Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 23

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 23
---
Industrial 

     65.2
     %

     65.6
     %

      Model Home 

     23.4
     %

     23.4
     %

      Retail 

     11.2
     %

     10.7
     %

      % of Total Real Estate Assets as of 

      Segment 
      
      12/31/2024 

      12/31/2023 

      Office/Industrial 

     58.3
     %

     53.7
     %

      Model Home 

     29.3
     %

     35.2
     %

      Retail 

     12.3
     %

     11.0
     %

Rental Operating Costs.  Rental operating costs were approximately $6.3 million for the year ended December 31, 2024 compared to approximately $6.0 million for the same period in 2023, an increase of approximately $0.3 million or 4.9%. Rental operating costs as a percentage of total revenue were 33.1% and 33.8% for the years ended December 31, 2024 and 2023, respectively, as office property expenses continue to increase, specifically insurance costs.  As of December 31, 2024 our model home assets made up 29% of our total real estate assets, which is down from 35% as of December 31, 2023, and our gross revenue from model home assets represented approximately 23.4% of our total revenue.  This percentage is expected to increase in 2025 as the percentage of our model home real estate assets has increased, with the sale of Union Town Center and Research Parkway in February 2025, which will reduce future rental income until those proceeds are reinvested but it will also reduce rental operating costs. The sale of our Dakota Center building will also reduce rental operating costs.

General and Administrative. General and administrative (“G&A”) expenses were approximately $7.5 million for the year ended December 31, 2024, compared to approximately $6.8 million for the same period in 2023, representing an increase of approximately $0.7 million or 10.8%. As a percentage of total revenue, our general and administrative costs were approximately 39.8% and 38.5% for the years ended December