v3.26.1
SEGMENTS
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Segment Reporting [Abstract]    
SEGMENTS

13. SEGMENTS

 

The Company’s reportable segments consist of three types of real estate properties for which the Company’s chief operating decision maker (CODM), which is our Chief Executive Officer, has the final decision when allocating capital and personnel to the various segments, internally evaluate operating performance and financial results: Office/Industrial Properties, Model Home Properties and Retail Properties. The Company also has certain corporate-level activities including accounting, finance, legal administration, and management information systems which are not considered separate operating segments. There is no material inter-segment activity.

 

 

The CODM evaluates the performance of our segments based upon an internal net operating income (“NOI”), which is a non-GAAP supplemental financial measure on a quarterly basis as disclosed in the 10-Qs and 10-Ks. We believe that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. The Company defines NOI for its segments as operating revenues (rental income, tenant reimbursements, parking income, and other operating income, net of provision for bad debt) less rental operating costs (property operating expenses, real estate taxes, insurance, utilities, repairs and maintenance, and asset management fees) excluding interest expense. NOI excludes certain items that are not considered to be controllable in connection with the management of an asset such as non-property income & expenses, depreciation & amortization, real estate acquisition fees & expenses, non-cash impairments and corporate general & administrative expenses. Quarterly, the Company reviews and tests for non-cash impairments, as required by GAAP, on all our properties (i.e., Office/Industrial Properties, Retail Properties, and Model Home Properties); however, the CODM does not consider those non-cash impairments when evaluating the segment’s cash operations and NOI.

 

The CODM uses NOI to evaluate and assess each segments’ performance and in deciding how to allocate resources. For Model Home performance, the CODM also includes the gain or loss on sale of real estate assets net of any impairments, because we believe that is a major component in the operating success of the segment and part of the business model for Model Homes. The gain on sale of model homes resulted in cash flows to the Company that the CODM can decide on how to allocate to future operations.

 

The following tables compare the Company’s segment activity and NOI and adjusted NOI for Model Home income to its results of operations and financial position as of and for the six months ended June 30, 2026 and 2025, respectively. The line items listed in the below NOI tables include the significant expense considered by the CODM for cash allocations on future investments. The Other Non-Segment & Consolidating Items represent corporate activity, the investment in Conduit, and other eliminating items for consolidation. The information for Corporate and Other are presented to reconcile back to the consolidated statement of operations, but is not considered a reportable segment. This includes the loss on Conduit marketable securities.

 

The following tables compare the Company’s segment activity to its results of operations and financial position as of and for the three and six months ended June 30, 2026, and June 30, 2025:

  

   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
   For the Three Months Ended June 30, 2026 
   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
                     
Rental revenue  $93,574   $2,448,222   $816,060   $—   $3,357,856 
Recovery revenue   -    398,512    —    —    398,512 
Other operating revenue   -    51,316    512    6,879    58,707 
Total revenues   93,574    2,898,050    816,572    6,879    3,815,075 
                          
Rental operating costs   5,261    1,323,387    42,064    (112,048)   1,258,664 
Net Operating Income (NOI)   88,313    1,574,663    774,508    118,927    2,556,411 
                          
Gain on Sale - Model Homes   —    —    (21,997)   —    (21,997)
Impairment of Model Homes   —    —    (144,688)   —    (144,688)
                          
Adjusted NOI  $88,313   $1,574,663   $607,823   $118,927   $2,389,726 

 

   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
   For the Three Months Ended June 30, 2025 
   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
                     
Rental revenue  $93,574   $2,452,956   $1,019,301   $—   $3,565,831 
Recovery revenue   -    715,922    —    —    715,922 
Other operating revenue   -    64,893    428    31,666    96,987 
Total revenues   93,574    3,233,771    1,019,729    31,666    4,378,740 
                          
Rental operating costs   4,824    1,549,497    49,940    (141,656)   1,462,605 
Net Operating Income (NOI)   88,750    1,684,274    969,789    173,322    2,916,135 
                          
Gain on Sale - Model Home   —    —    323,359    —    323,359 
Impairment of Model Homes   —    —    (90,769)   —    (90,769)
                          
Adjusted NOI  $88,750   $1,684,274   $1,202,379   $173,322   $3,148,725 

 

 

   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
   For the Six Months Ended June 30, 2026 
   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
                     
Rental revenue  $187,148   $4,682,717   $1,735,949   $—   $6,605,814 
Recovery revenue   -    834,598    —    —    834,598 
Other operating revenue   -    134,115    6,047    7,301    147,463 
Total revenues   187,148    5,651,430    1,741,996    7,301    7,587,875 
                          
Rental operating costs   10,093    2,954,224    90,941    (252,153)   2,803,105 
Net Operating Income (NOI)   177,055    2,697,206    1,651,055    259,454    4,784,770 
                          
Gain on Sale - Model Homes   —    —    150,099    —    150,099 
Impairment of Model Homes   —    —    (220,327)   —    (220,327)
                          
Adjusted NOI  $177,055   $2,697,206   $1,580,827   $259,454   $4,714,542 

 

   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
   For the Six Months Ended June 30, 2025 
   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
                     
Rental revenue  $300,013   $4,920,507   $1,934,822   $—   $7,155,342 
Recovery revenue   56,439    1,102,401    —    —    1,158,840 
Other operating revenue   400    127,255    (1,326)   63,414    189,743 
Total revenues   356,852    6,150,163    1,933,496    63,414    8,503,925 
                          
Rental operating costs   105,392    3,167,862    98,097    (296,103)   3,075,248 
Net Operating Income (NOI)   251,460    2,982,301    1,835,399    359,517    5,428,677 
                          
Gain on Sale - Model Home   —    —    564,258    —    564,258 
Impairment of Model Homes   —    —    (117,712)   —    (117,712)
                          
Adjusted NOI  $251,460   $2,982,301   $2,281,945   $359,517   $5,875,223 

 

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 for the three and six months ended June 30, 2026, and June 30, 2025, 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.

  

   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
   For the Three Months Ended June 30, 2026 
   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
Revenues:                    
Rental income  $93,574   $2,846,734   $816,060   $—   $3,756,368 
Fees and other income   -    51,316    512    6,879    58,707 
Total revenue   93,574    2,898,050    816,572    6,879    3,815,075 
Costs and expenses:                         
Rental operating costs   5,261    1,323,387    42,064    (112,048)   1,258,664 
General and administrative   —    20    225,959    1,115,318    1,341,297 
Depreciation and amortization   22,928    694,602    180,707    473    898,710 
Impairment of goodwill and real estate assets   —    2,833,462    144,688    —    2,978,150 
Total costs and expenses   28,189    4,851,471    593,418    1,003,743    6,476,821 
Other income (expense):                         
Interest expense - mortgage notes   (38,728)   (670,352)   (441,573)   (1,279)   (1,151,932)
Interest and other income, net   —    —    8    5,198    5,206 
Net loss in Conduit Pharmaceuticals marketable securities (see footnote 9)   —    —    —    5,743    5,743 
Gain on sales of real estate, net   —    —    (21,997)   —    (21,997)
Gain on disposition of assets and liabilities, net   —    —    —    —    - 
Income tax (expense) benefit   —    (2,000)   (3,630)   (21,000)   (26,630)
Total other income (expense), net   (38,728)   (672,352)   (467,192)   (11,338)   (1,189,610)
Net income (loss)   26,657    (2,625,773)   (244,038)   (1,008,202)   (3,851,356)
Less: Income attributable to noncontrolling interests   —    (11,438)   51,668    —    40,230 
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders  $26,657   $(2,637,211)  $(192,370)  $(1,008,202)  $(3,811,126)

 

   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
   For the Three Months Ended June 30, 2025 
   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
Revenues:                         
Rental income  $93,574   $3,168,878   $1,019,301   $—   $4,281,753 
Fees and other income   -    64,893    428    31,666    96,987 
Total revenue   93,574    3,233,771    1,019,729    31,666    4,378,740 
Costs and expenses:                         
Rental operating costs   4,824    1,549,497    49,940    (141,656)   1,462,605 
General and administrative   —    —    187,935    1,035,723    1,223,658 
Depreciation and amortization   22,928    955,575    231,954    1,234    1,211,691 
Impairment of goodwill and real estate assets   —    4,226,620    90,769    —    4,317,389 
Total costs and expenses   27,752    6,731,692    560,598    895,301    8,215,343 
Other income (expense):                         
Interest expense - mortgage notes   (39,942)   (921,953)   (514,636)   (1,339)   (1,477,870)
Interest and other income, net   —    —    8    5,198    5,206 
Net gain in Conduit Pharmaceuticals marketable securities (see footnote 9)   —    —    —    (7,802)   (7,802)
Gain on sales of real estate, net   —    —    323,359    —    323,359 
Income tax (expense) benefit   —    —    (30,310)   (23,600)   (53,910)
Total other income (expense), net   (39,942)   (921,953)   (221,579)   (27,543)   (1,211,017)
Net income (loss)   25,880    (4,419,874)   237,552    (891,178)   (5,047,620)
Less: Income attributable to noncontrolling interests   —    (11,655)   (217,250)   —    (228,905)
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders  $25,880   $(4,431,529)  $20,302   $(891,178)  $(5,276,525)

 

 

   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
   For the Six Months Ended June 30, 2026 
   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
Revenues:                         
Rental income  $187,148   $5,517,315   $1,735,949   $—   $7,440,412 
Fees and other income   —    134,115    6,047    7,301    147,463 
Total revenue   187,148    5,651,430    1,741,996    7,301    7,587,875 
Costs and expenses:                         
Rental operating costs   10,093    2,954,224    90,941    (252,153)   2,803,105 
General and administrative   —    17,519    452,842    2,544,759    3,015,120 
Depreciation and amortization   45,856    1,478,878    371,998    947    1,897,679 
Impairment of goodwill and real estate assets   —    3,282,197    220,326    —    3,502,523 
Total costs and expenses   55,949    7,732,818    1,136,107    2,293,553    11,218,427 
Other income (expense):                         
Interest expense - mortgage notes   (81,845)   (2,213,435)   (904,131)   (2,595)   (3,202,006)
Interest and other income, net   —    —    15    10,340    10,355 
Net loss in Conduit Pharmaceuticals marketable securities (see footnote 9)   —    —    —    7,728    7,728 
Gain on sales of real estate, net   —    —    150,099    —    150,099 
Gain on disposition of assets and liabilities, net   —    3,416,501    —    —    3,416,501 
Income tax (expense) benefit   —    (2,000)   (19,287)   (23,400)   (44,687)
Total other income (expense), net   (81,845)   1,201,066    (773,304)   (7,927)   337,990 
Net income (loss)   49,354    (880,322)   (167,415)   (2,294,179)   (3,292,562)
Less: Income attributable to noncontrolling interests   —    (9,385)   (68,270)   —    (77,655)
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders  $49,354   $(889,707)  $(235,685)  $(2,294,179)  $(3,370,217)

 

   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
   For the Six Months Ended June 30, 2025 
   Retail   Office/Industrial   Model Homes   Corporate and Other   Total 
Revenues:                         
Rental income  $356,452   $6,022,908   $1,934,822   $—   $8,314,182 
Fees and other income   400    127,255    (1,326)   63,414    189,743 
Total revenue   356,852    6,150,163    1,933,496    63,414    8,503,925 
Costs and expenses:                         
Rental operating costs   105,392    3,167,862    98,097    (296,103)   3,075,248 
General and administrative   —    16,850    417,895    2,450,889    2,885,634 
Depreciation and amortization   54,617    1,954,744    443,967    2,468    2,455,796 
Impairment of goodwill and real estate assets   —    4,226,620    117,712    —    4,344,332 
Total costs and expenses   160,009    9,366,076    1,077,671    2,157,254    12,761,010 
Other income (expense):                         
Interest expense - mortgage notes   (198,039)   (1,813,284)   (974,346)   (2,672)   (2,988,341)
Interest and other income, net   —    —    15    10,339    10,354 
Net gain in Conduit Pharmaceuticals marketable securities (see footnote 9)   —    —    —    (184,459)   (184,459)
Gain on sales of real estate, net   4,213,068    —    564,259    —    4,777,327 
Income tax (expense) benefit   —    —    (52,481)   23,980    (28,501)
Total other income (expense), net   4,015,029    (1,813,284)   (462,553)   (152,812)   1,586,380 
Net income (loss)   4,211,872    (5,029,197)   393,272    (2,246,652)   (2,670,705)
Less: Income attributable to noncontrolling interests   —    (29,614)   (310,854)   —    (340,468)
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders  $4,211,872   $(5,058,811)  $82,418   $(2,246,652)  $(3,011,173)

 

SCHEDULE OF RECONCILIATION OF ASSET BY SEGMENT 

Assets by Reportable Segment:  June 30, 2026   December 31, 2025 
Office/Industrial Properties:          
Land, buildings and improvements, net (1)  $58,357,566   $67,445,290 
Total assets (2)  $66,450,387   $68,980,087 
Model Home Properties:          
Land, buildings and improvements, net (1)  $32,185,582   $36,688,462 
Total assets (2)  $32,091,087   $37,301,777 
Retail Properties:          
Land, buildings and improvements, net (1)  $4,462,995   $4,508,851 
Total assets (2)  $4,633,481   $4,669,852 
Reconciliation to Total Assets:          
Total assets for reportable segments  $103,174,955   $110,951,716 
Corporate and other assets:          
Cash, cash equivalents and restricted cash   248,834    173,621 
Other assets, net   3,234,967    10,927,537 
Total Assets  $106,658,756   $122,052,874 

 

(1) Includes lease intangibles.

 

(2) Includes land, buildings and improvements, cash, cash equivalents, and restricted cash, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis.

 

 

Capital Expenditures by Reportable Segment  2026   2025 
   For the Six Months Ended June 30, 
Capital Expenditures by Reportable Segment  2026   2025 
Office/Industrial Properties:          
Capital expenditures and tenant improvements, office  $379,206   $360,708 
Model Home Properties:          
Acquisition of operating properties, model home   —    4,270,192 
Totals:          
Acquisition of operating properties, net   —    4,270,192 
Capital expenditures and tenant improvements   379,206    360,708 
Total real estate investments  $379,206   $4,630,900 

 

13. SEGMENTS

 

The Company’s reportable segments consist of three types of real estate properties for which the Company’s chief operating decision maker (CODM), which is our Chief Executive Officer (“CEO”), as the CEO has the final decision when allocating capital and personnel to the various segments, internally evaluate operating performance and financial results: Office/Industrial Properties, Model Home Properties and Retail Properties. The Company also has certain corporate-level activities including accounting, finance, legal administration, and management information systems which are not considered separate operating segments. There is no material inter-segment activity.

 

The CODM evaluates the performance of our segments based upon an internal net operating income (“NOI”), which is a non-GAAP supplemental financial measure on a quarterly basis as disclosed in the 10-Qs and 10-Ks. We believe that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. The Company defines NOI for its segments as operating revenues (rental income, tenant reimbursements, parking income, and other operating income, net of provision for bad debt) less rental operating costs (property operating expenses, real estate taxes, insurance, utilities, repairs and maintenance, and asset management fees) excluding interest expense. NOI excludes certain items that are not considered to be controllable in connection with the management of an asset such as non-property income & expenses, depreciation & amortization, real estate acquisition fees & expenses, non-cash impairments and corporate general & administrative expenses. Quarterly the Company reviews and test for non-cash impairments, as required by GAAP, on all our properties (i.e. Office/Industrial Properties, Retail Properties, and Model Home Properties); however, the CODM does not consider those non-cash impairments with evaluating the segment’s cash operations and NOI.

 

The CODM uses NOI to evaluate and assess each segments’ performance and in deciding how to allocate resources. For Model Home performance the CODM also includes the gain or loss on sale of real estate assets net of any impairments, because we believe that is a major component in the operating success of the segment and part of the business model for Model Homes. The gain on sale of model homes resulted in cash flows to the Company that the CODM can decide on how to allocate to future operations.

 

The following tables compare the Company’s segment activity and NOI and adjusted NOI for Model Home income to its results of operations and financial position as of and for the years ended December 31, 2025 and 2024, respectively. The line items listed in the below NOI tables include the significant expense considered by the CODM for cash allocations on future investments. The Other Non-Segment & Consolidating Items represent corporate activity, the investment in Conduit Pharmaceutical, and other eliminating items for consolidation. The information for Corporate and Other are presented to reconcile back to the consolidated statement of operations, but is not considered a reportable segment. This includes the loss on Conduit marketable securities.

 

 

The following tables compare the Company’s segment activity to its results of operations and financial position as of and for years ended December 31, 2025, and 2024:

 

    Retail     Office/Industrial     Model Homes     Corporate and Other     Total  
    For the Year Ended December 31, 2025  
                                         
    Retail     Office/Industrial     Model Homes     Corporate and Other     Total  
                                         
Rental revenue   $ 487,161     $ 9,585,303     $ 3,952,162     $ —     $ 14,024,626  
Recovery revenue     56,439       2,389,853       —       —       2,446,292  
Other operating revenue     400       257,414       5,776       80,200       343,790  
Total revenues     544,000       12,232,570       3,957,938       80,200       16,814,708  
                                         
Rental operating costs     115,047       6,423,862       212,817       (593,674 )     6,158,052  
Net Operating Income (NOI)     428,953       5,808,708       3,745,121       673,874       10,656,656  
                                         
Gain on Sale - Model Homes     —       —       950,434       —       950,434  
Impairment of Model Homes     —       —       (339,609 )     —       (339,609 )
                                         
Adjusted NOI   $ 428,953     $ 5,808,708     $ 4,355,946     $ 673,874     $ 11,267,481  

 

    Retail     Office/Industrial     Model Homes     Corporate and Other     Total  
    For the Year Ended December 31, 2024  
                                         
    Retail     Office/Industrial     Model Homes     Corporate and Other     Total  
                                         
Rental revenue   $ 1,595,464     $ 9,778,458     $ 4,368,169     $ —     $ 15,742,091  
Recovery revenue     463,158       2,318,564       —       —       2,781,722  
Other operating revenue     62,041       241,530       68,084       29,807       401,462  
Total revenues     2,120,663       12,338,552       4,436,253       29,807       18,925,275  
                                         
Rental operating costs     608,667       6,136,564       171,621       (660,775 )     6,256,077  
Net Operating Income (NOI)     1,511,996       6,201,988       4,264,632       690,582       12,669,198  
                                         
Gain on Sale - Model Home     —       —       3,426,572       —       3,426,572  
Impairment of Model Homes     —       —       (406,374 )     —       (406,374 )
                                         
Adjusted NOI   $ 1,511,996     $ 6,201,988     $ 7,284,830     $ 690,582     $ 15,689,396  

 

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, 2025 and 2024, 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.

 

 

    Retail     Office/Industrial     Model Homes     Corporate and Other     Total  
    For the Year Ended December 31, 2025  
                                         
    Retail     Office/Industrial     Model Homes     Corporate and Other     Total  
Revenues:                                        
Rental income   $ 543,600     $ 11,975,156     $ 3,952,162     $ —     $ 16,470,918  
Fees and other income     400       257,414       5,776       80,200       343,790  
Total revenue     544,000       12,232,570       3,957,938       80,200       16,814,708  
Costs and expenses:                                        
Rental operating costs     115,047       6,423,862       212,817       (593,674 )     6,158,052  
General and administrative     —       19,195       813,705       4,871,930       5,704,830  
Depreciation and amortization     100,472       3,910,547       846,818       4,430       4,862,267  
Impairment of goodwill and real estate assets     —       6,031,828       339,609       72,000       6,443,437  
Total costs and expenses     215,519       16,385,432       2,212,949       4,354,686       23,168,586  
Other income (expense):                                        
Interest expense - mortgage notes     (276,961 )     (3,757,328 )     (2,010,791 )     (5,357 )     (6,050,437 )
Interest and other income, net     —       —       (13,735 )     34,616       20,881  
Net loss in Conduit Pharmaceuticals marketable securities (see footnote 9)     —       —       —       (188,287 )     (188,287 )
Gain on sales of real estate, net     4,494,358       —       950,434       —       5,444,792  
Income tax (expense) benefit     —       (9,600 )     (60,875 )     (392,695 )     (463,170 )
Total other income, net     4,217,397       (3,766,928 )     (1,134,967 )     (551,723 )     (1,236,221 )
Net income (loss)     4,545,878       (7,919,790 )     610,022       (4,826,209 )     (7,590,099 )
Less: Income attributable to noncontrolling interests     —       (47,710 )     (637,876 )     —       (685,586 )
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders   $ 4,545,878     $ (7,967,500 )   $ (27,854 )   $ (4,826,209 )   $ (8,275,685 )

 

    Retail     Office/Industrial     Model Homes     Corporate and Other     Total  
    For the Year Ended December 31, 2024  
                                         
    Retail     Office/Industrial     Model Homes     Corporate and Other     Total  
Revenues:                                        
Rental income   $ 2,058,622     $ 12,097,022     $ 4,368,169     $ —     $ 18,523,813  
Fees and other income     62,041       241,530       68,084       29,807       401,462  
Total revenue     2,120,663       12,338,552       4,436,253       29,807       18,925,275  
Costs and expenses:                                        
Rental operating costs     608,667       6,136,564       171,621       (660,775 )     6,256,077  
General and administrative     —       2,330       820,217       6,704,128       7,526,675  
Depreciation and amortization     394,461       4,154,769       952,627       13,661       5,515,518  
Impairment of goodwill and real estate assets     —       1,377,937       406,374       185,000       1,969,311  
Total costs and expenses     1,003,128       11,671,600       2,350,839       6,242,014       21,267,581  
Other income (expense):                                        
Interest expense - mortgage notes     (577,761 )     (3,457,360 )     (2,009,641 )     (5,434 )     (6,050,196 )
Interest and other income, net     —       (171,734 )     (23,890 )     44,268       (151,356 )
Net gain in Conduit Pharmaceuticals marketable securities (see footnote 9)     —       —       —       (17,925,723 )     (17,925,723 )
Gain on sales of real estate, net     —       —       3,426,572       —       3,426,572  
Income tax (expense) benefit     —       —       (55,543 )     (5,312 )     (60,855 )
Total other income, net     (577,761 )     (3,629,094 )     1,337,498       (17,892,201 )     (20,761,558 )
Net income (loss)     539,774       (2,962,142 )     3,422,912       (24,104,408 )     (23,103,864 )
Less: Income attributable to noncontrolling interests     —       (86,686 )     (2,437,979 )     —       (2,524,665 )
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders   $ 539,774     $ (3,048,828 )   $ 984,933     $ (24,104,408 )   $ (25,628,529 )

 

SCHEDULE OF RECONCILIATION OF ASSET BY SEGMENT 

    December 31,     December 31,  
Assets by Reportable Segment:   2025     2024  
Office/Industrial Properties:                
Land, buildings and improvements, net (1)   $ 67,445,290     $ 74,425,180  
Total assets (2)   $ 68,980,087     $ 76,292,662  
Model Home Properties:                
Land, buildings and improvements, net (1)   $ 36,688,462     $ 37,416,000  
Total assets (2)   $ 37,301,777     $ 38,166,964  
Retail Properties:                
Land, buildings and improvements, net (1)   $ 4,508,851     $ 15,743,789  
Total assets (2)   $ 4,669,852     $ 16,673,605  
Reconciliation to Total Assets:                
Total assets for reportable segments   $ 110,951,716     $ 131,133,231  
Corporate and other assets:                
Cash, cash equivalents and restricted cash   $ 173,621       564,922  
Other assets, net   $ 10,927,537       10,871,497  
Total Assets   $ 122,052,874     $ 142,569,650  

 

(1) Includes lease intangibles.
(2) Includes land, buildings and improvements, cash, cash equivalents, and restricted cash, current receivables, deferred rent receivables and deferred leasing costs and other related intangible assets, all shown on a net basis.

 

Capital Expenditures by Reportable Segment   2025     2024  
    For the Year Ended December 31,  
Capital Expenditures by Reportable Segment   2025     2024  
Office/Industrial Properties:                
Capital expenditures and tenant improvements, office   $ 2,513,488     $ 2,044,704  
Model Home Properties:                
Acquisition of operating properties, model home     9,444,465       9,729,351  
Retail Properties:                
Capital expenditures and tenant improvements, retail     —       217,121  
Totals:                
Acquisition of operating properties, net     9,444,465       9,729,351  
Capital expenditures and tenant improvements     2,513,488       2,261,825  
Total real estate investments   $ 11,957,953     $ 11,991,176