$SQFT
Presidio Property Trust, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019032556 Filed on August 19, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $7.121M $8.164M
YoY Change -12.78%
Cost Of Revenue $2.530M $2.660M
YoY Change -4.89%
Gross Profit $4.590M $5.500M
YoY Change -16.55%
Gross Profit Margin 64.46% 67.37%
Selling, General & Admin $1.420M $1.360M
YoY Change 4.41%
% of Gross Profit 30.94% 24.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.749M $2.266M
YoY Change -22.81% -7.28%
% of Gross Profit 38.11% 41.2%
Operating Expenses $5.695M $6.286M
YoY Change -9.4%
Operating Profit $4.595M $5.502M
YoY Change -16.49% -6.46%
Interest Expense $2.492M $3.147M
YoY Change -20.82% -4.96%
% of Operating Profit 54.23% 57.2%
Other Income/Expense, Net -$2.503M -$4.376M
YoY Change -42.8% 138.62%
Pretax Income -$880.0K -$2.410M
YoY Change -63.49%
Income Tax $191.8K $88.67K
% Of Pretax Income
Net Earnings -$1.260M -$2.898M
YoY Change -56.53% -15104.97%
Net Earnings / Revenue -17.69% -35.49%
Basic Earnings Per Share
Diluted Earnings Per Share -$110.3K -$253.9K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.70M $12.50M
YoY Change -6.4%
Cash & Equivalents $11.65M $12.45M
Short-Term Investments
Other Short-Term Assets $600.0K $500.0K
YoY Change 20.0%
Inventory
Prepaid Expenses
Receivables $1.100M $300.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.40M $13.30M
YoY Change 0.75%
LONG-TERM ASSETS
Property, Plant & Equipment $168.1M $217.9M
YoY Change -22.85%
Goodwill $2.423M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $38.00M $19.00M
YoY Change 100.0%
Total Long-Term Assets $214.3M $248.0M
YoY Change -13.58%
TOTAL ASSETS
Total Short-Term Assets $13.40M $13.30M
Total Long-Term Assets $214.3M $248.0M
Total Assets $227.7M $261.3M
YoY Change -12.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.900M $7.700M
YoY Change -10.39%
Accrued Expenses $2.100M $1.500M
YoY Change 40.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.10M $9.200M
YoY Change 9.78%
LONG-TERM LIABILITIES
Long-Term Debt $148.1M $170.6M
YoY Change -13.19%
Other Long-Term Liabilities $400.0K $1.300M
YoY Change -69.23%
Total Long-Term Liabilities $148.5M $171.9M
YoY Change -13.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.10M $9.200M
Total Long-Term Liabilities $148.5M $171.9M
Total Liabilities $174.7M $197.2M
YoY Change -11.43%
SHAREHOLDERS EQUITY
Retained Earnings -$115.4M
YoY Change
Common Stock $151.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.45M $64.10M
YoY Change
Total Liabilities & Shareholders Equity $227.7M $261.3M
YoY Change -12.85%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$1.260M -$2.898M
YoY Change -56.53% -15104.97%
Depreciation, Depletion And Amortization $1.749M $2.266M
YoY Change -22.81% -7.28%
Cash From Operating Activities $1.090M -$20.00K
YoY Change -5550.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.960M -$610.0K
YoY Change 221.31%
Acquisitions
YoY Change
Other Investing Activities -$2.610M $270.0K
YoY Change -1066.67%
Cash From Investing Activities -$4.580M -$340.0K
YoY Change 1247.06%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.290M 6.700M
YoY Change -65.82%
NET CHANGE
Cash From Operating Activities 1.090M -20.00K
Cash From Investing Activities -4.580M -340.0K
Cash From Financing Activities 2.290M 6.700M
Net Change In Cash -1.200M 6.340M
YoY Change -118.93%
FREE CASH FLOW
Cash From Operating Activities $1.090M -$20.00K
Capital Expenditures -$1.960M -$610.0K
Free Cash Flow $3.050M $590.0K
YoY Change 416.95%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Address City Or Town
EntityAddressCityOrTown
San Diego
dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
dei City Area Code
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dei Document Fiscal Year Focus
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2019
dei Document Type
DocumentType
10-Q
dei Amendment Flag
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false
dei Document Period End Date
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2019-06-30
dei Entity Address Postal Zip Code
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92123
dei Entity Current Reporting Status
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dei Entity Shell Company
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dei Entity File Number
EntityFileNumber
000-53673
dei Entity Tax Identification Number
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330841255
dei Entity Address Address Line1
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4995 Murphy Canyon Road
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Suite 300
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us-gaap Proceeds From Payments To Minority Shareholders
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1177510
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
119958
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1075521
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3946839
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
11557023
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1876649
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4140375
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8310575
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12450950
sqft Interest Paid Preferred Stock Series B
InterestPaidPreferredStockSeriesB
1146872
sqft Interest Paid Preferred Stock Series B
InterestPaidPreferredStockSeriesB
2160939
sqft Interest Paid Mortgage Notes
InterestPaidMortgageNotes
3072901
sqft Interest Paid Mortgage Notes
InterestPaidMortgageNotes
3795201
sqft Number Of Limited Partnerships In Which Company Is Sole General Partner
NumberOfLimitedPartnershipsInWhichCompanyIsSoleGeneralPartner
2
sqft Number Of Partnerships That Purchase And Lease Back Model Homes From Developers In Which Company Is Limited Partner
NumberOfPartnershipsThatPurchaseAndLeaseBackModelHomesFromDevelopersInWhichCompanyIsLimitedPartner
5
us-gaap Use Of Estimates
UseOfEstimates
<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 among 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>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-align:justify;margin-top:2pt;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>
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 interest in real estate income producing properties. The Company is the general and/ or limited partner in five limited partnerships that purchase Model Homes and lease them back to homebuilders (Dubose Model Home Investors #202, LP, Dubose Model Home Investors #203, LP, Dubose Model Home Investors #204, LP, Dubose Model Homes Investor #205, 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 limited partnerships in which 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 such limited partnerships.
us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“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.
sqft Percentage Of Distributed Taxable Income To Qualify As Reit
PercentageOfDistributedTaxableIncomeToQualifyAsReit
0.90
CY2019Q2 sqft Excess Dividend Payment Percent
ExcessDividendPaymentPercent
0.10
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.14
CY2019Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
5100000
CY2018Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
5800000
CY2019Q2 us-gaap Restricted Cash
RestrictedCash
6600000
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
4000000
CY2019Q2 sqft Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
4
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
661000
CY2019Q2 sqft Operating Lease Liability Gross
OperatingLeaseLiabilityGross
661000
CY2019Q2 sqft Real Estate Investment Property And Lease Intangibles Net
RealEstateInvestmentPropertyAndLeaseIntangiblesNet
205726000
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8856930
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6400361
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2456569
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
9026435
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6164961
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2861474
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
500709
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
687974
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
510215
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
360116
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
173785
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFive
223770
CY2019Q2 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
253383
CY2018Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
293832
CY2019Q2 sqft Notes Payable Including Unamortized Cost
NotesPayableIncludingUnamortizedCost
149353087
CY2018Q4 sqft Notes Payable Including Unamortized Cost
NotesPayableIncludingUnamortizedCost
151140916
CY2019Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1248324
CY2018Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1426740
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
6167637
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
28430992
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
21911529
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
13922504
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
1783291
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
77137134
CY2019Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
149353087
CY2019Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
16000
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
16900
sqft Preferred Stock Extend Redemption Date
PreferredStockExtendRedemptionDate
2018-08-01
sqft Preferred Stock Redemption Extension Fee
PreferredStockRedemptionExtensionFee
153500
CY2018Q3 sqft Preferred Stock Extend Redemption Date
PreferredStockExtendRedemptionDate
2019-08-01
CY2018Q3 sqft Preferred Stock Redemption Extension Additional Fee
PreferredStockRedemptionExtensionAdditionalFee
153500
CY2019Q2 sqft Financial Instruments Subject To Mandatory Redemption Return On Funds Invested
FinancialInstrumentsSubjectToMandatoryRedemptionReturnOnFundsInvested
0.14
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1075000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.06
us-gaap Dividends
Dividends
0
CY2012Q1 sqft Registered Shares Of Common Stock Pursuant To Dividend Reinvestment Plan
RegisteredSharesOfCommonStockPursuantToDividendReinvestmentPlan
3000000
CY2012Q1 sqft Percentage Of Purchase Price Per Share
PercentageOfPurchasePricePerShare
0.95
CY2012Q1 sqft Sales Price Per Share Of Stock
SalesPricePerShareOfStock
9.50
CY2012Q1 sqft Payment Of Sales Commission Or Dealer Manager Fee
PaymentOfSalesCommissionOrDealerManagerFee
0
sqft Notice Period For Amendments To Dividend Reinvestment Plan
NoticePeriodForAmendmentsToDividendReinvestmentPlan
P30D
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
17400000
CY2019Q2 sqft Shares Issued Under Dividend Reinvestment Plan
SharesIssuedUnderDividendReinvestmentPlan
1834147
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
0
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4594985
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5502193
us-gaap Operating Income Loss
OperatingIncomeLoss
9010698
us-gaap Operating Income Loss
OperatingIncomeLoss
11077118
CY2019Q2 sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1419668
CY2018Q2 sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1357578
sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
3180371
sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
2692672
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1749113
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2265889
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3959194
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4604933
CY2019Q2 us-gaap Interest Expense
InterestExpense
2491870
CY2018Q2 us-gaap Interest Expense
InterestExpense
3147179
us-gaap Interest Expense
InterestExpense
5037073
us-gaap Interest Expense
InterestExpense
6224156
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4409
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
12449
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
9933
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5842
CY2019Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
176392
CY2018Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
355276
CY2019Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
213442944
CY2018Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
220186759
sqft Real Estate Acquisitions
RealEstateAcquisitions
10776952
sqft Real Estate Acquisitions
RealEstateAcquisitions
12004238

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