Company: SQFTP
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001437749-25-026786
Chunk: 81

Company: Presidio Property Trust, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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 Impairment of Model Homes   —   —   (90,769)  —   (90,769)
                     
 Adjusted NOI  $88,750  $1,684,274  $1,202,379  $173,322  $3,148,725 

       For the Three Months Ended June 30, 2024  
                     
   Retail    Office/Industrial    Model Homes    Corporate and Other    Total  
                     
 Rental revenue  $390,812  $2,408,910  $1,107,631  $—  $3,907,353 
 Recovery revenue   84,441   482,404   —   —   566,845 
 Other operating revenue   600   59,703   47,784   4,256   112,343 
 Total revenues   475,853   2,951,017   1,155,415   4,256   4,586,541 
                     
 Rental operating costs   156,640   1,462,471   41,706   (168,322)  1,492,495 
 Net Operating Income (NOI)   319,213   1,488,546   1,113,709   172,578   3,094,046 
                     
 Gain on Sale - Model Home   —   —   811,903   —   811,903 
 Impairment of Model Homes   —   —   (101,245)  —   (101,245)
                     
 Adjusted NOI  $319,213  $1,488,546  $1,824,367  $172,578  $3,804,704 

   Since a significant portion of the total operating expense for Retail and Office/Industrial are recouped as part of recovery revenue, 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