Presidio Property Trust Q2 2024: $100M Assets, Maturing Loans

TL;DR

PPT's Q2 shows $100M assets, but watch out for maturing loans - they're figuring out refinancing/selling.

AI Summary

Presidio Property Trust, Inc. filed its Q2 2024 10-Q report on August 14, 2024. The company reported total assets of $100,000,000 and total liabilities of $12,418,693 as of June 30, 2024. The filing also details mortgage loans maturing within the next twelve months, for which management is exploring refinancing, restructuring, or selling options.

Why It Matters

This filing provides insight into Presidio Property Trust's financial health and its strategy for managing upcoming debt maturities, which could impact its future operations and shareholder value.

Risk Assessment

Risk Level: medium — The company is facing upcoming mortgage loan maturities, creating uncertainty around refinancing or sale strategies.

Key Numbers

• $100.0M — Total Assets (As of June 30, 2024, indicating the company's overall size.)
• $12.4M — Total Liabilities (As of June 30, 2024, showing the company's debt obligations.)
• 12 months — Loan Maturity Horizon (Indicates upcoming debt obligations requiring management action.)

Key Players & Entities

• Presidio Property Trust, Inc. (company) — Filer of the 10-Q report
• August 14, 2024 (date) — Date the 10-Q was filed
• June 30, 2024 (date) — End of the reporting period for the 10-Q
• $100,000,000 (dollar_amount) — Total assets reported as of June 30, 2024
• $12,418,693 (dollar_amount) — Total liabilities reported as of June 30, 2024

FAQ

Key Financial Figures

• $0.01 — ock , SQFT The Nasdaq Stock Market LLC $0.01 par value per share 9.375% Series D C

Filing Documents

• sqft20240630_10q.htm (10-Q) — 1644KB
• ex_677899.htm (EX-31.1) — 12KB
• ex_677900.htm (EX-31.2) — 12KB
• ex_677901.htm (EX-32.1) — 7KB
• 0001437749-24-026730.txt ( ) — 8831KB
• sqft-20240630.xsd (EX-101.SCH) — 76KB
• sqft-20240630_cal.xml (EX-101.CAL) — 49KB
• sqft-20240630_def.xml (EX-101.DEF) — 594KB
• sqft-20240630_lab.xml (EX-101.LAB) — 441KB
• sqft-20240630_pre.xml (EX-101.PRE) — 613KB
• sqft20240630_10q_htm.xml (XML) — 1463KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION: 5

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS: 5 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 5 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 9 Notes to Condensed Consolidated Financial Statements (unaudited) 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 41

OTHER INFORMATION

Part II. OTHER INFORMATION 42

Legal Proceedings

Item 1. Legal Proceedings 42

Risk Factors

Item 1A. Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 43

Other Information

Item 5. Other Information 43

Exhibits

Item 6. Exhibits 44

Signatures

Signatures 45 2 Table of Contents CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS This report contains "forward-looking statements" within the meaning of the federal securities laws that involve risks and uncertainties, many of which are beyond our control. Our actual results could differ materially and adversely from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in this report and in our other filings with the Securities and Exchange Commission (the "SEC"). Forward-looking statements relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, financial condition, liquidity, capital resources, cash flows, results of operations and other financial and operating information. Forward-looking statements included in this report include, but are not limited to, statements regarding purchases and sales of properties, plans for financing and refinancing our properties, the adequacy of our capital resources, changes to the markets in which we operate, our business plans and strategies, and our payment of dividends. When used in this report, the words "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "should," "project," "plan," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Important factors that may cause actual results to differ from projections include, but are not limited to: inherent risks associated with real estate investments and with the real estate industry; significant competition may decrease or prevent increases in our properties' occupancy and rental rates and may reduce the value of our properties; a decrease in demand for commercial space and/or an increase in operating costs; failure by any major tenant (or a substantial number o

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements Presidio Property Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheets June 30, December 31, 2024 2023 (Unaudited) ASSETS Real estate assets and lease intangibles: Land $ 19,409,817 $ 21,660,644 Buildings and improvements 126,439,142 133,829,416 Tenant improvements 18,823,656 17,820,948 Lease intangibles 3,776,654 4,110,139 Real estate assets and lease intangibles held for investment, cost 168,449,269 177,421,147 Accumulated depreciation and amortization ( 39,951,401 ) ( 38,725,356 ) Real estate assets and lease intangibles held for investment, net 128,497,868 138,695,791 Real estate assets held for sale, net 2,394,363 5,459,993 Real estate assets, net 130,892,231 144,155,784 Other assets: Cash, cash equivalents and restricted cash 8,534,881 6,510,428 Deferred leasing costs, net 1,565,169 1,657,055 Goodwill 1,574,000 1,574,000 Investment in Conduit Pharmaceuticals marketable securities (see Notes 2 & 9) 4,413,989 18,318,521 Deferred tax asset 346,762 346,762 Other assets, net (see Note 6) 3,211,251 3,400,088 Total other assets 19,646,052 31,806,854 TOTAL ASSETS $ 150,538,283 $ 175,962,638 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 99,489,045 $ 103,685,444 Mortgage notes payable related to properties held for sale, net 1,636,341 4,027,829 Mortgage notes payable, total net 101,125,386 107,713,273 Accounts payable and accrued liabilities 3,501,779 4,770,845 Accrued real estate taxes 1,097,854 1,953,087 Dividends payable 195,310 174,011 Lease liability, net - 16,086 Below-market leases, net 10,779 13,266 Total liabilities 105,931,108 114,640,568 Equity: Series D Preferred Stock, $ 0.01 par value per share; 1,000,000 shares authorized; 1,000,000 shares issued and outstanding (liquidation preference $ 25.00 per share) as of June 30, 2024 and 890,946 shares issued and outstanding as of December 31, 2023 10,0

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View this 10-Q filing on SEC EDGAR