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Presidio Property Trust Inc. (SQFT+2.30%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's real estate portfolio, which includes office, industrial, retail properties, and model homes. As of December 31, 2024, the company owned or had interests in 12 commercial properties and 78 model homes.
The company reported total revenues of approximately $18.9 million for the year, an increase from $17.6 million in the prior year. This increase was attributed to higher model home transaction fees and new commercial real estate leases.
Rental operating costs were approximately $6.3 million, representing 33.1% of total revenue, slightly down from 33.8% in the previous year.
General and administrative expenses increased by 10.8% to approximately $7.5 million, driven by costs related to the annual meeting and settlement with Zuma Capital.
The company recorded a non-cash impairment charge of approximately $2.0 million related to goodwill and real estate assets, primarily due to market conditions affecting specific properties.
Interest expense for mortgage notes increased to approximately $6.1 million, reflecting a higher weighted average interest rate.
Presidio Property Trust completed the business combination of its sponsored SPAC, Murphy Canyon Acquisition Corp., with Conduit Pharmaceuticals Limited in September 2023. As a result, the company recorded a significant gain on deconsolidation.
The company did not declare dividends on its Series A Common Stock during 2024, while dividends on Series D Preferred Stock continued at an annual rate of 9.375%.
The filing also discusses the company's liquidity position, noting cash and restricted cash of approximately $8.0 million at year-end. The company plans to use these funds for debt service, property maintenance, and potential acquisitions.
Presidio Property Trust's management continues to focus on optimizing its real estate portfolio, including potential property sales and acquisitions to enhance shareholder value.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.