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 ...

SAN DIEGO, July 02, 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 second 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 $3.5 million, with mortgage notes payable of approximately $2.4 mil ...