Presidio Property Trust (NASDAQ: SQFT), an internally managed REIT that has a diversified portfolio of commercial and industrial properties and model homes, has released its first quarter 2021 financial and business report. Included in the report is the note that Presidio achieved an average rental collection rate of 96% during the first-quarter period, a figure that the company attributes to the diversified nature of its property portfolio. The company also reported that revenue for the quarter was $5.7 million, a 19% decrease of approximately $1.3 million from Q1 2020, which reflects the sale of four properties. Based on what the company terms “same-store” basis, or only evaluating properties held during both periods, rental revenue reached $4.5 million, a decrease of about 5% year-over-year. On the business side, Presidio announced that it has signed 15 office leases during the first quarter: five were leases with new tenants and 10 were renewals with existing tenants. The announcement noted that these leases reflect business activity that is slowly resuming after COVID-19 shutdowns, activity that Presidio is optimistic will bring continued tenant renewals and new lease signings throughout the remainder of 2021 and beyond. Consistent with its previous communications, Presidio noted that reducing its debt remains a priority, as the company reported it has repaid some $7.5 million of notes payable. In addition, the company recently filed to issue 500,000 shares of redeemable preferred stock and expects to raise net proceeds of anywhere from $11.1 to $13 million, depending on the allotment. SQFT plans to use the resulting proceeds for general corporate and working capital purposes as well as to acquire real estate.
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https://ibn.fm/aREXc
About Presidio Property Trust
Presidio is an internally managed, diversified REIT with interests in approximately 110 model home properties located in four states, with the majority located in Texas and Florida; the model homes are leased back to homebuilders on a triple-net basis. The company’s commercial real estate portfolio consists of approximately 1 million square feet comprised of 13 properties: nine office properties, one industrial property and three retail properties. SQFT’s commercial portfolio is located in Southern California, Colorado and North Dakota, and the company is currently considering new commercial property acquisitions in a variety of additional markets across the United States. Its commercial property tenant base is diversified, which helps limit the company’s exposure to any single industry in which its tenants operate. This geographical clustering of the company’s real estate portfolio enables Presidio to minimize operating costs and leverage efficiencies by managing a number of properties utilizing minimal overhead and staff. For more information about the company, please visit
www.PresidioPT.com.
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