0001437749-26-010114
SEC filingPresidio Property Trust, Inc. reported a net loss attributable to common stockholders of $10.6 million for FY 2025, driven by a net loss of $7.6 million. Total revenue was $16.8 million, a decrease from the prior year, primarily from rental income of $16.5 million and fees of $344K. The company incurred significant costs including $6.4 million in asset impairment charges and $5.7 million in general and administrative expenses. Despite a net loss, operating cash flow was positive at $418K, supported by $13.5 million in net cash from investing activities from property sales. The balance sheet shows total assets of $122.1 million, with real estate assets net of $108.6 million and total liabilities of $97.4 million, resulting in total equity of $24.7 million. The company's liquidity position includes $7.4 million in cash and restricted cash.
For the fiscal year ended December 31, 2025, Presidio Property Trust, Inc. reported a net loss of $7.6 million, with a net loss attributable to common stockholders of $10.6 million after accounting for preferred stock dividends of $2.3 million and income attributable to noncontrolling interests of $686K. Total revenue was $16.8 million, derived from rental income of $16.5 million and fees and other income of $344K. Total costs and expenses were $23.2 million, including rental operating costs of $6.2 million, general and administrative expenses of $5.7 million, depreciation and amortization of $4.9 million, and asset impairment charges of $6.4 million. Other income included a gain on sales of real estate of $5.4 million and interest and other income of $21K, offset by a net loss in marketable securities of $188K and income tax expense of $463K. The company's basic and diluted net loss per share was $9, based on 1.2 million weighted average common shares outstanding.
Revenue for FY 2025 was $16.8 million, primarily from rental income of $16.5 million, which constitutes over 98% of total revenue. Fees and other income contributed $344K. The company's commercial properties are located in California, Colorado, Maryland, North Dakota, and Texas, with a diversified tenant base of approximately 131 commercial tenants. The largest tenant represented 6.90% of annualized base rent, and the top ten tenants accounted for 37.69%. Model Home Properties, located in Alabama, Arizona, Tennessee, and Texas, contributed to rental income, with approximately 69% leased to one homebuilder. Geographic concentration shows 84% of model homes in Texas, exposing the business to regional economic risks.
The company's cost structure included rental operating costs of $6.2 million (36.9% of revenue), general and administrative expenses of $5.7 million (33.9% of revenue), and depreciation and amortization of $4.9 million (29.2% of revenue). Asset impairment charges of $6.4 million significantly impacted profitability, related to commercial properties like Shea Center II and Dakota Center, and model homes. The net loss margin was 45.2% based on net loss of $7.6 million against revenue of $16.8 million. Operating cash flow was positive at $418K, indicating some cash generation despite the net loss, aided by non-cash adjustments like depreciation and impairment charges.
Cash flow from operating activities was $418K, with net cash provided by investing activities of $13.5 million, primarily from proceeds from sales of real estate of $25.6 million, offset by real estate acquisitions of $9.4 million and additions to buildings of $2.7 million. Financing activities used $14.5 million in cash, mainly from repayment of mortgage notes payable of $28.9 million and dividends paid to preferred stockholders of $2.3M, partially offset by proceeds from mortgage notes payable of $18.9M. The balance sheet shows total assets of $122.1 million, including real estate assets net of $108.6 million and cash and restricted cash of $7.4 million. Liabilities totaled $97.4 million, with mortgage notes payable net of $92.1 million. Total equity was $24.7 million, with stockholders' equity before noncontrolling interest of $16.8 million and noncontrolling interest of $7.8 million.
Management anticipates that cash on hand, cash flow from operations, and property sales will fund operating costs, capital expenditures, and required dividends for at least the next twelve months. Short-term liquidity needs include approximately $30.0 million in principal payments on mortgage notes payable in 2026, with plans to refinance or sell properties to meet obligations. The Board of Directors has suspended monthly dividends on Series D Preferred Stock as of January 28, 2026, to preserve approximately $2.3 million in cash annually, with reassessment on a quarterly basis. Risks include dependence on internal cash for acquisitions and dividends, significant indebtedness of $92.9 million, and concentration of properties in limited geographic markets. The company aims to maximize long-term stockholder value through property management and selective acquisitions, focusing on office/industrial properties and model homes.