Company: SQFTP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001437749-25-016828
Chunk: 13

Company: Presidio Property Trust, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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-cash impairment charges of approximately $26,943 related to two model homes properties and approximately $0.1 million related to four model homes, respectively, based on estimated selling prices.

Interest Expense - mortgage notes. Interest expense, including amortization of deferred finance charges was approximately $1.5 million for the three months ended March 31, 2025, compared to approximately $1.5 million for the same period in 2024. The weighted average interest rate on our outstanding debt was 5.83% and 5.23% as of March 31, 2025 and 2024, respectively.  Mortgage notes payable totaled approximately $94.4 million and $102.3 million as of March 31, 2025 and 2024, respectively.  The decrease in mortgage notes payable is a direct result of the sale of our two commercial properties during February 2025 and the change in the number of model homes.

       35

    Gain on Sale of Real Estate Assets, net.
     The change in gain or loss on the sale of real estate assets is dependent on the mix of properties sold
     and the market conditions at the time of the sale. S
    ee "Significant Transactions in 
    2025
     and 
    2024
    " above for further detail.

    Income allocated to non-controlling interests.
     Income allocated to non-controlling interests for the 
    three
     months ended 
    March 31, 2025
     and 
    2024
     totaled approximately $0.1 million 
    and $1.5 million, respectively.  This was directly related to the gain on sales of model homes held by 
    our affiliated limited partnerships.

    Loss on Conduit remeasurement. As of
    March 31, 2025 we held 29,431 shares of CDT, as a result of their 1-for-100 reverse stock split in January 2025, 709,000 public common stock warrants of CDTTW, and 540,000 private common stock warrants, with a combined value of approximately 
    $29,519.  Conduit's common stock (CDT) and public common stock warrants (CDTTW) and Private CDT Warrants presented on the consolidated balance