Business
Presidio Property Trust, Inc. Announces Earnings for the First Two Quarters Ended June 30, 2022
SAN DIEGO, CA / ACCESSWIRE / August 11, 2022 / Presidio Property Trust, Inc. (NASDAQ:SQFT)(NASDAQ:SQFTP) (the "Company"), an internally managed, diversified
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / August 11, 2022 / Presidio Property Trust, Inc. (NASDAQ:SQFT)(NASDAQ:SQFTP) (the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today reported earnings for its first two quarters ended June 30, 2022. All first and second quarter financial measures referenced herein are unaudited.\"We are pleased to report our second quarter earnings, continuing the strong performance that we saw in the beginning of 2022,\" said Jack Heilbron, the Company's President and Chief Executive Officer. \"In the second quarter of 2022, we collected 98% of rental billings, including a 100% collections rate in our model home segment.\"\"16 office, retail, and industrial leases were signed in the second quarter of 2022, with 7 new tenants and 9 existing tenant renewals,\" noted Gary Katz, the Company's Chief Investment Officer. \"For the year to date, we have signed 32 leases for 118,360 square feet of space, split approximately between 40% new leases and 60% renewals.\"First Quarter Ended June 30, 2022, Financial ResultsNet loss attributable to the Company's common stockholders for the three months ended June 30, 2022, was approximately $(830,000), or $(0.07) per basic and diluted share, compared to a net income of approximately $754,000, or $0.08 per basic and diluted share for the three months ended June 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 $205,000 or 31.7% 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 10% decrease in interest expense for the second quarter of 2022, after the sale of commercial properties in 2021 and payoff of their related mortgages. •Gain on sale of real estate of 7 model homes sold in the second quarter of 2022 for approximately $1.2 million, compared to a gain on sale during the second quarter of 2021 totaling approximately $2.6 million for 12 model homes and two commercial properties. •Preferred stock Series D dividends totaled approximately $0.5 million in Q2 2022, compared to approximately $96,000 in Q2 2021.FFO (non-GAAP) for the three months ended June 30, 2022, decreased by approximately $0.5 milli...