Company: SQFTP
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001437749-25-026786
Chunk: 102

Company: Presidio Property Trust, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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 of 2025, which will include a discount payoff for the non-recourse loan.  We also recorded an impairment charge of approximately $0.9 million, on our Shea Center II property, based on current market conditions, occupancy rates, and the estimated hold period of the property. 

Interest Expense - mortgage notes. Interest expense, including amortization of deferred finance charges was approximately $3.0 million for the six months ended June 30, 2025, compared to approximately $3.0 million for the same period in 2024. The weighted average interest rate on our outstanding debt was 5.90% and 5.38% as of June 30, 2025 and 2024, respectively.  Mortgage notes payable totaled approximately $95.4 million and $102.3 million as of June 30, 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.

       39

    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 
    six
     months ended 
    June 30, 2025
     and 
    2024
     totaled approximately $0.3 million 
    and $2.0 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
    June 30, 2025, we had sold our remaining 29,431 shares of CDT for $13,990, and held 709,000 public common stock warrants of CDTTW, and 540,000 private common stock warrants, with a combined value of approximately 
    $7,728.  Conduit's public common stock warrants (CDTTW) and Private CDT Warrants presented on the