Business
Presidio Property Trust, Inc. Announces Earnings for the First Three Quarters Ended September 30, 2022
SAN DIEGO, CA / ACCESSWIRE / November 11, 2022 / Presidio Property Trust, Inc. (NASDAQ:SQFT, SQFTP) (the "Company"), an internally managed, diversified real
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / November 11, 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 three quarters ended September 30, 2022. The first, second and third quarter financial measures referenced herein are unaudited.\"We are pleased to report our third quarter earnings, as well as the announcement that Murphy Canyon Acquisition Corp, sponsored by a subsidiary of Presidio, entered into a definitive business combination agreement on November 8, 2022. After evaluating dozens of companies, the Conduit team really impressed us both with their creative development approach and their asset pipeline,\" said Jack Heilbron, Chief Executive Officer of both Presidio and of Murphy. \"Conduit's team has an impressive track record of achievement in science, medicine, and industry. Their current assets and pipeline address a wide range of indications, and we believe that those indications are in important markets, full of opportunity. We look forward to seeing Conduit thrive and grow in the public markets.\"\"In the third quarter of 2022, 13 office, retail, and industrial leases were signed totaling nearly 52,000 square feet. These leases are comprised of 6 new leases and 7 existing tenant renewals,\" noted Gary Katz, the Company's Chief Investment Officer. \"For the year to date, we have signed 45 leases for nearly 170,000 square feet of space, split approximately between 50% new leases and 50% renewals, and we have renewed 70% of our expiring leases, based on rentable area.\"Quarter Ended September 30, 2022, Financial ResultsNet loss attributable to the Company's common stockholders for the three months ended September 30, 2022, was approximately $(1,302,000), or $(0.11) per basic and diluted share, compared to a net income of approximately $(1,391,000), or $(0.13) per basic and diluted share for the three months ended September 30, 2021. The change in net income attributable to the Company's common stockholders was a result of: •Operating income less; operating expense, G&A and depreciation & amortization, decreased by $274,000 or 41% in the second quarter 2022 as compared to the second quarter in 2021, mainly due to the additional G&A expenses for Murphy Canyon Acquisition Corp. •A 9% decrease in i...