Company: SQFTP
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001437749-25-026786
Chunk: 59

Company: Presidio Property Trust, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 LP.   
 (7)  Includes Model Homes listed as held for sale as of  June 30, 2025 and  December 31, 2024.  During the three and six months ended  June 30, 2025, we recorded an impairment charge for model homes totaling $0.1 million, 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 six months ended  June 30, 2025, depreciation expense totaled approximately $1.1 million and $2.2 million, respectively. For the three and six months ended  June 30, 2024, depreciation expense totaled approximately $1.2 million and $2.4 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:

       June 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  $(2,371,840) $5,574  $2,515,264  $(2,504,799) $10,465 
 Leasing costs   1,098,117   (1,092,677)  5,440   1,261,390   (1,252,078)  9,312 
 Above-market leases   —   —   —   333,485   (333,485)  — 
  $3,475,531  $(3,464,517) $11,014  $4,110,139  $(4,090,362) $19,777 

   At  June 30, 2025 and  December 31, 2024, there were no gross lease intangible assets and accumulated amortization related to