[Company Overview](index=3&type=section&id=COMPANY%20OVERVIEW) Presidio Property Trust, Inc., founded in 1999, is an internally managed real estate company focused on acquiring, owning, and managing office and industrial assets, alongside a portfolio of model homes - Presidio Property Trust, Inc. operates as an internally managed real estate company, specializing in office and industrial assets and model homes since its founding in 1999[10](index=10&type=chunk) Corporate Information & Portfolio Value | Metric | Value | | :--- | :--- | | Headquarters | San Diego, CA | | Key Geographies | CA, CO, MD, ND & TX | | Employees | 15 | | Portfolio Book Value | $127.6 million | | Existing Secured Debt | $102.8 million | Portfolio Summary | Property Type | Count | Square Footage | | :--- | :--- | :--- | | Office | 8 properties | 608,076 sqft | | Retail | 3 properties | 65,242 sqft | | Industrial | 1 property | 150,099 sqft | | Model Homes | 78 homes | 236,955 sqft | [Portfolio Details](index=4&type=section&id=Portfolio%20Details) This section details the company's commercial and model homes portfolios, including property types, square footage, occupancy, and key transactional updates [Commercial Portfolio](index=4&type=section&id=COMMERCIAL%20PORTFOLIO) The commercial portfolio comprises 12 office, industrial, and retail properties totaling 823,417 sq. ft. with 81.8% occupancy, marked by recent impairments, sales, and ongoing leasing efforts Commercial Portfolio Overview (Office/Industrial & Retail) | Metric | Office/Industrial | Retail | | :--- | :--- | :--- | | Total Square Feet | 758,175 | 65,242 | | Occupancy | 81.0% | 86.2% | | Purchase Price | $91.9M | $19.0M | | Mortgage on Property | $60.6M | $13.0M | - The Dakota Center property was impaired by approximately **$0.7 million** and is being sold to settle its non-recourse loan balance[12](index=12&type=chunk) - In February 2025, the Union Town Center and Research Parkway properties were sold for a combined **$16.95 million**, resulting in an approximate gain of **$4.3 million**[12](index=12&type=chunk) - Following the expiration of the Halliburton lease at Shea Center II at the end of 2022, management is working to fill the vacant space, with approximately **54%** of the space leased as of February 2025[12](index=12&type=chunk) [Model Homes Portfolio](index=5&type=section&id=MODEL%20HOMES%20PORTFOLIO) The model homes portfolio consists of 78 properties totaling 236,955 square feet, with a significant concentration in Texas, accounting for 91.5% of the total annual rent Model Homes Portfolio by State | State | No. of Properties | Aggregate Square Feet | % of Square Feet | Current Base Annual Rent | % of Aggregate Annual Rent | | :--- | :--- | :--- | :--- | :--- | :--- | | Arizona | 2 | 6,822 | 2.9% | $149,196 | 4.4% | | Florida | 3 | 8,199 | 3.4% | $136,812 | 4.1% | | Texas | 73 | 221,934 | 93.7% | $3,086,580 | 91.5% | | **Total** | **78** | **236,955** | **100.0%** | **$3,372,588** | **100.0%** | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated balance sheets, statements of operations, and cash flows, highlighting key financial performance and position changes [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2024, total assets decreased to **$142.6 million** from **$176.0 million** in 2023, primarily due to reduced real estate assets and a significant write-down of Conduit Pharmaceuticals securities, leading to a decline in total equity Consolidated Balance Sheet Summary (in millions) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Real estate assets, net | $127.6 | $144.2 | | Investment in Conduit Pharma securities | $0.2 | $18.3 | | **Total Assets** | **$142.6** | **$176.0** | | Mortgage notes payable, total net | $102.1 | $107.7 | | **Total Liabilities** | **$107.6** | **$114.6** | | **Total Equity** | **$34.9** | **$61.3** | - The value of the investment in Conduit Pharmaceuticals marketable securities plummeted from **$18.3 million** at year-end 2023 to **$206,177** at year-end 2024[15](index=15&type=chunk) - Real estate assets held for sale increased significantly from **$5.5 million** in 2023 to **$22.2 million** in 2024, reflecting management's strategy to sell certain properties[15](index=15&type=chunk) [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) For the year ended December 31, 2024, the company reported a net loss of **$27.9 million**, or **$(2.25)** per share, a significant decline from 2023's net income, primarily due to a **$17.9 million** loss on Conduit Pharmaceuticals securities and the absence of a prior-year **$40.3 million** SPAC deconsolidation gain Consolidated Statement of Operations Summary | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Total Revenue | $18,925,275 | $17,635,614 | | Net loss in Conduit Pharma securities | $(17,925,723) | $(23,359,774) | | Gain on deconsolidation of SPAC | — | $40,321,483 | | Net (loss) income attributable to common stockholders | $(27,865,225) | $8,027,600 | | Basic & Diluted (loss) income per share | $(2.25) | $0.68 | - Total revenue increased by **7.3%** year-over-year, from **$17.6 million** in 2023 to **$18.9 million** in 2024[17](index=17&type=chunk) - A significant factor in the 2024 net loss was the **$17.9 million** loss on Conduit Pharmaceuticals marketable securities, while the 2023 net income was heavily influenced by a one-time **$40.3 million** gain on the deconsolidation of a SPAC[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In 2024, the company reported a net cash outflow from operating activities of **$0.7 million**, a reversal from 2023, while investing activities provided **$12.9 million** primarily from real estate sales, leading to a **$1.5 million** increase in cash to **$8.0 million** by year-end Consolidated Cash Flow Summary | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(728,060) | $1,448,573 | | Net cash provided by investing activities | $12,866,819 | $120,598,553 | | Net cash (used in) financing activities | $(10,612,691) | $(132,053,423) | | **Net increase (decrease) in cash** | **$1,526,068** | **$(10,006,297)** | | **Cash at end of period** | **$8,036,496** | **$6,510,428** | - The shift to negative operating cash flow was primarily due to the large net loss, despite non-cash adjustments like the loss on marketable securities[19](index=19&type=chunk) - Investing activities were a significant source of cash in 2024, driven by **$24.8 million** in proceeds from real estate sales, which offset **$9.7 million** in real estate acquisitions[19](index=19&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=10&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section provides reconciliations for key non-GAAP financial measures, including EBITDAre, FFO, and Core FFO, detailing their calculation and performance [EBITDAre Reconciliation](index=10&type=section&id=EBITDAre%20RECONCILIATION) The company's EBITDAre improved to **$225,724** in 2024 from a negative **$(251,757)** in 2023, despite a significant net loss, primarily due to substantial add-backs for non-cash expenses and a smaller securities loss adjustment EBITDAre Reconciliation Summary | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net (loss) income attributable to common stockholders | $(27,865,225) | $8,027,600 | | Adjustments (Interest, D&A, Impairment, etc.) | $28,090,949 | $(8,279,357) | | **EBITDAre** | **$225,724** | **$(251,757)** | [FFO and Core FFO Reconciliation](index=11&type=section&id=FFO%20AND%20CORE%20FFO%20RECONCILIATION) Both FFO and Core FFO declined in 2024, with FFO worsening to **$(3.4) million** and Core FFO decreasing to **$(2.0) million**, resulting in a Core FFO per share of **$(0.160)**, and no common stock dividends were paid FFO and Core FFO Summary | Metric | 2024 | 2023 | | :--- | :--- | :--- | | FFO | $(3,360,660) | $(1,889,786) | | Core FFO | $(1,981,580) | $(900,271) | | Core FFO / Share | $(0.160) | $(0.076) | | Quarterly Dividends / Share | $— | $0.091 | [Segment Data](index=12&type=section&id=SEGMENT%20DATA) This section provides a breakdown of financial performance and assets by the company's reportable segments: Retail, Office/Industrial, and Model Homes - All three reportable segments—Retail, Office/Industrial, and Model Homes—demonstrated year-over-year growth in Net Operating Income (NOI) for 2024[26](index=26&type=chunk) Net Operating Income (NOI) by Segment | Segment | 2024 NOI | 2023 NOI | | :--- | :--- | :--- | | Retail | $1,511,996 | $1,346,941 | | Office/Industrial | $6,201,988 | $5,673,913 | | Model Homes | $4,264,632 | $3,975,636 | Assets by Reportable Segment | Segment | 2024 Total Assets | 2023 Total Assets | | :--- | :--- | :--- | | Office/Industrial | $76,292,662 | $78,140,372 | | Model Home Properties | $38,166,964 | $51,456,292 | | Retail Properties | $16,673,605 | $16,539,399 | | **Total Segment Assets** | **$131,133,231** | **$146,136,063** | - Total assets for reportable segments decreased from **$146.1 million** in 2023 to **$131.1 million** in 2024, with the most significant reduction occurring in the Model Home Properties segment[27](index=27&type=chunk) [Definitions – Non-GAAP Measurements](index=14&type=section&id=DEFINITIONS%20%E2%80%93%20NON-GAAP%20MEASUREMENTS) This section provides the formal definitions for key non-GAAP financial measures used by the company, including EBITDAre, FFO, and Core FFO - EBITDAre is defined as earnings before interest, taxes, depreciation, amortization, gain/loss on disposal of depreciated assets, and impairment write-offs[29](index=29&type=chunk) - Funds from Operations (FFO) is a non-GAAP measure defined as net income or loss, excluding gains or losses from property sales and impairment charges, and adding back depreciation and amortization[30](index=30&type=chunk) - Core Funds from Operations (Core FFO) is calculated by adjusting FFO for non-core items such as acquisition costs, loss on early extinguishment of debt, and the amortization of stock-based compensation[32](index=32&type=chunk)

Core Insights - Presidio Property Trust 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 2023, reflecting a significant decline in profitability [4][29] - Total revenue increased by approximately $1.3 million or 7.3%, reaching approximately $18.9 million in 2024, driven by strong rent collections and new commercial leases [4][29] - The company successfully renewed 83% of expiring leases during the fourth quarter of 2024, indicating a positive leasing outlook for 2025 [2] Financial Performance - The company recorded general and administrative expenses of approximately $7.5 million for 2024, an increase of approximately $0.7 million or 10.8% compared to 2023 [4] - Funds from Operations (FFO) improved by approximately $2.8 million, moving from $(6.2 million) in 2023 to approximately $(3.4 million) in 2024 [6] - Core FFO also showed improvement, increasing by about $3.2 million from approximately $(5.2 million) in 2023 to approximately $(2.0 million) in 2024 [7] Asset Management - The company acquired 19 model home properties for $9.7 million in 2024, financed through cash payments of $3.0 million and mortgage notes of $6.7 million [8] - Presidio sold 51 model homes for approximately $24.8 million in 2024, recognizing a gain of approximately $3.4 million [10][29] - As of December 31, 2024, the company had approximately $12.3 million in net real estate assets, a decrease from approximately $144.2 million in 2023 [4] Impairments and Charges - A non-cash impairment charge of approximately $2.0 million was recognized in 2024, primarily related to goodwill and real estate assets [4][5] - The impairment on commercial properties was attributed to a loan maturity and inability to reach an agreement with lenders, leading to a decision to impair the property’s book value [4][5] 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 [18][19]

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].

SAN DIEGO, Feb. 24, 2025 (GLOBE NEWSWIRE) -- (NASDAQ:SQFT, SQFTP, SQFTW)) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed, diversified real estate investment trust ("REIT") announced that during January and February 2024 the Company has sold 2 model homes for a total of approximately $1.04 million and two commercial properties for a total of $16.95 million. The homes were purchased in 2023 with a total acquisition price of approximately $0.9 million. The commercial propert ...

SAN DIEGO, Feb. 07, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: SQFT; SQFTP; SQFTW) Presidio Property Trust, Inc. (“Presidio” or the “Company”), an internally managed, diversified real estate investment trust, today announced the sale of its Union Town Center and Research Parkway properties, comprising a multi building retail center in Colorado Springs, Colorado. “We acquired this well-located center in two separate off-market transactions in 2014 and 2015, and continued to upgrade the property and maintained occupan ...

SAN DIEGO, Jan. 29, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: SQFT; SQFTP; SQFTW) Presidio Property Trust, Inc. (“Presidio” or the “Company”), an internally managed, diversified real estate investment trust (“REIT”) announced that in the fourth quarter of 2024, through subsidiary and affiliate entities, have sold five homes for a total of approximately $2.7 million. These homes were purchased between 2017 and 2022 with a total acquisition price of approximately $2.5 million. Model homes account for approximately 29 ...

Core Viewpoint - Presidio Property Trust, Inc. has announced a share repurchase plan authorizing the repurchase of up to $6 million of Series A Common Stock and up to $4 million of Series D Preferred Stock [1] Group 1: Share Repurchase Plan - The share repurchase program allows for shares to be repurchased using various methods, including open market transactions and privately negotiated transactions, in compliance with SEC rules [2] Group 2: Company Overview - Presidio is an internally managed diversified real estate investment trust (REIT) with holdings in model home properties leased to homebuilders, as well as office, industrial, and retail properties [3] - The model homes are located in Arizona, Illinois, Texas, Wisconsin, and Florida, while the office, industrial, and retail properties are primarily in Colorado, with additional locations in Maryland, North Dakota, Texas, and Southern California [3] - The company also owns approximately 4.3% of the outstanding common stock of Conduit Pharmaceuticals Inc., a clinical-stage life science company [3]

SAN DIEGO, Oct. 17, 2024 (GLOBE NEWSWIRE) -- (NASDAQ: SQFT; SQFTP; SQFTW) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed, diversified real estate investment trust ("REIT") announced that in third quarter of 2024, through subsidiary and affiliate entities, it acquired seven newly constructed single-family model home properties located in Texas. These seven homes were purchased for a total of approximately $4 million, with mortgage notes payable of approximately $2.8 millio ...

In accordance with the terms of the Series D Preferred Stock, the July 2024 Series D dividend will be payable in cash in the amount of $0.19531 per share on August 15, 2024, to shareholders of record of Series D Preferred Stock as of the dividend record date of July 31, 2024. The August 2024 Series D dividend will be payable in cash in the amount of $0.19531 per share on September 16, 2024, to shareholders of record of Series D Preferred Stock as of the dividend record date of August 30, 2024. The September ...

About Presidio Property Trust 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 ...