$SQFT
Presidio Property Trust, Inc.

2018 Q1 Form 10-Q Financial Statement

#000156459018013219 Filed on May 11, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017 Q1
Revenue $8.220M
YoY Change
Cost Of Revenue $2.650M
YoY Change
Gross Profit $5.570M
YoY Change
Gross Profit Margin 67.76%
Selling, General & Admin $1.330M
YoY Change
% of Gross Profit 23.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.339M $2.504M
YoY Change -6.57% -5.87%
% of Gross Profit 41.99%
Operating Expenses $3.670M
YoY Change
Operating Profit $5.575M $5.609M
YoY Change -0.62% -6.26%
Interest Expense $3.077M $3.316M
YoY Change -7.21% -2.14%
% of Operating Profit 55.19% 59.12%
Other Income/Expense, Net -$3.053M -$2.793M
YoY Change 9.33% -14.33%
Pretax Income -$1.120M
YoY Change
Income Tax $32.42K $27.42K
% Of Pretax Income
Net Earnings -$1.318M -$1.014M
YoY Change 30.04% -8.18%
Net Earnings / Revenue -16.04%
Basic Earnings Per Share
Diluted Earnings Per Share -$115.6K
COMMON SHARES
Basic Shares Outstanding 17.50M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q4 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.100M
YoY Change
Cash & Equivalents $6.101M $8.311M $7.261M
Short-Term Investments
Other Short-Term Assets $1.400M
YoY Change
Inventory
Prepaid Expenses
Receivables $600.0K
Other Receivables $0.00
Total Short-Term Assets $8.100M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $223.9M
YoY Change
Goodwill $2.423M $2.423M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.30M
YoY Change
Total Long-Term Assets $249.3M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $8.100M
Total Long-Term Assets $249.3M
Total Assets $257.4M $254.5M
YoY Change -1.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.200M
YoY Change
Accrued Expenses $2.200M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.400M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $164.1M
YoY Change
Other Long-Term Liabilities $1.300M
YoY Change
Total Long-Term Liabilities $165.4M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $9.400M
Total Long-Term Liabilities $165.4M
Total Liabilities $190.5M $202.5M
YoY Change 0.1%
SHAREHOLDERS EQUITY
Retained Earnings -$113.7M
YoY Change 6.59%
Common Stock $151.1M
YoY Change 1.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.90M $37.65M
YoY Change
Total Liabilities & Shareholders Equity $257.4M $254.5M
YoY Change -1.36%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017 Q1
OPERATING ACTIVITIES
Net Income -$1.318M -$1.014M
YoY Change 30.04% -8.18%
Depreciation, Depletion And Amortization $2.339M $2.504M
YoY Change -6.57% -5.87%
Cash From Operating Activities $735.7K $1.207M
YoY Change -39.06% 8.81%
INVESTING ACTIVITIES
Capital Expenditures -$1.200M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$6.600M
YoY Change
Cash From Investing Activities -$7.803M $4.237M
YoY Change -284.17% -164.99%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $0.00
YoY Change
Common Stock Issuance & Retirement, Net $13.76K
YoY Change 136.22%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.858M -4.809M
YoY Change -201.01% -215.75%
NET CHANGE
Cash From Operating Activities 735.7K 1.207M
Cash From Investing Activities -7.803M 4.237M
Cash From Financing Activities 4.858M -4.809M
Net Change In Cash -2.209M 634.8K
YoY Change -448.01% -150.59%
FREE CASH FLOW
Cash From Operating Activities $735.7K $1.207M
Capital Expenditures -$1.200M
Free Cash Flow $1.936M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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DeferredCostsLeasingNet
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Assets
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CY2017Q4 sqft Real Estate Investment Property And Lease Intangibles Held For Investment And Real Estate Held For Sale Net
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CY2017Q4 us-gaap Goodwill
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CY2018Q1 us-gaap Income Tax Expense Benefit
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CY2017Q1 us-gaap Profit Loss
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CY2017Q1 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2018Q1 sqft Contributed Capital Less Distributions Of Noncontrolling Interests
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CY2018Q1 sqft Depreciation Amortization And Amortization Of Above Market Rents
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CY2017Q1 sqft Depreciation Amortization And Amortization Of Above Market Rents
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CY2018Q1 us-gaap Amortization Of Financing Costs
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CY2017Q1 us-gaap Amortization Of Financing Costs
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CY2017Q1 sqft Amortization Of Above Market Leases
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CY2018Q1 us-gaap Amortization Of Below Market Lease
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CY2017Q1 us-gaap Amortization Of Below Market Lease
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CY2018Q1 us-gaap Straight Line Rent Adjustments
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CY2017Q1 us-gaap Straight Line Rent Adjustments
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CY2018Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2017Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2018Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2017Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2018Q1 sqft Change Accrued Real Estate Taxes
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CY2017Q1 sqft Change Accrued Real Estate Taxes
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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2017Q1 us-gaap Proceeds From Sale Of Productive Assets
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2018Q1 us-gaap Proceeds From Notes Payable
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CY2018Q1 us-gaap Repayments Of Notes Payable
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CY2017Q1 us-gaap Repayments Of Notes Payable
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CY2017Q1 us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
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CY2017Q1 us-gaap Proceeds From Payments To Minority Shareholders
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CY2017Q1 us-gaap Payments Of Dividends Common Stock
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CY2017Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2017Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q1 sqft Interest Paid Preferred Stock Series B
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CY2017Q1 sqft Interest Paid Preferred Stock Series B
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CY2018Q1 sqft Interest Paid Mortgage Notes
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CY2017Q1 sqft Interest Paid Mortgage Notes
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CY2017Q1 us-gaap Stock Issued1
StockIssued1
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CY2017Q1 sqft Accrual Of Dividends Payable
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CY2018Q1 sqft Number Of Limited Partnerships In Which Company Is Sole General Partner
NumberOfLimitedPartnershipsInWhichCompanyIsSoleGeneralPartner
2
CY2018Q1 sqft Number Of Partnerships That Purchase And Lease Back Model Homes From Developers In Which Company Is Limited Partner
NumberOfPartnershipsThatPurchaseAndLeaseBackModelHomesFromDevelopersInWhichCompanyIsLimitedPartner
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CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates.<font style="font-weight:normal;font-style:normal;"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the allocation of purchase price paid for property acquisitions between land, building and intangible assets acquired including their useful lives; valuation of long-lived assets, and the allowance for doubtful accounts, which is based on an evaluation of the tenants&#8217; ability to pay. Actual results may differ from those estimates.</font></p></div>
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Reclassifications.<font style="font-weight:normal;font-style:normal;"> Certain reclassifications have been made to the previously presented consolidated financial statements and condensed consolidated financial statements to conform to the current period presentation. These reclassifications had no effect on previously reported results of consolidated operations or equity.</font></p></div>
CY2017Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2012Q1 sqft Percentage Of Purchase Price Per Share
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CY2012Q1 sqft Sales Price Per Share Of Stock
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sqft Preferred Stock Redemption Extension Fee
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CY2018Q1 us-gaap Payments Of Dividends
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CY2017Q4 us-gaap Payments Of Dividends
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CY2017Q1 sqft Cash Dividends Paid Net Of Reinvested Stock Dividends
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CY2018Q1 us-gaap Key Provisions Of Operating Or Partnership Agreement Description
KeyProvisionsOfOperatingOrPartnershipAgreementDescription
The Company operates in the following partnerships during the periods covered by these condensed consolidated financial statements: The Company is the sole General Partner in two limited partnerships (NetREIT Palm Self-Storage LP and NetREIT Casa Grande LP), all with ownership in real estate income producing properties. The Company refers to these entities collectively, as the “NetREIT Partnerships”. The Company is the general and limited partner in four partnerships that purchase and lease back Model Homes from developers (“Dubose Model Home Investors #202, LP”, “Dubose Model Homes Investors #203, LP”, “Dubose Model Homes Investors #204, LP” and “NetREIT Dubose Model Home REIT, LP”). The Company refers to these entities collectively, as the “Model Home Partnerships”. The Company has determined that the entities described above, where it owns less than 100%, should be included in the Company’s consolidated financial statements as the Company directs their activities and has control of these limited partnerships.
CY2018Q1 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
We have elected to be taxed as a REIT under Sections 856 through 860 of the Code, for federal income tax purposes. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership.
CY2018Q1 sqft Percentage Of Distributed Taxable Income To Qualify As Reit
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CY2017Q4 us-gaap Cash Equivalents At Carrying Value
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CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2018Q1 us-gaap Finite Lived Intangible Assets Net
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CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2017Q4 us-gaap Finite Lived Intangible Assets Net
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CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
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CY2017Q4 us-gaap Unamortized Debt Issuance Expense
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CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2018Q1 us-gaap Long Term Debt
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CY2017Q1 sqft General And Administrative Expense Including Income Tax Expense Benefit
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CY2018Q1 us-gaap Depreciation Depletion And Amortization
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CY2018Q1 sqft Notice Period For Amendments To Dividend Reinvestment Plan
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CY2018Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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CY2018Q1 sqft Shares Issued Under Dividend Reinvestment Plan
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CY2018Q1 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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0
CY2018Q1 us-gaap Operating Income Loss
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CY2017Q1 us-gaap Operating Income Loss
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CY2018Q1 sqft General And Administrative Expense Including Income Tax Expense Benefit
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CY2017Q1 us-gaap Depreciation Depletion And Amortization
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2503516
CY2018Q1 us-gaap Interest Expense
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CY2017Q1 us-gaap Interest Expense
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CY2018Q1 us-gaap Other Nonoperating Income Expense
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CY2017Q1 us-gaap Other Nonoperating Income Expense
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CY2018Q1 us-gaap Real Estate Investment Property Net
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246996112
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
240358882
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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6101402
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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8310575
CY2018Q1 sqft Real Estate Acquisitions
RealEstateAcquisitions
8488919
CY2017Q1 sqft Real Estate Acquisitions
RealEstateAcquisitions
963445

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