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10-Q Filing

PRESIDIO PROPERTY TRUST, INC. CIK: 1080657 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001080657-20-000022
Period End Date 20200331
Filing Date 20200515
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance sqft-20200331_htm.xml
Filing Contents
Balance Sheet 64 line items
Line Item Tag Value Unit Period
Land Land $27.24M USD Point-in-time
Land Land $27.02M USD Point-in-time
Buildings and improvements InvestmentBuildingAndBuildingImprovements $140.17M USD Point-in-time
Buildings and improvements InvestmentBuildingAndBuildingImprovements $139.27M USD Point-in-time
Tenant improvements TenantImprovements $14.97M USD Point-in-time
Tenant improvements TenantImprovements $14.28M USD Point-in-time
Lease intangibles FiniteLivedIntangibleAssetsNetOfAmountsIncludedInRealEstateAssetsHeldForSale $5.32M USD Point-in-time
Lease intangibles FiniteLivedIntangibleAssetsNetOfAmountsIncludedInRealEstateAssetsHeldForSale $5.32M USD Point-in-time
Real estate assets and lease intangibles held for investment, cost RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentAtCost $185.90M USD Point-in-time
Real estate assets and lease intangibles held for investment, cost RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentAtCost $187.71M USD Point-in-time
Accumulated depreciation and amortization RealEstateInvestmentPropertyAndLeaseIntangiblesAccumulatedDepreciationAndAmortization $30.60M USD Point-in-time
Accumulated depreciation and amortization RealEstateInvestmentPropertyAndLeaseIntangiblesAccumulatedDepreciationAndAmortization $29.32M USD Point-in-time
Real estate assets and lease intangibles held for investment, net RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentNet $156.58M USD Point-in-time
Real estate assets and lease intangibles held for investment, net RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentNet $157.10M USD Point-in-time
Real estate assets held for sale, net RealEstateHeldforsale $22.09M USD Point-in-time
Real estate assets held for sale, net RealEstateHeldforsale $43.63M USD Point-in-time
Real estate assets, net RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentAndRealEstateHeldForSaleNet $200.21M USD Point-in-time
Real estate assets, net RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentAndRealEstateHeldForSaleNet $179.19M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $10.39M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $9.78M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.98M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $12.84M USD Point-in-time
Deferred leasing costs, net DeferredCostsLeasingNet $2.05M USD Point-in-time
Deferred leasing costs, net DeferredCostsLeasingNet $1.75M USD Point-in-time
Goodwill Goodwill $2.42M USD Point-in-time
Goodwill Goodwill $2.42M USD Point-in-time
Other assets, net OtherAssets $4.00M USD Point-in-time
Other assets, net OtherAssets $5.71M USD Point-in-time
TOTAL ASSETS Assets $196.34M USD Point-in-time
TOTAL ASSETS Assets $220.78M USD Point-in-time
Mortgage notes payable, net MortgageNotesPayableNet $114.09M USD Point-in-time
Mortgage notes payable, net MortgageNotesPayableNet $114.70M USD Point-in-time
Mortgage notes payable related to properties held for sale, net MortgageNotesPayableRelatedToPropertiesHeldForSaleNet $28.30M USD Point-in-time
Mortgage notes payable related to properties held for sale, net MortgageNotesPayableRelatedToPropertiesHeldForSaleNet $12.42M USD Point-in-time
Mortgage notes payable, total net MortgageNotesPayable $142.39M USD Point-in-time
Mortgage notes payable, total net MortgageNotesPayable $127.12M USD Point-in-time
Note payable, net NotesPayable $7.63M USD Point-in-time
Note payable, net NotesPayable $12.24M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $4.03M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $5.67M USD Point-in-time
Accrued real estate taxes AccruedRealEstateTaxes $1.75M USD Point-in-time
Accrued real estate taxes AccruedRealEstateTaxes $2.99M USD Point-in-time
Lease liability, net OperatingLeaseLiability $121.20K USD Point-in-time
Lease liability, net OperatingLeaseLiability $560.19K USD Point-in-time
Below-market leases, net BelowMarketLeaseNet $309.93K USD Point-in-time
Below-market leases, net BelowMarketLeaseNet $267.34K USD Point-in-time
Total liabilities Liabilities $140.93M USD Point-in-time
Total liabilities Liabilities $164.16M USD Point-in-time
Commitments and contingencies (Note 9) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 9) CommitmentsAndContingencies - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $152.04M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $152.04M USD Point-in-time
Dividends and accumulated losses RetainedEarningsAccumulatedDeficit $-114.14M USD Point-in-time
Dividends and accumulated losses RetainedEarningsAccumulatedDeficit $-113.04M USD Point-in-time
Total stockholders' equity before noncontrolling interest StockholdersEquity $38.07M USD Point-in-time
Total stockholders' equity before noncontrolling interest StockholdersEquity $39.18M USD Point-in-time
Noncontrolling interest MinorityInterest $17.34M USD Point-in-time
Noncontrolling interest MinorityInterest $17.44M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $55.10M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $56.14M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $56.62M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $55.41M USD Point-in-time
TOTAL LIABILITIES AND EQUITY LiabilitiesAndStockholdersEquity $196.34M USD Point-in-time
TOTAL LIABILITIES AND EQUITY LiabilitiesAndStockholdersEquity $220.78M USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Rental income OperatingLeaseLeaseIncome $6.90M USD 1 Quarter
Rental income OperatingLeaseLeaseIncome $6.79M USD 1 Quarter
Fees and other income FeeAndOtherIncome $243.47K USD 1 Quarter
Fees and other income FeeAndOtherIncome $284.08K USD 1 Quarter
Total revenue Revenues $7.03M USD 1 Quarter
Total revenue Revenues $7.18M USD 1 Quarter
Rental operating costs OperatingLeaseExpense $2.76M USD 1 Quarter
Rental operating costs OperatingLeaseExpense $2.38M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $1.35M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $1.76M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $2.21M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $1.57M USD 1 Quarter
Total costs and expenses OperatingExpenses $5.31M USD 1 Quarter
Total costs and expenses OperatingExpenses $6.73M USD 1 Quarter
Interest expense-Series B preferred stock InterestExpensePreferredStock - USD 1 Quarter
Interest expense-Series B preferred stock InterestExpensePreferredStock $648.45K USD 1 Quarter
Interest expense-mortgage notes InterestExpenseDebt $1.90M USD 1 Quarter
Interest expense-mortgage notes InterestExpenseDebt $1.69M USD 1 Quarter
Interest expense - note payable InterestExpenseNotesPayable $866.07K USD 1 Quarter
Interest expense - note payable InterestExpenseNotesPayable - USD 1 Quarter
Interest and other income (expense), net NonoperatingInterestAndOtherIncomeExpense $-7.00K USD 1 Quarter
Interest and other income (expense), net NonoperatingInterestAndOtherIncomeExpense $5.52K USD 1 Quarter
(Loss) gain on sales of real estate, net GainLossOnSaleOfBusiness $1.21M USD 1 Quarter
(Loss) gain on sales of real estate, net GainLossOnSaleOfBusiness $-9.84K USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $81.43K USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $83.63K USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $-2.65M USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $-1.41M USD 1 Quarter
Net loss ProfitLoss $-932.12K USD 1 Quarter
Net loss ProfitLoss $-961.94K USD 1 Quarter
Less: Income attributable to noncontrolling interests IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity $766.46K USD 1 Quarter
Less: Income attributable to noncontrolling interests IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity $175.01K USD 1 Quarter
Net loss attributable to Presidio Property Trust, Inc. common stockholders NetIncomeLoss $-1.11M USD 1 Quarter
Net loss attributable to Presidio Property Trust, Inc. common stockholders NetIncomeLoss $-1.73M USD 1 Quarter
Basic and diluted loss per common share (in dollars per share) EarningsPerShareBasicAndDiluted $-0.06 USD 1 Quarter
Basic and diluted loss per common share (in dollars per share) EarningsPerShareBasicAndDiluted $-0.10 USD 1 Quarter
Weighted average number of common shares outstanding - basic and diluted (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 17.76M shares 1 Quarter
Weighted average number of common shares outstanding - basic and diluted (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 17.73M shares 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-932.12K USD 1 Quarter
Net loss ProfitLoss $-961.94K USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAmortizationOfAboveMarketRents $2.21M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAmortizationOfAboveMarketRents $1.57M USD 1 Quarter
Stock compensation RestrictedStockExpense $433.29K USD 1 Quarter
Stock compensation RestrictedStockExpense $157.37K USD 1 Quarter
Bad debt expense ValuationAllowancesAndReservesDeductions $18.14K USD 1 Quarter
Bad debt expense ValuationAllowancesAndReservesDeductions - USD 1 Quarter
Loss (gain) on sale of real estate assets, net GainsLossesOnSalesOfInvestmentRealEstate $-9.84K USD 1 Quarter
Loss (gain) on sale of real estate assets, net GainsLossesOnSalesOfInvestmentRealEstate $1.21M USD 1 Quarter
Accretion of original issue discount AccretionAmortizationOfDiscountsAndPremiumsInvestments - USD 1 Quarter
Accretion of original issue discount AccretionAmortizationOfDiscountsAndPremiumsInvestments $-337.80K USD 1 Quarter
Amortization of financing costs AmortizationOfFinancingCosts $363.18K USD 1 Quarter
Amortization of financing costs AmortizationOfFinancingCosts $227.37K USD 1 Quarter
Amortization of above-market leases AmortizationOfAboveMarketLeases $17.45K USD 1 Quarter
Amortization of above-market leases AmortizationOfAboveMarketLeases $12.67K USD 1 Quarter
Amortization of below-market leases AmortizationOfBelowMarketLease $42.59K USD 1 Quarter
Amortization of below-market leases AmortizationOfBelowMarketLease $47.60K USD 1 Quarter
Straight-line rent adjustment StraightLineRentAdjustments $-52.94K USD 1 Quarter
Straight-line rent adjustment StraightLineRentAdjustments $-14.86K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-2.05M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-1.95M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-459.90K USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-2.61M USD 1 Quarter
Accrued real estate taxes ChangeAccruedRealEstateTaxes $-1.24M USD 1 Quarter
Accrued real estate taxes ChangeAccruedRealEstateTaxes $-941.13K USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-474.07K USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $1.32M USD 1 Quarter
Real estate acquisitions PaymentsToAcquireRealEstate - USD 1 Quarter
Real estate acquisitions PaymentsToAcquireRealEstate $3.57M USD 1 Quarter
Additions to buildings and tenant improvements PaymentsForTenantImprovements $2.70M USD 1 Quarter
Additions to buildings and tenant improvements PaymentsForTenantImprovements $889.67K USD 1 Quarter
Additions to deferred leasing costs PaymentsForLeasingCosts - USD 1 Quarter
Additions to deferred leasing costs PaymentsForLeasingCosts $151.90K USD 1 Quarter
Proceeds from sales of real estate, net ProceedsFromSaleOfProductiveAssets $24.59M USD 1 Quarter
Proceeds from sales of real estate, net ProceedsFromSaleOfProductiveAssets $10.84M USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $7.99M USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $20.12M USD 1 Quarter
Proceeds from mortgage notes payable, net of issuance costs ProceedsFromSecuredNotesPayable $4.35M USD 1 Quarter
Proceeds from mortgage notes payable, net of issuance costs ProceedsFromSecuredNotesPayable $3.67M USD 1 Quarter
Repayment of mortgage notes payable RepaymentsOfSecuredNotesPayable $7.68M USD 1 Quarter
Repayment of mortgage notes payable RepaymentsOfSecuredNotesPayable $19.80M USD 1 Quarter
Repayment of note payable RepaymentsOfNotesPayable - USD 1 Quarter
Repayment of note payable RepaymentsOfNotesPayable $5.22M USD 1 Quarter
Redemption of mandatorily redeemable preferred stock PaymentsForRepurchaseOfPreferredStockAndPreferenceStock $900.00K USD 1 Quarter
Redemption of mandatorily redeemable preferred stock PaymentsForRepurchaseOfPreferredStockAndPreferenceStock - USD 1 Quarter
Payment of deferred offering costs PaymentsOfStockIssuanceCosts - USD 1 Quarter
Payment of deferred offering costs PaymentsOfStockIssuanceCosts $100.03K USD 1 Quarter
Contributions from noncontrolling interests, net of distributions paid ProceedsFromPaymentsToMinorityShareholders $-277.47K USD 1 Quarter
Contributions from noncontrolling interests, net of distributions paid ProceedsFromPaymentsToMinorityShareholders $-258.71K USD 1 Quarter
Dividends paid to stockholders PaymentsOfDividendsCommonStock - USD 1 Quarter
Dividends paid to stockholders PaymentsOfDividendsCommonStock $1.08M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-6.24M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-21.06M USD 1 Quarter
Net (decrease) increase in cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $3.06M USD 1 Quarter
Net (decrease) increase in cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-1.41M USD 1 Quarter
Cash, cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $10.39M USD Point-in-time
Cash, cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $9.78M USD Point-in-time
Cash, cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.98M USD Point-in-time
Cash, cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $12.84M USD Point-in-time
Cash, cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $10.39M USD Point-in-time
Cash, cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $9.78M USD Point-in-time
Cash, cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.98M USD Point-in-time
Cash, cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $12.84M USD Point-in-time
Interest paid-Series B preferred stock InterestPaidPreferredStockSeriesB - USD 1 Quarter
Interest paid-Series B preferred stock InterestPaidPreferredStockSeriesB $580.65K USD 1 Quarter
Interest paid-mortgage notes payable InterestPaidMortgageNotes $1.67M USD 1 Quarter
Interest paid-mortgage notes payable InterestPaidMortgageNotes $1.73M USD 1 Quarter
Interest paid-notes payable InterestPaidNotes $247.81K USD 1 Quarter
Interest paid-notes payable InterestPaidNotes - USD 1 Quarter
Unpaid deferred offering costs DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction - USD 1 Quarter
Unpaid deferred offering costs DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction $14.61K USD 1 Quarter
Stockholders Equity 15 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $55.10M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $56.14M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $56.62M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $55.41M USD Point-in-time
Net loss ProfitLoss $-932.12K USD 1 Quarter
Net loss ProfitLoss $-961.94K USD 1 Quarter
Dividends paid Dividends $150.00 USD 1 Quarter
Distributions in excess of contributions received MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $277.47K USD 1 Quarter
Distributions in excess of contributions received MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $258.71K USD 1 Quarter
Repurchase of common stock StockRepurchasedAndRetiredDuringPeriodValue $52.15K USD 1 Quarter
Vesting of restricted stock StockIssuedDuringPeriodValueRestrictedStockAwardGross $230.88K USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $55.10M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $56.14M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $56.62M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $55.41M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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