Company: SQFTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001437749-25-034461
Chunk: 78

Company: Presidio Property Trust, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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 (169,119)  1,598,015 
 Net Operating Income (NOI)   371,095   1,597,956   964,618   191,690   3,125,359 
                     
 Gain on Sale - Model Home   —   —   361,151   —   361,151 
 Impairment of Model Homes   —   —   (41,656)  —   (41,656)
                     
 Adjusted NOI  $371,095  $1,597,956  $1,284,113  $191,690  $3,444,854 

   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 on sale of model homes.
    
   The CODM reviews on a regular basis the GAAP performance of each segment, including the significant segment expenses reported for GAAP shown in the table below. Our significant segment expenses include consolidated expense categories presented in our consolidated statements of operations, as well as rental operating costs.  This information is provided to the CODM and factors into the CODM’s decision making for company-wide strategy. The following tables compare the Company’s segment activity and to its results of GAAP operations and financial position for the nine months ended  September 30, 2025 and 2024, respectively.  The information for Corporate and Other are presented to reconcile back to the consolidated statement of operations, but is not considered a reportable segment as noted above.

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       For the Nine Months Ended September 30, 2025  
                     
   Retail    Office/Industrial    Model Homes    Corporate and Other    Total  
 Revenues:                     
 Rental income  $450,026  $9,002,277  $2,970,745  $—  $12,423,048 
 Fees and other income   400   191,705   5,776   79