Financial Performance - Total revenue for Q2 2025 was $4,378,740, a decrease of 4.5% compared to $4,586,541 in Q2 2024[18]. - Net loss attributable to common stockholders for Q2 2025 was $5,850,621, compared to a net loss of $12,391,371 in Q2 2024, representing a 52.8% improvement[18]. - For the six months ended June 30, 2025, total revenues amounted to $8,503,925, with rental revenue contributing $7,155,342[24]. - The company recorded a net loss attributable to common stockholders of $(3,011,173) for the six months ended June 30, 2025[26]. - EBITDAre for Q2 2025 was $893,438, compared to $(117,604) in Q2 2024, showing a significant recovery[21]. Asset and Liability Management - As of June 30, 2025, the total real estate assets and lease intangibles, net, amount to $114.6 million, down from $127.6 million as of December 31, 2024[12]. - Total assets decreased to $128,400,413 as of June 30, 2025, down from $142,569,650 as of December 31, 2024, a decline of 9.9%[16]. - Total liabilities decreased to $99,023,400 from $107,624,495, a decline of 8.0%[16]. - The existing secured debt stands at $94.6 million, indicating a debt-to-asset ratio of approximately 82.6%[9]. Revenue Streams - Rental income for the first half of 2025 was $8,314,182, down 8.8% from $9,113,925 in the first half of 2024[18]. - Rental operating costs for the six months ended June 30, 2025, totaled $3,075,248, indicating a focus on managing operational expenses[24]. - The company reported a gain on the sale of real estate assets of $4,777,327 during the same period[26]. - The model homes portfolio consists of 87 properties with a total square footage of 260,227 sqft, generating an annual rent of approximately $3.79 million[14]. Impairment Charges - The company recorded an impairment charge of approximately $0.1 million for model homes during the three and six months ended June 30, 2025[13]. - The company has recorded an impairment charge of approximately $0.9 million for the Shea Center II property as of June 30, 2025[12]. - The company reported impairment of goodwill and real estate assets totaling $4,344,332 for the first half of 2025, compared to $196,793 in the same period of 2024[18]. - The company incurred impairment charges of $4,344,332 related to goodwill and real estate assets during the six months ended June 30, 2025[26]. Operational Highlights - The company is actively pursuing new tenants for the Shea Center II property, which has 45,535 sqft available after Halliburton's lease expiration, with 54% of the space currently leased[12]. - The model homes in Texas represent 86.1% of the total square footage in the model homes portfolio[14]. - The company has a total of 14 employees and operates primarily in California, Colorado, Maryland, North Dakota, and Texas[7]. - Net cash used in operating activities for the first half of 2025 was $1,012,227, compared to $1,301,028 in the first half of 2024, indicating a 22.2% improvement[20].
PRESIDIO PROPERT(SQFTP) - 2025 Q2 - Quarterly Results