Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 1635

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7A
Chunk 1635
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   (10,636)  44,200   243,217 
 Total revenues   1,884,330   11,574,955   4,132,129   44,200   17,635,614 
                     
 Rental operating costs   537,389   5,901,042   156,493   (632,006)  5,962,918 
 Net Operating Income (NOI)   1,346,941   5,673,913   3,975,636   676,206   11,672,696 
                     
 Gain on Sale - Model Home   —   —   3,240,200   —   3,240,200 
 Impairment of Model Homes   —   —   (431,984)  —   (431,984)
                     
 Adjusted NOI  $1,346,941  $5,673,913  $6,783,852  $676,206  $14,480,912 

   Since a significant portion of the total operating expense for Retail and Office/Industrial are recouped as part of recovery revenue, the CODM looks at NOI as a whole when reviewing the segments.  For the Model Home segment, the properties are leased on a triple net basis and the tenants are responsible for a significant portion of the operating expenses.  Therefore the CODM focuses on Model Home revenue, any impairments and the gain on sale of model homes.
    
   The CODM reviews on a regular basis the GAAP performance of each segment, including the significant segment expenses reported for GAAP shown in the table below. Our significant segment expenses include consolidated expense categories presented in our consolidated statements of operations, as well as rental operating costs.  This information is provided to the CODM and factors into the CODM’s decision making for company-wide strategy. The following tables compare the Company’s segment activity and to its results of GAAP operations and financial position as of and for the years ended  December 31, 2024 and 2023, respectively.  The information for Corporate and Other are presented to reconcile back to the consolidated statement of operations, but is not considered a reportable segment as noted above.

       For the Year Ended December 31, 2024