SAN DIEGO, CALIFORNIA / ACCESS Newswire / January 28, 2026 / (NASDAQ:SQFT; SQFTP; SQFTW) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed, diversified real estate investment trust ("REIT"), today announced that its Board of Directors has suspended the Company's monthly dividend on its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock (the "Series D Preferred Stock"), commencing with the January 2026 monthly dividend that would have been paid on February 15, 20 ...

Core Insights - Presidio Property Trust, Inc. has engaged Acorn Management Partners LLC to enhance its visibility and strengthen market perception [1] - The partnership aims to expand access to high-quality investors [1] Company Engagement - The engagement with Acorn is expected to improve the company's market presence [1] - The collaboration is part of a strategic initiative to attract more investors [1]

Real Estate Assets - As of September 30, 2025, the total book value of the company's real estate assets is approximately $113.3 million, down from $127.6 million as of December 31, 2024, reflecting a decrease of about 11.5%[12] - The commercial portfolio includes 10 properties with a book value of approximately $74.2 million, contributing to the overall real estate assets[11] - The model homes portfolio consists of 84 properties with a total square footage of 250,281 sqft, generating an annual rent of approximately $3.65 million[13] - The company recorded an impairment charge of approximately $3.3 million related to the Dakota Center property, which is expected to be sold for $5.125 million[12] - The company reported a gain on sales of real estate amounting to $5,078,302, contributing positively to overall financial results[26] - The company’s model home properties saw an increase in net assets from $37,416,000 in December 2024 to $39,040,072 by September 30, 2025[27] Financial Performance - Total revenue for the three months ended September 30, 2025, was $4,196,142, a decrease of 11.1% compared to $4,723,374 for the same period in 2024[17] - Net loss attributable to common stockholders for the nine months ended September 30, 2025, was $6,026,871, compared to a net loss of $24,800,532 for the same period in 2024[21] - EBITDAre for the three months ended September 30, 2025, was $638,723, an increase from $558,376 in the same period of 2024[20] - Total revenues for the nine months ended September 30, 2025, amounted to $12,700,066, with a breakdown of $450,426 from retail, $9,193,982 from office/industrial, and $2,976,521 from model homes[24] - Net Operating Income (NOI) reached $8,090,256, with adjusted NOI at $8,473,575, reflecting strong operational performance[24] - The company reported a net loss attributable to stockholders of $4,302,021 for the nine months ended September 30, 2025, primarily due to significant interest expenses and impairment charges[26] Debt and Equity - The company reported existing secured debt of $94.6 million, which represents approximately 83.5% of the total book value of real estate assets[9] - The mortgage notes payable total approximately $93.7 million, down from $102.1 million as of December 31, 2024, indicating a reduction of about 8.5%[15] - The total stockholders' equity as of September 30, 2025, is approximately $29.3 million, down from $34.9 million as of December 31, 2024, reflecting a decrease of about 16.1%[15] Cash Flow and Liquidity - Net cash used in operating activities for the nine months ended September 30, 2025, was $380,224, compared to $658,434 for the same period in 2024[19] - Net cash provided by investing activities for the nine months ended September 30, 2025, was $11,433,947, compared to $10,664,729 in 2024[19] - Cash, cash equivalents, and restricted cash at the end of the period on September 30, 2025, was $8,002,915, compared to $7,199,448 at the end of the same period in 2024[19] - Cash and cash equivalents increased to $1,575,384 from $564,922, indicating improved liquidity[27] Operational Costs - Rental operating costs totaled $4,609,810, indicating a cost management strategy amidst rising operational expenses[26] - General and administrative expenses were reported at $4,335,697, reflecting ongoing operational costs[26] Leasing and Tenant Activity - The company has leased approximately 69% of the space previously occupied by Halliburton in the Shea Center II property, which represents about 31% of the total space[12] - The company is actively pursuing third-party tenants for the remaining space in the Shea Center II property, although there is no guarantee of success in signing new tenants[12] Funds from Operations (FFO) - The company emphasizes the importance of Funds from Operations (FFO) as a key performance metric, which excludes certain non-core items to provide a clearer view of operational performance[30] - FFO for the three months ended September 30, 2025, was $(839,846), compared to $(566,910) in the same period of 2024[21] - Core FFO for the nine months ended September 30, 2025, was $(1,627,404), compared to $(995,236) in 2024[21] Asset Management - Total assets decreased from $142,569,650 in December 2024 to $127,808,885 by September 30, 2025, highlighting a contraction in asset base[27] - The company has recorded an increase in the weighted average number of common shares outstanding for the three months ended September 30, 2025, was 1,215,943, compared to 1,247,657 in 2024[21]

Core Viewpoint - The company has reported earnings for the three months ended September 30, 2025, indicating a strategic positioning to benefit from improving market conditions after facing significant challenges in the office market [1] Financial Performance - The company is an internally managed, diversified real estate investment trust (REIT) [1] - The earnings report reflects the company's resilience in navigating a difficult office market [1] Market Conditions - The company acknowledges that it has endured the worst office market in recent years [1] - There is a shift from industry headwinds to tailwinds, suggesting a potential recovery in market conditions [1]

Financial Performance - Total revenue for Q3 2025 was $4,196,142, a decrease of 11.1% from $4,723,374 in Q3 2024[19] - Rental income for the nine months ended September 30, 2025, was $12,423,048, down 9.7% from $13,754,740 in the same period of 2024[19] - Net loss attributable to Presidio Property Trust, Inc. common stockholders for Q3 2025 was $1,862,027, compared to a net loss of $6,645,466 in Q3 2024[19] - The net loss for the nine months ended September 30, 2025, is $5,276,525, compared to a net income of $2,265,352 for the previous period[21] - Total revenues for the nine months ended September 30, 2025, were $12,700,066, with net operating income (NOI) of $8,090,256[125] - Adjusted NOI for the nine months ended September 30, 2025, was $8,473,575, compared to $12,398,589 for the same period in 2024[125] - The total costs and expenses for the same period were $17,064,187, leading to a net loss attributable to stockholders of $(4,302,021)[134] - The company reported a net income loss of $(1,290,848) for the three months ended September 30, 2025, highlighting challenges in profitability despite revenue generation[138] Assets and Liabilities - Total assets as of September 30, 2025, were $127,808,885, a decrease of 10.4% from $142,569,650 as of December 31, 2024[17] - Total liabilities decreased to $98,461,525 as of September 30, 2025, from $107,624,495 as of December 31, 2024, reflecting a reduction of 8.8%[17] - The company’s total stockholders' equity decreased to $29,347,360 as of September 30, 2025, from $34,945,155 as of December 31, 2024[17] - As of September 30, 2025, total equity stands at $29,347,360, with stockholders' equity of $21,098,683[21] - Cash and cash equivalents as of September 30, 2025, were $8,002,915, slightly down from $8,036,496 as of December 31, 2024[17] Real Estate Operations - The company reported a gain on sales of real estate of $300,975 for Q3 2025, compared to $361,151 in Q3 2024[19] - Impairment of goodwill and real estate assets for the nine months ended September 30, 2025, was $4,427,245, significantly higher than $893,939 in the same period of 2024[19] - The company sold two commercial properties, Union Town Center and Research Parkway, for approximately $15.9 million in February 2025, recognizing a net gain of approximately $4.5 million[77] - The company owns a diverse portfolio of real estate assets, including eight office buildings and one industrial property totaling approximately 758,175 rentable square feet[78] - The company recorded an impairment charge for model homes totaling $0.2 million for the nine months ended September 30, 2025, reflecting lower than expected sales prices[82] Cash Flow and Financing - Cash flows from operating activities showed a net cash used of $380,224 for the nine months ended September 30, 2025, compared to $658,434 in the prior year, reflecting better operational efficiency[25] - The company reported net cash provided by investing activities of $11,433,947 for the nine months ended September 30, 2025, up from $10,664,729 in 2024, driven by proceeds from sales of real estate[25] - Proceeds from mortgage notes payable, net of issuance costs, amounted to $18,942,396 in 2025, compared to $13,602,291 in 2024, indicating increased financing activity[25] - Future principal payments due on mortgage notes payable total approximately $10.4 million in the last two quarters of 2025 and $21.1 million in 2026[36] - The company has identified potential future sources of liquidity including existing cash, cash flows from operations, and refinancing of existing mortgages[35] Stockholder Information - Dividends paid to Series D preferred stockholders amount to $574,096 for the period ending March 31, 2025[21] - Total dividends paid to Series D Preferred stockholders during the three months ended September 30, 2025, were approximately $0.6 million, consistent with the same period in 2024[108] - The Company completed a secondary offering of 920,000 shares of Series D Preferred Stock, generating approximately $20.5 million in net proceeds[100] - Holders of Series D Preferred Stock are entitled to cumulative cash dividends at a rate of 9.375% per annum, equivalent to $2.34375 per share[102] - The Company executed a 1-for-10 reverse stock split effective May 19, 2025, adjusting all historical share amounts accordingly[110] Strategic Initiatives - The company has a strategy to maintain its REIT status by distributing at least 90% of its taxable income to stockholders[30] - The company expects to fund operations through at least the next twelve months with a combination of working capital and refinancing capabilities[37] - The Company is monitoring economic factors such as interest rate increases and geopolitical conflicts that could impact its commercial real estate portfolio[98] - The Company has entered into a cooperation agreement with an activist stockholder group, resulting in the appointment of a new director[95] Compliance and Governance - The company is in compliance with the Fixed Charge Coverage Ratio covenant of 1.10 to 1.00 as of September 30, 2025[88] - The Company has a charter restriction preventing any person from owning more than 9.8% of the outstanding shares of common stock, with exceptions granted to certain executives[109] - The company has not experienced any material litigation or environmental liabilities that would affect its financial condition[96][97]

Core Viewpoint - Presidio Property Trust, Inc. has declared a dividend on its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock for the last quarter of 2025 [1] Group 1: Dividend Announcement - The Board of Directors has authorized a dividend for the months of October, November, and December 2025 [1] - The October 2025 dividend will be $0.19531 per share, payable in cash on November 17, 2025 [1] - Shareholders of record for the Series D Preferred Stock must be on record by the dividend record date of October 31, 2025 [1]

Core Insights - Presidio Property Trust, Inc. reported the sale of three homes in Q3 2025 for approximately $1.6 million, indicating active asset management and liquidity generation [1] - The homes were acquired between 2022 and 2023 at a total cost of around $1.7 million, reflecting a slight loss on the sales [1] Financial Performance - Total sales from the three homes amounted to approximately $1.6 million [1] - The total acquisition price for these homes was approximately $1.7 million, resulting in a loss of about $100,000 on the sales [1]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - 89bio, Inc. (ETNB) increased by 83% to $14.84 [3] - Aptevo Therapeutics Inc. (APVO) rose by 75% to $2.47 [3] - Psyence Biomedical Ltd. (PBM) saw a 29% increase to $4.82 [3] - Beam Global (BEEM) gained 27% reaching $3.23 [3] - MicroAlgo Inc. (MLGO) was up 14% at $13.06 [3] - Akero Therapeutics, Inc. (AKRO) increased by 12% to $47.50 [3] - Hyperion DeFi, Inc. (HYPD) rose by 11% to $13.69 [3] - Sonnet BioTherapeutics Holdings, Inc. (SONN) increased by 11% to $7.85 [3] - FuelCell Energy, Inc. (FCEL) was up 9% at $8.34 [3] - Robo.ai Inc. (AIIO) gained 6% to $2.05 [3] Premarket Losers - Presidio Property Trust, Inc. (SQFT) decreased by 14% to $7.58 [4] - Aeluma, Inc. (ALMU) fell by 10% to $15.18 [4] - FGI Industries Ltd. (FGI) dropped 10% to $7.65 [4] - Lazydays Holdings, Inc. (GORV) was down 9% at $2.26 [4] - StableX Technologies, Inc. (SBLX) decreased by 8% to $5.40 [4] - Artelo Biosciences, Inc. (ARTL) fell by 8% to $4.48 [4] - SciSparc Ltd. (SPRC) decreased by 8% to $4.10 [4] - Cracker Barrel Old Country Store, Inc. (CBRL) was down 7% at $45.75 [4] - Columbus Circle Capital Corp I (BRR) fell by 7% to $9.42 [4] - Visionary Holdings Inc. (GV) decreased by 7% to $2.58 [4]

Core Insights - Presidio Property Trust has successfully refinanced the mortgage loan on its One Park Center property for $6.1 million at an interest rate of 6.83% with a five-year term [1][2] - The refinancing includes interest-only payments for the first six months and has no prepayment penalty [1] - This marks the second office property loan refinancing completed by the company within two months, following the Genesis Plaza property refinancing in August [2] Company Overview - Presidio Property Trust is an internally managed, diversified real estate investment trust (REIT) with holdings in model home properties leased to homebuilders, as well as office, industrial, and retail properties [3] - The company's model homes are primarily located in sun belt states, while its office, industrial, and retail properties are mainly situated in Colorado, with additional locations in Maryland, North Dakota, Texas, and Southern California [3]

[Supplemental Financial Information](index=1&type=section&id=Supplemental%20Financial%20Information) This section outlines forward-looking statements, emphasizing inherent risks and uncertainties that could cause actual results to differ [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section outlines the nature of forward-looking statements, emphasizing inherent risks and uncertainties that could cause actual results to differ materially from projections - Forward-looking statements involve risks and uncertainties, potentially causing actual results to differ materially from expectations[4](index=4&type=chunk)[5](index=5&type=chunk) - Key factors influencing actual results are detailed in the Annual Report on Form 10-K and Quarterly Report on Form 10-Q, including global, regional, or local political, economic, business, competitive, market, and regulatory factors[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Overview](index=3&type=section&id=COMPANY%20OVERVIEW) Provides an overview of the company's corporate structure, real estate portfolio, asset value, and debt [Corporate Information](index=3&type=section&id=Corporate%20Information) Presidio Property Trust, Inc. is an internally managed real estate company focused on acquiring and managing office, industrial, and model home properties Corporate Profile | Headquarters | San Diego, CA | |---|---| | Founded | 1999 | | Key Geographies | CA, CO, MD, ND & TX | | Employees | 14 | - Presidio Property Trust, Inc. (formerly NetREIT) was founded in 1999 and is an internally managed real estate company[10](index=10&type=chunk) - The company focuses on commercial real estate (office and industrial) in overlooked, regionally dominant markets and generates fees/rental income from model homes[10](index=10&type=chunk) [Portfolio Summary](index=3&type=section&id=Portfolio%20Summary) The company's portfolio includes 8 office, 1 retail, 1 industrial property, and 87 model homes, totaling over 1 million square feet Portfolio Summary (Number / Square Footage) | Office | 8 properties / 608,076 sqft. | |---|---| | Retail | 1 properties / 10,500 sqft. | | Industrial | 1 property / 150,099 sqft. | | Model Homes | 87 homes / 260,227 sqft | [Portfolio Value & Debt](index=3&type=section&id=Portfolio%20Value%20%26%20Debt) As of June 30, 2025, the portfolio's book value was $114.6 million, with secured debt totaling $94.6 million Portfolio Value & Debt (June 30, 2025) | Book Value | $114.6 million | |---|---| | Existing Secured Debt | $94.6 million | - The commercial portfolio alone has a book value of approximately **$78.5 million**[10](index=10&type=chunk) [Real Estate Portfolio Details](index=4&type=section&id=Real%20Estate%20Portfolio%20Details) Details the commercial and model homes real estate portfolios, including asset values and impairment charges [Commercial Portfolio](index=4&type=section&id=Commercial%20Portfolio) The commercial portfolio's net assets decreased to $73.73 million by June 30, 2025, due to property sales and impairment charges Commercial Properties Real Estate Assets and Lease Intangibles, Net | Property Name | June 30, 2025 | December 31, 2024 | |---|---|---| | Genesis Plaza | $7,274,090 | $7,363,571 | | Dakota Center | $4,838,139 | $8,154,951 | | Grand Pacific Center | $8,332,564 | $8,413,926 | | Arapahoe Center | $9,058,658 | $9,298,534 | | Union Town Center | — | $8,922,943 | | West Fargo Industrial | $6,469,043 | $6,599,953 | | 300 N.P. | $1,990,914 | $1,963,000 | | Research Parkway | — | $2,220,284 | | One Park Center | $5,482,703 | $5,580,950 | | Shea Center II | $17,595,866 | $18,820,370 | | Mandolin | $4,554,707 | $4,600,562 | | Baltimore | $8,129,102 | $8,241,456 | | **Commercial properties total** | **$73,725,786** | **$90,180,500** | - Union Town Center and Research Parkway were sold in February 2025 for a combined **$16.95 million**, resulting in a net gain of approximately **$4.2 million**[12](index=12&type=chunk) - Dakota Center was impaired by **$3.3 million** as of June 30, 2025, due to uncertainties in the Fargo market and a pending sale to settle a non-recourse loan[12](index=12&type=chunk) - Shea Center II incurred an impairment charge of approximately **$0.9 million** during Q2 2025, following the non-renewal of a major tenant (Halliburton) in December 2022[12](index=12&type=chunk) [Model Homes Portfolio](index=6&type=section&id=Model%20Homes%20Portfolio) The model homes portfolio comprises 87 properties generating $3.79 million in annual rent, with Texas as the largest market, and incurred a $0.1 million impairment charge Model Homes Portfolio Summary (June 30, 2025) | State | No. of Properties | Aggregate Square Feet | % of Square Feet | Current Base Annual Rent | % Annual Rent | |---|---|---|---|---|---| | Alabama | 10 | 23,835 | 9.2% | $347,064 | 9.2% | | Arizona | 2 | 6,822 | 2.6% | $149,196 | 3.9% | | Tennessee | 2 | 5,534 | 2.1% | $89,304 | 2.4% | | Texas | 73 | 224,036 | 86.1% | $3,207,360 | 84.5% | | **Total** | **87** | **260,227** | **100.0%** | **$3,792,924** | **100.0%** | - An impairment charge of **$0.1 million** was recorded for model homes during the three and six months ended June 30, 2025, attributed to short hold periods and builder style changes[13](index=13&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) Presents consolidated balance sheets, statements of operations, and cash flows, highlighting key financial changes and performance [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $128.4 million by June 30, 2025, driven by reduced real estate assets, while liabilities and equity also declined Key Balance Sheet Data | Metric | June 30, 2025 | December 31, 2024 | |---|---|---| | Total Assets | $128,400,413 | $142,569,650 | | Real estate assets, net | $114,576,297 | $127,596,500 | | Real estate assets held for sale, net | $7,286,923 | $22,185,742 | | Total Liabilities | $99,023,400 | $107,624,495 | | Mortgage notes payable, total net | $94,603,804 | $102,094,094 | | Total Equity | $29,377,013 | $34,945,155 | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) Total revenue decreased to $8.5 million, but net loss significantly improved to $(4.16) million for the six months ended June 30, 2025 Key Income Statement Data (Six Months Ended June 30) | Metric | 2025 | 2024 | |---|---|---| | Total revenue | $8,503,925 | $9,376,603 | | Total costs and expenses | $12,761,010 | $10,242,619 | | Impairment of goodwill and real estate assets | $4,344,332 | $196,793 | | Gain on sales of real estate, net | $4,777,327 | $2,829,998 | | Net loss in Conduit Pharmaceuticals marketable securities | $(184,459) | $(13,888,667) | | Net loss attributable to Presidio Property Trust, Inc. common stockholders | $(4,164,844) | $(18,155,066) | | Basic & Diluted EPS | $(3.42) | $(14.69) | - Net loss attributable to common stockholders improved significantly by **77.0% YoY** for the six months ended June 30, 2025, primarily driven by a substantial reduction in losses from marketable securities[18](index=18&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities decreased to $(1.01) million, while financing activities used more cash for the six months ended June 30, 2025 Key Cash Flow Data (Six Months Ended June 30) | Metric | 2025 | 2024 | |---|---|---| | Net cash used in operating activities | $(1,012,227) | $(1,301,028) | | Net cash provided by investing activities | $11,372,797 | $12,960,482 | | Net cash used in financing activities | $(11,111,977) | $(9,635,001) | | Real estate acquisitions | $(9,444,465) | $(5,740,918) | | Proceeds from sales of real estate, net | $21,544,343 | $20,058,923 | | Repayment of mortgage notes payable | $(14,014,678) | $(17,282,249) | | Repurchase of Series A Common Stock, at cost | $(1,526,551) | $(7,613) | | Cash, cash equivalents and restricted cash - end of period | $7,285,089 | $8,534,881 | - Cash and cash equivalents decreased by **$751,407** for the six months ended June 30, 2025, compared to an increase of **$2,024,453** in the prior year period[20](index=20&type=chunk) [Non-GAAP Financial Measures](index=10&type=section&id=Non-GAAP%20Financial%20Measures) Reconciles and defines key non-GAAP financial measures: EBITDAre, FFO, and Core FFO, highlighting adjustments from GAAP net income [EBITDAre Reconciliation](index=10&type=section&id=EBITDAre%20Reconciliation) EBITDAre significantly improved to $1.06 million for the six months ended June 30, 2025, driven by reduced marketable securities losses and higher real estate gains EBITDAre Reconciliation (Six Months Ended June 30) | Metric | 2025 | 2024 | |---|---|---| | Net (loss) income attributable to common stockholders | $(4,164,844) | $(18,155,066) | | Interest Expense | $2,988,341 | $3,041,051 | | Depreciation and Amortization | $2,453,531 | $2,699,901 | | Asset Impairment | $4,344,332 | $196,793 | | Net loss (gain) on sale of real estate | $(4,777,327) | $(2,829,998) | | Net change in marketable securities | $184,459 | $13,889,227 | | Income Taxes | $28,501 | $160,586 | | **EBITDAre** | **$1,056,993** | **$(997,506)** | - EBITDAre showed a positive turnaround, increasing from a loss of **$(997,506)** in H1 2024 to a gain of **$1,056,993** in H1 2025[21](index=21&type=chunk) [FFO and Core FFO Reconciliation](index=11&type=section&id=FFO%20and%20Core%20FFO%20Reconciliation) FFO improved to $(1.62) million, while Core FFO declined to $(1.08) million for the six months ended June 30, 2025 FFO and Core FFO Reconciliation (Six Months Ended June 30) | Metric | 2025 | 2024 | |---|---|---| | Net (loss) income attributable to common stockholders | $(4,164,844) | $(18,155,066) | | Depreciation and amortization | $2,455,796 | $2,702,388 | | Impairment of real estate assets | $4,344,332 | $196,793 | | Net change in Conduit marketable securities | $184,459 | $13,889,227 | | Loss (gain) on sale of real estate assets, net | $(4,777,327) | $(2,829,998) | | **FFO** | **$(1,619,381)** | **$(2,225,910)** | | Restricted stock compensation | $544,376 | $885,029 | | Cost associated with Zuma Capital Management | - | $565,534 | | **Core FFO** | **$(1,075,005)** | **$(775,347)** | | Core FFO / Wgt Avg Share | $(0.88) | $(0.63) | - FFO improved by **27.2% YoY**, while Core FFO declined by **38.6% YoY** for the six months ended June 30, 2025[22](index=22&type=chunk) [Definitions of Non-GAAP Measures](index=14&type=section&id=Definitions%20of%20Non-GAAP%20Measures) This section defines key non-GAAP financial measures: EBITDAre, FFO, and Core FFO, noting their supplementary nature and calculation limitations - EBITDAre is defined as earnings before interest, taxes, depreciation, and amortization, gain or loss on disposal of depreciated assets, and impairment write-offs[28](index=28&type=chunk) - FFO (Funds From Operations) is a non-GAAP measure defined as net income or loss (GAAP), excluding gains/losses from property sales, hedge ineffectiveness, certain acquisition/lease costs, plus depreciation/amortization and impairment charges, with adjustments for non-consolidated REITs[29](index=29&type=chunk) - Core FFO adjusts NAREIT's FFO for non-core items like acquisition costs, loss on early debt extinguishment, changes in fair value of earn-outs/contingent consideration, non-cash warrant dividends, other non-recurring expenses, and stock-based compensation amortization[31](index=31&type=chunk) [Segment Data](index=12&type=section&id=SEGMENT%20DATA) Analyzes financial performance and asset allocation across Retail, Office/Industrial, and Model Homes segments [Segmented Operating Performance](index=12&type=section&id=Segmented%20Operating%20Performance) Office/Industrial generated the highest revenue but largest net loss, while Retail reported a significant net income from property sales for the six months ended June 30, 2025 Total Revenues by Segment (Six Months Ended June 30, 2025) | Segment | Total Revenues | |---|---| | Retail | $356,852 | | Office/Industrial | $6,150,163 | | Model Homes | $1,933,496 | | Corporate and Other | $63,414 | | **Total** | **$8,503,925** | Net Operating Income (NOI) and Adjusted NOI by Segment (Six Months Ended June 30, 2025) | Segment | NOI | Adjusted NOI | |---|---|---| | Retail | $251,460 | $251,460 | | Office/Industrial | $2,982,301 | $2,982,301 | | Model Homes | $1,835,399 | $2,281,945 | | Corporate and Other | $359,517 | $359,517 | | **Total** | **$5,428,677** | **$5,875,223** | Net Income (Loss) by Segment (Six Months Ended June 30, 2025) | Segment | Net Income (Loss) | |---|---| | Retail | $4,211,872 | | Office/Industrial | $(5,029,197) | | Model Homes | $393,272 | | Corporate and Other | $(2,246,652) | | **Total** | **$(2,670,705)** | [Segmented Assets](index=12&type=section&id=Segmented%20Assets) Office/Industrial properties remain the largest asset segment at $70.23 million, while Retail assets significantly decreased due to property sales Total Assets by Reportable Segment | Segment | June 30, 2025 | December 31, 2024 | |---|---|---| | Office/Industrial Properties | $70,228,381 | $76,292,662 | | Model Home Properties | $41,464,138 | $38,166,964 | | Retail Properties | $4,703,901 | $16,673,605 | | **Total assets for reportable segments** | **$116,396,420** | **$131,133,231** | - The significant decrease in Retail Properties assets is likely due to the sale of Union Town Center and Research Parkway, which were previously listed under the commercial portfolio and contributed to a gain on sales of real estate in the Retail segment's operating performance[12](index=12&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk)