Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 417

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 417
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 sale, net on the consolidated balance sheet as of
           December 31, 2024.  The sale of UTC and Research Parkway took place in
           February 2025, to a single buyer for a combined sales price of
          $16.95 million, and the Company recorded a combined gain of approximately
          $4.0 million.

(5)

           During the year ended
           December 31, 2023, we recorded a
          $2.0 million impairment charge for One Park Center that reflects management’s revised estimate of the fair market value based on sales comparable of like properties in the same geographical area as well as an evaluation of future cash flows or an executed purchase sale agreement.  
          No additional impairment was deemed necessary during the year ended
           December 31, 2024. 

(6)

           On
           December 31, 2022, the lease for our largest tenant, Halliburton, expired.  Halliburton was located in our Shea Center II property in Colorado, and made up approximately
          $536,080 of our annual base rent.  Halliburton did
          not renew the lease and we placed approximately
          $1.1 million in a reserve account with our lender to cover future mortgage payments, if necessary,
          none of which has been used as of
           December 31, 2024.

(7)

           A portion of the proceeds from the sale of Highland Court were used in like-kind exchange transactions pursued under Section
          1031 of the Code for the acquisition of our Mandolin property. Mandolin is owned by NetREIT Palm Self-Storage LP, through its wholly owned subsidiary NetREIT Highland LLC, and the Company is the sole general partner and owns
          61.3% of NetREIT Palm Self-Storage LP.

(8)Includes Model Homes listed as held for sale as of  December 31, 2024.  During the year ended  December 31, 2024, we recorded an impairment charge for model homes totaling $0.4 million, which reflects the estimated sales prices for these specific model homes.  The short hold period, less than two years, and the builder changing their model style after we purchased the homes, contributed to the lower than expected sales price.

   For the years ended  December 31, 2024 and 2023, depreciation