Company: SQFTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001437749-25-034461
Chunk: 131

Company: Presidio Property Trust, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 131
---
2026, and interim reporting periods beginning after  December 15, 2027. Early adoption is permitted.  In  January 2025, this was updated by ASU 2025-01—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date.  The amendment in this Update amends the effective date of Update 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after  December 15, 2026, and interim periods within annual reporting periods beginning after  December 15, 2027. Early adoption of Update 2024-03 is permitted.  We have not yet adopted ASU 2024-03 and are currently evaluating the impact on our financial statement disclosures.

       16

   3. RECENT REAL ESTATE TRANSACTIONS
    
   Acquisitions during the nine months ended  September 30, 2025: 
    
     • The Company acquired 22 model homes for approximately $9.4 million. The purchase price was paid through cash payments of approximately $2.8 million and mortgage notes of approximately $6.6 million.

   Acquisitions during the nine months ended  September 30, 2024: 
    
     •  The Company acquired 19 model homes for approximately $9.7 million. The purchase price was paid through cash payments of approximately $3.0 million and mortgage notes of approximately $6.7 million. 

   Dispositions during the nine months ended  September 30, 2025:
    
    •On  February 7, 2025, the Company sold two commercial properties, Union Town Center and Research Parkway, to a single buyer for approximately $15.9 million, net of selling costs, and recognized a net gain of approximately $4.5 million, net of closing costs. 
   
  • The Company sold 16 model homes for approximately $7.4 million, net of sales costs, and recognized a gain of approximately $0.6 million.

   Dispositions during the nine months ended  September 30, 2024: 
    
     •  The Company sold 46 model homes for approximately $22.3 million, net of sales costs, and recognized a gain of approximately $3.2