Presidio Property Trust, Inc. reported a decline in financial performance for the second quarter of 2025, with total revenues of approximately $4.4 million, down from $4.6 million in the same period last year. The decrease in revenue is attributed to a reduction in commercial real estate rental income following the sale of two commercial properties in February 2025. For the six months ended June 30, 2025, total revenues were approximately $8.5 million, compared to $9.4 million for the same period in 2024. The company recorded a net loss attributable to common stockholders of $5.9 million for the quarter, an improvement from a net loss of $12.4 million in the prior year.
In terms of operational changes, Presidio Property Trust made significant adjustments to its asset portfolio. The company acquired 22 model homes for approximately $9.4 million during the first half of 2025, funded through cash and mortgage notes. Additionally, it sold two commercial properties for about $17 million, realizing a net gain of approximately $4.2 million. The company also recognized impairment charges totaling $4.3 million, primarily related to goodwill and real estate assets, including a $3.3 million impairment on the Dakota Center property, which is classified as held for sale.
The company’s total assets decreased to approximately $128.4 million as of June 30, 2025, down from $142.6 million at the end of 2024. This decline is largely due to the sale of properties and the impairment charges. The company’s liabilities also decreased, totaling approximately $99 million, compared to $107.6 million at the end of 2024. The reduction in liabilities was primarily driven by the repayment of mortgage notes payable, which totaled approximately $14 million during the first half of 2025.
Presidio Property Trust's strategic focus remains on enhancing its real estate portfolio while managing operational costs. General and administrative expenses decreased significantly to approximately $1.2 million for the second quarter of 2025, down from $2.2 million in the same quarter of 2024. The company aims to continue its stock repurchase program, having repurchased shares of both Series A Common Stock and Series D Preferred Stock during the first half of 2025. The company’s liquidity position remains stable, with approximately $7.3 million in cash and cash equivalents as of June 30, 2025.
Looking ahead, Presidio Property Trust anticipates that its cash flow from operations, along with potential refinancing and property sales, will support its liquidity needs over the next twelve months. The company is actively exploring opportunities to acquire additional properties that align with its investment strategy, although it acknowledges the challenges posed by current market conditions and interest rates.
About Presidio Property Trust, Inc.
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