Presidio Property Trust, Inc. reported a total revenue of approximately $4.1 million for the three months ended March 31, 2025, a decline from $4.8 million in the same period of 2024. The decrease in revenue is attributed to reduced rental income from model homes and transaction fees, as well as the sale of two commercial properties, Union Town Center and Research Parkway, which generated a net gain of approximately $4.2 million. The company recorded a net income of approximately $2.4 million for the 2025 quarter, a significant improvement compared to a net loss of approximately $3.7 million in the prior year.
In terms of operational metrics, Presidio's rental income fell to $4.0 million from $4.6 million year-over-year, while fees and other income also decreased. The company's rental operating costs remained stable at approximately $1.6 million, resulting in a rental operating cost ratio of 39.1% of total revenue for the 2025 quarter, compared to 32.6% in 2024. General and administrative expenses decreased to $1.7 million from $2.1 million, reflecting cost management efforts and a reduction in consulting fees.
Strategically, Presidio acquired 12 model homes for approximately $4.3 million during the first quarter of 2025, funded through a combination of cash and mortgage notes. The company also sold six model homes for approximately $2.8 million, recognizing a gain of about $0.2 million. As of March 31, 2025, Presidio owned or had an equity interest in 10 commercial properties and 84 model homes, with total real estate assets valued at approximately $117.4 million.
Looking ahead, Presidio's liquidity position improved, with cash and cash equivalents totaling approximately $12.0 million as of March 31, 2025, compared to $8.0 million at the end of 2024. The company anticipates utilizing its cash reserves for capital expenditures, debt repayments, and potential acquisitions. However, management has indicated that future financing may be necessary to support ongoing operations and growth initiatives, particularly as several mortgage notes are set to mature in the coming year. The company remains focused on enhancing its portfolio and managing its financial obligations effectively.
About Presidio Property Trust, Inc.
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