Company: SQFTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001437749-25-034461
Chunk: 51

Company: Presidio Property Trust, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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, Income Statement—Reporting Comprehensive, Income—Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses (“ASU 2024-03”).  This ASU is to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development).  The amendments in this ASU are effective for annual reporting periods beginning after  December 15, 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.

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   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,