Business
Presidio Property Trust Announces Earnings for the Three and Nine Months Ended September 30, 2020
SAN DIEGO, CA / ACCESSWIRE / November 5, 2020 / Presidio Property Trust, Inc. the "Company" or Presidio (NASDAQ:SQFT) an internally managed, diversified REIT,
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / November 5, 2020 / Presidio Property Trust, Inc. the \"Company\" or Presidio (NASDAQ:SQFT) an internally managed, diversified REIT, with holdings in office, industrial, retail, and model home properties, today reported financial results for its third quarter ended September 30, 2020. All financial measures referenced herein for quarterly periods are unaudited.\"We are pleased to report our third quarter earnings as a newly-publicly traded company, listed on the Nasdaq under the symbol SQFT,\" said Jack Heilbron, President and Chief Executive Officer. \"We believe that the diversified nature of our portfolio has helped our results during the COVID-19 pandemic, and look forward to updating shareholders, both old and new, on our continued progress,\" said Heilbron.Third Quarter Highlights • Collected 96% of contractual base rent; • Reached occupancy at quarter-end of 83.8%, an increase of 1.5% from the third quarter of 2019; and • Executed new and renewal leases of approximately 111,000 square feet.Three Months Ended September 30, 2020 Financial ResultsNet loss attributable to the Company's common stockholders for the three months ended September 30, 2020 was $1.7 million, or $0.20 per basic and diluted share, compared to net income of $2.5 million, or $0.29 per basic and $0.27 per diluted share for the three months ended September 30, 2019. The increase in net loss was a result of: •A decrease in revenues of $1.3 million and a corresponding decrease in rental operating costs of $0.40 million due to the sale of three properties since June 30, 2019; •A decrease in gain on sale of real estate - During the three months ended September 30, 2020, no properties were sold whereas during the three months ended September 30, 2019, the Presidio office building was soldFFO, a non-GAAP measure, for the three month period ended September 30, 2020 increased by $62,000 to $(116,000) from $(178,000) for the three months ended September 30, 2019. A reconciliation of FFO to net loss, the most directly comparable GAAP financial measure, is attached to this press release.Nine Months Ended September 30, 2020 Financial ResultsNet loss attributable to the Company's common stockholders for the nine months ended September 30, 2020 and 2019 was $4.8 million and $0.5 million, respectively, or $0.54 and $0.05 per basic and diluted...