Welcome to our dedicated page for Presidio Property Trust Series A news (Ticker: SQFTW), a resource for investors and traders seeking the latest updates and insights on Presidio Property Trust Series A stock.
Presidio Property Trust, Inc. was founded as NetREIT in 1999, focusing on out-of-the-mainstream properties to find hidden value. They are a diversified REIT with model home properties leased to homebuilders in Arizona, Illinois, Texas, Wisconsin, and Florida. Additionally, they own office, industrial, and retail properties primarily in Colorado, with other locations in Maryland, North Dakota, Texas, and Southern California. With an internal management structure, Presidio seeks to provide stability and sustainable performance in the real estate market.
Presidio Property Trust (NASDAQ: SQFT) reported its first-quarter 2024 earnings, revealing a net loss of $5.8 million or ($0.47) per share, compared to a net loss of $1.5 million or ($0.13) per share in Q1 2023. Revenues increased to $4.8 million from $4.1 million a year earlier. Key highlights include signing leasing transactions totaling 24,476 sf and selling 27 model homes for $14 million, recognizing a gain of $2 million. The company also faced a $0.1 million non-cash impairment charge related to four model homes. Investments in Conduit Pharmaceuticals marked a $3.9 million fair value loss. FFO dropped to $(971,367) from $(228,914) in Q1 2023, and Core FFO decreased from $31,932 to $(429,445). No distributions were declared for Series A Common Stock, while Series D Preferred Stock distributions remained consistent at $0.58593 per share.
Presidio Property Trust, Inc. has reached a cooperation agreement with Zuma Capital Management, appointing Elena Piliptchak to the board of directors. The Zuma Investor Group that holds 7.6% of Presidio's outstanding stock has agreed to certain provisions, enhancing corporate governance and stockholder value.
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