XML 29 R19.htm IDEA: XBRL DOCUMENT v3.25.3

Note 13 - Segments

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

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 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 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 nine months ended September 30, 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, 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 nine months ended September 30, 2025, and September 30, 2024:

		For the Nine Months Ended September 30, 2025
		Retail				Office/Industrial				Model Homes				Corporate and Other				Total
Rental revenue		$	393,587			$	7,292,655			$	2,970,745			$	—			$	10,656,987
Recovery revenue			56,439				1,709,622				—				—				1,766,061
Other operating revenue			400				191,705				5,776				79,137				277,018
Total revenues			450,426				9,193,982				2,976,521				79,137				12,700,066
Rental operating costs			110,219				4,795,036				146,840				(442,285	)			4,609,810
Net Operating Income (NOI)			340,207				4,398,946				2,829,681				521,422				8,090,256
Gain on Sale - Model Homes			—				—				583,944				—				583,944
Impairment of Model Homes			—				—				(200,625	)			—				(200,625	)
Adjusted NOI		$	340,207			$	4,398,946			$	3,213,000			$	521,422			$	8,473,575

		For the Nine Months Ended September 30, 2024
		Retail				Office/Industrial				Model Homes				Corporate and Other				Total
Rental revenue		$	1,173,121			$	7,336,211			$	3,359,054			$	—			$	11,868,386
Recovery revenue			304,261				1,582,093				—				—				1,886,354
Other operating revenue			63,774				180,287				68,147				33,028				345,236
Total revenues			1,541,156				9,098,591				3,427,201				33,028				14,099,976
Rental operating costs			437,415				4,596,133				121,151				(500,612	)			4,654,087
Net Operating Income (NOI)			1,103,741				4,502,458				3,306,050				533,640				9,445,889
Gain on Sale - Model Home			—				—				3,191,149				—				3,191,149
Impairment of Model Homes			—				—				(238,449	)			—				(238,449	)
Adjusted NOI		$	1,103,741			$	4,502,458			$	6,258,750			$	533,640			$	12,398,589

		For the Three Months Ended September 30, 2025
		Retail				Office/Industrial				Model Homes				Corporate and Other				Total
Rental revenue		$	93,574			$	2,372,147			$	1,035,923			$	—			$	3,501,644
Recovery revenue			—				607,222				—				—				607,222
Other operating revenue			—				64,450				7,103				15,723				87,276
Total revenues			93,574				3,043,819				1,043,026				15,723				4,196,142
Rental operating costs			4,828				1,627,174				48,743				(146,182	)			1,534,563
Net Operating Income (NOI)			88,746				1,416,645				994,283				161,905				2,661,579
Gain on Sale - Model Homes			—				—				19,685				—				19,685
Impairment of Model Homes			—				—				(82,913	)			—				(82,913	)
Adjusted NOI		$	88,746			$	1,416,645			$	931,055			$	161,905			$	2,598,351

		For the Three Months Ended September 30, 2024
		Retail				Office/Industrial				Model Homes				Corporate and Other				Total
Rental revenue		$	399,425			$	2,563,160			$	1,007,591			$	—			$	3,970,176
Recovery revenue			111,890				558,750				—				—				670,640
Other operating revenue			600				64,145				(4,758	)			22,571				82,558
Total revenues			511,915				3,186,055				1,002,833				22,571				4,723,374
Rental operating costs			140,820				1,588,099				38,215				(169,119	)			1,598,015
Net Operating Income (NOI)			371,095				1,597,956				964,618				191,690				3,125,359
Gain on Sale - Model Home			—				—				361,151				—				361,151
Impairment of Model Homes			—				—				(41,656	)			—				(41,656	)
Adjusted NOI		$	371,095			$	1,597,956			$	1,284,113			$	191,690			$	3,444,854

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 nine months ended September 30, 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.

		For the Nine Months Ended September 30, 2025
		Retail				Office/Industrial				Model Homes				Corporate and Other				Total
Revenues:
Rental income		$	450,026			$	9,002,277			$	2,970,745			$	—			$	12,423,048
Fees and other income			400				191,705				5,776				79,137				277,018
Total revenue			450,426				9,193,982				2,976,521				79,137				12,700,066
Costs and expenses:
Rental operating costs			110,219				4,795,036				146,840				(442,285	)			4,609,810
General and administrative			—				17,095				592,160				3,726,442				4,335,697
Depreciation and amortization			77,545				2,942,345				667,842				3,703				3,691,435
Impairment of goodwill and real estate assets			—				4,226,620				200,625				—				4,427,245
Total costs and expenses			187,764				11,981,096				1,607,467				3,287,860				17,064,187
Other income (expense):
Interest expense - mortgage notes			(237,802	)			(2,745,509	)			(1,500,101	)			(4,003	)			(4,487,415	)
Interest and other income, net			—				—				23				15,595				15,618
Net loss in Conduit Pharmaceuticals marketable securities (see footnote 9)			—				—				—				(184,672	)			(184,672	)
Gain on sales of real estate, net			4,494,358				—				583,944				—				5,078,302
Income tax (expense) benefit			—				—				(37,610	)			23,980				(13,630	)
Total other income (expense), net			4,256,556				(2,745,509	)			(953,744	)			(149,100	)			408,203
Net income (loss)			4,519,218				(5,532,623	)			415,310				(3,357,823	)			(3,955,918	)
Less: Income attributable to noncontrolling interests			—				(39,392	)			(306,711	)			—				(346,103	)
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders		$	4,519,218			$	(5,572,015	)		$	108,599			$	(3,357,823	)		$	(4,302,021	)

		For the Nine Months Ended September 30, 2024
		Retail				Office/Industrial				Model Homes				Corporate and Other				Total
Revenues:
Rental income		$	1,477,382			$	8,918,304			$	3,359,054			$	—			$	13,754,740
Fees and other income			63,774				180,287				68,147				33,028				345,236
Total revenue			1,541,156				9,098,591				3,427,201				33,028				14,099,976
Costs and expenses:
Rental operating costs			437,415				4,596,133				121,151				(500,612	)			4,654,087
General and administrative			—				460				617,215				5,299,611				5,917,286
Depreciation and amortization			359,730				3,049,455				736,658				12,427				4,158,270
Impairment of goodwill and real estate assets			—				655,490				238,449				—				893,939
Total costs and expenses			797,145				8,301,538				1,713,473				4,811,426				15,623,582
Other income (expense):
Interest expense - mortgage notes			(434,228	)			(2,554,415	)			(1,521,931	)			(4,005	)			(4,514,579	)
Interest and other income, net			—				—				23				15,093				15,116
Net gain in Conduit Pharmaceuticals marketable securities (see footnote 9)			—				—				—				(17,821,437	)			(17,821,437	)
Gain on sales of real estate, net			—				—				3,191,149				—				3,191,149
Income tax (expense) benefit			—				—				(145,847	)			(21,649	)			(167,496	)
Total other income (expense), net			(434,228	)			(2,554,415	)			1,523,394				(17,831,998	)			(19,297,247	)
Net income (loss)			309,783				(1,757,362	)			3,237,122				(22,610,396	)			(20,820,853	)
Less: Income attributable to noncontrolling interests			—				(73,164	)			(2,255,222	)			—				(2,328,386	)
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders		$	309,783			$	(1,830,526	)		$	981,900			$	(22,610,396	)		$	(23,149,239	)

		For the Three Months Ended September 30, 2025
		Retail				Office/Industrial				Model Homes				Corporate and Other				Total
Revenues:
Rental income		$	93,574			$	2,979,369			$	1,035,923			$	—			$	4,108,866
Fees and other income			—				64,450				7,103				15,723				87,276
Total revenue			93,574				3,043,819				1,043,026				15,723				4,196,142
Costs and expenses:
Rental operating costs			4,828				1,627,174				48,743				(146,182	)			1,534,563
General and administrative			—				245				174,265				1,275,551				1,450,061
Depreciation and amortization			22,928				987,602				223,876				1,234				1,235,640
Impairment of goodwill and real estate assets			—				—				82,913				—				82,913
Total costs and expenses			27,756				2,615,021				529,797				1,130,603				4,303,177
Other income (expense):
Interest expense - mortgage notes			(39,762	)			(932,226	)			(525,755	)			(1,332	)			(1,499,075	)
Interest and other income, net			—				—				8				5,255				5,263
Net loss in Conduit Pharmaceuticals marketable securities (see footnote 9)			—				—				—				(212	)			(212	)
Gain on sales of real estate, net			281,290				—				19,685				—				300,975
Income tax (expense) benefit			—				—				14,871				—				14,871
Total other income (expense), net			241,528				(932,226	)			(491,191	)			3,711				(1,178,178	)
Net income (loss)			307,346				(503,428	)			22,038				(1,111,169	)			(1,285,213	)
Less: Income attributable to noncontrolling interests			—				(9,777	)			4,142				—				(5,635	)
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders		$	307,346			$	(513,205	)		$	26,180			$	(1,111,169	)		$	(1,290,848	)

		For the Three Months Ended September 30, 2024
		Retail				Office/Industrial				Model Homes				Corporate and Other				Total
Revenues:
Rental income		$	511,315			$	3,121,910			$	1,007,591			$	—			$	4,640,816
Fees and other income			600				64,145				(4,758	)			22,571				82,558
Total revenue			511,915				3,186,055				1,002,833				22,571				4,723,374
Costs and expenses:
Rental operating costs			140,820				1,588,099				38,215				(169,119	)			1,598,015
General and administrative			—				460				172,544				1,456,915				1,629,919
Depreciation and amortization			121,852				1,111,382				219,489				3,159				1,455,882
Impairment of goodwill and real estate assets			—				655,490				41,656				—				697,146
Total costs and expenses			262,672				3,355,431				471,904				1,290,955				5,380,962
Other income (expense):
Interest expense - mortgage notes			(144,740	)			(862,184	)			(465,229	)			(1,375	)			(1,473,528	)
Interest and other income, net			—				—				8				5,255				5,263
Net gain in Conduit Pharmaceuticals marketable securities (see footnote 9)			—				—				—				(3,932,770	)			(3,932,770	)
Gain on sales of real estate, net			—				—				361,151				—				361,151
Income tax (expense) benefit			—				—				(6,741	)			(170	)			(6,911	)
Total other income (expense), net			(144,740	)			(862,184	)			(110,811	)			(3,929,060	)			(5,046,795	)
Net income (loss)			104,503				(1,031,560	)			420,118				(5,197,444	)			(5,704,383	)
Less: Income attributable to noncontrolling interests			—				(11,970	)			(343,183	)			—				(355,153	)
Net income (loss) attributable to Presidio Property Trust, Inc. stockholders		$	104,503			$	(1,043,530	)		$	76,935			$	(5,197,444	)		$	(6,059,536	)

		September 30,				December 31,
Assets by Reportable Segment:		2025				2024
Office/Industrial Properties:
Land, buildings and improvements, net (1)		$	69,702,282			$	74,425,180
Total assets (2)		$	70,743,779			$	76,292,662
Model Home Properties:
Land, buildings and improvements, net (1)		$	39,040,072			$	37,416,000
Total assets (2)		$	39,708,805			$	38,166,964
Retail Properties:
Land, buildings and improvements, net (1)		$	4,531,779			$	15,743,789
Total assets (2)		$	4,687,011			$	16,673,605
Reconciliation to Total Assets:
Total assets for reportable segments		$	115,139,595			$	131,133,231
Corporate and other assets:
Cash, cash equivalents and restricted cash			1,575,384				564,922
Other assets, net			11,093,906				10,871,497
Total Assets		$	127,808,885			$	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.

		For the Nine Months Ended September 30,
Capital Expenditures by Reportable Segment		2025				2024
Office/Industrial Properties:
Capital expenditures and tenant improvements, office		$	2,111,261			$	1,462,957
Model Home Properties:
Acquisition of operating properties, model home			9,444,465				9,729,351
Retail Properties:
Capital expenditures and tenant improvements, retail			—				211,321
Totals:
Acquisition of operating properties, net			9,444,465				9,729,351
Capital expenditures and tenant improvements			2,111,261				1,674,278
Total real estate investments		$	11,555,726			$	11,403,629

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureTextBlockAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Name:	us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration