Company: SQFTP
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001437749-25-026786
Chunk: 180

Company: Presidio Property Trust, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 180
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, respectively. The change in revenue is directly related to the decrease in commercial real estate rental income during the current period, from the sale of our two commercial properties on February 7, 2025.  

Rental Operating Costs. Rental operating costs totaled approximately$1.5 million for the three months ended June 30, 2025, compared to approximately $1.5 million for the same period in 2024. Rental operating costs as a percentage of total revenue was approximately 33% for both the three months ended June 30, 2025 and 2024, respectively.  We expect rental operating costs to go down in future quarters due to the sale of our retail properties UTC and Research Parkway during February 2025; however, if we purchase additional properties, our rental operating costs will increase. 

General and Administrative Expenses. G&A expenses for the three months ended June 30, 2025 and 2024 totaled approximately $1.2 million and $2.2 million, respectively. G&A expenses as a percentage of total revenue was 27.9% and 48.0% for the three months ended June 30, 2025 and 2024, respectively.  G&A expenses for the three months ended June 30, 2025 decreased by approximately $1.0 million  partially related to consulting fees in 2024 and additional legal fees related to Zuma Capital Management, LLC (Zuma Capital"), which was not repeated in 2025.  During the three months ended June 30, 2025, we also reduced our accrual for board fees by $130,000, as cash payments were replaced with stock compensation, and we reduced our accrual for income tax preparation fees.       

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Depreciation and Amortization. Depreciation and amortization expense was approximately$1.2 million and $1.4 million for the three months ended June 30, 2025 and 2024, respectively, directly related to the decrease in commercial real estate rental income during the current period, from the sale of our two commercial properties on February 7, 2025. 

Asset Impairments. We review the carrying value of each of our real estate properties