SAN DIEGO, July 14, 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 that it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale of 170,830 shares of common stock (and common stock equivalents) at a purchase price of $12.00 per share, pursuant to a registered direct offering, resulting in gross proceeds ...

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]