Presidio Ppty Tr Inc Stock Price, News & Analysis

Presidio Property Trust (SQFT) reported its financial results for the year ended December 31, 2024. The company experienced a net loss of $27.9 million ($2.25 per share), compared to a net gain of $8.0 million in 2023. Total revenue increased by 7.3% to $18.9 million.

Key operational highlights include:

• Sale of 51 model homes for $24.8 million, generating a gain of $3.4 million
• Acquisition of 19 new model homes for $9.7 million
• 83% tenant retention rate in Q4
• Recognition of $2.0 million non-cash impairment charge

The company's G&A expenses increased by 10.8% to $7.5 million, while interest expenses rose by 20.9% to $6.1 million. The company's real estate portfolio included 78 model homes as of December 31, 2024, compared to 110 homes in the previous year.

Presidio Property Trust (NASDAQ: SQFT) reported significant real estate transactions in January and February 2025. The company sold 2 model homes for $1.04 million (previously acquired in 2023 for $0.9 million) and two commercial properties for $16.95 million (purchased in 2014-2015 for $14.1 million, with a pre-sale book value of $11.6 million).

The company's Chief Investment Officer, Gary Katz, expressed cautious optimism about real estate market recovery in 2025, noting potential positive trends in office occupancy as companies reduce remote work programs. Steve Hightower, President of the Model Homes Division, indicated that model home sales met Q1 2025 expectations despite typical seasonal and election cycle slowdowns, while emphasizing continued focus on new purchasing opportunities and monitoring lending rates.

Presidio Property Trust (NASDAQ: SQFT) has announced the successful sale of its Union Town Center and Research Parkway properties, a multi-building retail center located in Colorado Springs, Colorado. The properties, acquired through off-market transactions in 2014 and 2015, maintained a strong 98% occupancy rate.

The decision to sell was influenced by strong capital market interest in retail properties and the center's strategic location in north Colorado Springs' growing region. The sale was facilitated by JLL's Denver office, marking the successful completion of Presidio's business plan for these properties.

Presidio Property Trust (NASDAQ: SQFT) reported its Q4 2024 model home division performance, announcing the sale of five homes for approximately $2.7 million. These properties were originally acquired between 2017 and 2022 for about $2.5 million. As of December 31, 2024, the company's model home portfolio consisted of 78 homes, with 55 being wholly owned, representing approximately 29% of their net real estate assets.

Steve Hightower, President of the Model Homes Division, noted that performance met expectations despite seasonal adjustments and election cycle impacts typically resulting in slower sales. The company continues to evaluate purchasing opportunities from national, regional, and local builders across various markets.

Presidio Property Trust (NASDAQ: SQFT) has declared dividends for its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock for the first quarter of 2025. The company will distribute three monthly cash dividends of $0.19531 per share according to the following schedule:

• January dividend payable on February 17, 2025 (record date: January 31, 2025)
• February dividend payable on March 17, 2025 (record date: February 28, 2025)
• March dividend payable on April 15, 2025 (record date: March 31, 2025)

Presidio Property Trust (NASDAQ: SQFT) has announced a new share repurchase program approved by its Board of Directors. The program authorizes the company to repurchase up to $6 million of its Series A Common Stock and up to $4 million of its Series D Preferred Stock. The repurchases may be executed through various methods, including open market transactions and privately negotiated transactions, in compliance with SEC rules and legal requirements.

Presidio Property Trust (NASDAQ: SQFT) has received an additional 180-day extension from Nasdaq to meet the $1.00 minimum bid price requirement for continued listing. The new compliance deadline is June 2, 2025. The company's stock continues trading on the Nasdaq Capital Market under 'SQFT'. To regain compliance, Presidio's closing bid price must remain at or above $1.00 for at least ten consecutive trading days before the deadline. If unsuccessful, the stock may face delisting, though Presidio can appeal to a Nasdaq Hearings Panel. The company is monitoring the situation and exploring options to meet the requirement.

Presidio Property Trust (NASDAQ: SQFT) has provided an update on its Model Home activity for Q3 2024. The company, through its subsidiaries and affiliates, acquired seven newly constructed single-family model homes in Texas for approximately $4 million. This purchase involved $2.8 million in mortgage notes payable and $1.2 million in cash. These homes are leased back to homebuilders on a triple-net basis.

Additionally, Presidio sold four homes for approximately $2.4 million during the same quarter. These homes were originally purchased between 2019 and 2022 for about $2.1 million. Model homes now represent approximately 30% of Presidio's real estate assets. Steve Hightower, President of the Model Homes Division, emphasized the importance of strong builder relationships during challenging sales cycles.

Presidio Property Trust (NASDAQ: SQFT; SQFTP; SQFTW), an internally managed, diversified REIT, has announced a dividend on its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock for October, November, and December 2024. The dividend details are as follows:

• October 2024: $0.19531 per share, payable on November 15, 2024, to shareholders of record as of October 31, 2024
• November 2024: $0.19531 per share, payable on December 16, 2024, to shareholders of record as of November 29, 2024
• December 2024: $0.19531 per share, payable on January 15, 2025, to shareholders of record as of December 31, 2024

This announcement demonstrates Presidio's commitment to providing consistent returns to its Series D Preferred Stock shareholders.