Wed, Aug 14, 6:42 PM (153 days ago)
For the second quarter of 2024, Presidio Property Trust, Inc. reported total revenues of approximately $4.6 million, a slight increase from $4.5 million in the same period of 2023. However, the company recorded a significant net loss of $11.4 million, largely attributed to a $10 million loss on investments in Conduit Pharmaceuticals. This marked a notable decline in performance compared to the loss of $204,752 in Q2 2023. Rental income was stable, but operating costs rose by 6.7%, impacting profit margins. General and administrative expenses surged to $2.2 million, primarily due to increased consulting and legal fees related to shareholder activism. The company's cash position improved to $8.5 million, alongside a reduction in mortgage debt to approximately $102 million. Notably, the company sold 42 model homes for $20.1 million, realizing a gain of $2.8 million, which positively influenced cash flow. Looking forward, uncertainties regarding refinancing maturing loans and potential asset sales could impact liquidity. The company is actively exploring strategic alternatives to enhance shareholder value amid challenging market conditions, including potential acquisitions and restructuring efforts.