Presidio Property Trust(SQFT)

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Presidio Property Trust Provides Update on Model Home Activity in Q2 2025
Globenewswire· 2025-07-09 12:50
Core Insights - Presidio Property Trust, Inc. reported the sale of seven homes for approximately $3.5 million in Q2 2025, with total acquisition costs of about $3.2 million for these homes [1] - The company acquired 10 homes for around $5.2 million, located in Texas, Alabama, and Tennessee, expanding its portfolio [1] - Model homes constitute approximately 34% of Presidio's net real estate assets and 24% of its rental revenue, with 68 out of 87 model homes wholly owned as of June 30, 2025 [1] Acquisition Strategy - The company has successfully identified and executed acquisition opportunities in Sun Belt states, enhancing geographical diversification [2] - This strategic move is part of Presidio's managed growth plan in collaboration with a nationally recognized builder [2] Company Overview - Presidio is an internally managed, diversified REIT with holdings primarily in model home properties leased to homebuilders, as well as office, industrial, and retail properties [3] - The model homes are mainly located in Sun Belt states, while office and retail properties are concentrated in Colorado, with additional locations in Maryland, North Dakota, Texas, and Southern California [3]
Presidio Regains Compliance with Nasdaq Minimum Bid Price Requirement
Globenewswire· 2025-06-03 20:05
SAN DIEGO, June 03, 2025 (GLOBE NEWSWIRE) -- Presidio Property Trust, Inc. (“Presidio” or the “Company”) (NASDAQ: SQFT; SQFTP; SQFTW), an internally managed, diversified real estate investment trust (“REIT”), today announced that it has received formal notice from Nasdaq stating that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). The Company's common stock will continue to be listed and traded on Nasdaq.. To regain compliance with the ...
Presidio Property Trust(SQFT) - 2025 Q1 - Quarterly Results
2025-05-14 21:02
The forward-looking statements contained in this presentation are based on historical performance and management's current plans, estimates and expectations in light of information currently available to it and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to the factors, risks and uncertainties described in the Annual Report on F ...
Presidio Property Trust Announces Reverse Stock Split
Globenewswire· 2025-05-14 20:45
SAN DIEGO, May 14, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: SQFT; SQFTP; SQFTW) Presidio Property Trust, Inc. (“Presidio” or the “Company”), an internally managed, diversified real estate investment trust, announced today that it will proceed with a 1-for-10 reverse stock split (“Reverse Stock Split”) of its outstanding shares of Series A Common Stock following approval by its Board of Directors pursuant to the Maryland General Corporation Law and no stockholder approval is required. Presidio expects the Company’s ...
Presidio Property Trust(SQFT) - 2025 Q1 - Quarterly Report
2025-05-14 20:05
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________________ FORM 10-Q ___________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period from _____ to _____ 001-34049 (Commission File ...
Presidio Property Trust Commences a Tender Offer to Repurchase up to 2,000,000 shares, plus all odd lots, of its Series A Common Stock
Newsfilter· 2025-04-08 13:20
Core Viewpoint - Presidio Property Trust, Inc. has initiated a tender offer to purchase odd lots and up to 2,000,000 shares of its Series A Common Stock at a price of $0.68 per share, set to expire on May 5, 2025 [1][3]. Group 1: Tender Offer Details - The tender offer is for all odd lots plus up to 2,000,000 shares of Series A Common Stock at a price of $0.68 per share [1]. - The offer will not be contingent upon a minimum number of shares being tendered or any financing conditions, but will be subject to other conditions [3]. - The Board has authorized the offer, but no recommendations are made to security holders regarding whether to tender their shares [4]. Group 2: Offer Process and Instructions - Stockholders must follow specific instructions outlined in the "Offer to Purchase" and related documents filed with the SEC to tender their shares [2]. - The depositary and paying agent for the offer is Broadridge Corporate Issuer Solutions, LLC, which will also serve as the information agent [5]. - Offer documents will be mailed to registered holders around April 10, 2025, and beneficial holders will receive communications from their banks or brokers [5]. Group 3: Company Overview - Presidio is an internally managed real estate investment trust with holdings in model home properties leased to homebuilders, as well as office, industrial, and retail properties [7]. - The model homes are located in Arizona, Texas, and Florida, while the other properties are primarily in Colorado, with additional locations in Maryland, North Dakota, Texas, and Southern California [7].
CORRECTION – Presidio Property Trust, Inc. Announces Earnings for the Year Ended December 31, 2024
Globenewswire· 2025-04-07 20:15
Core Insights - Presidio Property Trust, Inc. reported a net loss of approximately $27.9 million for the year ended December 31, 2024, compared to a net gain of approximately $8.0 million for the previous year, reflecting a significant decline in profitability [5][30] - Total revenue increased by approximately $1.3 million or 7.3%, reaching approximately $18.9 million for the year ended December 31, 2024, driven by strong rent collections and new commercial leases [5][30] - The company successfully renewed 83% of expiring square footage during the fourth quarter of 2024, indicating a positive leasing outlook for 2025 [3] Financial Performance - The net loss attributable to common stockholders was approximately $2.25 per share for 2024, compared to a gain of $0.68 per share in 2023 [5][30] - General and administrative expenses rose to approximately $7.5 million in 2024, an increase of 10.8% from approximately $6.8 million in 2023, primarily due to costs associated with the annual meeting and legal fees [5][30] - Funds from Operations (FFO) improved by approximately $2.8 million, moving from $(6.2 million) in 2023 to $(3.4 million) in 2024 [7] Asset Management - As of December 31, 2024, the company had approximately $127.6 million in net real estate assets, a decrease from approximately $144.2 million in 2023, attributed to the sale of model homes and impairments [5][27] - The company acquired 19 model home properties for $9.7 million during 2024, which were leased back to homebuilders under triple net leases [9] - The company recognized a non-cash impairment charge of approximately $2.0 million on goodwill and real estate assets during 2024, with significant impairments related to commercial properties [6][30] Leasing and Sales Activity - In 2024, the company sold 51 model homes for approximately $24.8 million, realizing a gain of approximately $3.4 million [4][11] - The company entered into three leases with new tenants totaling nearly 23,000 square feet in the fourth quarter of 2024, contributing to a positive leasing outlook [3] Dividends - No distributions were declared for Series A Common Stock in 2024, while Series D Preferred Stock maintained a consistent distribution of $0.19531 per month [17][18]
Presidio Property Trust(SQFT) - 2024 Q4 - Annual Results
2025-03-31 22:04
Exhibit 99.2 SUPPLEMENTAL FINANCIAL INFORMATION As of December 31, 2024 FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of the federal securities laws that involve risks and uncertainties, many of which are beyond our control. Our actual results could differ materially and adversely from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Quarterly Report on Form 10-Q. Forward-looking stat ...
Presidio Property Trust, Inc. Announces Earnings for the Year Ended December 31, 2024
GlobeNewswire News Room· 2025-03-31 20:30
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 Off ...
Presidio Property Trust(SQFT) - 2024 Q4 - Annual Report
2025-03-31 20:07
Model Homes Acquisition and Disposal - As of December 31, 2024, the company owned 78 model homes with a net book value of approximately $37.4 million[24]. - In 2024, the company acquired 19 model home properties for a total purchase price of $9.7 million, consisting of $3.0 million in cash and $6.7 million in mortgage notes[20]. - In 2023, the company acquired 40 model home properties for a total purchase price of $21.9 million, consisting of $6.6 million in cash and $15.3 million in mortgage notes[21]. - The company disposed of 51 model homes in 2024 for approximately $24.8 million, recognizing a gain of approximately $3.4 million[22]. - The company disposed of 22 model homes in 2023 for approximately $11.7 million, recognizing a gain of approximately $3.2 million[23]. Commercial Properties and Tenants - The company's commercial property tenant base consists of approximately 157 individual tenants, with the ten largest tenants representing approximately 32.60% of annualized base rent[17]. - The average remaining lease term for commercial properties is approximately 3.2 years as of December 31, 2024[17]. Financial Position and Debt - As of December 31, 2024, the company had $22.7 million of total debt with recourse to the company, including $5.0 million related to model homes properties[38]. - The company plans to refinance a significant portion of the $30.5 million principal payments on mortgage notes payable related to commercial properties due in 2025[40]. - The company uses both fixed and variable interest rate debt, with no variable interest rate provisions in its mortgage loans as of December 31, 2024[39]. - The company expects its commercial properties and model homes to continue covering their debt servicing needs over the next twelve months[41]. Employee and Office Space - As of December 31, 2024, the company had a total of 15 full-time employees[55]. - The company reduced its office space from approximately 9,224 square feet to 6,570 square feet in September 2024[54]. Stock and Capital Management - The company has a stock repurchase program authorized for up to $6.0 million of Series A Common Stock and $4.0 million of Series D Preferred Stock, with repurchases totaling $140,416 for Series A and $40,910 for Series D in 2024[29]. - The company raised approximately $20.5 million from the offering of 920,000 shares of Series D Preferred Stock in June 2021[34]. Competition and Market Position - The company competes with various real estate investors, including REITs and pension funds, which may have greater financial resources[43]. Environmental Compliance - The company has not experienced a noticeable effect on capital expenditures or earnings due to environmental compliance issues[47]. - The company is subject to various environmental laws that could impact its operations and financial position if not complied with[46]. - The company must distribute at least 90% of its REIT taxable income to maintain its REIT status[52]. Investment in Other Entities - The company owned approximately 6.5% of Conduit Pharmaceuticals Inc. following its business combination with Murphy Canyon Acquisition Corp. in September 2023[31].