Business
Presidio Property Trust, Inc. Announces Earnings for the Third Quarter Ended September 30, 2021
SAN DIEGO, CA / ACCESSWIRE / November 11, 2021 / 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 / November 11, 2021 / Presidio Property Trust, Inc. (NASDAQ:SQFT)(NASDAQ:SQFTP) (the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today reported earnings for its third quarter ended September 30, 2021. All third quarter financial measures referenced herein are unaudited.\"We are pleased to report our third quarter earnings, continuing the strong rent collections that we saw throughout 2020 and 2021,\" said Jack Heilbron, the Company's President and Chief Executive Officer. \"In the third quarter, we made our company's first commercial acquisition in Texas. We collected 96% of billings in this period, as our diverse portfolio continues to perform well.\"\"11 office, retail, and industrial leases were signed in the third quarter of 2021, with 2 new tenants and 9 existing tenant renewals,\" noted Gary Katz, the Company's Senior Vice President of Asset Management. \"We continue to see solid leasing demand in the markets where our properties are located.\"Third Quarter Ended September 30, 2021 Financial ResultsNet loss attributable to the Company's common stockholders for the three months ended September 30, 2021 was approximately ($1.4 million), or ($0.13) per basic and diluted share, compared to a net loss of ($1.7 million), or ($0.20) per basic and diluted share for the three months ended September 30, 2020. The change in net loss attributable to the Company's common stockholders was a result of:A decrease in interest expense of approximately $1.1 million in connections with the reduction of mortgage notes and other notes payable during 2021;A decrease in revenues of approximately $1.3 million due to the sale of four properties since the beginning of 2021;A corresponding decrease in rental operating costs of approximately $0.7 million and a decrease of approximately $0.3 million in depreciation and amortization due to the sale of four properties since the beginning of 2021;Offset by the addition of dividends for Series D Preferred Stock totaling approximately $0.5 million, not present during the three months ended September 30, 2020.Core FFO (non-GAAP) for the nine months ended September 30, 2021, increased by approximately $122,722 to $1.67 million from $1.55 million compared to the nine months ended September 30, 2020. A reconciliation of Core FFO to net inc...