Business
Presidio Property Trust, Inc. Announces Earnings for the Second Quarter Ended June 30, 2021
SAN DIEGO, CA / ACCESSWIRE / August 10, 2021 / 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 / August 10, 2021 / Presidio Property Trust, Inc. (Nasdaq:SQFT, SQFTP) (the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today reported earnings for its second quarter ended June 30, 2021. All second quarter financial measures referenced herein are unaudited.\"We are pleased to report our second quarter earnings, continuing the strong rent collections that we saw throughout 2020 and the beginning of 2021,\" said Jack Heilbron, the Company's President and Chief Executive Officer. \"We believe the markets are acknowledging the value of our diversified approach, as we raised gross proceeds of $23 million in a new preferred equity issuance in June, and $10 million of additional common equity and warrants in July 2021.\"\"12 office and industrial leases were signed in the second quarter of 2021, with 1 new tenant and 11 existing tenant renewals,\" noted Gary Katz, the Company's Senior Vice President of Asset Management. \"We believe that there is continued interest among existing tenants to renew, and among prospective tenants to lease new space, as our buildings typically are in desirable, stable locations.\"Second Quarter HighlightsCore FFO for the quarter was approximately $737,000, or $0.08 per fully diluted shareCollected 96% of second quarter contractual base rentExecuted a total of 12 new and renewal leases during the quarter, for incremental annual rental revenue of approximately $633,000Second Quarter Ended June 30, 2021 Financial ResultsNet income attributable to the Company's common stockholders for the three months ended June 30, 2021 was approximately $754,203, or $0.08 per basic and diluted share, compared to a net loss of $1.9 million, or ($0.22) per basic and diluted share for the three months ended June 30, 2020. The increase in net income attributable to the Company's common stockholders was a result of:A decrease in revenues of approximately $1.3 million due to the sale of four properties since the beginning of 2021;An increase in gain on sale of real estate - During the three months ended June 30, 2021, the company recorded a gain of approximately $2.6 million on the sale of real estate, compared to an approximately $334,000 loss during the three months ended June 30, 2020; partially offset by,A corresponding decrease in rental operating costs...