Business
Presidio Property Trust, Inc. Announces Earnings for the First Quarter Ended March 31, 2022
SAN DIEGO, CA / ACCESSWIRE / May 16, 2022 / Presidio Property Trust, Inc. (NASDAQ:SQFT, SQFTP) (the "Company"), an internally managed, diversified real estate
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / May 16, 2022 / Presidio Property Trust, Inc. (NASDAQ:SQFT, SQFTP) (the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today reported earnings for its first quarter ended March 31, 2022. All first quarter financial measures referenced herein are unaudited.\"We are pleased to report our first quarter earnings, continuing the strong performance that we saw throughout 2021,\" said Jack Heilbron, the Company's President and Chief Executive Officer. \"In the first quarter of 2022, we collected 92% of total tenant billings, including 100% collections among our retail tenants. And just last week, we took advantage of our cash position, to pay off our loan on our 300 NP office property in Fargo, North Dakota in full, prudently deleveraging where it makes sense. That was our last commercial property loan maturing in 2022, with the next commercial property loan not maturing until the middle of 2024.\"\"15 office, retail, and industrial leases were signed in the first quarter of 2022, with 7 new tenants and 8 existing tenant renewals,\" noted Gary Katz, the Company's Chief Investment Officer. \"We saw continued leasing demand in the first quarter, in all our geographies, among a variety of tenants, including financial services and wireless tenants.\"First Quarter Ended March 31, 2022 Financial ResultsNet loss attributable to the Company's common stockholders for the three months ended March 31, 2022, was approximately $(3.8 million), or $(0.32) per basic and diluted share, compared to a net loss of $(2.6 million), or $(0.28) per basic and diluted share for the three months ended March 31, 2021. The change in net income attributable to the Company's common stockholders was a result of: •A decrease in interest expense for the first quarter of 2022, after the sale of commercial properties in 2021 and payoff of the Polar Note, and •A gain on sale of real estate of 11 model homes sold in the first quarter of 2022, offset by a small loss on the sale of World Plaza •Offset by the preferred stock Series D dividends totaling approximately $0.5 million in Q1 2022, not experienced in Q1 2021. •A one-time Series A Warrant Divided totaling approximately $2.4 million granted in Q1 2022.FFO (non-GAAP) for the three months ended March 31, 2022, decreased by approximately $1 million to ...