Business
Presidio Property Trust, Inc. Announces Earnings for the Three Months Ended March 31, 2025
SAN DIEGO, CA / ACCESS Newswire / May 14, 2025 / Presidio Property Trust, Inc. (NASDAQ:SQFT)(NASDAQ:SQFTP)(NASDAQ:SQFTW) (the "Company"), an internally
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESS Newswire / May 14, 2025 / 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 three months ended March 31, 2025. \"In spite of a challenging macroeconomic climate and economic uncertainty, our team has remained more focused than ever on strategic execution and creating a strong financial balance sheet to create value across our portfolio,\" said Jack Heilbron, the Company's President and Chief Executive Officer.\"A noteworthy accomplishment during the first quarter was our 100% retention rate for expiring leases,\" said Gary Katz, the Company's Chief Investment Officer.\"Activity within both the acquisition and resale segments of our model home business remains balanced. I am excited about the recent acquisitions, which add another nationally ranked builder to our portfolio. This not only expands our geographical footprint but also represents our ability to attract new clients and desirable product, to complement our existing model home portfolio,\" said Steve Hightower, President of the Model Home Division.The Three Months Ended March 31, 2025, Financial ResultsNet income attributable to the Company's common stockholders for the three months ended March 31, 2025 was approximately $1.7 million, or $.13 per basic and diluted share, compared to a net loss of approximately $5.8 million, or ($0.47) per basic and diluted share for the three months ended March, 31, 2024. The change in net income attributable to the Company's common stockholders was a result of:Total revenues were approximately $4.1 million for the three months ended March 31, 2025, compared to approximately $4.8 million for the same period in 2024. As of March 31, 2025, we had approximately $117.4 million in net real estate assets including 84 model homes, compared to approximately $135.3 million in net real estate assets including 88 model homes at March 31, 2024. The average number of model homes held during the three months ended March 31, 2025 and 2024 was 81 and 99, respectively. The change in revenue is directly related to the decrease in model home rental income and transaction fees during the current period, and the sale of our two commercial properties on February 7, 2025.General and administ...