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10-Q Filing

PRESIDIO PROPERTY TRUST, INC. CIK: 1080657 Q3 2018
Filing Information
Form Type 10-Q
Accession Number 0001564590-18-029548
Period End Date 20180930
Filing Date 20181114
Fiscal Year 2018
Fiscal Period Q3
XBRL Instance sqft-20180930.xml
Filing Contents
Balance Sheet 58 line items
Line Item Tag Value Unit Period
Land Land $39.08M USD Point-in-time
Land Land $37.77M USD Point-in-time
Buildings and improvements InvestmentBuildingAndBuildingImprovements $189.04M USD Point-in-time
Buildings and improvements InvestmentBuildingAndBuildingImprovements $183.07M USD Point-in-time
Tenant improvements TenantImprovements $21.35M USD Point-in-time
Tenant improvements TenantImprovements $22.84M USD Point-in-time
Lease intangibles FiniteLivedIntangibleAssetsNetOfAmountsIncludedInRealEstateAssetsHeldForSale $9.10M USD Point-in-time
Lease intangibles FiniteLivedIntangibleAssetsNetOfAmountsIncludedInRealEstateAssetsHeldForSale $9.00M USD Point-in-time
Real estate assets and lease intangibles held for investment, cost RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentAtCost $259.96M USD Point-in-time
Real estate assets and lease intangibles held for investment, cost RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentAtCost $251.28M USD Point-in-time
Accumulated depreciation and amortization RealEstateInvestmentPropertyAndLeaseIntangiblesAccumulatedDepreciationAndAmortization $37.14M USD Point-in-time
Accumulated depreciation and amortization RealEstateInvestmentPropertyAndLeaseIntangiblesAccumulatedDepreciationAndAmortization $42.89M USD Point-in-time
Real estate assets and lease intangibles held for investment, net RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentNet $214.14M USD Point-in-time
Real estate assets and lease intangibles held for investment, net RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentNet $217.07M USD Point-in-time
Real estate assets held for sale, net RealEstateHeldforsale $20.39M USD Point-in-time
Real estate assets held for sale, net RealEstateHeldforsale $20.30M USD Point-in-time
Real estate assets, net RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentAndRealEstateHeldForSaleNet $237.37M USD Point-in-time
Real estate assets, net RealEstateInvestmentPropertyAndLeaseIntangiblesHeldForInvestmentAndRealEstateHeldForSaleNet $234.53M USD Point-in-time
Cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.39M USD Point-in-time
Cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.29M USD Point-in-time
Cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.31M USD Point-in-time
Cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $11.84M USD Point-in-time
Deferred leasing costs, net DeferredCostsLeasingNet $1.89M USD Point-in-time
Deferred leasing costs, net DeferredCostsLeasingNet $2.01M USD Point-in-time
Goodwill Goodwill $2.42M USD Point-in-time
Goodwill Goodwill $2.42M USD Point-in-time
Other assets, net OtherAssets $7.34M USD Point-in-time
Other assets, net OtherAssets $5.99M USD Point-in-time
TOTAL ASSETS Assets $254.50M USD Point-in-time
TOTAL ASSETS Assets $259.63M USD Point-in-time
Mortgage notes payable, net MortgageNotesPayableNet $144.89M USD Point-in-time
Mortgage notes payable, net MortgageNotesPayableNet $155.64M USD Point-in-time
Mortgage notes payable related to properties held for sale, net MortgageNotesPayableRelatedToPropertiesHeldForSaleNet $15.43M USD Point-in-time
Mortgage notes payable related to properties held for sale, net MortgageNotesPayableRelatedToPropertiesHeldForSaleNet $15.19M USD Point-in-time
Mortgage notes payable, net NotesPayable $160.32M USD Point-in-time
Mortgage notes payable, net NotesPayable $170.83M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $7.14M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $7.53M USD Point-in-time
Accrued real estate taxes AccruedRealEstateTaxes $3.01M USD Point-in-time
Accrued real estate taxes AccruedRealEstateTaxes $2.46M USD Point-in-time
Below-market leases, net BelowMarketLeaseNet $1.39M USD Point-in-time
Below-market leases, net BelowMarketLeaseNet $1.22M USD Point-in-time
Total liabilities Liabilities $202.45M USD Point-in-time
Total liabilities Liabilities $212.63M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $151.12M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $151.12M USD Point-in-time
Dividends and accumulated losses RetainedEarningsAccumulatedDeficit $-113.65M USD Point-in-time
Dividends and accumulated losses RetainedEarningsAccumulatedDeficit $-119.75M USD Point-in-time
Total stockholders' equity before noncontrolling interest StockholdersEquity $31.55M USD Point-in-time
Total stockholders' equity before noncontrolling interest StockholdersEquity $37.65M USD Point-in-time
Noncontrolling interest MinorityInterest $15.45M USD Point-in-time
Noncontrolling interest MinorityInterest $14.40M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $52.04M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $47.00M USD Point-in-time
TOTAL LIABILITIES AND EQUITY LiabilitiesAndStockholdersEquity $254.50M USD Point-in-time
TOTAL LIABILITIES AND EQUITY LiabilitiesAndStockholdersEquity $259.63M USD Point-in-time
Income Statement 75 line items
Line Item Tag Value Unit Period
Rental income OperatingLeasesIncomeStatementLeaseRevenue $7.95M USD 1 Quarter
Rental income OperatingLeasesIncomeStatementLeaseRevenue $23.74M USD 3 Qtrs
Rental income OperatingLeasesIncomeStatementLeaseRevenue $23.47M USD 3 Qtrs
Rental income OperatingLeasesIncomeStatementLeaseRevenue $7.66M USD 1 Quarter
Fee and other income FeeAndOtherIncome $931.74K USD 3 Qtrs
Fee and other income FeeAndOtherIncome $1.26M USD 3 Qtrs
Fee and other income FeeAndOtherIncome $302.12K USD 1 Quarter
Fee and other income FeeAndOtherIncome $332.25K USD 1 Quarter
Total revenue Revenues $24.67M USD 3 Qtrs
Total revenue Revenues $8.28M USD 1 Quarter
Total revenue Revenues $7.96M USD 1 Quarter
Total revenue Revenues $24.73M USD 3 Qtrs
Rental operating costs DirectCostsOfLeasedAndRentedPropertyOrEquipment $2.72M USD 1 Quarter
Rental operating costs DirectCostsOfLeasedAndRentedPropertyOrEquipment $2.79M USD 1 Quarter
Rental operating costs DirectCostsOfLeasedAndRentedPropertyOrEquipment $8.07M USD 3 Qtrs
Rental operating costs DirectCostsOfLeasedAndRentedPropertyOrEquipment $8.03M USD 3 Qtrs
General and administrative GeneralAndAdministrativeExpense $1.32M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $1.38M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $4.04M USD 3 Qtrs
General and administrative GeneralAndAdministrativeExpense $3.96M USD 3 Qtrs
Depreciation and amortization DepreciationAndAmortization $2.27M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $7.35M USD 3 Qtrs
Depreciation and amortization DepreciationAndAmortization $6.87M USD 3 Qtrs
Depreciation and amortization DepreciationAndAmortization $2.40M USD 1 Quarter
Impairment of real estate assets ImpairmentOfRealEstate $532.95K USD 1 Quarter
Impairment of real estate assets ImpairmentOfRealEstate $532.95K USD 3 Qtrs
Total costs and expenses OperatingExpenses $6.52M USD 1 Quarter
Total costs and expenses OperatingExpenses $6.91M USD 1 Quarter
Total costs and expenses OperatingExpenses $19.37M USD 3 Qtrs
Total costs and expenses OperatingExpenses $19.48M USD 3 Qtrs
Interest expense-Series B preferred stock InterestExpensePreferredStock $1.20M USD 1 Quarter
Interest expense-Series B preferred stock InterestExpensePreferredStock $1.15M USD 1 Quarter
Interest expense-Series B preferred stock InterestExpensePreferredStock $3.34M USD 3 Qtrs
Interest expense-Series B preferred stock InterestExpensePreferredStock $3.97M USD 3 Qtrs
Interest expense-mortgage notes InterestExpenseDebt $2.14M USD 1 Quarter
Interest expense-mortgage notes InterestExpenseDebt $6.16M USD 3 Qtrs
Interest expense-mortgage notes InterestExpenseDebt $5.85M USD 3 Qtrs
Interest expense-mortgage notes InterestExpenseDebt $1.99M USD 1 Quarter
Interest and other income, net NonoperatingInterestAndOtherIncomeExpense $25.61K USD 3 Qtrs
Interest and other income, net NonoperatingInterestAndOtherIncomeExpense $8.47K USD 1 Quarter
Interest and other income, net NonoperatingInterestAndOtherIncomeExpense $10.52K USD 1 Quarter
Interest and other income, net NonoperatingInterestAndOtherIncomeExpense $2.62K USD 3 Qtrs
Gain on sales of real estate, net GainLossOnSaleOfBusiness $366.03K USD 1 Quarter
Gain on sales of real estate, net GainLossOnSaleOfBusiness $795.52K USD 3 Qtrs
Gain on sales of real estate, net GainLossOnSaleOfBusiness $2.24M USD 3 Qtrs
Gain on sales of real estate, net GainLossOnSaleOfBusiness $210.37K USD 1 Quarter
Deferred offering costs NoninterestExpenseOfferingCost $1.51M USD 3 Qtrs
Income tax expense IncomeTaxExpenseBenefit $225.34K USD 3 Qtrs
Income tax expense IncomeTaxExpenseBenefit $154.19K USD 3 Qtrs
Income tax expense IncomeTaxExpenseBenefit $69.68K USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $53.57K USD 1 Quarter
Total other expense, net NonoperatingIncomeExpense $-7.71M USD 3 Qtrs
Total other expense, net NonoperatingIncomeExpense $-2.98M USD 1 Quarter
Total other expense, net NonoperatingIncomeExpense $-3.02M USD 1 Quarter
Total other expense, net NonoperatingIncomeExpense $-10.44M USD 3 Qtrs
Net loss ProfitLoss $-2.36M USD 3 Qtrs
Net loss ProfitLoss $-1.58M USD 1 Quarter
Net loss ProfitLoss $-5.25M USD 3 Qtrs
Net loss ProfitLoss $-1.60M USD 1 Quarter
Less: Income attributable to noncontrolling interests IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity $415.01K USD 3 Qtrs
Less: Income attributable to noncontrolling interests IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity $200.18K USD 1 Quarter
Less: Income attributable to noncontrolling interests IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity $284.14K USD 1 Quarter
Less: Income attributable to noncontrolling interests IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity $852.03K USD 3 Qtrs
Net loss attributable to Presidio Property Trust, Inc. common stockholders NetIncomeLoss $-1.88M USD 1 Quarter
Net loss attributable to Presidio Property Trust, Inc. common stockholders NetIncomeLoss $-2.77M USD 3 Qtrs
Net loss attributable to Presidio Property Trust, Inc. common stockholders NetIncomeLoss $-6.10M USD 3 Qtrs
Net loss attributable to Presidio Property Trust, Inc. common stockholders NetIncomeLoss $-1.78M USD 1 Quarter
Basic and diluted loss per common share EarningsPerShareBasicAndDiluted $-0.11 USD 1 Quarter
Basic and diluted loss per common share EarningsPerShareBasicAndDiluted $-0.16 USD 3 Qtrs
Basic and diluted loss per common share EarningsPerShareBasicAndDiluted $-0.10 USD 1 Quarter
Basic and diluted loss per common share EarningsPerShareBasicAndDiluted $-0.16 USD 3 Qtrs
Weighted average number of common shares outstanding - basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 17.62M shares 1 Quarter
Weighted average number of common shares outstanding - basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 17.56M shares 3 Qtrs
Weighted average number of common shares outstanding - basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 17.67M shares 1 Quarter
Weighted average number of common shares outstanding - basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 17.56M shares 3 Qtrs
Cash Flow Statement 69 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-2.36M USD 3 Qtrs
Net loss ProfitLoss $-1.58M USD 1 Quarter
Net loss ProfitLoss $-5.25M USD 3 Qtrs
Net loss ProfitLoss $-1.60M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAmortizationOfAboveMarketRents $6.87M USD 3 Qtrs
Depreciation and amortization DepreciationAmortizationAndAmortizationOfAboveMarketRents $7.35M USD 3 Qtrs
Stock compensation RestrictedStockExpense $429.27K USD 3 Qtrs
Stock compensation RestrictedStockExpense $410.76K USD 3 Qtrs
Bad debt expense ValuationAllowancesAndReservesDeductions $37.20K USD 3 Qtrs
Bad debt expense ValuationAllowancesAndReservesDeductions $26.66K USD 3 Qtrs
Gain on sale of real estate assets, net GainsLossesOnSalesOfInvestmentRealEstate $210.37K USD 1 Quarter
Gain on sale of real estate assets, net GainsLossesOnSalesOfInvestmentRealEstate $366.03K USD 1 Quarter
Gain on sale of real estate assets, net GainsLossesOnSalesOfInvestmentRealEstate $795.52K USD 3 Qtrs
Gain on sale of real estate assets, net GainsLossesOnSalesOfInvestmentRealEstate $2.24M USD 3 Qtrs
Impairment of real estate assets ImpairmentOfRealEstate $532.95K USD 1 Quarter
Impairment of real estate assets ImpairmentOfRealEstate $532.95K USD 3 Qtrs
Amortization of financing costs AmortizationOfFinancingCosts $414.90K USD 3 Qtrs
Amortization of financing costs AmortizationOfFinancingCosts $956.96K USD 3 Qtrs
Amortization of above-market leases AmortizationOfAboveMarketLeases $48.94K USD 3 Qtrs
Amortization of above-market leases AmortizationOfAboveMarketLeases $79.01K USD 3 Qtrs
Amortization of below-market leases AmortizationOfBelowMarketLease $240.88K USD 3 Qtrs
Amortization of below-market leases AmortizationOfBelowMarketLease $172.22K USD 3 Qtrs
Straight-line rent adjustment StraightLineRentAdjustments $-452.43K USD 3 Qtrs
Straight-line rent adjustment StraightLineRentAdjustments $-259.60K USD 3 Qtrs
Other assets IncreaseDecreaseInOtherOperatingAssets $-1.00M USD 3 Qtrs
Other assets IncreaseDecreaseInOtherOperatingAssets $-487.96K USD 3 Qtrs
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $267.16K USD 3 Qtrs
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-40.99K USD 3 Qtrs
Accrued real estate taxes ChangeAccruedRealEstateTaxes $29.16K USD 3 Qtrs
Accrued real estate taxes ChangeAccruedRealEstateTaxes $-558.60K USD 3 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $4.33M USD 3 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $2.26M USD 3 Qtrs
Real estate acquisitions PaymentsToAcquireRealEstate $16.81M USD 3 Qtrs
Real estate acquisitions PaymentsToAcquireRealEstate $15.23M USD 3 Qtrs
Additions to buildings and tenant improvements PaymentsForTenantImprovements $3.16M USD 3 Qtrs
Additions to buildings and tenant improvements PaymentsForTenantImprovements $2.14M USD 3 Qtrs
Additions to deferred leasing costs PaymentsForLeasingCosts $407.65K USD 3 Qtrs
Additions to deferred leasing costs PaymentsForLeasingCosts $582.82K USD 3 Qtrs
Proceeds from sales of real estate, net ProceedsFromSaleOfProductiveAssets $8.40M USD 3 Qtrs
Proceeds from sales of real estate, net ProceedsFromSaleOfProductiveAssets $16.46M USD 3 Qtrs
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-9.55M USD 3 Qtrs
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-3.91M USD 3 Qtrs
Proceeds from mortgage notes payable, net of issuance costs ProceedsFromNotesPayable $21.68M USD 3 Qtrs
Proceeds from mortgage notes payable, net of issuance costs ProceedsFromNotesPayable $13.34M USD 3 Qtrs
Repayment of mortgage notes payable RepaymentsOfNotesPayable $9.66M USD 3 Qtrs
Repayment of mortgage notes payable RepaymentsOfNotesPayable $11.06M USD 3 Qtrs
Series B preferred stock costs PaymentsOfStockIssuanceCosts $153.50K USD 3 Qtrs
Redemption of mandatorily redeemable preferred stock PaymentsForRepurchaseOfPreferredStockAndPreferenceStock $2.00M USD 3 Qtrs
Contributions from noncontrolling interests net of distributions paid ProceedsFromPaymentsToMinorityShareholders $1.59M USD 3 Qtrs
Contributions from noncontrolling interests net of distributions paid ProceedsFromPaymentsToMinorityShareholders $204.43K USD 3 Qtrs
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $17.39K USD 3 Qtrs
Dividends paid to stockholders PaymentsOfDividendsCommonStock $3.62M USD 3 Qtrs
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $10.82M USD 3 Qtrs
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-512.42K USD 3 Qtrs
Net increase (decrease) in cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $3.53M USD 3 Qtrs
Net increase (decrease) in cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-96.29K USD 3 Qtrs
Cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.39M USD Point-in-time
Cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.29M USD Point-in-time
Cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.31M USD Point-in-time
Cash equivalents and restricted cash - beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $11.84M USD Point-in-time
Cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.39M USD Point-in-time
Cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.29M USD Point-in-time
Cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.31M USD Point-in-time
Cash equivalents and restricted cash - end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $11.84M USD Point-in-time
Interest paid Series B preferred stock InterestPaidPreferredStockSeriesB $3.26M USD 3 Qtrs
Interest paid Series B preferred stock InterestPaidPreferredStockSeriesB $3.36M USD 3 Qtrs
Interest paid-mortgage notes payable InterestPaidMortgageNotes $5.75M USD 3 Qtrs
Interest paid-mortgage notes payable InterestPaidMortgageNotes $5.44M USD 3 Qtrs
Reinvestment of cash dividends StockIssued1 $1.10M USD 3 Qtrs
Stockholders Equity 9 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $52.04M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $47.00M USD Point-in-time
Net (loss) income ProfitLoss $-2.36M USD 3 Qtrs
Net (loss) income ProfitLoss $-1.58M USD 1 Quarter
Net (loss) income ProfitLoss $-5.25M USD 3 Qtrs
Net (loss) income ProfitLoss $-1.60M USD 1 Quarter
Contributions from noncontrolling interests, net of distributions paid ContributedCapitalLessDistributionsOfNoncontrollingInterests $204.43K USD 3 Qtrs
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $52.04M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $47.00M USD Point-in-time

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

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