Real Estate Assets - As of September 30, 2025, the total book value of the company's real estate assets is approximately $113.3 million, down from $127.6 million as of December 31, 2024, reflecting a decrease of about 11.5%[12] - The commercial portfolio includes 10 properties with a book value of approximately $74.2 million, contributing to the overall real estate assets[11] - The model homes portfolio consists of 84 properties with a total square footage of 250,281 sqft, generating an annual rent of approximately $3.65 million[13] - The company recorded an impairment charge of approximately $3.3 million related to the Dakota Center property, which is expected to be sold for $5.125 million[12] - The impairment of model homes was reported at $(200,625), reflecting challenges in the model home segment[24] Financial Performance - Total revenue for the three months ended September 30, 2025, was $4,196,142, a decrease of 11.1% compared to $4,723,374 for the same period in 2024[17] - Net loss attributable to common stockholders for the nine months ended September 30, 2025, was $6,026,871, compared to a net loss of $24,800,532 for the same period in 2024[21] - EBITDAre for the three months ended September 30, 2025, was $638,723, an increase from $558,376 in the same period of 2024[20] - FFO for the three months ended September 30, 2025, was $(839,846), compared to $(566,910) in the same period of 2024[21] - Core FFO for the nine months ended September 30, 2025, was $(1,627,404), compared to $(995,236) in 2024[21] - The company reported a net loss attributable to stockholders of $4,302,021 for the nine months ended September 30, 2025, primarily due to significant interest expenses and impairment charges[26] Assets and Liabilities - As of September 30, 2025, the total assets of the company amount to $127.8 million, a decrease from $142.6 million as of December 31, 2024[15] - The company reported existing secured debt of $94.6 million, which represents approximately 83.5% of the total book value of real estate assets[9] - The mortgage notes payable total approximately $93.7 million, down from $102.1 million as of December 31, 2024, indicating a reduction of about 8.5%[15] - Total stockholders' equity decreased to approximately $29.3 million as of September 30, 2025, from $34.9 million as of December 31, 2024[15] - Total assets decreased from $142,569,650 as of December 31, 2024, to $127,808,885 as of September 30, 2025, indicating a reduction in asset base[27] Cash Flow and Liquidity - Net cash used in operating activities for the nine months ended September 30, 2025, was $380,224, compared to $658,434 for the same period in 2024[19] - Net cash provided by investing activities for the nine months ended September 30, 2025, was $11,433,947, compared to $10,664,729 in 2024[19] - Cash, cash equivalents, and restricted cash at the end of the period on September 30, 2025, was $8,002,915, compared to $7,199,448 at the end of the same period in 2024[19] - Cash and cash equivalents increased to $1,575,384 from $564,922, indicating improved liquidity[27] Revenue Breakdown - Total revenues for the nine months ended September 30, 2025, amounted to $12,700,066, with a breakdown of $450,426 from retail, $9,193,982 from office/industrial, and $2,976,521 from model homes[24] - Net Operating Income (NOI) reached $8,090,256, with adjusted NOI at $8,473,575, reflecting strong operational performance[24] Operational Activities - The company has leased approximately 69% of the space previously occupied by Halliburton in the Shea Center II property, which represents about 31% of the total space[12] - The company is actively pursuing third-party tenants for the remaining space in the Shea Center II property, although there is no guarantee of success[12] - Rental operating costs totaled $4,609,810, with general and administrative expenses at $4,335,697, highlighting the cost structure of the business[26] Other Income and Expenses - The company recorded a gain on sales of real estate amounting to $5,078,302, contributing positively to the overall financial results[26] - The company’s total other income (expense), net, was $408,203, influenced by various factors including interest expenses and gains on real estate sales[26] Shareholder Information - Weighted average number of common shares outstanding for the three months ended September 30, 2025, was 1,215,943[21] Performance Metrics - The company defines Funds from Operations (FFO) as a key performance metric, which excludes gains from property sales and includes depreciation and amortization adjustments[30]
PRESIDIO PROPERT(SQFTP) - 2025 Q3 - Quarterly Results