Chairman and/or Director of Clover REIT.

Edwin H. Bentzen, IV, Chief Financial Officer

Mr. Bentzen joined Presidio Property Trust as Chief Accounting Officer in March 2021 and was appointed Chief Financial Officer in September 2023. Prior to joining the company, he served as Chief Financial Officer and Chief Operations Officer for Crystal View Capital Management in 2020. From 2018 to 2020, he worked as a Chief Financial Officer/Finance consultant for various clients, including real estate development companies. He also served as Chief Financial Officer for a non-traded REIT, The Parking REIT, Inc., from 2016 to 2018. Mr. Bentzen has held senior and/or accounting roles at Western Funding, Inc., a real estate lender, and a local CPA firm in Las Vegas, Nevada, and worked as a Senior Internal Auditor at Ameristar Casinos, Inc.

Gary M. Katz, Chief Investment Officer

Mr. Katz joined Presidio Property Trust as Senior Vice President in 2010 and is responsible for overseeing the company's investment and asset management functions, including acquisitions, leasing, and portfolio management. With over 30 years of experience in commercial real estate, he previously served in senior acquisition, leasing, and development roles for Westcore Properties, where he was involved in transactions throughout the western U.S. His prior experience includes positions with Legacy Partners, Lincoln Property Company, Kemper Real Estate Management Company, Bedford Properties, and Meyer Investment Properties. Mr. Katz is a former president and current treasurer of the NAIOP – San Diego Chapter.

Steven Hightower, President, Model Homes Division and Director

Mr. Hightower was named President of the Model Home Division in December 2021. He also serves as a Director of Presidio Property Trust.

AI Generated Analysis | Feedback

The widespread adoption of hybrid and remote work models is an emerging threat, potentially leading to decreased demand for traditional office space, higher vacancy rates, and downward pressure on rents and property values. As companies re-evaluate their physical footprint, this trend could significantly impact the valuation and income streams from Presidio Property Trust's office assets.

AI Generated Analysis | Feedback

Presidio Property Trust (symbol: SQFT) operates as a diversified real estate investment trust (REIT) with holdings primarily in office, industrial, retail, and model home properties. The company also has historically included self-storage properties in its portfolio.

The addressable markets for its main products and services in the U.S. are as follows:

Commercial Real Estate (Office, Industrial, and Retail Properties): The total value of the commercial real estate sector in the United States stood at approximately USD 22.5 trillion in the fourth quarter of 2023. In terms of revenue, the U.S. commercial real estate market size reached USD 1.2 trillion in 2022.
Self-Storage Properties: The United States self-storage market size generated USD 45.41 billion in 2025 and is projected to reach USD 57.53 billion by 2030. Another estimate values the overall U.S. self-storage industry at approximately USD 44.3 billion in 2024.
Model Home Properties: A specific addressable market size for "model home properties" as a distinct product or service, involving sale-leaseback arrangements with homebuilders, is not readily available. This niche operates within the broader residential real estate market.

AI Generated Analysis | Feedback

Presidio Property Trust (SQFT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

Growth in rental income from commercial properties and high tenant retention: The company has reported an increase in rental income and a positive leasing outlook. A high tenant retention rate, noted as 83% in Q4 2024 and 100% in Q1 2025, is crucial for maintaining and expanding recurring revenue from its commercial real estate holdings.
Strategic acquisition and resale of model homes: Presidio Property Trust actively engages in the acquisition and sale of model homes. The company acquired 19 new model homes in 2024 and 12 in Q1 2025, while also selling a substantial number, indicating an ongoing strategy to generate revenue and gains from this business segment. The company has stated its focus on identifying new acquisition opportunities in 2025.
Gains from strategic commercial property sales and portfolio optimization: While reducing the overall asset base, the strategic divestiture of commercial properties has generated significant gains for the company, such as a $4.2 million gain from two sales in Q1 2025. This strategy contributes to profitability, aiming to optimize the portfolio and potentially reallocate capital to higher-performing assets.
Expansion of geographical footprint and client base for the model home division: Recent acquisitions in the model home division are expanding Presidio Property Trust's geographical footprint and enabling them to attract new clients and desirable products. This indicates a strategic effort to broaden market reach and customer base within this segment.

AI Generated Analysis | Feedback

Share Repurchases

On December 19, 2024, Presidio Property Trust authorized a share repurchase plan to buy back up to $6 million of its Series A Common Stock and up to $4 million of its Series D Preferred Stock.

Share Issuance

In 2022, the company had common stock issuances totaling $134.0 million.
Common stock issuances amounted to $29.4 million in 2021.
Presidio Property Trust announced a $2.05 million registered direct offering of common stock.

Outbound Investments

In 2024, Presidio Property Trust acquired 19 new model homes for $9.7 million.
The company sold 51 model homes for $24.8 million in 2024, realizing a gain of approximately $3.4 million.
Presidio holds approximately 4.3% of the common stock of Conduit Pharmaceuticals Inc., and recognized a $17.9 million loss on this investment in 2024.

Capital Expenditures

In the last 12 months, reported capital expenditures were $0.
Future capital needs include maintaining existing properties and funding tenant improvements.

Better Bets than Presidio Property Trust (SQFT)

	SQFT	Better Performance than SQFT
Metric	Value	INDUSTRY: Diversified REITs
Rev Chg LTM	-1.6%	EPRT (24.2%), GNL (17.6%), LXP (7.0%), WPC (5.6%), BNL (5.5%)
Rev Chg 3Y Avg	0.9%	GNL (26.4%), EPRT (24.2%), WPC (5.6%), BNL (5.3%), LXP (3.7%)
Op Mgn LTM	2.1%	EPRT (63.6%), WPC (50.5%), BNL (49.1%), GNL (29.2%), LXP (17.6%)
CFO/Rev LTM	-2.4%	WPC (75.9%), EPRT (68.4%), BNL (62.2%), LXP (59.3%), GNL (32.2%)
FCF/Rev LTM	-2.4%	WPC (75.9%), EPRT (68.4%), BNL (55.6%), LXP (52.5%), GNL (27.0%)
Total Yield	-193.8%	LXP (22.4%), BNL (9.2%), EPRT (7.9%), WPC (7.7%), GNL (-3.7%)
P/S	0.3
P/Op Inc	15.5	LXP (8.2), GNL (8.2), ESRT (9.1), AAT (11.4), BNL (15.3)

	SQFT	Better Performance than SQFT
Metric	Value	SECTOR: Real Estate
Rev Chg LTM	-1.6%	WELL (32.6%), PLD (10.7%), EQIX (5.4%), AMT (4.2%), SPG (4.2%)
Rev Chg 3Y Avg	0.9%	WELL (20.9%), PLD (18.1%), DLR (9.1%), EQIX (8.5%), SPG (5.7%)
Op Mgn LTM	2.1%	SPG (50.7%), AMT (46.4%), PLD (39.8%), EQIX (20.6%), WELL (16.2%)
CFO/Rev LTM	-2.4%	SPG (65.3%), PLD (59.3%), AMT (50.1%), EQIX (41.4%), WELL (28.6%)
FCF/Rev LTM	-2.4%	PLD (59.3%), SPG (50.7%), AMT (35.3%), WELL (28.2%), EQIX (-1.3%)
Total Yield	-193.8%	AMT (6.7%), SPG (4.4%), EQIX (3.8%), PLD (3.0%), WELL (0.8%)
P/S	0.3	SDHC (0.2), HOUS (0.2), BHR (0.2), DOUG (0.2), SVC (0.2)
P/Op Inc	15.5	VICI (9.5), GLPI (11.5), SBAC (13.2), JLL (13.6), HST (14.5)

	SQFT	Better Performance than SQFT
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-1.6%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	0.9%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	2.1%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	-2.4%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-2.4%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	-193.8%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.3%)
P/S	0.3	COR (0.2), CVS (0.2), MCK (0.2), CI (0.3), GM (0.3)
P/Op Inc	15.5	MRK (9.4), UNH (11.9), XOM (12.4), TMUS (13.9), QCOM (14.5)

		Best Bets In Real Estate Sector
	SQFT
What You Pay
P/E	-0.5
P/EBIT	-1.3
What You Get
Rev Chg Q	-4.5%
Rev Chg LTM	-1.6%
Rev Chg 3Y Avg	0.9%
FCF/Rev 3Y Avg	2.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Would You Still Hold Presidio Property Trust Stock If It Fell Another 30%?	Return
2	Day 8 of Gains Streak for Presidio Property Trust Stock with 82% Return (vs. 11% YTD) [9/17/2025]	Notification

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to SQFT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	8.7%	8.7%	-5.8%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	8.7%	8.7%	-5.8%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Presidio Property Trust

Peers to compare with:

Financials

	SQFT	WPC	ALEX	CTO	OLP	EPRT	Median
Name	Presidio.	W.P. Car.	Alexande.	CTO Real.	One Libe.	Essentia.
Mkt Price	3.96	66.59	15.41	18.08	20.77	31.33	19.42
Mkt Cap	0.0	14.7	1.1	0.6	0.4	6.2	0.9
Rev LTM	18	1,678	218	147	96	531	183
Op Inc LTM	0	848	71	17	34	338	53
FCF LTM	-0	1,274	45	81	45	363	63
FCF 3Y Avg	0	1,395	42	65	43	298	54
CFO LTM	-0	1,274	91	81	45	363	86
CFO 3Y Avg	0	1,395	86	65	43	298	75

Growth & Margins

	SQFT	WPC	ALEX	CTO	OLP	EPRT	Median
Name	Presidio.	W.P. Car.	Alexande.	CTO Real.	One Libe.	Essentia.
Rev Chg LTM	-1.6%	5.6%	-3.9%	23.8%	7.7%	24.2%	6.6%
Rev Chg 3Y Avg	0.9%	5.6%	12.9%	20.3%	4.3%	24.2%	9.2%
Rev Chg Q	-4.5%	8.5%	-18.9%	18.7%	7.0%	23.7%	7.8%
QoQ Delta Rev Chg LTM	-1.1%	2.1%	-5.1%	4.2%	1.6%	5.5%	1.9%
Op Mgn LTM	2.1%	50.5%	32.4%	11.6%	35.6%	63.6%	34.0%
Op Mgn 3Y Avg	-2.0%	48.0%	32.8%	16.2%	37.4%	62.5%	35.1%
QoQ Delta Op Mgn LTM	5.2%	1.0%	-0.7%	1.2%	-0.4%	0.1%	0.6%
CFO/Rev LTM	-2.4%	75.9%	41.8%	55.3%	46.4%	68.4%	50.8%
CFO/Rev 3Y Avg	2.0%	84.4%	38.3%	53.4%	45.3%	69.3%	49.3%
FCF/Rev LTM	-2.4%	75.9%	20.7%	55.3%	46.4%	68.4%	50.8%
FCF/Rev 3Y Avg	2.0%	84.4%	19.0%	53.4%	45.3%	69.3%	49.3%

Valuation

	SQFT	WPC	ALEX	CTO	OLP	EPRT	Median
Name	Presidio.	W.P. Car.	Alexande.	CTO Real.	One Libe.	Essentia.
Mkt Cap	0.0	14.7	1.1	0.6	0.4	6.2	0.9
P/S	0.3	8.9	6.1	3.6	4.8	11.1	5.4
P/EBIT	-1.3	21.5	13.6	-57.6	8.1	17.2	10.8
P/E	-0.5	40.8	18.0	-15.9	13.7	24.5	15.9
P/CFO	-13.6	11.7	14.5	6.5	10.3	16.2	11.0
Total Yield	-193.8%	7.7%	8.0%	2.9%	15.7%	7.9%	7.8%
Dividend Yield	0.0%	5.2%	2.5%	9.2%	8.4%	3.8%	4.5%
FCF Yield 3Y Avg	58.2%	10.4%	3.2%	14.4%	9.3%	6.0%	9.9%
D/E	15.9	0.6	0.4	1.2	1.0	0.4	0.8
Net D/E	15.3	0.6	0.4	1.1	1.0	0.4	0.8

Returns

	SQFT	WPC	ALEX	CTO	OLP	EPRT	Median
Name	Presidio.	W.P. Car.	Alexande.	CTO Real.	One Libe.	Essentia.
1M Rtn	-34.7%	1.0%	-1.2%	7.0%	3.9%	4.1%	2.5%
3M Rtn	-18.2%	1.1%	-17.7%	8.0%	-9.5%	2.3%	-4.2%
6M Rtn	-24.0%	10.4%	-12.6%	3.1%	-12.6%	-0.7%	-6.6%
12M Rtn	-39.5%	26.5%	-16.1%	-3.1%	-24.8%	-1.5%	-9.6%
3Y Rtn	-59.6%	-1.2%	-10.5%	21.0%	10.1%	51.2%	4.5%
1M Excs Rtn	-34.6%	1.1%	-1.2%	7.0%	3.9%	4.2%	2.5%
3M Excs Rtn	-24.4%	-4.5%	-23.9%	-1.1%	-15.4%	-2.4%	-9.9%
6M Excs Rtn	-38.7%	-4.3%	-27.3%	-11.6%	-27.3%	-15.4%	-21.3%
12M Excs Rtn	-57.0%	10.2%	-31.2%	-17.4%	-39.4%	-18.1%	-24.7%
3Y Excs Rtn	-133.7%	-68.7%	-80.4%	-57.4%	-61.3%	-15.4%	-65.0%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/14/2025	3/31/2025	4/16/2024	3/28/2023	3/30/2022	3/30/2021	3/13/2020
Key Financials
Total Revenue	18	19	18	18	19	24	29
Net Income	-12	-26	10	-2	-4	-8	-1
EPS	-11.63	-22.50	6.80	-5.70	-4.60	-8.50	-0.70
Growth Rates
Total Revenue Growth	-1.6%	7.3%	-0.7%	-7.6%	-21.0%	-15.0%	-11.4%
Net Income Growth	-148.5%	-352.6%	577.0%	41.3%	52.8%	-1157.6%	-118.0%
Margins
Net Income Margin	-64.0%	-135.4%	57.5%	-12.0%	-18.9%	-31.5%	-2.1%
Cash & Debt
Total Cash	4	8	7	17	16	12	10
Total Debt	95	102	108	97	89	128	155
Net Debt / (Cash)	91	94	101	80	73	116	145
Cash Flows
Net Cash from Operations	-0	-1	1	1	2	4	4
Free Cash from Operations	-0	-1	1	1	2	4	4
Returns to Shareholders
Dividends	0	2	3	5	5	1	2
Share Repurchases	2	0	138	0	0	0	17

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/14/2025	5/14/2025	3/31/2025	11/19/2024	8/14/2024	5/14/2024	4/16/2024	11/14/2023	8/14/2023	5/15/2023	3/28/2023	11/10/2022
Key Financials Quarterly
Total Revenue	4	4	5	5	5	5	4	4	5	4	4	4
Net Income	-5	2	-2	-6	-12	-5	-9	21	-1	-1	-0	-1
EPS	-5.13	1.30	-2.50	-5.30	-9.97	-4.70	-8.10	17.70	-1.50	-1.30	-0.70	-1.10
Key Financials TTM
Total Revenue TTM	18	18	19	19	18	18	18	18	18	17	18	18
Net Income TTM	-12	-18	-26	-32	-5	6	10	19	-3	-2	-2	-3
Growth Rates Quarterly
Total Revenue Growth	-4.5%	-13.9%	7.6%	5.3%	0.9%	16.2%	0.2%	2.1%	5.2%	-9.9%	3.2%	0.4%
Net Income Growth	55.5%	143.2%	72.6%	-128.2%	-811.7%	-426.5%	-3611.1%	2913.3%	-346.4%	-20.2%	74.7%	10.3%
Margins Quarterly
Net Income Margin	-120.5%	54.9%	-51.4%	-128.3%	-258.3%	-109.4%	-201.6%	479.2%	-28.6%	-24.2%	-5.4%	-17.4%
Cash & Debt
Total Cash	4	8	8	4	5	7	7	8	9	12	17	19
Total Debt	95	94	102	102	101	102	108	103	103	100	97	94
Net Debt / (Cash)	91	86	94	99	96	95	101	95	95	88	80	76
Cash Flows Quarterly
FCF from Operations	-1	-0	0	0	-0	-1	2	1	0	-2	-1	2
Cash Flows TTM
FCF from Operations TTM	-0	0	-1	1	2	2	1	-1	-0	0	1	3
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	2	0	0	0	0	-0	0	23	0	114	0	0
Return on Invested Capital (ROIC) Quarterly
ROIC	0.7%	-0.6%	0.4%	0.1%	-0.7%	-0.3%	0.3%	0.0%	-0.1%	-1.1%	-0.2%	0.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	0.1%	-0.2%	-0.1%	-0.1%	-0.1%	-0.0%	-0.2%	-0.4%	-0.3%	-0.1%	0.0%	0.1%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Office/Industrial Properties	78	79	76	100
Model Home Properties	51	35	31	42
Other assets, net	30	152	19	15
Retail Properties	17	17	28	26	35
Cash, cash equivalents and restricted cash	0	9	7	2
Office/Industrial/Medical Properties					176
Residential Properties					36
Total	176	291	161	186	247

Price Behavior

Price Behavior

Market Price	$3.96
Market Cap ($ Bil)	0.0
First Trading Date	10/07/2020
Distance from 52W High	-70.9%
	50 Days	200 Days
DMA Price	$5.35	$5.64
DMA Trend	down	down
Distance from DMA	-26.0%	-29.7%
	3M	1YR
Volatility	121.2%	956.0%
Downside Capture	-70.33	113.31
Upside Capture	-142.55	48.43
Correlation (SPY)	9.4%	-0.9%

SQFT Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.45	1.47	0.84	1.18	-0.52	0.15
Up Beta	1.85	1.20	2.62	-3.66	-6.36	-3.74
Down Beta	6.64	2.17	5.27	1.68	-0.02	0.17
Up Capture	-108%	25%	-122%	108%	30%	51%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	9	24	34	59	110	318
Down Capture	349%	187%	-144%	231%	102%	106%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	18	29	66	135	408

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of SQFT With Other Asset Classes (Last 1Y)
	SQFT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-35.2%	-6.8%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	950.4%	17.5%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.95	-0.55	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		2.2%	-1.0%	7.1%	-2.6%	0.9%	-0.4%

ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of SQFT With Other Asset Classes (Last 5Y)
	SQFT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-30.7%	5.6%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	429.4%	19.2%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.40	0.21	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		2.5%	1.7%	4.2%	-0.2%	2.3%	1.1%

Based On 10-Year Data

		Comparison of SQFT With Other Asset Classes (Last 10Y)
	SQFT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-34.0%	6.6%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	424.0%	20.6%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.38	0.28	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		2.5%	1.6%	3.9%	-0.2%	2.2%	0.9%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	35,122
Short Interest: % Change Since 10312025	-36.3%
Average Daily Volume	30,834
Days-to-Cover Short Interest	1.14
Basic Shares Quantity	1,139,437
Short % of Basic Shares	3.1%

Returns Analyses

	Title
0	Would You Still Hold Presidio Property Trust Stock If It Fell Another 30%?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
6302025	8142025	10-Q 6/30/2025
3312025	5142025	10-Q 3/31/2025
12312024	3312025	10-K 12/31/2024
9302024	11192024	10-Q 9/30/2024
6302024	8142024	10-Q 6/30/2024
3312024	5142024	10-Q 3/31/2024
12312023	4162024	10-K 12/31/2023
9302023	11142023	10-Q 9/30/2023
6302023	8142023	10-Q 6/30/2023
3312023	5152023	10-Q 3/31/2023
12312022	3282023	10-K 12/31/2022
9302022	11102022	10-Q 9/30/2022
6302022	8112022	10-Q 6/30/2022
3312022	5162022	10-Q 3/31/2022
12312021	3302022	10-K 12/31/2021
9302021	11122021	10-Q 9/30/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Presidio Property Trust (SQFT)

Market Price (12/4/2025): $3.95 | Market Cap: $4.5 MilSector: Real Estate | Industry: Diversified REITs

Presidio Property Trust (SQFT)

Market Price (12/4/2025): $3.95Market Cap: $4.5 MilSector: Real EstateIndustry: Diversified REITs

Valuation, Metrics & Events

SQFT Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Presidio Property Trust (SQFT)

Interactive Breakdown

Better Bets than Presidio Property Trust (SQFT)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Presidio Property Trust

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/4/2025): $3.95 | Market Cap: $4.5 Mil
Sector: Real Estate | Industry: Diversified REITs

Market Price (12/4/2025): $3.95
Market Cap: $4.5 Mil
Sector: Real Estate
Industry: Diversified REITs