Company: SQFTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001437749-25-034461
Chunk: 95

Company: Presidio Property Trust, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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12.7 million for the nine months ended September 30, 2025, compared to approximately $14.1 million for the same period in 2024.  As of September 30, 2025, we had approximately $113.3 million in net real estate assets including 84 model homes, compared to approximately $131.4 million in net real estate assets including 83 model homes at September 30, 2024.  The average number of model homes held during the nine months ended September 30, 2025 and 2024 was 81 and 93, respectively. The change in revenue is directly related to the decrease in model home rental income and transaction fees during the current period, and the sale of our two commercial properties on February 7, 2025.  

       39

      % of Gross Revenue for the nine months ended September 30, 

      Segment 
      
      2025 

      2024 

      Office/Industrial 

     72.4
     %

     64.4
     %

      Model Home 

     23.4
     %

     24.3
     %

      Retail 

     3.5
     %

     10.9
     %

      Other Non-Segment & Consolidating Items 

     0.7
     %

     0.2
     %

      % of Total Real Estate Assets as of 

      Segment 
      
      September 30, 205 

      December 31, 2024 

      Office/Industrial 

     61.5
     %

     58.3
     %

      Model Home 

     34.5
     %

     29.3
     %

      Retail 

     4.0
     %

     12.4
     %

 Rental Operating Costs. Rental operating costs totaled approximately $4.6 million for the nine months ended September 30, 2025, compared to approximately $4.7 million for the same period in 2024. Rental operating costs as a percentage of total revenue was 36.3% and 33.0% for the nine months ended September 30, 2025 and 2024, respectively.  We expect rental operating costs to continue to be down year over year at December 31, 2025 due to the sale