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Presidio Property Trust, Inc. Announces Earnings for the Year Ended December 31, 2024

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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.

Positive
  • 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
Negative
  • 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 $27.9 million net loss (-$2.25 per share) compared to an $8.0 million gain in 2023. The 7.3% revenue increase to $18.9 million is overshadowed by substantial losses.

The primary driver behind this reversal is a massive $17.9 million loss on the company's Conduit investment, which now holds negligible value at just $0.2 million. This represents a catastrophic capital allocation failure.

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 $144.2 million to just $12.3 million indicates substantial property dispositions beyond the 51 model homes reported sold. While management highlights positive leasing activity and model home transactions, these modest gains are completely eclipsed by the magnitude of the investment losses and operating challenges.

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 $24.8 million, generating a $3.4 million gain - yet this wasn't enough to offset broader operational issues.

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 91.5% reduction in net real estate assets (from $144.2 million to $12.3 million) effectively transforms Presidio's business model and scale. While management notes positive 2025 leasing outlook, this optimism appears disconnected from the company's diminished asset base.

The 45 basis point increase in their weighted average interest rate to 5.63% compounds profitability challenges. Though they acquired 19 new model homes for $9.7 million, this modest expansion cannot compensate for the massive portfolio contraction. The explicit mention that interest expenses could decrease in 2025 due to commercial property sales suggests continued portfolio shrinkage rather than growth.

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 83% of expiring square footage during this same period. Our overall leasing outlook is positive for 2025,” said Gary Katz, the Company’s Chief Investment Officer.

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 $24.8 million and recorded a gain of approximately $3.4 million. We also remain focused on identifying new acquisition opportunities during 2025,” said Steve Hightower, President of the Model Home Division.

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 $27.9 million, or ($2.25) per basic and diluted share, compared to a net gain of approximately $8.0 million, or ($0.68) per basic and diluted share for the year ended December 31, 2023. The change in net income attributable to the Company’s common stockholders was a result of:

  • 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 or 7.3%. 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 or 10.8%. As a percentage of total revenue, our general and administrative costs were approximately 39.8% and 38.5% 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, or 20.9%. The increase in mortgage interest expense relates to the increase our weighted average interest rate increased from 5.18% to 5.63% 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 $2.8 million to approximately $(3.4 million) from $(6.2 million) for the years ended December 31, 2024 and 2023, respectively. A reconciliation of FFO to net income, the most directly comparable GAAP financial measure, is attached to this press release. 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.

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 $3.2 million, from approximately $(5.2 million) for the year ended December 31, 2023, to approximately $(2.0 million) for the year ended December 31, 2024. A reconciliation of Core FFO to net income, the most directly comparable GAAP financial measure, is attached to this press release.

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 Ended2024  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

Month2024  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 6.5% of the outstanding common stock of Conduit Pharmaceuticals Inc., a disease agnostic multi-asset clinical-stage disease-agnostic life science company providing an efficient model for compound development. For more information on Presidio, please visit the Company’s website at https://www.PresidioPT.com

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, $0.01 par value per share; 1,000,000 shares authorized; 997,085 shares issued and outstanding (liquidation preference $25.00 per share) as of December 31, 2024 and 890,946 shares issued and outstanding as of December 31, 2023 9,971   8,909 
Series A Common Stock, $0.01 par value per share, shares authorized: 100,000,000; 12,834,317 shares and 12,265,061 shares were issued and outstanding at December 31, 2024 and December 31, 2023, respectively 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 $11.4 million and $18.1 million, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities.

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.


FAQ

What was Presidio Property Trust's (SQFT) net income for 2024?

SQFT reported a net loss of $27.9 million ($2.25 per share) for 2024, compared to a net gain of $8.0 million in 2023.

How many model homes did SQFT sell in 2024?

SQFT sold 51 model homes for $24.8 million, generating a gain of approximately $3.4 million.

What was SQFT's total revenue for 2024?

Total revenue was $18.9 million in 2024, a 7.3% increase from $17.6 million in 2023.

What was SQFT's tenant retention rate in Q4 2024?

SQFT achieved an 83% tenant retention rate for expiring square footage during Q4 2024.

How much did SQFT spend on model home acquisitions in 2024?

SQFT acquired 19 model homes for $9.7 million, funded through $3.0 million in cash and $6.7 million in mortgage notes.
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Real Estate Investment Trusts
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