Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 442

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 442
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M does not consider those non-cash impairments with evaluating the segment’s cash operations and NOI.
    
   The CODM uses NOI 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 they 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 years ended  December 31, 2024 and 2023, 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.

       For the Year Ended December 31, 2024  
                     
   Retail    Office/Industrial    Model Homes    Corporate and Other    Total  
                     
 Rental revenue  $1,595,464  $9,778,458  $4,368,169  $—  $15,742,091 
 Recovery revenue   463,158   2,318,564   —   —   2,781,722 
 Other operating revenue   62,041   241,530   68,084   29,807   401,462 
 Total revenues   2,120,663   12,338,552   4,436,253   29,807   18,925,275 
                     
 Rental operating costs   608,667   6,136,564   171,621   (660,775)  6,256,077 
 Net Operating Income (NOI)   1,511,996   6,201,988   4,