Company: SQFTP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001437749-25-016828
Chunk: 69

Company: Presidio Property Trust, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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 to evaluate and assess each segments' performance and in deciding how to allocate resources.  For Model Home performance, the CODM also includes the gain or loss on sale of real estate assets net of any impairments, because we believe that is a major component in the operating success of the segment and part of the business model for Model Homes.  The gain on sale of model homes resulted in cash flows to the Company that the CODM can decide on how to allocate to future operations. 
    
   The following tables compare the Company’s segment activity and NOI and adjusted NOI for Model Home income to its results of operations and financial position as of and for the three months ended  March 31, 2025 and 2024  respectively.  The line items listed in the below NOI tables include the significant expense considered by the CODM for cash allocations on future investments.  The Other Non-Segment & Consolidating Items represent corporate activity, the investment in Conduit Pharmaceutical, and other eliminating items for consolidation.  The information for Corporate and Other are presented to reconcile back to the consolidated statement of operations, but is not considered a reportable segment.  This includes the loss on Conduit marketable securities.
    
   The following tables compare the Company's segment activity to its results of operations and financial position as of and for the three months ended  March 31, 2025, and  March 31, 2024:

       For the Three Months Ended March 31, 2025  
                     
   Retail    Office/Industrial    Model Homes    Corporate and Other    Total  
                     
 Rental revenue  $206,439  $2,467,551  $915,521  $—  $3,589,511 
 Recovery revenue   56,439   386,479   —   —   442,918 
 Other operating revenue   400   62,362   (1,754)  31,747   92,755 
 Total revenues   263,278   2,916,392   913,767   31,747   4,125,184 
                     
 Rental operating costs   100,568   1,618,365   48,157   (154,448)  1,612,642 
 Net Operating Income (NOI)   162,710