Business
Presidio Property Trust, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2020
SAN DIEGO, CA / ACCESSWIRE / March 30, 2021 / Presidio Property Trust, Inc. (NASDAQ:SQFT) ("Presidio" or the "Company"), an internally managed, diversified
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / March 30, 2021 / Presidio Property Trust, Inc. (NASDAQ:SQFT) (\"Presidio\" or the \"Company\"), an internally managed, diversified REIT, with holdings in office, industrial, retail, and model home properties, today reported financial results for its fourth quarter and year ended December 31, 2020.\"We are pleased to report our first full-year earnings as a publicly traded company,\" said Jack Heilbron, President and Chief Executive Officer. \"We have a lot to be proud of in 2020, but we are especially pleased with our portfolio of diverse assets in a variety of geographies, as it validated the success of our strategy, even during the COVID-19 crisis. We collected 98% of billed rents in 2020,\" said Heilbron.\"In spite of many COVID-19 challenges, occupancy at our 15 same store properties increased 2.4% as of December 31, 2020, as compared to the same 15 stores at December 31, 2019,\" noted Gary Katz, Senior Vice President of Asset Management. \"Leasing activity remained robust throughout the year. We inked new and renewal leases for over 280,000 square feet, a strong showing for our properties, in particular, and for the commercial real estate markets where they are located.\"2020 HighlightsCore FFO for the year was $1,483,382, or approximately $0.16 per fully diluted share;Collections were 98% of the billed rent, including the effects of COVID-19-related tenant arrangements;Occupancy closed the year at 84.1%, a decrease of only 0.4% compared to 84.5% in 2019;Execution of over 283,000 square feet of 15 new and 47 renewal leases; andPaid a dividend of $0.10 per share on Series A Common Stock in the fourth quarter.Year Ended December 31, 2020 Financial ResultsNet loss attributable to the Company's common stockholders for the year ended December 31, 2020 was approximately $7.7 million, or $0.85 per basic and diluted share, compared to a net loss of $610,000 or $0.07 per basic and diluted share for the year ended December 31, 2019. The increase in net loss attributable to the Company's common stockholders was a result of a decrease in revenues of $4.3 million in 2020 compared to 2019 due to the sale of properties. Property sales reduced the Company's leverage, lowering mortgage notes and notes payable by $27 million in 2020 compared to 2019.Funds from Operations or FFO (non-GAAP) for 2020 was approximate...