Business
Presidio Property Trust, Inc. Announces Earnings for the Year Ended December 31, 2021
SAN DIEGO, CA / ACCESSWIRE / March 31, 2022 / 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 / March 31, 2022 / Presidio Property Trust, Inc. (NASDAQ:SQFT)(NASDAQ:SQFTP) (the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today reported earnings for the year ended December 31, 2021.\"We are pleased to report our 2021 earnings, continuing the strong rent collections that we saw throughout 2020 and the first parts of 2021,\" said Jack Heilbron, the Company's President and Chief Executive Officer. \"We also took advantage of strong market conditions to sell three office properties and one retail property, as well as 44 model homes. We repositioned the commercial portfolio with our Houston day care and Baltimore medical office acquisitions, in addition to buying 18 new model homes during the year.\"\"50 office, retail, and industrial leases were signed in 2021, with 18 new tenants and 32 existing tenant renewals,\" noted Gary Katz, the Company's Chief Investment Officer. \"We expect to see solid leasing demand continue in the markets where our properties are located in the coming year.\"Year Ended December 31, 2021 Financial ResultsNet loss attributable to the Company's common stockholders for 2021 was approximately $4.8 million, or $0.46 basic and diluted share, compared to a net loss of approximately $7.7 million, or $0.85 per basic and diluted share for 2020. The improvement in 2021 in net income attributable to the Company's common stockholders was primarily the result of:A decline in 2021 interest expense of approximately $4 million, or 45%, compared to 2020, due to property sales and the elimination of mezzanine debtA decline in 2021 rental operating costs of approximately $2.6 million or 30%, compared to 2020 due to property salesA decline in 2021 general and administrative expenses of approximately $566,000, or 11, compared to 2020Core FFO (non-GAAP) for the year ended December 31, 2021 increased by approximately $1 million to $2.5 million compared to approximately $1.5 million for the year ended December 31, 2020. A reconciliation of Core FFO to net income, the most directly comparable GAAP financial measure, is attached to this press release. However, because Core 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 has real economic ef...