Presidio Property Trust, Inc. Announces Earnings for the Year Ended December 31, 2024
Presidio Property Trust (SQFT) reported its financial results for the year ended December 31, 2024. The company experienced a net loss of $27.9 million ($2.25 per share), compared to a net gain of $8.0 million in 2023. Total revenue increased by 7.3% to $18.9 million.
Key operational highlights include:
- Sale of 51 model homes for $24.8 million, generating a gain of $3.4 million
- Acquisition of 19 new model homes for $9.7 million
- 83% tenant retention rate in Q4
- Recognition of $2.0 million non-cash impairment charge
The company's G&A expenses increased by 10.8% to $7.5 million, while interest expenses rose by 20.9% to $6.1 million. The company's real estate portfolio included 78 model homes as of December 31, 2024, compared to 110 homes in the previous year.
Presidio Property Trust (SQFT) ha riportato i risultati finanziari per l'anno conclusosi il 31 dicembre 2024. L'azienda ha registrato una perdita netta di 27,9 milioni di dollari (2,25 dollari per azione), rispetto a un guadagno netto di 8,0 milioni di dollari nel 2023. I ricavi totali sono aumentati del 7,3% a 18,9 milioni di dollari.
I principali punti operativi includono:
- Vendita di 51 case modello per 24,8 milioni di dollari, generando un guadagno di 3,4 milioni di dollari
- Acquisizione di 19 nuove case modello per 9,7 milioni di dollari
- 83% di tasso di fidelizzazione degli inquilini nel Q4
- Riconoscimento di un addebito per impairment non monetario di 2,0 milioni di dollari
Le spese generali e amministrative dell'azienda sono aumentate del 10,8% a 7,5 milioni di dollari, mentre le spese per interessi sono aumentate del 20,9% a 6,1 milioni di dollari. Il portafoglio immobiliare dell'azienda includeva 78 case modello al 31 dicembre 2024, rispetto a 110 case nell'anno precedente.
Presidio Property Trust (SQFT) informó sus resultados financieros para el año que terminó el 31 de diciembre de 2024. La empresa experimentó una pérdida neta de 27,9 millones de dólares (2,25 dólares por acción), en comparación con una ganancia neta de 8,0 millones de dólares en 2023. Los ingresos totales aumentaron un 7,3% a 18,9 millones de dólares.
Los puntos destacados operativos incluyen:
- Venta de 51 casas modelo por 24,8 millones de dólares, generando una ganancia de 3,4 millones de dólares
- Adquisición de 19 nuevas casas modelo por 9,7 millones de dólares
- Tasa de retención de inquilinos del 83% en el Q4
- Reconocimiento de un cargo por deterioro no monetario de 2,0 millones de dólares
Los gastos generales y administrativos de la empresa aumentaron un 10,8% a 7,5 millones de dólares, mientras que los gastos por intereses aumentaron un 20,9% a 6,1 millones de dólares. El portafolio inmobiliario de la empresa incluía 78 casas modelo al 31 de diciembre de 2024, en comparación con 110 casas en el año anterior.
프레시디오 프로퍼티 트러스트 (SQFT)는 2024년 12월 31일로 종료된 연도의 재무 결과를 보고했습니다. 회사는 2790만 달러의 순손실 (주당 2.25달러)를 기록했으며, 이는 2023년의 800만 달러 순이익과 비교됩니다. 총 수익은 7.3% 증가하여 1890만 달러에 달했습니다.
주요 운영 하이라이트는 다음과 같습니다:
- 51채 모델 주택 판매로 2480만 달러, 340만 달러의 이익 창출
- 19채 새로운 모델 주택 인수로 970만 달러
- 4분기 임차인 유지율 83%
- 200만 달러 비현금 손상차손 인식
회사의 일반 관리비는 10.8% 증가하여 750만 달러에 달했고, 이자 비용은 20.9% 증가하여 610만 달러에 달했습니다. 회사의 부동산 포트폴리오는 2024년 12월 31일 기준으로 78채 모델 주택을 포함하고 있으며, 이는 이전 해의 110채와 비교됩니다.
Presidio Property Trust (SQFT) a publié ses résultats financiers pour l'année se terminant le 31 décembre 2024. L'entreprise a enregistré une perte nette de 27,9 millions de dollars (2,25 dollars par action), par rapport à un gain net de 8,0 millions de dollars en 2023. Le chiffre d'affaires total a augmenté de 7,3 % pour atteindre 18,9 millions de dollars.
Les points saillants opérationnels comprennent:
- Vente de 51 maisons modèles pour 24,8 millions de dollars, générant un gain de 3,4 millions de dollars
- Acquisition de 19 nouvelles maisons modèles pour 9,7 millions de dollars
- Taux de fidélisation des locataires de 83 % au T4
- Reconnaissance d'une charge de dépréciation non monétaire de 2,0 millions de dollars
Les dépenses générales et administratives de l'entreprise ont augmenté de 10,8 % pour atteindre 7,5 millions de dollars, tandis que les charges d'intérêts ont augmenté de 20,9 % pour atteindre 6,1 millions de dollars. Le portefeuille immobilier de l'entreprise comprenait 78 maisons modèles au 31 décembre 2024, contre 110 maisons l'année précédente.
Presidio Property Trust (SQFT) hat seine finanziellen Ergebnisse für das Jahr zum 31. Dezember 2024 veröffentlicht. Das Unternehmen verzeichnete einen Nettoverlust von 27,9 Millionen Dollar (2,25 Dollar pro Aktie), verglichen mit einem Nettogewinn von 8,0 Millionen Dollar im Jahr 2023. Der Gesamtumsatz stieg um 7,3% auf 18,9 Millionen Dollar.
Wichtige betriebliche Höhepunkte sind:
- Verkauf von 51 Musterhäusern für 24,8 Millionen Dollar, was einen Gewinn von 3,4 Millionen Dollar generierte
- Erwerb von 19 neuen Musterhäusern für 9,7 Millionen Dollar
- 83% Mieterbindungsrate im Q4
- Erkennung eines nicht zahlungswirksamen Wertminderungsaufwands von 2,0 Millionen Dollar
Die allgemeinen und Verwaltungskosten des Unternehmens stiegen um 10,8% auf 7,5 Millionen Dollar, während die Zinsaufwendungen um 20,9% auf 6,1 Millionen Dollar anstiegen. Das Immobilienportfolio des Unternehmens umfasste zum 31. Dezember 2024 78 Musterhäuser, im Vergleich zu 110 Häusern im Vorjahr.
- Revenue increased 7.3% to $18.9 million
- Strong 83% tenant retention rate in Q4
- Gained $3.4 million from model home sales
- Successfully refinanced two commercial properties
- Net loss of $27.9 million, compared to prior year gain
- $2.0 million non-cash impairment charge on assets
- G&A expenses increased 10.8% to $7.5 million
- Interest expenses rose 20.9% to $6.1 million
- Reduction in model home portfolio from 110 to 78 properties
Insights
Presidio Property Trust's 2024 results reveal severe financial deterioration with a
The primary driver behind this reversal is a massive
Additional red flags include:
- A troubling
$2.0 million impairment charge across commercial properties and model homes - Dakota Center refinancing failure resulting in a forced property disposition
- G&A expenses climbing
10.8% to$7.5 million , outpacing revenue growth - Interest expenses surging
20.9% to$6.1 million - Negative FFO of
-$3.4 million and Core FFO of-$2.0 million
The dramatic reduction in net real estate assets from
Presidio's REIT operations show critical structural weaknesses despite management's positive framing. Their model home segment delivered the only meaningful positive contribution with 51 properties sold for
The company's core commercial portfolio shows concerning signs:
- Dakota Center's loan maturity led to a forced sale arrangement with lenders after refinancing negotiations failed
- 300 NP property received a
$0.7 million impairment charge due to "changing values in the area and low historical occupancy" - The
83% tenant retention rate is solid but insufficient to address fundamental portfolio challenges
The dramatic
The
SAN DIEGO, March 31, 2025 (GLOBE NEWSWIRE) -- Presidio Property Trust, Inc. (Nasdaq: SQFT, SQFTP, SQFTW) (the “Company”), an internally managed, diversified real estate investment trust (“REIT”), today reported earnings for its year ended December 31, 2024.
“We are pleased to report our 2024 earnings, continuing the strong rent collections that we have seen over the last few years, resulting in an increase to rental income during the year,” said Jack Heilbron, the Company’s President and Chief Executive Officer. “We were able to refinance two of our commercial properties during the year, as well as acquire 19 model homes.”
“During the fourth quarter, we entered into 3 leases with new tenants totaling nearly 23,000 square feet. Our tenant retention activity has been particularly noteworthy, as we successfully renewed
We are pleased with our 2024 model home activity for both the acquisition and resale segments. So far, the first quarter of 2025 is preforming as we expected. We sold 51 model homes in 2024 for
The Year Ended December 31, 2024, Financial Results
Net loss attributable to the Company’s common stockholders for the year ended December 31, 2024 was approximately
- Total revenue were approximately
$18.9 million for the year ended December 31, 2024, compared to approximately$17.6 million for the same period in 2023, an increase of approximately$1.3 million or7.3% . As of December 31, 2024, we had approximately$12.3 million in net real estate assets including 78 model homes, compared to approximately$144.2 million in net real estate assets including 110 model homes at December 31, 2024. The average number of model homes held during the years ended December 31, 2024 and 2023 was 94 and 101, respectively. The change in revenue is directly related to the increase in model home transaction fees during the current period, new commercial real estate leases, mainly at Grand Pacific Center, and the management fees earned from Conduit during the current period, which was terminated in June 2024. - General and administrative (“G&A”) expenses were approximately
$7.5 million for the year ended December 31, 2024, compared to approximately$6.8 million for the same period in 2023, representing an increase of approximately$0.7 million or10.8% . As a percentage of total revenue, our general and administrative costs were approximately39.8% and38.5% for the years ended December 31, 2024 and 2023, respectively. G&A expenses increased by approximately$0.5 million mainly related to the 2024 annual meeting and settlement with Zuma Capital and certain individuals and entities affiliated or associated with Zuma Capital Management, LLC ("Zuma Capital"). This included additional consulting fees, higher proxy solicitation fees and legal fees, which increased by an aggregate of approximately$0.6 million in 2024 as compared to 2023. Additionally, employee, ex-officer and board costs, including stock compensation and bonus accruals increased during the year ended December 31, 2024 by approximately$0.5 million as compared to the same period in 2023 related to De-SPAC success bonuses to current and former employees. This was slightly offset by the approximately$0.2 million reduction of D&O insurance related to the SPAC in 2023 that was not consolidated during 2024. - During the year ended December 31, 2024, we recognized a non-cash impairment charge of approximately
$2.0 million on goodwill and our real estate assets. Of the$2.0 million impairment for the year, approximately$1.4 million was related to our commercial properties Dakota Center and 300 NP, approximately$0.4 million was related to model homes, and approximately$0.2 million was related to goodwill impairment. The impairment on our commercial property, Dakota Center, was the result of the loan maturing in July and the Company not being able to reach an agreement with the lenders regarding a loan modification or extension. In October, the lender has agreed to a sale of the property to settle the balance of the non-recourse loan. Due to the uncertainties in the Fargo market, we decided to impair the property’s book value, in accordance with ASC 360-10 impairment of long-lived assets and for long-lived assets to be disposed of, to be in line with the current loan balance and estimated closing costs, which is the expected sales price. As such, we recorded an impairment charge of approximately$0.7 million , during September 2024. The impairment on 300 NP, totaling approximately$0.7 million related to changing values in the area and low historical occupancy. This property is not listed for sale and has no debt. The new impairment charges for the model homes reflects the estimated and actual sales prices for these specific model homes that were sold after the end of each quarter. This was the result of an abnormally short hold period, less than two years, on model homes purchased in 2022. The builder changed their product style in the neighborhoods where these model homes are located, in Texas, after we had purchased the homes. We do not believe these losses are indicative of our overall model home portfolio. - During the year ended December 31, 2024, we sold 51 model homes for approximately
$24.8 million and the Company recognized a gain of approximately$3.4 million . - Our investments in Conduit's common stock (2,944,514 shares of CDT) and public common stock warrants (709,000 warrants of CDTTW) and private warrants (540,000) presented on the consolidated balance sheets were measured at fair value and totaled approximately
$0.2 million as of December 31, 2024, resulting in a net loss on investment for the year ended December 31, 2024 totaling approximal$17.9 million . - Interest expense, including amortization of deferred finance charges was approximately
$6.1 million for the year ended December 31, 2024 compared to approximately$5.0 million for the same period in 2023, an increase of approximately$1.0 million , or20.9% . The increase in mortgage interest expense relates to the increase our weighted average interest rate increased from5.18% to5.63% over the same time period. With the sale of our commercial properties in 2025, we could expect interest expense to decrease until additional financing is acquired in connection with new real estate purchases.
FFO (non-GAAP) increase by approximately
We believe Core FFO (non-GAAP) provides a useful metric in comparing operations between reporting periods and in assessing the sustainability of our ongoing operating performance. Core FFO increased by about
Acquisitions and Dispositions for the year ended December 31, 2024:
Acquisitions during the year ended December 31, 2024:
- We acquired 19 Model Home Properties and leased them back to the homebuilders under triple net leases during the year ended December 31, 2024. The purchase price for these properties was
$9.7 million . The purchase price consisted of cash payments of$3.0 million and mortgage notes of$6.7 million .
Dispositions during the year ended December 31, 2024:
- 51 model homes for approximately
$24.8 million and the Company recognized a gain of approximately$3.4 million .
Segment Income during the year ended December 31, 2024:
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 segments); 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 they 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, 2024 and 2023, 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.
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 Homes | — | — | 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 | |||||||||
Dividends paid during the years ended December 31, 2024 and 2023:
The following is a summary of distributions declared per share of our Series A Common Stock and for our Series D Preferred Stock for the years ended December 31, 2024 and 2023.
Series A Common Stock
Quarter Ended | 2024 | 2023 | |||||
Distributions Declared | Distributions Declared | ||||||
March 31 | $ | — | $ | 0.022 | |||
June 30 | — | 0.023 | |||||
September 30 | — | 0.023 | |||||
December 31 | — | 0.023 | |||||
Total | $ | — | $ | 0.091 | |||
Series D Preferred Stock
Month | 2024 | 2023 | |||||
Distributions Declared | Distributions Declared | ||||||
January | $ | 0.19531 | $ | 0.19531 | |||
February | 0.19531 | 0.19531 | |||||
March | 0.19531 | 0.19531 | |||||
April | 0.19531 | 0.19531 | |||||
May | 0.19531 | 0.19531 | |||||
June | 0.19531 | 0.19531 | |||||
July | 0.19531 | 0.19531 | |||||
August | 0.19531 | 0.19531 | |||||
September | 0.19531 | 0.19531 | |||||
October | 0.19531 | 0.19531 | |||||
November | 0.19531 | 0.19531 | |||||
December | 0.19531 | 0.19531 | |||||
Total | $ | 2.34372 | $ | 2.34372 | |||
About Presidio Property Trust
Presidio is an internally managed, diversified REIT with holdings in model home properties which are triple-net leased to homebuilders, office, industrial, and retail properties. Presidio’s model homes are leased to homebuilders located in Arizona, Illinois, Texas, Wisconsin, and Florida. Our office, industrial and retail properties are located primarily in Colorado, with properties also located in Maryland, North Dakota, Texas, and Southern California. While geographical clustering of real estate enables us to reduce our operating costs through economies of scale by servicing several properties with less staff, it makes us susceptible to changing market conditions in these discrete geographic areas, including those that have developed as a result of COVID-19. Presidio owns approximately
Definitions
Non-GAAP Financial Measures
Funds from Operations (“FFO”) – The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs.
However, because FFO excludes depreciation and amortization as well as the changes in the value of the Company’s properties that result from use or market conditions, each of which have real economic effects and could materially impact the Company’s results from operations, the utility of FFO as a measure of the Company’s performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company’s performance.
Core Funds from Operations (“Core FFO”) – We calculate Core FFO by using FFO as defined by NAREIT and adjusting for certain other non-core items. We exclude from our Core FFO calculation acquisition costs, loss on early extinguishment of debt, changes in the fair value of the earn-out, changes in fair value of contingent consideration, non-cash warrant dividends, other non-recuring expenses, and the amortization of stock-based compensation.
We believe Core FFO provides a useful metric in comparing operations between reporting periods and in assessing the sustainability of our ongoing operating performance. Other equity REITs may calculate Core FFO differently or not at all, and, accordingly, the Company’s Core FFO may not be comparable to such other REITs’ Core FFO.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and other federal securities laws. Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as "believe," "expect," "anticipate," "intend," "estimate," "may," "will," "should" and "could." Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements also include statements relating to the closing of the business combination with Conduit within a certain timeframe or at all. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. Except as required by law, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" section of the Company's documents filed with the SEC, copies of which are available on the SEC's website, www.sec.gov.
Investor Relations Contact:
Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
LHartkorn@presidiopt.com
Telephone: (760) 471-8536 x1244
Presidio Property Trust, Inc. and Subsidiaries Consolidated Balance Sheets | |||||||
December 31, | December 31, | ||||||
2024 | 2023 | ||||||
ASSETS | |||||||
Real estate assets and lease intangibles: | |||||||
Land | $ | 15,983,323 | $ | 21,660,644 | |||
Buildings and improvements | 102,862,977 | 133,829,416 | |||||
Tenant improvements | 16,488,066 | 17,820,948 | |||||
Lease intangibles | 3,776,654 | 4,110,139 | |||||
Real estate assets and lease intangibles held for investment, cost | 139,111,020 | 177,421,147 | |||||
Accumulated depreciation and amortization | (33,700,262 | ) | (38,725,356 | ) | |||
Real estate assets and lease intangibles held for investment, net | 105,410,758 | 138,695,791 | |||||
Real estate assets held for sale, net | 22,185,742 | 5,459,993 | |||||
Real estate assets, net | 127,596,500 | 144,155,784 | |||||
Other assets: | |||||||
Cash, cash equivalents and restricted cash | 8,036,496 | 6,510,428 | |||||
Deferred leasing costs, net | 1,666,135 | 1,657,055 | |||||
Goodwill | 1,389,000 | 1,574,000 | |||||
Investment in Conduit Pharmaceuticals marketable securities (see Notes 2 & 9) | 206,177 | 18,318,521 | |||||
Deferred tax asset | 298,645 | 346,762 | |||||
Other assets, net (see Note 6) | 3,376,697 | 3,400,088 | |||||
Total other assets | 14,973,150 | 31,806,854 | |||||
TOTAL ASSETS (1) | $ | 142,569,650 | $ | 175,962,638 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Mortgage notes payable, net | $ | 80,977,448 | $ | 103,685,444 | |||
Mortgage notes payable related to properties held for sale, net | 21,116,646 | 4,027,829 | |||||
Mortgage notes payable, total net | 102,094,094 | 107,713,273 | |||||
Accounts payable and accrued liabilities | 3,290,170 | 4,770,845 | |||||
Accrued real estate taxes | 1,972,477 | 1,953,087 | |||||
Dividends payable | 194,784 | 174,011 | |||||
Lease liability, net | 64,345 | 16,086 | |||||
Below-market leases, net | 8,625 | 13,266 | |||||
Total liabilities | 107,624,495 | 114,640,568 | |||||
Commitments and contingencies (see Note 10) | |||||||
Equity: | |||||||
Series D Preferred Stock, | 9,971 | 8,909 | |||||
Series A Common Stock, | 128,343 | 122,651 | |||||
Additional paid-in capital | 185,770,842 | 182,331,408 | |||||
Dividends and accumulated losses | (159,374,010 | ) | (131,508,785 | ) | |||
Total stockholders' equity before noncontrolling interest | 26,535,146 | 50,954,183 | |||||
Noncontrolling interest | 8,410,009 | 10,367,887 | |||||
Total equity | 34,945,155 | 61,322,070 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 142,569,650 | $ | 175,962,638 | |||
(1) As of December 31, 2024 and 2023, includes approximately
Presidio Property Trust, Inc. and Subsidiaries Consolidated Statements of Operations | |||||||
For the Year Ended December 31, | |||||||
2024 | 2023 | ||||||
Revenues: | |||||||
Rental income | $ | 18,523,813 | $ | 17,392,397 | |||
Fees and other income | 401,462 | 243,217 | |||||
Total revenue | 18,925,275 | 17,635,614 | |||||
Costs and expenses: | |||||||
Rental operating costs | 6,256,077 | 5,962,918 | |||||
General and administrative | 7,526,675 | 6,790,432 | |||||
Depreciation and amortization | 5,515,518 | 5,425,739 | |||||
Impairment of goodwill and real estate assets | 1,969,311 | 3,247,097 | |||||
Total costs and expenses | 21,267,581 | 21,426,186 | |||||
Other income (expense): | |||||||
Interest expense - mortgage notes | (6,050,196 | ) | (5,004,889 | ) | |||
Interest and other income, net | (151,356 | ) | 1,435,298 | ||||
Gain on sales of real estate, net | 3,426,572 | 3,240,200 | |||||
Net loss in Conduit Pharmaceuticals marketable securities (see footnote 9) | (17,925,723 | ) | (23,359,774 | ) | |||
Gain on deconsolidation of SPAC (see footnote 9) | — | 40,321,483 | |||||
Income tax (expense) benefit | (60,855 | ) | 335,780 | ||||
Total other (loss) income, net | (20,761,558 | ) | 16,968,098 | ||||
Net (loss) income | (23,103,864 | ) | 13,177,526 | ||||
Less: Income attributable to noncontrolling interests | (2,524,665 | ) | (3,031,080 | ) | |||
Net (loss) income attributable to Presidio Property Trust, Inc. stockholders | $ | (25,628,529 | ) | $ | 10,146,446 | ||
Less: Preferred Stock Series D dividends | (2,236,696 | ) | (2,118,846 | ) | |||
Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders | $ | (27,865,225 | ) | $ | 8,027,600 | ||
Net (loss) income per share attributable to Presidio Property Trust, Inc. common stockholders: | |||||||
Basic & Diluted | $ | (2.25 | ) | $ | 0.68 | ||
Weighted average number of common shares outstanding - basic & dilutive | 12,386,594 | 11,847,814 | |||||
FFO AND CORE FFO RECONCILIATION
For the Years Ended December 31, | |||||||
2024 | 2023 | ||||||
Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders | $ | (27,865,225 | ) | $ | 8,027,600 | ||
Adjustments: | |||||||
Income attributable to noncontrolling interests | 2,524,665 | 3,031,081 | |||||
Depreciation and amortization | 5,515,518 | 5,425,739 | |||||
Amortization of above and below market leases, net | (4,640 | ) | (4,974 | ) | |||
Impairment of real estate assets | 1,969,311 | 3,247,097 | |||||
Loss on Conduit marketable securities | 17,926,283 | 21,945,354 | |||||
Gain on deconsolidation of SPAC | - | (40,321,483 | ) | ||||
Loss (Gain) on sale of real estate assets | (3,426,572 | ) | (3,240,200 | ) | |||
FFO | $ | (3,360,660 | ) | $ | (1,889,786 | ) | |
Stock Based Compensation | 1,379,080 | 989,515 | |||||
Core FFO | $ | (1,981,580 | ) | $ | (900,271 | ) | |
Weighted average number of common shares outstanding - basic and diluted | 12,386,594 | 11,847,814 | |||||
Core FFO / Wgt Avg Share | $ | (0.160 | ) | $ | (0.076 | ) | |
Quarterly Dividends / Share | $ | — | $ | 0.091 | |||
This press release was published by a CLEAR® Verified individual.
