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10-Q Filing

PRESIDIO PROPERTY TRUST, INC. CIK: 1080657 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001437749-22-012655
Period End Date 20220331
Filing Date 20220516
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance sqft20220331_10q_htm.xml
Filing Contents
Balance Sheet 69 line items
Line Item Tag Value Unit Period
Land Land $21.14M USD Point-in-time
Land Land $18.07M USD Point-in-time
Buildings and improvements InvestmentBuildingAndBuildingImprovements $119.22M USD Point-in-time
Buildings and improvements InvestmentBuildingAndBuildingImprovements $114.98M USD Point-in-time
Tenant improvements TenantImprovements $12.75M USD Point-in-time
Tenant improvements TenantImprovements $11.88M USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 1.00M shares Point-in-time
Lease intangibles FiniteLivedIntangibleAssetsNetOfAmountsIncludedInRealEstateAssetsHeldForSale $4.11M USD Point-in-time
Lease intangibles FiniteLivedIntangibleAssetsNetOfAmountsIncludedInRealEstateAssetsHeldForSale $4.11M USD Point-in-time
Real estate assets and lease intangibles held for investment, cost RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentAtCost $157.22M USD Point-in-time
Real estate assets and lease intangibles held for investment, cost RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentAtCost $149.04M USD Point-in-time
Accumulated depreciation and amortization RealEstateInvestmentPropertyAndLeaseIntangiblesAccumulatedDepreciationAndAmortization $29.47M USD Point-in-time
Accumulated depreciation and amortization RealEstateInvestmentPropertyAndLeaseIntangiblesAccumulatedDepreciationAndAmortization $30.59M USD Point-in-time
Real estate assets and lease intangibles held for investment, net RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentNet $119.57M USD Point-in-time
Real estate assets and lease intangibles held for investment, net RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentNet $126.63M USD Point-in-time
Real estate assets held for sale, net RealEstateHeldforsale $11.43M USD Point-in-time
Real estate assets held for sale, net RealEstateHeldforsale $7.28M USD Point-in-time
Real estate assets, net RealEstateInvestmentPropertyAndLeaseIntangiblesHeldforinvestmentAndRealEstateHeldForSaleNet $138.06M USD Point-in-time
Real estate assets, net RealEstateInvestmentPropertyAndLeaseIntangiblesHeldforinvestmentAndRealEstateHeldForSaleNet $126.85M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $22.49M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $14.70M USD Point-in-time
Deferred leasing costs, net DeferredCostsLeasingNet $1.12M USD Point-in-time
Deferred leasing costs, net DeferredCostsLeasingNet $1.35M USD Point-in-time
Goodwill Goodwill $2.42M USD Point-in-time
Goodwill Goodwill $2.42M USD Point-in-time
Other assets, net OtherAssets $3.99M USD Point-in-time
Other assets, net OtherAssets $4.66M USD Point-in-time
Investments held in Trust (see Notes 2 & 11) AssetsHeldInTrust $134.91M USD Point-in-time
Investments held in Trust (see Notes 2 & 11) AssetsHeldInTrust - USD Point-in-time
TOTAL ASSETS Assets $291.78M USD Point-in-time
TOTAL ASSETS Assets $161.20M USD Point-in-time
Mortgage notes payable, net MortgageNotesPayableRelatedToRealEstateAssetsHeldForInvestmentNet $87.32M USD Point-in-time
Mortgage notes payable, net MortgageNotesPayableRelatedToRealEstateAssetsHeldForInvestmentNet $88.66M USD Point-in-time
Mortgage notes payable related to properties held for sale, net MortgageNotesPayableRelatedToPropertiesHeldForSaleNet $1.54M USD Point-in-time
Mortgage notes payable related to properties held for sale, net MortgageNotesPayableRelatedToPropertiesHeldForSaleNet $4.18M USD Point-in-time
Mortgage notes payable, total net MortgageNotesPayableNet $92.84M USD Point-in-time
Mortgage notes payable, total net MortgageNotesPayableNet $88.86M USD Point-in-time
Note payable, net NotesPayable - USD Point-in-time
Note payable, net NotesPayable - USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $3.48M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $4.57M USD Point-in-time
Accounts payable and accrued liabilities of SPAC (see Notes 2 & 11) AccountsPayableAndAccruedLiabilitiesSPAC $15.50K USD Point-in-time
Accounts payable and accrued liabilities of SPAC (see Notes 2 & 11) AccountsPayableAndAccruedLiabilitiesSPAC $4.70M USD Point-in-time
Accrued real estate taxes AccruedRealEstateTaxes $1.41M USD Point-in-time
Accrued real estate taxes AccruedRealEstateTaxes $1.94M USD Point-in-time
Dividends payable preferred stock DividendsPayableCurrentAndNoncurrent $179.69K USD Point-in-time
Dividends payable preferred stock DividendsPayableCurrentAndNoncurrent $179.69K USD Point-in-time
Lease liability, net OperatingLeaseLiability $75.55K USD Point-in-time
Lease liability, net OperatingLeaseLiability $68.57K USD Point-in-time
Below-market leases, net BelowMarketLeaseNet $73.13K USD Point-in-time
Below-market leases, net BelowMarketLeaseNet $59.41K USD Point-in-time
Total liabilities Liabilities $95.71M USD Point-in-time
Total liabilities Liabilities $102.74M USD Point-in-time
Commitments and contingencies (Note 9 & 11) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 9 & 11) CommitmentsAndContingencies - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $183.23M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $186.49M USD Point-in-time
Dividends and accumulated losses RetainedEarningsAccumulatedDeficit $-130.95M USD Point-in-time
Dividends and accumulated losses RetainedEarningsAccumulatedDeficit $-133.61M USD Point-in-time
Total stockholders' equity before noncontrolling interest StockholdersEquity $49.75M USD Point-in-time
Total stockholders' equity before noncontrolling interest StockholdersEquity $55.67M USD Point-in-time
Noncontrolling interest MinorityInterest $9.81M USD Point-in-time
Noncontrolling interest MinorityInterest $10.76M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $50.12M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $44.83M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $65.48M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $60.51M USD Point-in-time
TOTAL LIABILITIES AND EQUITY LiabilitiesAndStockholdersEquity $291.78M USD Point-in-time
TOTAL LIABILITIES AND EQUITY LiabilitiesAndStockholdersEquity $161.20M USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Rental income OperatingLeaseLeaseIncome $4.45M USD 1 Quarter
Rental income OperatingLeaseLeaseIncome $5.48M USD 1 Quarter
Fees and other income FeeAndOtherIncome $120.82K USD 1 Quarter
Fees and other income FeeAndOtherIncome $191.53K USD 1 Quarter
Total revenue Revenues $4.57M USD 1 Quarter
Total revenue Revenues $5.67M USD 1 Quarter
Rental operating costs OperatingLeaseExpense $1.84M USD 1 Quarter
Rental operating costs OperatingLeaseExpense $1.58M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $1.54M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $1.58M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $1.43M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $1.34M USD 1 Quarter
Impairment of real estate assets ImpairmentOfRealEstate $300.00K USD 1 Quarter
Impairment of real estate assets ImpairmentOfRealEstate - USD 1 Quarter
Total costs and expenses OperatingExpenses $5.11M USD 1 Quarter
Total costs and expenses OperatingExpenses $4.51M USD 1 Quarter
Interest and other (expense), net NonoperatingInterestAndOtherIncomeExpense $73.61K USD 1 Quarter
Interest and other (expense), net NonoperatingInterestAndOtherIncomeExpense $-32.78K USD 1 Quarter
Gain on sales of real estate, net GainLossOnSaleOfBusiness $-1.16M USD 1 Quarter
Gain on sales of real estate, net GainLossOnSaleOfBusiness $1.52M USD 1 Quarter
Gain on extinguishment of government debt GainsLossesOnExtinguishmentOfDebt $10.00K USD 1 Quarter
Gain on extinguishment of government debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $50.20K USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $265.24K USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $313.44K USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $-2.82M USD 1 Quarter
Net income (loss) ProfitLoss $-2.26M USD 1 Quarter
Net income (loss) ProfitLoss $380.19K USD 1 Quarter
Less: Income attributable to noncontrolling interests IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity $1.21M USD 1 Quarter
Less: Income attributable to noncontrolling interests IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity $406.61K USD 1 Quarter
Net loss attributable to Presidio Property Trust, Inc. stockholders NetIncomeLoss $-828.49K USD 1 Quarter
Net loss attributable to Presidio Property Trust, Inc. stockholders NetIncomeLoss $-2.66M USD 1 Quarter
Less: Preferred Stock Series D dividends PreferredStockDividendsIncomeStatementImpact - USD 1 Quarter
Less: Preferred Stock Series D dividends PreferredStockDividendsIncomeStatementImpact $539.06K USD 1 Quarter
Less: Series A Warrant dividend WarrantDownRoundFeatureDecreaseInNetIncomeLossToCommonShareholderAmount - USD 1 Quarter
Less: Series A Warrant dividend WarrantDownRoundFeatureDecreaseInNetIncomeLossToCommonShareholderAmount $2.46M USD 1 Quarter
Net loss attributable to Presidio Property Trust, Inc. common stockholders NetIncomeLossAvailableToCommonStockholdersBasic $-2.66M USD 1 Quarter
Net loss attributable to Presidio Property Trust, Inc. common stockholders NetIncomeLossAvailableToCommonStockholdersBasic $-3.82M USD 1 Quarter
Basic & Diluted (in dollars per share) EarningsPerShareBasic $-0.28 USD 1 Quarter
Basic & Diluted (in dollars per share) EarningsPerShareBasic $-0.32 USD 1 Quarter
Weighted average number of common shares outstanding - basic & diluted (in shares) WeightedAverageNumberOfSharesOutstandingBasic 9.51M shares 1 Quarter
Weighted average number of common shares outstanding - basic & diluted (in shares) WeightedAverageNumberOfSharesOutstandingBasic 11.77M shares 1 Quarter
Cash Flow Statement 80 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-2.26M USD 1 Quarter
Net income (loss) ProfitLoss $380.19K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.43M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.34M USD 1 Quarter
Stock compensation ShareBasedCompensation $301.55K USD 1 Quarter
Stock compensation ShareBasedCompensation $280.98K USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts - USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts $13.42K USD 1 Quarter
Loss (Gain) on sale of real estate assets, net GainsLossesOnSalesOfInvestmentRealEstate $1.52M USD 1 Quarter
Loss (Gain) on sale of real estate assets, net GainsLossesOnSalesOfInvestmentRealEstate $-1.16M USD 1 Quarter
Gain on extinguishment of government debt GainsLossesOnExtinguishmentOfDebt $10.00K USD 1 Quarter
Gain on extinguishment of government debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Net change in fair value marketable securities EquitySecuritiesFvNiUnrealizedGainLoss - USD 1 Quarter
Net change in fair value marketable securities EquitySecuritiesFvNiUnrealizedGainLoss $-68.96K USD 1 Quarter
Impairment of real estate assets ImpairmentOfRealEstate $300.00K USD 1 Quarter
Impairment of real estate assets ImpairmentOfRealEstate - USD 1 Quarter
Amortization of financing costs AmortizationOfFinancingCosts $261.78K USD 1 Quarter
Amortization of financing costs AmortizationOfFinancingCosts $65.02K USD 1 Quarter
Amortization of above-market leases AmortizationOfAboveMarketLease - USD 1 Quarter
Amortization of above-market leases AmortizationOfAboveMarketLease $18.03K USD 1 Quarter
Amortization of below-market leases AmortizationOfBelowMarketLease $19.04K USD 1 Quarter
Amortization of below-market leases AmortizationOfBelowMarketLease $13.72K USD 1 Quarter
Straight-line rent adjustment StraightLineRentAdjustments $-19.66K USD 1 Quarter
Straight-line rent adjustment StraightLineRentAdjustments $-132.99K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-295.36K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-481.46K USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-1.98M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-1.33M USD 1 Quarter
Accrued real estate taxes ChangeAccruedRealEstateTaxes $-534.96K USD 1 Quarter
Accrued real estate taxes ChangeAccruedRealEstateTaxes $-1.02M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-1.47M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-978.26K USD 1 Quarter
Real estate acquisitions PaymentsToAcquireRealEstate - USD 1 Quarter
Real estate acquisitions PaymentsToAcquireRealEstate $2.43M USD 1 Quarter
Additions to buildings and tenant improvements PaymentsForTenantImprovements $319.74K USD 1 Quarter
Additions to buildings and tenant improvements PaymentsForTenantImprovements $100.77K USD 1 Quarter
Investment in marketable securities PaymentsToAcquireMarketableSecurities $172.87K USD 1 Quarter
Investment in marketable securities PaymentsToAcquireMarketableSecurities - USD 1 Quarter
Proceeds from sale of marketable securities ProceedsFromSaleAndMaturityOfMarketableSecurities - USD 1 Quarter
Proceeds from sale of marketable securities ProceedsFromSaleAndMaturityOfMarketableSecurities $755.99K USD 1 Quarter
Investment of SPAC IPO proceeds into Trust Account PaymentsToAcquireInvestmentsOfSpacIpoProceedsIntoTrustAccount - USD 1 Quarter
Investment of SPAC IPO proceeds into Trust Account PaymentsToAcquireInvestmentsOfSpacIpoProceedsIntoTrustAccount $134.90M USD 1 Quarter
Additions to deferred leasing costs PaymentsForLeasingCosts $37.59K USD 1 Quarter
Additions to deferred leasing costs PaymentsForLeasingCosts $18.35K USD 1 Quarter
Proceeds from sales of real estate, net ProceedsFromSaleOfProductiveAssets $19.05M USD 1 Quarter
Proceeds from sales of real estate, net ProceedsFromSaleOfProductiveAssets $14.76M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $18.91M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-122.31M USD 1 Quarter
Proceeds from mortgage notes payable, net of issuance costs ProceedsFromIssuanceOfMortgageNotesPayable $6.01M USD 1 Quarter
Proceeds from mortgage notes payable, net of issuance costs ProceedsFromIssuanceOfMortgageNotesPayable $7.37M USD 1 Quarter
Repayment of mortgage notes payable RepaymentsOfSecuredNotesPayable $17.23M USD 1 Quarter
Repayment of mortgage notes payable RepaymentsOfSecuredNotesPayable $3.28M USD 1 Quarter
Repayment of note payable RepaymentsOfNotesPayable $7.68M USD 1 Quarter
Repayment of note payable RepaymentsOfNotesPayable - USD 1 Quarter
Payment of deferred offering costs PaymentsOfDebtIssuanceCosts $3.16M USD 1 Quarter
Payment of deferred offering costs PaymentsOfDebtIssuanceCosts $70.28K USD 1 Quarter
Distributions to noncontrolling interests, net ProceedsFromPaymentsToMinorityShareholders $-2.03M USD 1 Quarter
Distributions to noncontrolling interests, net ProceedsFromPaymentsToMinorityShareholders $-258.41K USD 1 Quarter
Proceeds from initial public offering of SPAC ProceedsFromIssuanceInitialPublicOfferingOfSPAC $132.25M USD 1 Quarter
Proceeds from initial public offering of SPAC ProceedsFromIssuanceInitialPublicOfferingOfSPAC - USD 1 Quarter
Dividends paid to preferred stockholders PaymentsOfDividendsPreferredStockAndPreferenceStock - USD 1 Quarter
Dividends paid to preferred stockholders PaymentsOfDividendsPreferredStockAndPreferenceStock $539.06K USD 1 Quarter
Dividends paid to common stockholders PaymentsOfDividendsCommonStock $998.79K USD 1 Quarter
Dividends paid to common stockholders PaymentsOfDividendsCommonStock $1.30M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-22.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $131.09M USD 1 Quarter
Net increase (decrease) in cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-4.56M USD 1 Quarter
Net increase (decrease) in cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $7.79M USD 1 Quarter
Cash, cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $11.54M USD Point-in-time
Cash, cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $14.70M USD Point-in-time
Cash, cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $6.99M USD Point-in-time
Cash, cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $22.49M USD Point-in-time
Cash, cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $11.54M USD Point-in-time
Cash, cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $14.70M USD Point-in-time
Cash, cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $6.99M USD Point-in-time
Cash, cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $22.49M USD Point-in-time
Deferred offering cost SPAC, underwriting commission payable DeferredOfferingCostOfSpacUnderwritingCommissionPayable $4.63M USD 1 Quarter
Deferred offering cost SPAC, underwriting commission payable DeferredOfferingCostOfSpacUnderwritingCommissionPayable - USD 1 Quarter
Dividends payable - Preferred Stock Series D NoncashFinancingItemsDividendsPayable $179.69K USD 1 Quarter
Dividends payable - Preferred Stock Series D NoncashFinancingItemsDividendsPayable - USD 1 Quarter
Stockholders Equity 14 line items
Line Item Tag Value Unit Period
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $50.12M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $44.83M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $65.48M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $60.51M USD Point-in-time
Net income (loss) ProfitLoss $-2.26M USD 1 Quarter
Net income (loss) ProfitLoss $380.19K USD 1 Quarter
Vesting of restricted stock StockIssuedDuringPeriodValueRestrictedStockAwardGross $764.39K USD 1 Quarter
Remeasurement of SPAC Class A common stock subject to possible redemption NoncontrollingInterestDecreaseFromDeconsolidation $4.02M USD 1 Quarter
Distributions in excess of contributions received MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $2.03M USD 1 Quarter
Distributions in excess of contributions received MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $258.41K USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $50.12M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $44.83M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $65.48M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $60.51M USD Point-in-time

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

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