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Presidio Property Trust, Inc. (SQFT) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Presidio Property Trust, Inc.

CIK: 1080657 Ticker: SQFT

Exhibit 99.1

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Presidio Property Trust, Inc.

Reports Results for the Fourth Quarter and Year Ended December 31, 2020

 

San Diego, California, 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 Highlights

 

 

 

Core 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; and

       
 

 

Paid a dividend of $0.10 per share on Series A Common Stock in the fourth quarter.

 

Year Ended December 31, 2020 Financial Results

 

Net 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 approximately $1,483,000 compared to approximately $2,374,000 for 2019. A reconciliation of FFO to net loss, the most directly comparable GAAP financial measure, is attached to this press release.

 

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The following information was filed by Presidio Property Trust, Inc. (SQFT) on Tuesday, March 30, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parentheticals)
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Note 1 - Organization And Basis Of Presentation
Note 1 - Organization And Basis Of Presentation (Details Textual)
Note 10 - Commitments And Contingencies
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Details Textual)
Note 12 - Share-Based Incentive Plan
Note 12 - Share-Based Incentive Plan (Details Textual)
Note 12 - Share-Based Incentive Plan (Tables)
Note 12 - Share-Based Incentive Plan - Summary Of Activity For Restricted Stock (Details)
Note 13 - Segments
Note 13 - Segments (Details Textual)
Note 13 - Segments (Tables)
Note 13 - Segments - Assets By Reportable Segment (Details)
Note 13 - Segments - Capital Expenditures By Reportable Segment (Details)
Note 13 - Segments - Operating Income By Segment (Details)
Note 14 - Subsequent Events
Note 14 - Subsequent Events (Details Textual)
Note 2 - Significant Accounting Policies
Note 2 - Significant Accounting Policies (Details Textual)
Note 3 - Recent Real Estate Transactions
Note 3 - Recent Real Estate Transactions (Details Textual)
Note 4 - Real Estate Assets
Note 4 - Real Estate Assets (Details Textual)
Note 4 - Real Estate Assets (Tables)
Note 4 - Real Estate Assets - Future Minimum Rental Revenues (Details)
Note 4 - Real Estate Assets - Summary Of Properties Owned (Details)
Note 5 - Lease Intangibles
Note 5 - Lease Intangibles (Details Textual)
Note 5 - Lease Intangibles (Tables)
Note 5 - Lease Intangibles - Amortization Expense (Details)
Note 5 - Lease Intangibles - Net Value Of Other Intangibles (Details)
Note 6 - Other Assets
Note 6 - Other Assets (Tables)
Note 6 - Other Assets - Other Assets (Details)
Note 7 - Mortgage Notes Payable
Note 7 - Mortgage Notes Payable (Details Textual)
Note 7 - Mortgage Notes Payable (Tables)
Note 7 - Mortgage Notes Payable - Mortgage Notes Payable (Details)
Note 7 - Mortgage Notes Payable - Scheduled Principal Payments Of Mortgage Notes Payable (Details)
Note 8 - Notes Payable
Note 8 - Notes Payable (Details Textual)
Note 9 - Series B Mandatorily Redeemable Preferred Stock
Note 9 - Series B Mandatorily Redeemable Preferred Stock (Details Textual)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization (Details Textual)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization (Tables)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization - Balances (Details)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization - Properties (Details)
Significant Accounting Policies (Policies)
Ticker: SQFT
CIK: 1080657
Form Type: 10-K Annual Report
Accession Number: 0001437749-21-007660
Submitted to the SEC: Tue Mar 30 2021 4:55:33 PM EST
Accepted by the SEC: Tue Mar 30 2021
Period: Thursday, December 31, 2020
Industry: Real Estate Investment Trusts

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