Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 664

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 664
---
 2024.

(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.  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.

   For the years ended  December 31, 2024 and 2023, depreciation and amortization expense, excluding amortization of deferred leasing cost, totaled approximately $5.0 million and $4.9 million, respectively.

        F-
       21

   5. LEASE INTANGIBLES
    
   The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset:

       December 31, 2024    December 31, 2023  
   Lease Intangibles    Accumulated Amortization    Lease Intangibles, net    Lease Intangibles    Accumulated Amortization    Lease Intangibles, net  
 In-place leases  $2,515,264  $(2,504,799) $10,465  $2,515,264  $(2,495,016) $20,248 
 Leasing costs   1,261,390   (1,252,078)  9,312   1,261,390   (1,244,335)  17,055 
 Above-market leases   —   —   —   333,485   (333,485)  — 
  $3,776,654  $(3,756,877) $19,777  $4,