Business
Presidio Property Trust, Inc. Announces Earnings for the Second Quarter Ended June 30, 2024
SAN DIEGO, CA / ACCESSWIRE / August 14, 2024 / Presidio Property Trust, Inc. (NASDAQ:SQFT)(NASDAQ:SQFTP)(NASDAQ:SQFTW) (the "Company"), an internally managed,
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / August 14, 2024 / Presidio Property Trust, Inc. (NASDAQ:SQFT)(NASDAQ:SQFTP)(NASDAQ:SQFTW) (the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today reported earnings for its quarter ended June 30, 2024.\"During the first and second quarters, we entered into 10 leases with new tenants totaling nearly 36,000 sf. Our tenant retention activity has been particularly noteworthy, as we successfully renewed 78% of expiring square footage during this same period. Our overall leasing outlook is positive\" said Gary Katz, the Company's Chief Investment Officer.Three Months Ended June 30, 2024, Financial ResultsNet loss attributable to the Company's common stockholders for the three months ended June 30, 2024 was approximately $12.4 million, or ($1.00) per basic and diluted share, compared to a net loss of approximately $1.8 million, or ($0.15) per basic and diluted share for the three months ended June 30, 2023. The change in net income attributable to the Company's common stockholders was a result of:Total revenues were approximately $4.6 million for the three months ended June 30, 2024, compared to approximately $4.5 million for the same period in 2023. As of June 30, 2024, we had approximately $130.9 million in net real estate assets including 80 model homes, compared to approximately $138.9 million in net real estate assets including 105 model homes at June 30, 2023. The average number of model homes held during the six months ended June 30, 2024 and 2023 was 84 and 101, respectively. The change in revenue is directly related to the average real estate assets held during the period, new commercial real estate leases, and model home transaction fees earned by the Company during the current period.General & Administrative (\"G&A\") expenses for the three months ended June 30, 2024 and 2023 totaled approximately $2.2 million and $1.8 million, respectively. G&A expenses as a percentage of total revenue was 48.0% and 39.9% for the three months ended June 30, 2024 and 2023, respectively. G&A expenses increased by approximately $0.4 million mainly related to the 2024 annual meeting and settlement with Zuma Capital Management LLC (\"Zuma Capital\") and certain individuals and entities affiliated or associated with Zuma Capital. This included additional consulting fees, hig...