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Presidio Property Trust, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, detailing total revenues of approximately $4.7 million, compared to $4.5 million for the same period in 2023. The increase is attributed to new commercial real estate leases and model home transaction fees.
Rental operating costs increased to approximately $1.6 million from $1.5 million in the same quarter of the previous year, with costs as a percentage of total revenue rising slightly.
General and administrative expenses remained stable at approximately $1.6 million, representing 34.5% of total revenue, compared to 36.5% in the prior year.
Depreciation and amortization expenses were reported at approximately $1.5 million, consistent with the previous year's quarter.
A non-cash impairment charge of approximately $0.7 million was recognized, related to three model homes and one commercial property.
Interest expense on mortgage notes increased slightly to approximately $1.5 million, with a weighted average interest rate of 5.44% as of September 30, 2024.
Net loss attributable to common stockholders was approximately $6.6 million, compared to net income of $20.9 million in the previous year, largely due to a loss on Conduit Pharmaceuticals marketable securities.
Cash used in operating activities was approximately $1.0 million, while cash provided by investing activities was approximately $10.7 million, primarily from real estate sales.
The company reported total assets of approximately $145.8 million as of September 30, 2024, with total liabilities of approximately $107.7 million.
The filing also addresses liquidity, noting that future capital needs include maintaining existing properties, funding tenant improvements, and paying dividends, with potential sources including cash flows from operations and refinancing of existing mortgages.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Presidio Property Trust Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.