Company: SQFTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001437749-25-034461
Chunk: 55

Company: Presidio Property Trust, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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third party tenants who fit into our long-term plans, however, there is no guarantee we will be successful in signing new tenants.  During the three months ended  September 30, 2025, we have reassessed the value of the property and recorded an impairment charge of approximately $0.9 million.   
 (5)  A portion of the proceeds from the sale of Highland Court were used in like-kind exchange transactions pursued under Section 1031 of the Code for the acquisition of our Mandolin property. Mandolin is owned by NetREIT Palm Self-Storage LP, through its wholly owned subsidiary, NetREIT Highland LLC, and the Company is the sole general partner and owns 61.3% of NetREIT Palm Self-Storage LP.   
 (6)  Includes Model Homes listed as held for sale as of  September 30, 2025 and  December 31, 2024.  During the three and nine months ended  September 30, 2025, we recorded an impairment charge for model homes totaling $0.1 million and $0.2 million, respective, which reflects the estimated sales prices for these specific model homes.  The short hold period, less than two years, and the builder changing their model style after we purchased the homes, contributed to the lower than expected sales price. 

   For the three and nine months ended  September 30, 2025, depreciation expense totaled approximately $1.1 million and $3.3 million, respectively. For the three and nine months ended  September 30, 2024, depreciation expense totaled approximately $1.3 million and $3.8 million, respectively.    

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   5. LEASE INTANGIBLES
    
   The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset:

       September 30, 2025    December 31, 2024  
   Lease Intangibles    Accumulated Amortization    Lease Intangibles, net    Lease Intangibles    Accumulated Amortization    Lease Intangibles, net  
 In-place leases  $2,377,414  $(2,374,285) $3,129  $2,515,264