Company: SQFTP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001437749-25-016828
Chunk: 71

Company: Presidio Property Trust, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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, the CODM looks at NOI as a whole when reviewing the segments.  For the Model Home segment, the properties are leased on a triple net basis and the tenants are responsible for a significant portion of the operating expenses.  Therefore, the CODM focuses on Model Home revenue, any impairments and the gain on sale of model homes.
    
   The CODM reviews on a regular basis the GAAP performance of each segment, including the significant segment expenses reported for GAAP shown in the table below. Our significant segment expenses include consolidated expense categories presented in our consolidated statements of operations, as well as rental operating costs.  This information is provided to the CODM and factors into the CODM’s decision making for company-wide strategy. The following tables compare the Company’s segment activity and to its results of GAAP operations and financial position as of and for the three months ended  March 31, 2025 and 2024, respectively.  The information for Corporate and Other are presented to reconcile back to the consolidated statement of operations, but is not considered a reportable segment as noted above.

       For the Three Months Ended March 31, 2025  
                     
   Retail    Office/Industrial    Model Homes    Corporate and Other    Total  
 Revenues:                     
 Rental income  $262,878  $2,854,030  $915,521  $—  $4,032,429 
 Fees and other income   400   62,362   (1,754)  31,747   92,755 
 Total revenue   263,278   2,916,392   913,767   31,747   4,125,184 
 Costs and expenses:                     
 Rental operating costs   100,568   1,618,365   48,157   (154,448)  1,612,642 
 General and administrative   —   16,850   229,961   1,415,167   1,661,978 
 Depreciation and amortization   31,689   999,169   212,012   1,234   1,244,104 
 Impairment of goodwill and real estate assets   —   —   26,943   —   26,943 
 Total costs and expenses