CORRECTION – Presidio Property Trust, Inc. Announces Earnings for the Year Ended December 31, 2024

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]