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

Company: Presidio Property Trust, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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 rental income during the current period, from the sale of our two commercial properties on February 7, 2025.  

Rental Operating Costs. Rental operating costs totaled approximately$1.5 million for the three months ended September 30, 2025, compared to approximately $1.6 million for the same period in 2024. Rental operating costs as a percentage of total revenue was approximately 34% for both the three months ended September 30, 2025 and 2024, respectively.  

General and Administrative Expenses. G&A expenses for the three months ended September 30, 2025 and 2024 totaled approximately $1.5 million and $1.6 million, respectively. G&A expenses as a percentage of total revenue was 34.6% and 34.5% for the three months ended September 30, 2025 and 2024, respectively.  G&A expenses for the three months ended September 30, 2025 decreased by approximately $0.2 million  partially related to a decrease in bonus expense totaling approximately $115,163 for executives and officers.  Additionally, stock compensations decreased by approximately $59,574.

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Depreciation and Amortization. Depreciation and amortization expense was approximately$1.2 million and $1.5 million for the three months ended September 30, 2025 and 2024, respectively, directly related to the decrease in commercial real estate rental income during the current period, from the sale of our two commercial properties on February 7, 2025. 

Asset Impairments. We review the carrying value of each of our real estate properties regularly to determine if circumstances indicate an impairment in the carrying value of these investments exists. During the three months ended September 30, 2025 and 2024, we recognized non-cash impairment charges of approximately $0.1 million related to four model home properties and approximately $0.7 million related to three model homes and one commercial property (Dakota Center).

Interest Expense - mortgage notes. Interest expense, including amortization of deferred finance charges was approximately $1.5 million for the three months ended September 30,