Presidio Property Trust, Inc.(SQFTW) and its subsidiaries have released their Condensed Consolidated Financial Statements for the second quarter of 2023. The financial data highlights a net loss of $204,752 for the quarter, along with total revenues amounting to $4.54 million. The company's financial performance is analyzed, including key components such as net income/loss, revenue, EBITDAre, FFO, and Core FFO.
Net Loss of $204,752 in Q2 2023
Presidio Property Trust, Inc. and its subsidiaries reported a net loss of $204,752 for the second quarter of 2023. This loss contrasts with the net income of $418,046 achieved in the same period of the previous year. The net loss is attributed to various factors affecting the company's financial performance, including changes in expenses and income.
Revenue Reaches $4.54 Million for the Quarter
The company's revenues for the second quarter of 2023 amounted to $4.54 million, reflecting a consistent performance compared to the same period in the prior year. This revenue figure encompasses rental income totaling $4.33 million and fees and other income amounting to $214,284. Presidio Property Trust's revenue composition underscores its ongoing focus on rental operations and ancillary services.
Financial Overview and Core FFO Analysis
Presidio Property Trust's financial health is further analyzed through metrics such as EBITDAre, FFO, and Core FFO. EBITDAre (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent Expenses) for the quarter was $101,233, showcasing the company's operating performance before these critical expenses.
Funds From Operations (FFO), a key performance indicator in the real estate industry, reported a deficit of $(489,404) for the quarter. FFO provides insights into the company's ability to generate cash flows from its core operations. Core FFO, which includes additional adjustments like restricted stock compensation, reached a value of $(209,748) for the quarter. This metric offers a more comprehensive assessment of the company's operational capabilities.
Presidio Property Trust, Inc.'s second-quarter financial results highlight a net loss of $204,752 and revenues totaling $4.54 million. Despite the challenges faced in this period, the company continues to emphasize its core operational performance as evident through EBITDAre, FFO, and Core FFO metrics. The financial report sheds light on the various elements contributing to the company's overall performance in the real estate sector.