Presidio Property Trust, Inc. Announces Earnings for the Second Quarter Ended June 30, 2024
Presidio Property Trust, Inc. Announces Earnings for the Second Quarter Ended June 30, 2024
SAN DIEGO, CA / ACCESSWIRE / August 14, 2024 / Presidio Property Trust, Inc. (NASDAQ:SQFT)(NASDAQ:SQFTP)(NASDAQ:SQFTW) (the "Company"), an internally managed, diversified real estate investment trust ("REIT"), today reported earnings for its quarter ended June 30, 2024.
2024年6月30日結束的季度內,納斯達克股票代碼爲SQFT、SQFTP和SQFTW的股權房地產投資信託(REIT)公司Presidio Property Trust, Inc.(以下簡稱「公司」)報告了其營業收入。公司爲內部管理,多元化的REIT,主要投資於模型住宅屬性,其三重淨租約授予給房屋建造商、辦公、工業和零售物業。
"During the first and second quarters, we entered into 10 leases with new tenants totaling nearly 36,000 sf. Our tenant retention activity has been particularly noteworthy, as we successfully renewed 78% of expiring square footage during this same period. Our overall leasing outlook is positive" said Gary Katz, the Company's Chief Investment Officer.
公司的首席投資官Gary Katz表示:"在第一和第二季度,我們與新租戶簽訂了10份租約,總計近36,000平方英尺。我們成功地續約了78%的到期平方英尺,這一活動值得特別注意。我們整體的租賃前景是積極的"。
Three Months Ended June 30, 2024, Financial Results
2024年6月30日結束的三個月內,財務業績表現如下:歸屬於公司普通股股東的淨虧損約爲1240萬美元,基本與攤薄每股盈虧爲(1.00)美元,與2023年6月30日結束的三個月的淨虧損約爲180萬美元,每股基本和攤薄盈虧爲(0.15)美元相比。歸屬於公司普通股股東的淨收入的變化是以下原因導致的:
Net loss attributable to the Company's common stockholders for the three months ended June 30, 2024 was approximately $12.4 million, or ($1.00) per basic and diluted share, compared to a net loss of approximately $1.8 million, or ($0.15) per basic and diluted share for the three months ended June 30, 2023. The change in net income attributable to the Company's common stockholders was a result of:
2024年6月30日結束的三個月中,總收入約爲460萬美元,相比於2023年同期的約450萬美元有所增長。截至2024年6月30日,公司在淨房地產資產中擁有約1.309億美元,包括80個樣板房,與2023年6月30日的淨房地產資產中擁有105個樣板房的約1.389億美元相比有所下降。2024年6月30日之前的六個月,我們持有的平均樣板房數量分別爲84個和101個。收入的變化是與該期間持有的平均房地產資產、新的商業房地產租賃以及公司在當前期間內獲得的樣板房交易費有直接關係。
Total revenues were approximately $4.6 million for the three months ended June 30, 2024, compared to approximately $4.5 million for the same period in 2023. As of June 30, 2024, we had approximately $130.9 million in net real estate assets including 80 model homes, compared to approximately $138.9 million in net real estate assets including 105 model homes at June 30, 2023. The average number of model homes held during the six months ended June 30, 2024 and 2023 was 84 and 101, respectively. The change in revenue is directly related to the average real estate assets held during the period, new commercial real estate leases, and model home transaction fees earned by the Company during the current period.
General & Administrative ("G&A") expenses for the three months ended June 30, 2024 and 2023 totaled approximately $2.2 million and $1.8 million, respectively. G&A expenses as a percentage of total revenue was 48.0% and 39.9% for the three months ended June 30, 2024 and 2023, respectively. G&A expenses increased by approximately $0.4 million mainly related to the 2024 annual meeting and settlement with Zuma Capital Management LLC ("Zuma Capital") and certain individuals and entities affiliated or associated with Zuma Capital. This included additional consulting fees, higher proxy solicitation fees and legal fees.
During the three months ended June 30, 2024, we recognized a non-cash impairment charge of approximately $0.1 million related to three model homes. The new impairment charges for the three model homes reflects the estimated sales prices for these specific model homes in July and August 2024 as a result of an abnormally short hold period, less than two years, on model homes purchased in 2022. The builder changed its product style in the neighborhoods where these model homes are located, in Texas, after we had purchased the homes. We do not believe these losses are indicative of our overall model home portfolio. During the three months ended June 30, 2024, we sold 15 model homes for approximately $7.4 million and the Company recognized a net gain of approximately $0.8 million. We expect to record a net gain on model home sales in the third quarter of 2024 as well. The Company did not recognize a non-cash impairment to our real estate assets during the three months ended June 30, 2023.
On April 22, 2024, the Company entered into a lockup agreement with Conduit Pharmaceuticals Inc. ("Conduit") pursuant to which the Company agreed not to transfer or sell 2,700,000 of its 4,015,250 shares of Conduit common stock for a period of one year. In consideration for entering into the lockup agreement Conduit issued the Company warrants ("Private CDT Warrants") to purchase 540,000 shares of common stock at an exercise price of $3.12 per share. The Private CDT Warrants have a two year term and are exercisable one year after the date of issue. The Private CDT Warrants meet the ASC 321 scope exception for derivative instruments and are accounted for as a derivative under ASC 815. As such, the Private CDT Warrants were recorded at fair value on the date of issuance and subsequently measured at fair value each period, with changes in fair value reported in gain or loss on Conduit Pharmaceuticals marketable securities. As of April 22, 2024, the Private CDT Warrants were valued at $891,000 based on a Level 3 fair value measurement. As of June 30, 2024, the Private CDT Warrants fair value was adjusted to $156,600, and is included in the total Investment in Conduit marketable securities on the June 30, 2024 condensed and condensed consolidated balance sheet. Our investments in Conduit's common stock (3,990,319 shares of CDT) and public common stock warrants (709,000 warrants of CDTTW) presented on the condensed consolidated balance sheets were measured at fair value using Level 1 market prices, taking into account the adoption of ASU 2022-03 Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, and totaled approximately $4.3 million as of June 30, 2024. The combined value of our Investment in Conduit Pharmaceuticals marketable securities, including the Private CDT Warrants, totaled $4.4 million as of June 30, 2024. In connection with these fair market value adjustments during the three months ended June 30, 2024, we recorded a net loss on our investment in Conduit of approximately $10.0 million.
2024年6月30日結束的三個月中,總行政和管理費用約爲220萬美元和180萬美元。截至2024年6月30日,總收入爲48.0%,2023年6月30日是39.9%。總的行政和管理費用增加了約40萬美元,主要涉及2024年年度會議、與Zuma Capital Management LLC("Zuma Capital")和與其關聯或關聯的某些個人和實體的和解。這包括額外的諮詢費用、更高的代理徵求費用和法律費用。
2024年6月30日結束的三個月中,我們確認了約10萬美元的三個樣板房的非現金減值損失。三個樣板房的新減值損失反映了由於在2022年購買的模型房屋的持有時間小於兩年,致使這些特定模型房屋的7月和8月的估計銷售價格,所造成的損失。建築商在我們購買這些房屋之後,在德克薩斯州這些樣板房所在的社區中改變了其產品風格。我們不認爲這些損失代表了我們的整個模型房屋組合。在2024年6月30日結束的三個月內,我們出售了15個樣板房,約爲740萬美元,公司實現了約80萬美元的淨收益。我們期望在2024年第三季度錄得樣板房銷售的淨收益。2013年6月30日結束的三個月中,公司沒有對我們的房地產資產進行非現金減值確認。
2024年4月22日,公司與Conduit Pharmaceuticals Inc.("Conduit")簽署了一份鎖定協議,根據協議,公司同意在一年內不轉讓或出售其4015250股Conduit普通股股票中的270萬股。作爲進入鎖定協議的考慮,Conduit發行了公司認股權證("私人CDt認股權證"),以價格每股3.12美元發行540,000股普通股。私人CDt認股權證有兩年期限,自發行之日起一年後行使。私人CDt認股權證符合衍生工具的ASC 321條款例外,並按照ASC 815條例中衍生工具處理。因此,私人CDt認股權證在發行日期按公允價值記錄,隨後在每個期間按公允價值計量,其公允價值在Conduit Pharmaceuticals市場證券上以盈利或損失的形式報告變化。截至2024年4月22日,私人CDt認股權證的公允價值爲891,000美元,基於Level 3的公允價值計量。截至2024年6月30日,私人CDt認股權證公允價值調整爲156,600美元,幷包括在2024年6月30日的簡明及合併總資產負債表的Conduit市場證券投資總額中。我們對Conduit普通股(3,990,319股CDT)和公共普通股股票認股權證(709,000股CDTTW)的投資,採用按級別1市場價格計量的公允價值方法,考慮了ASU 2022-03《合同銷售限制下權益證券的公允價值測量》的採納,在2024年6月30日合併資產負債表中總共價值約430萬美元。我們對於Conduit Pharmaceuticals市場證券投資的組合價值,包括私人CDt認股權證,在2024年6月30日爲440萬美元。在2024年6月30日的三個月期間,我們對於Conduit投資的這些公允市場價值調整,計入投資損失約1000萬美元。
2024年4月22日,公司與Conduit Pharmaceuticals Inc.("Conduit")簽署了鎖定協議,根據協議,公司同意在一年內不轉讓或出售其4015250股Conduit普通股股票中的270萬股。作爲進入鎖定協議的考慮,Conduit發行給公司的認股權證("私人CDt認股權證")能夠購買540,000股普通股,行權價格爲每股3.12美元。私人CDt認股權證有效期爲兩年,於發行日期後一年開始行使。私人CDt認股權證符合ASC 321計量避免的範圍例外,並按照ASC 815計量衍生工具處理。因此,私人CDt認股權證在發行日期按公允價值記錄,隨後在每個期間按公允價值計量,遵循相關公允價值進行會計報告。截至2024年4月22日,私人CDt認股權證的公允價值爲891,000美元,作爲級別3的公允價值計量。截至2024年6月30日,私人CDt認股權證的公允價值調整爲156,600美元,幷包含在2024年6月30日的Conduit證券投資總額中。該公司持有的Conduit普通股股票(3,990,319股)和公共普通股證券認股權(709,000份),按照一級市場價格計算公允價值,考慮了ASU 2022-03《合同限制下權益證券的公平價值測量》的採納,於2024年6月30日的合併資產負債表中的價值約爲430萬美元。包括私人CDt認股權證在內的對Conduit Pharmaceuticals市場券的投資組合價值,於2024年6月30日爲440萬美元。在2024年6月30日的三個月期間,對於這些公允市場價值的調整導致公司淨投資虧損約1000萬美元。
FFO (non-GAAP) decreased by approximately $0.8 million to approximately $(1.3 million) from $(0.5 million) for the three months ended June 30, 2024 and 2023, respectively. A reconciliation of FFO to net income, the most directly comparable GAAP financial measure, is attached to this press release. However, because 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 have real economic effects and could materially impact the Company's results from operations, the utility of FFO as a measure of the Company's performance is limited.
FFO(非GAAP)從2023年6月30日結束的三個月期間的虧損約50萬美元下降約80萬美元至約(130萬)美元。FFO與最直接相關的GAAP財務指標--淨收入的調節表附在本新聞稿中。然而,由於FFO不包括折舊和攤銷以及由使用或市場條件引起的公司財產價值的變化,這些都具有實際經濟影響,並可能對公司的運營結果產生重大影響,因此,FFO作爲一種公司績效衡量指標的實用性是受限制的。
We believe Core FFO (non-GAAP) provides a useful metric in comparing operations between reporting periods and in assessing the sustainability of our ongoing operating performance. Core FFO decreased by about $0.2 million, from approximately $(0.2 million) for the three months ended June 30, 2023, to approximately $(0.4 million) for the three months ended June 30, 2024. A reconciliation of Core FFO to net income, the most directly comparable GAAP financial measure, is attached to this press release.
我們認爲核心FFO(非GAAP)提供了一種有用的指標,可以比較不同報告期間的運營和評估我們正在進行的運營績效的可持續性。核心FFO從2023年6月30日結束的三個月虧損約20萬美元下降到2024年6月30日結束的三個月虧損約40萬美元。核心FFO與最直接相關的GAAP財務指標--淨收入的調節表附在本新聞稿中。
Acquisitions and Dispositions for the three months ended June 30, 2024:
2024年6月30日結束的三個月中的收購和出售業績如下:
The Company acquired seven model homes for approximately $3.5 million. The purchase price was paid through cash payments of approximately $1.1 million and mortgage notes of approximately $2.4 million.
The Company sold 15 model homes for approximately $7.4 million, net of selling costs and recognized a gain of approximately $0.8 million.
公司收購了七個樣板房,約價值350萬美元。付款是通過約110萬美元的現金和約240萬美元的抵押票據支付的。
公司出售了15個樣板房,約740萬美元,淨售出成本約爲80萬美元。
Dividends paid during the three months ended June 30, 2024:
2024年6月30日結束的三個月中派發的紅利爲:
The following is a summary of distributions declared per share of our Series A Common Stock and for our Series D Preferred Stock for the three months ended June 30, 2024 and 2023.
以下是我們的A類普通股和D類優先股每股分配款項的摘要,截至2024年6月30日和2023年6月30日結束的三個月。
Series A Common Stock
A類普通股票
Quarter Ended |
2024 |
2023 |
||||||
Distributions Declared |
Distributions Declared |
|||||||
June 30th
|
$ |
- |
$ |
0.023 |
||||
Total |
$ |
- |
$ |
0.023 |
季度結束 |
2024 |
2023 |
||||||
分配的分紅 |
分配的分紅 |
|||||||
6月30日 |
$ |
- |
$ |
0.023 |
||||
總費用 |
$ |
- |
$ |
0.023 |
Series D Preferred Stock
D類優先股。
Month |
2024 |
2023 |
||||||
Distributions Declared |
Distributions Declared |
|||||||
April |
$ |
0.19531 |
$ |
0.19531 |
||||
May |
0.19531 |
0.19531 |
||||||
June |
0.19531 |
0.19531 |
||||||
Total |
$ |
0.58593 |
$ |
0.58593 |
月份 |
2024 |
2023 |
||||||
分配的分紅 |
分配的分紅 |
|||||||
四月 |
$ |
核心FFO(Core FFO)-我們使用NAREIt定義的FFO並調整某些其他非核心項目來計算核心FFO。我們從我們的核心FFO計算中排除收購成本、債務提前清償損失、掙扎金價值變動、應計規定考慮金價值變動、非現金認股權利息和股權報酬攤銷。我們認爲核心FFO提供了一個有用的指標,可以比較不同報告期之間的運營業績,並評估我們持續的運營績效的可持續性。其他的股權REIT可能會以不同的方式計算核心FFO,或者根本不計算,因此,公司的核心FFO可能與這些其他REIT的核心FFO不可比。 |
$ |
核心FFO(Core FFO)-我們使用NAREIt定義的FFO並調整某些其他非核心項目來計算核心FFO。我們從我們的核心FFO計算中排除收購成本、債務提前清償損失、掙扎金價值變動、應計規定考慮金價值變動、非現金認股權利息和股權報酬攤銷。我們認爲核心FFO提供了一個有用的指標,可以比較不同報告期之間的運營業績,並評估我們持續的運營績效的可持續性。其他的股權REIT可能會以不同的方式計算核心FFO,或者根本不計算,因此,公司的核心FFO可能與這些其他REIT的核心FFO不可比。 |
||||
五月 |
核心FFO(Core FFO)-我們使用NAREIt定義的FFO並調整某些其他非核心項目來計算核心FFO。我們從我們的核心FFO計算中排除收購成本、債務提前清償損失、掙扎金價值變動、應計規定考慮金價值變動、非現金認股權利息和股權報酬攤銷。我們認爲核心FFO提供了一個有用的指標,可以比較不同報告期之間的運營業績,並評估我們持續的運營績效的可持續性。其他的股權REIT可能會以不同的方式計算核心FFO,或者根本不計算,因此,公司的核心FFO可能與這些其他REIT的核心FFO不可比。 |
核心FFO(Core FFO)-我們使用NAREIt定義的FFO並調整某些其他非核心項目來計算核心FFO。我們從我們的核心FFO計算中排除收購成本、債務提前清償損失、掙扎金價值變動、應計規定考慮金價值變動、非現金認股權利息和股權報酬攤銷。我們認爲核心FFO提供了一個有用的指標,可以比較不同報告期之間的運營業績,並評估我們持續的運營績效的可持續性。其他的股權REIT可能會以不同的方式計算核心FFO,或者根本不計算,因此,公司的核心FFO可能與這些其他REIT的核心FFO不可比。 |
||||||
6月 |
核心FFO(Core FFO)-我們使用NAREIt定義的FFO並調整某些其他非核心項目來計算核心FFO。我們從我們的核心FFO計算中排除收購成本、債務提前清償損失、掙扎金價值變動、應計規定考慮金價值變動、非現金認股權利息和股權報酬攤銷。我們認爲核心FFO提供了一個有用的指標,可以比較不同報告期之間的運營業績,並評估我們持續的運營績效的可持續性。其他的股權REIT可能會以不同的方式計算核心FFO,或者根本不計算,因此,公司的核心FFO可能與這些其他REIT的核心FFO不可比。 |
核心FFO(Core FFO)-我們使用NAREIt定義的FFO並調整某些其他非核心項目來計算核心FFO。我們從我們的核心FFO計算中排除收購成本、債務提前清償損失、掙扎金價值變動、應計規定考慮金價值變動、非現金認股權利息和股權報酬攤銷。我們認爲核心FFO提供了一個有用的指標,可以比較不同報告期之間的運營業績,並評估我們持續的運營績效的可持續性。其他的股權REIT可能會以不同的方式計算核心FFO,或者根本不計算,因此,公司的核心FFO可能與這些其他REIT的核心FFO不可比。 |
||||||
總費用 |
$ |
Presidio Property Trust, Inc.和附屬機構 |
$ |
Presidio Property Trust, Inc.和附屬機構 |
About Presidio Property Trust
關於Presidio Property Trust
Presidio is an internally managed, diversified REIT with holdings in model home properties which are triple-net leased to homebuilders, office, industrial, and retail properties. Presidio's model homes are leased to homebuilders located in Arizona, Illinois, Texas, Wisconsin, and Florida. Our office, industrial and retail properties are located primarily in Colorado, with properties also located in Maryland, North Dakota, Texas, and Southern California. While geographical clustering of real estate enables us to reduce our operating costs through economies of scale by servicing several properties with less staff, it makes us susceptible to changing market conditions in these discrete geographic areas, including those that have developed as a result of COVID-19. Presidio owns approximately 6.5% of the outstanding common stock of Conduit Pharmaceuticals Inc., a disease agnostic multi-asset clinical-stage disease-agnostic life science company providing an efficient model for compound development. For more information on Presidio, please visit the Company's website at .
Presidio是一家內部管理、多元化的REIT,擁有模型住宅屬性,其三重淨租約授予給房屋建造商、辦公、工業和零售物業。Presidio的模型住房出租物業位於亞利桑那州、伊利諾伊州、德克薩斯州、威斯康星州和佛羅里達州,且主要的辦公、工業和零售物業位於科羅拉多州,亦分別位於馬里蘭州、北達科他州、德克薩斯州和南加州。雖然房地產的地理聚集使我們通過規模經濟效應降低了運營成本,通過用較少的員工的時間爲若干物業提供服務,但是它使我們容易受到這些獨立地理區域市場條件變化的影響,包括COVID-19造成的影響。Presidio擁有大約6.5%的Conduit Pharmaceuticals公司普通股,該公司是一家與疾病無關的多資產臨床階段的疾病不分青紅皁白的生命科學公司,爲複合物開發提供有效的模型。有關Presidio的更多信息,請訪問公司的網站。
Definitions
定義
Non-GAAP Financial Measures
非依照普遍公認會計准則的財務措施
Funds from Operations ("FFO") - The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs.
房地產資產及租賃無形財產:
However, because 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 have real economic effects and could materially impact the Company's results from operations, the utility of FFO as a measure of the Company's performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as the Company does, and, accordingly, the Company's FFO may not be comparable to other REITs' FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company's performance.
然而,由於FFO排除折舊和攤銷以及由使用或市場條件引起的公司房地產價值變化,這些都具有實際的經濟效應,並可能對公司的運營結果產生重大影響,因此FFO作爲公司業績的衡量指標的實用性有限。此外,其他REIT可能不會像公司一樣按照NAREIt的定義計算FFO,因此公司的FFO可能與其他REIT的FFO不可比。因此,FFO只應作爲衡量公司淨收益的業績的補充。
Core Funds from Operations ("Core FFO") - We calculate Core FFO by using FFO as defined by NAREIT and adjusting for certain other non-core items. We exclude from our Core FFO calculation acquisition costs, loss on early extinguishment of debt, changes in the fair value of the earn-out, changes in fair value of contingent consideration, non-cash warrant dividends, other non-recuring expenses, and the amortization of stock-based compensation.
核心運營基金("核心FFO") - 我們使用NAREIt定義的FFO進行核心FFO計算,並調整某些其他的非核心項目。 我們在覈心FFO計算中排除收購成本,提前償還債務的損失,業績補償的公允價值變動,應計業績補償的公允價值變動,非現金認股證分紅,其他非經常性費用以及股權激勵攤銷。
We believe Core FFO provides a useful metric in comparing operations between reporting periods and in assessing the sustainability of our ongoing operating performance. Other equity REITs may calculate Core FFO differently or not at all, and, accordingly, the Company's Core FFO may not be comparable to such other REITs' Core FFO.
我們認爲核心FFO提供了一個有用的指標,可以比較不同報告期之間的運營業績,並評估我們的持續運營業績的可持續性。其他的股權REIT可能會以不同的方式計算核心FFO,或者根本不計算,因此,公司的核心FFO可能與這些其他REIT的核心FFO不可比。
Cautionary Note Regarding Forward-Looking Statements
關於前瞻性聲明的謹慎說明
This press release contains statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and other federal securities laws. Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as "believe," "expect," "anticipate," "intend," "estimate," "may," "will," "should" and "could." Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements also include statements relating to the closing of the business combination with Conduit within a certain timeframe or at all. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. Except as required by law, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" section of the Company's documents filed with the SEC, copies of which are available on the SEC's website, www.sec.gov.
此新聞稿包含符合1995年《私人證券訴訟改革法案》(PSLRA)、1933年證券法修正案第27A節和1934年證券交易法修正案第21E節及其他聯邦證券法的『前瞻性聲明』。前瞻性聲明是指歷史事實以外的聲明,包括與關於管理層意圖、信念、預期、表象、計劃或對未來的預測相關的聲明,並通常由「相信」、「期望」、「預計」、「計劃」、「估計」、「可能」、「將會」、「應該」及「可能」等單詞來識別。因爲此類聲明涉及風險、不確定性和其他因素,實際結果可能因這類前瞻性聲明而與所述或暗示的結果有所不同。此外,前瞻性聲明還包括與在一定時間內完成與聯通物合併的企業有關的聲明,但不一定會實現。這些前瞻性聲明基於公司的當前期望,但這些聲明不保證實現。除非法律規定,公司不承擔任何公開更新或修訂任何前瞻性聲明,以反映基礎假設或因素的變化,新信息、數據或方法,未來事件或其他變化。投資者不應過度依賴前瞻性聲明。有關可能影響結果的因素的詳細討論,請參閱公司向SEC提交的文件中的「風險因素」部分,該部分的副本可在SEC的網站www.sec.gov上獲得。
Investor Relations Contact:
投資者關係聯繫人:
Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
LHartkorn@presidiopt.com
Telephone: (760) 471-8536 x1244
Presidio Property Trust,Inc。
投資者關係的Lowell Hartkorn
LHartkorn@presidiopt.com
電話:(760)471-8536 x1244
Presidio Property Trust, Inc. and Subsidiaries
Consolidated Balance Sheets
Presidio Property Trust, Inc.及其子公司
合併資產負債表
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 |
10,000 |
8,909 |
||||||
Series A Common Stock, $0.01 par value per share, 100,000,000 shares authorized; 12,418,693 shares and 12,265,061 shares were issued and outstanding at June 30, 2024 and December 31, 2023, respectively |
124,187 |
122,651 |
||||||
Additional paid-in capital |
184,402,052 |
182,331,408 |
||||||
Dividends and accumulated losses |
(149,663,851) | (131,508,785) | ||||||
Total stockholders' equity before noncontrolling interest |
34,872,388 |
50,954,183 |
||||||
Noncontrolling interest |
9,734,787 |
10,367,887 |
||||||
Total equity |
44,607,175 |
61,322,070 |
||||||
TOTAL LIABILITIES AND EQUITY |
$ |
150,538,283 |
$ |
175,962,638 |
2020年6月30日 |
12月31日 |
|||||||
2024 |
2023 |
|||||||
(未經審計) |
||||||||
資產 |
||||||||
房地產資產和租賃無形財產: |
||||||||
土地 |
$ |
19,409,817 |
$ |
21,660,644 |
||||
建築物和改善 |
126,439,142 |
133,829,416 |
||||||
租戶改進 |
18,823,656 |
17,820,948 |
||||||
租賃無形資產 |
3,776,654 |
4,110,139 |
||||||
持有用於投資的房地產資產和租賃無形資產,成本 |
168,449,269 |
177,421,147 |
||||||
累計折舊及攤銷費用 |
(39,951,401) | (38,725,356) | ||||||
持有用於投資的房地產資產和租賃無形資產,淨值 |
128,497,868 |
138,695,791 |
||||||
可出售的房地產資產,淨值 |
2,394,363 |
5,459,993 |
||||||
房地產業資產淨值 |
130,892,231 |
144,155,784 |
||||||
8,070,041 |
||||||||
現金、現金等價物和受限制的現金 |
8,534,881 |
6,510,428 |
||||||
推遲租賃成本,淨額 |
1,565,169 |
1,657,055 |
||||||
商譽 |
1,574,000 |
1,574,000 |
||||||
Conduit Pharmaceuticals市場證券投資(見注2和9) |
4,413,989 |
18,318,521 |
||||||
遞延稅款資產 |
346,762 |
346,762 |
||||||
其他資產,淨額(見注6) |
3,211,251 |
3,400,088 |
||||||
其他資產總計 |
19,646,052 |
31,806,854 |
||||||
資產總計 |
$ |
150.538.283 |
$ |
175,962,638 |
||||
負債和股東權益 |
||||||||
負債: |
||||||||
按揭貸款,淨額 |
$ |
99,489,045 |
$ |
103,685,444 |
||||
按揭貸款相關的待售持有物業,淨額 |
1,636,341 |
4,027,829 |
||||||
按揭貸款,總淨額 |
101,125,386 |
107,713,273 |
||||||
應付賬款及應計費用 |
3,501,779 |
4,770,845 |
||||||
應計房地產稅 |
1,097,854 |
1,953,087 |
||||||
分紅派息應付款 |
195,310 |
174,011 |
||||||
租賃負債,淨額 |
- |
16,086 |
||||||
低於市場租金的租賃,淨額 |
10,779 |
13,266 |
||||||
負債合計 |
105,931,108 |
114,640,568 |
||||||
股東權益: |
||||||||
D系列優先股,每股面值0.01美元;授權1,000,000股;截至2024年6月30日,發行並流通1,000,000股(清算優先權爲每股25.00美元),截至2023年12月31日,發行並流通890,946股。 |
10,000 |
8,909 |
||||||
A系列普通股,每股面值0.01美元,授權10億股;截至2024年6月30日和2023年12月31日已發行感2018418693股和12265061股,分別流通。 |
124,187 |
122,651 |
||||||
額外實收資本 |
18.440.205,2 |
18.233.140,8 |
||||||
分紅派息和累積虧損 |
(149.663.851) | (131,508,785) | ||||||
非控制權益前股東權益總額 |
34.872.388 |
50.954.183 |
||||||
非控股權益 |
9.734.787 |
10,367,887 |
||||||
股東權益總計 |
44.607.175 |
61.322.070 |
||||||
負債和所有者權益總計 |
$ |
150.538.283 |
$ |
175,962,638 |
Presidio Property Trust, Inc. and Subsidiaries
Consolidated Statements of Operations
Presidio Property Trust, Inc.及其子公司
截至2020年6月30日和2019年6月30日三個月和六個月的營業額
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
Revenues: |
||||||||||||||||
Rental income |
$ |
4,262,942 |
$ |
4,329,588 |
$ |
8,682,049 |
$ |
8,271,641 |
||||||||
Fees and other income |
323,599 |
214,284 |
694,554 |
393,723 |
||||||||||||
Total revenue |
4,586,541 |
4,543,872 |
9,376,603 |
8,665,364 |
||||||||||||
Costs and expenses: |
||||||||||||||||
Rental operating costs |
1,492,495 |
1,399,159 |
3,056,072 |
2,974,149 |
||||||||||||
General and administrative |
2,202,916 |
1,813,184 |
4,287,366 |
3,777,804 |
||||||||||||
Depreciation and amortization |
1,351,370 |
1,368,829 |
2,702,388 |
2,702,403 |
||||||||||||
Impairment of real estate assets |
101,245 |
- |
196,793 |
- |
||||||||||||
Total costs and expenses |
5,148,026 |
4,581,172 |
10,242,619 |
9,454,356 |
||||||||||||
Other income (expense): |
||||||||||||||||
Interest expense - mortgage notes |
(1,525,845) | (1,336,415) | (3,041,051) | (2,204,182) | ||||||||||||
Interest and other income, net |
5,206 |
398,085 |
9,852 |
1,140,201 |
||||||||||||
Gain on sales of real estate, net |
811,903 |
1,119,952 |
2,829,998 |
1,537,289 |
||||||||||||
Net change in Conduit Pharmaceuticals marketable securities (see footnote 9) |
(10,027,433) | - |
(13,888,667) | - |
||||||||||||
Income tax expense |
(81,021) | (349,074) | (160,586) | (497,527) | ||||||||||||
Total other (expense) income, net |
(10,817,190) | (167,452) | (14,250,454) | (24,219) | ||||||||||||
Net loss |
(11,378,675) | (204,752) | (15,116,470) | (813,211) | ||||||||||||
Less: Income attributable to noncontrolling interests |
(469,365) | (1,094,852) | (1,973,233) | (1,481,933) | ||||||||||||
Net loss attributable to Presidio Property Trust, Inc. stockholders |
$ |
(11,848,040) | $ |
(1,299,604) | $ |
(17,089,703) | $ |
(2,295,144) | ||||||||
Less: Preferred Stock Series D dividends |
(543,331) | (532,285) | (1,065,363) | (1,067,733) | ||||||||||||
Net loss attributable to Presidio Property Trust, Inc. common stockholders |
$ |
(12,391,371) | $ |
(1,831,889) | $ |
(18,155,066) | $ |
(3,362,877) | ||||||||
Net loss per share attributable to Presidio Property Trust, Inc. common stockholders: |
||||||||||||||||
Basic & Diluted |
$ |
(1.00) | $ |
(0.15) | $ |
(1.47) | $ |
(0.28) | ||||||||
Weighted average number of common shares outstanding - basic & dilutive |
12,428,794 |
11,839,359 |
12,360,992 |
11,837,020 |
截至6月30日三個月末 |
截至6月30日止六個月。 |
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
營收: |
||||||||||||||||
租賃收入 |
$ |
4.262.942 |
$ |
4.329.588 |
$ |
8.682.049 |
$ |
8,271,641 |
||||||||
費用及其他收入 |
323,599 |
214,284 |
694,554 |
393,723 |
||||||||||||
總收入 |
4,586,541 |
4,543,872 |
9,376,603 |
8,665,364 |
||||||||||||
成本和費用: |
||||||||||||||||
租賃營運成本 |
1,492,495 |
1,399,159 |
3,056,072 |
2,974,149 |
||||||||||||
普通和管理 |
2,202,916 |
1,813,184 |
4,287,366 |
3,777,804 |
||||||||||||
折舊和攤銷 |
1,351,370 |
1,368,829 |
2,702,388 |
2,702,403 |
||||||||||||
房地產資產減值 |
101,245 |
- |
196,793 |
- |
||||||||||||
總成本和費用 |
5,148,026 |
4,581,172 |
10,242,619 |
9,454,356 |
||||||||||||
其他收入(支出): |
||||||||||||||||
房地產業利息費 - 抵押借款 |
(1,525,845) | (1,336,415) | (3,041,051) | (2,204,182) | ||||||||||||
利息和其他收入,淨額 |
5,206 |
398,085 |
9,852 |
1,140,201 |
||||||||||||
房地產業拋售收益淨額 |
811,903 |
1,119,952 |
2,829,998 |
1,537,289 |
||||||||||||
Conduit Pharmaceuticals 市場證券的淨變化(參見注釋9) |
(10,027,433) | - |
(13,888,667) | - |
||||||||||||
所得稅費用 |
(81,021) | (349,074) | (160,586) | (497,527) | ||||||||||||
總其他(收益)費用,淨額 |
(10,817,190) | (167,452) | (14,250,454) | (24,219) | ||||||||||||
淨虧損 |
(11,378,675) | (204,752) | (15,116,470) | (813,211) | ||||||||||||
非控制股利潤 |
(469,365) | (1,094,852) | (1,973,233) | (1,481,933) | ||||||||||||
歸屬於Presidio Property Trust股東的淨虧損 |
$ |
(11,848,040) | $ |
(1,299,604) | $ |
(17,089,703) | $ |
(2,295,144) | ||||||||
減:優先股系列D分紅派息 |
(543,331) | (532,285) | (1,065,363) | (1,067,733) | ||||||||||||
歸屬於Presidio Property Trust普通股股東的淨虧損 |
$ |
(12,391,371) | $ |
(1,831,889) | $ |
(18,155,066) | $ |
(3,362,877) | ||||||||
歸屬於Presidio Property Trust普通股股東的每股淨虧損: |
||||||||||||||||
基本和稀釋 |
$ |
(1.00) | $ |
(0.15) | $ |
(1.47) | $ |
(-0.28) | ||||||||
基本和稀釋的普通股股份平均數 |
12,428,794 |
11,839,359 |
12,360,992 |
11,837,020 |
FFO AND CORE FFO RECONCILIATION
FFO和CORE FFO的調節
For the Three Months
Ended June 30,
|
For the Six
Months Ended June,
|
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
Net (loss) income attributable to Presidio Property Trust, Inc. common stockholders |
$ |
(12,391,371) | $ |
(1,831,889) | $ |
(18,155,066) | $ |
(3,362,877) | ||||||||
Adjustments: |
||||||||||||||||
Income attributable to noncontrolling interests |
469,365 |
1,094,852 |
1,973,233 |
1,481,933 |
||||||||||||
Depreciation and amortization |
1,351,370 |
1,368,829 |
2,702,388 |
2,702,403 |
||||||||||||
Amortization of above and below market leases, net |
(1,244) | (1,244) | (2,487) | (2,487) | ||||||||||||
Impairment of real estate assets |
101,245 |
- |
196,793 |
- |
||||||||||||
Net change in Conduit marketable securities |
10,027,433 |
- |
13,888,667 |
- |
||||||||||||
Loss (gain) on sale of real estate assets, net |
(811,903) | (1,119,952) | (2,829,998) | (1,537,289) | ||||||||||||
FFO |
$ |
(1,255,105) | $ |
(489,404) | $ |
(2,226,471) | $ |
(718,317) | ||||||||
Restricted stock compensation |
343,107 |
260,845 |
885,029 |
540,501 |
||||||||||||
Cost associated with Zuma Capital Management |
469,552 |
- |
565,534 |
- |
||||||||||||
Core FFO |
$ |
(442,445) | $ |
(228,558) | $ |
(775,908) | $ |
(177,816) | ||||||||
Weighted average number of common shares outstanding - basic and diluted |
12,428,794 |
11,839,359 |
12,360,992 |
11,837,020 |
||||||||||||
Core FFO / Wgt Avg Share |
$ |
(0.036) | $ |
(0.019) | $ |
(0.063) | $ |
(0.015) | ||||||||
Quarterly Dividends / Share |
$ |
- |
$ |
0.022 |
$ |
- |
$ |
0.023 |
三個月期間
截至6月30日
|
六個月的
截至6月份結束的月份
|
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
歸屬於Presidio Property Trust股票普通股股東的淨(虧損)收益 |
$ |
(12,391,371) | $ |
(1,831,889) | $ |
(18,155,066) | $ |
(3,362,877) | ||||||||
調整: |
||||||||||||||||
歸屬於非控股權益的收入 |
469,365 |
1,094,852 |
1,973,233 |
1,481,933 |
||||||||||||
折舊和攤銷 |
1,351,370 |
1,368,829 |
2,702,388 |
2,702,403 |
||||||||||||
淨化解市場租約的攤銷 |
(1,244) | (1,244) | (2,487) | (2,487) | ||||||||||||
房地產資產減值 |
101,245 |
- |
196,793 |
- |
||||||||||||
Conduit市場證券淨變化 |
10,027,433 |
- |
13,888,667 |
- |
||||||||||||
房地產資產出售損益,淨額 |
(811,903) | (1,119,952) | (2,829,998) | (1,537,289) | ||||||||||||
FFO |
$ |
(1,255,105) | $ |
(489,404) | $ |
(2,226,471) | $ |
(718,317) | ||||||||
未發行股份薪酬 |
343,107 |
260,845 |
885,029 |
540,501 |
||||||||||||
與Zuma Capital Management有關的成本 |
469,552 |
- |
565,534 |
- |
||||||||||||
核心基金運營現金流 |
$ |
(442,445) | $ |
(228,558) | $ |
(775,908) | $ |
(177,816) | ||||||||
加權平均普通股股份 - 基本和攤薄 |
12,428,794 |
11,839,359 |
12,360,992 |
11,837,020 |
||||||||||||
核心調整後FFO / 加權平均每股份額 |
$ |
(0.036) | $ |
(0.019) | $ |
(0.063) | $ |
(0.015) | ||||||||
每股季度分紅派息 |
$ |
- |
$ |
0.022 |
$ |
- |
$ |
0.023 |
SOURCE: Presidio Property Trust
信息來源:Presidio Property Trust