Business
Presidio Property Trust, Inc. Announces Earnings for the Quarter Ended March 31, 2023
SAN DIEGO, CA / ACCESSWIRE / May 15, 2023 / 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 15, 2023 / Presidio Property Trust, Inc. (Nasdaq:SQFT, SQFTP) (the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today reported earnings for its quarter ended March 31, 2022.Quarter Ended March 31, 2023, Financial ResultsNet loss attributable to the Company's common stockholders for the three months ended March 31, 2023, was approximately $(1,530,988), or $(0.13) per basic and diluted share, compared to a net income of approximately $(3,824,053), or $(0.32) per basic and diluted share for the three months ended March 31, 2022. The change in net income attributable to the Company's common stockholders was a result of: A decrease in Series A Warrant Dividends of approximately $2.5 million due to a large dividend payment in Q1 2022 and not in Q1 2023. Rental revenue decreased by about 11.5% from Q1 2022 compared to Q1 2023. This was mainly related to the sale of the World Plaza building in March of 2022. The Company has not yet invested in another commercial building that would drive comparable rental revenue. Additionally, a major tenant lease in our Colorado property expired on December 31, 2023, and only 20% of the space was released during the first quarter of 2023. The Company is expecting increases in rental revenue with continued leasing efforts and has already entered into a lease agreement with KLJ Engineering LLC for approximately 33,000 square feet of space in the Grand Pacific Building, with an expected start date in November of 2023. Preferred Stock Series D dividends totaled approximately $0.5 million in Q1 2023, which is similar to Q1 2022.FFO (non-GAAP) for the three months ended March 31, 2022, increased by approximately $2.5 million to approximately $(228,914) from $(2,812,659) for the three months ended March 31, 2022. A reconciliation of FFO to net income, the most directly comparable GAAP financial measure, is attached to this press release. However, because FFO excludes depreciation and amortization as well as the changes in the value of the Company's properties that result from use or market conditions, each of which have real economic effects and could materially impact the Company's results from operations, the utility of FFO as a measure of the Company's performance is limited.We believe Core FFO (non-GAAP) provides a useful metri...