Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 1915

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 1915
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127.6 million in net real estate assets including 78 model homes, compared to approximately $144.2 million in net real estate assets including 110 model homes at December 31, 2023. The average number of model homes held during the years ended December 31, 2024 and 2023 was 94 and 101, respectively. The change in revenue is directly related to the increase in model home transaction fees during the current period, new commercial real estate leases, mainly at Grand Pacific Center, and the management fees earned from Conduit during the current period, which was terminated in June 2024.  Below is additional revenue and asset information for real estate segments as of December 31, 2024 and December 31, 2023.

      % of Gross Revenue for the year ended 

      Segment 
      
      12/31/2024 

      12/31/2023 

      Office/Industrial 

     65.2
     %

     65.6
     %

      Model Home 

     23.4
     %

     23.4
     %

      Retail 

     11.2
     %

     10.7
     %

      % of Total Real Estate Assets as of 

      Segment 
      
      12/31/2024 

      12/31/2023 

      Office/Industrial 

     58.3
     %

     53.7
     %

      Model Home 

     29.3
     %

     35.2
     %

      Retail 

     12.3
     %

     11.0
     %

Rental Operating Costs.  Rental operating costs were approximately $6.3 million for the year ended December 31, 2024 compared to approximately $6.0 million for the same period in 2023, an increase of approximately $0.3 million or 4.9%. Rental operating costs as a percentage of total revenue were 33.1% and 33.8% for the years ended December 31, 2024 and 2023, respectively, as office property expenses continue to increase, specifically insurance costs.  As of December 31, 2024 our model home assets made up 29% of our total real estate assets, which is down from 35% as of