Presidio Property Trust Announces Results of 2020 Leasing Activity

Rhea-AI Summary

Presidio Property Trust (NASDAQ:SQFT) reported its 2020 leasing activities, highlighting a successful year in spite of COVID-19 challenges. The company renewed leases for nearly 170,000 square feet (15% of its portfolio) and executed new leases for around 120,000 square feet (10% of its portfolio). Overall occupancy increased to 84.8% from 83.9% in 2019. The company's diversified tenant base across various geographies and property types has fostered resilience and sustained interest from current and prospective tenants.

Positive

• Leased nearly 170,000 square feet (15% of portfolio) in lease renewals.
• Executed new leases for approximately 120,000 square feet (10% of portfolio).
• Increased same-store occupancy to 84.8%, up from 83.9% in 2019.

Negative

• None.

SAN DIEGO, CA / ACCESSWIRE / February 11, 2021 / Presidio Property Trust, Inc. (NASDAQ:SQFT), an internally managed, diversified real estate investment trust, announced results of 2020 leasing activity.

"In 2020, we renewed leases covering nearly 170,000 square feet, or about 15% of our commercial portfolio. We also executed new leases for approximately 120,000 square feet, or about 10% of our commercial portfolio," said Gary Katz, Senior Vice President of Asset Management. "Overall, our same-store occupancy for our commercial portfolio in 2020 rose to 84.8% from 83.9% in 2019."

"In spite of the challenges posed by COVID-19, we see continued interest and demand from current and new tenants," added Jack Heilbron, President and Chief Executive Officer. "Tenants in office properties in Colorado, industrial space in Fargo, and retail centers in California stayed put and renewed in 2020, validating our strategies of diversifying by both geography and property type."

About Presidio Property Trust

Presidio is an internally managed, diversified REIT. We have interests in approximately 120 model home properties in six states, with the majority located in Texas and Florida, which are leased back to homebuilders on a triple-net basis. Our commercial real estate portfolio consists of approximately 1.1 million square feet comprised of 14 properties: ten office properties, one industrial property and three retail properties. Our commercial portfolio is located in Southern California, Colorado, and North Dakota, and we are currently considering new commercial property acquisitions in a variety of additional markets across the United States. Our commercial property tenant base is diversified, which helps limit our exposure to any single industry in which our tenants operate. This geographical clustering of our real estate portfolio enables us to minimize operating costs and leverage efficiencies by managing a number of properties utilizing minimal overhead and staff. For more information on Presidio, please visit the Company's website at https://www.PresidioPT.com.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including Presidio's plans and strategies as described herein. Readers are cautioned that forward-looking statements (which can be identified by words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters) are subject to numerous risks and conditions, many of which are beyond Presidio's control, including those set forth in the "Risk Factors" section of Presidio's registration statement and prospectus filed with the Securities and Exchange Commission (SEC). Copies are available on the SEC's website, www.sec.gov. The statements in this press release represent Presidio's views only as of the date they are made and should not be relied upon as representing Presidio's views as of any subsequent date. Presidio undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Investor Relations Contacts:

Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
LHartkorn@presidiopt.com
Telephone: +1 760-471-8536 x1244

TraDigital IR

Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com

MJ Clyburn
+1-917-327-6847
clyburn@tradigitalir.com

SOURCE: Presidio Property Trust

View source version on accesswire.com:
https://www.accesswire.com/629227/Presidio-Property-Trust-Announces-Results-of-2020-Leasing-Activity

FAQ

What were the leasing results for Presidio Property Trust in 2020?

In 2020, Presidio Property Trust renewed leases for nearly 170,000 square feet and executed new leases for approximately 120,000 square feet.

How did the occupancy rate change for Presidio Property Trust in 2020?

The occupancy rate for Presidio Property Trust increased to 84.8% in 2020, up from 83.9% in 2019.

What is the significance of the leasing activity reported by SQFT?

The leasing activity reflects continued interest and demand from tenants amidst COVID-19, showcasing the company's diversified portfolio strategy.

What percentage of Presidio Property Trust's portfolio was renewed or leased in 2020?

Approximately 15% of the portfolio was renewed and 10% was newly leased in 2020.