Business
Presidio Property Trust, Inc. Announces Earnings for the Year Ended December 31, 2022
SAN DIEGO, CA / ACCESSWIRE / March 28, 2023 / 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 28, 2023 / Presidio Property Trust, Inc. (NASDAQ:SQFT)(NASDAQ:SQFTP) (the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today reported earnings for its year ended December 31, 2022.\"We are pleased to report on our 2022 earnings and company activity,\" said Jack Heilbron, Chief Executive Officer of Presidio. \"2022 was a challenging year in the real estate markets, but our diversified nature helped us take advantage of homebuilder interest in our model home division. We also saw solid leasing activity on the commercial property side. Additionally, in 2022, we reached an agreement on the business combination of Murphy Canyon Acquisition Corp. with Conduit Pharmaceuticals, which we anticipate will result in additional Presidio shareholder value.\"\"In the fourth quarter of 2022, 11 office, retail, and industrial leases were signed totaling nearly 66,000 square feet. These leases are comprised of 4 new leases and 7 existing tenant renewals,\" noted Gary Katz, the Company's Chief Investment Officer. \"During 2022, we signed 53 leases for nearly 224,000 square feet of space, split between 47% new leases and 53% renewals.\"Quarter Ended December 31, 2022, Financial ResultsNet loss attributable to the Company's common stockholders for the three months ended December 31, 2022, was approximately $(780,067), or $(0.07) per basic and diluted share, compared to a net income of approximately $(1,501,162), or $(0.13) per basic and diluted share for the three months ended December 31, 2021. The change in net income attributable to the Company's common stockholders was a result of: •An increase in Other Income of approximately $1.2 million due to funds generated from the Murphy Canyon Acquisition Corporation Trust. The gain from interest income was approximately $1.4 million in the fourth quarter of 2022. •A 139% increase on the gain on sale of real estate of 6 model homes sold in the fourth quarter of 2022 for approximately $1.0 million, compared to a gain on sale during the fourth quarter of 2021 totaling approximately $0.4 million for 5 model homes. •Preferred Stock Series D dividends totaled approximately $0.5 million in Q4 2022, which is similar to Q4 2021.FFO (non-GAAP) for the three months ended December 31, 2022, increased by approximately $70,000 to approxim...