Presidio Property Trust Inc
For the period ended Dec 31, 2023. Filed Apr 16, 2024.
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FY2023 · Filed Apr 16, 2024
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Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
| For the Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Revenues: | ||
| Rental income | $16,743,231 | $17,203,310 |
| Fees and other income | 892,383 | 560,971 |
| Total revenue | 17,635,614 | 17,764,281 |
| Costs and expenses: | ||
| Rental operating costs | 5,962,918 | 5,841,396 |
| General and administrative | 6,790,432 | 6,163,816 |
| Depreciation and amortization | 5,425,739 | 5,465,015 |
| Impairment of goodwill and real estate assets | 3,247,097 | — |
| Total costs and expenses | 21,426,186 | 17,470,227 |
| Other income (expense): | ||
| Interest expense - mortgage notes | (5,004,889) | (4,712,487) |
| Gain on sale of marketable securities, net (excluding Conduit marketable securities) | 1,414,420 | 2,018,847 |
| Interest and other income, net | 20,878 | 21,075 |
| Gain on sales of real estate, net | 3,240,200 | 5,079,912 |
| Loss on Conduit marketable securities (see footnote 9) | (23,359,774) | — |
| Gain on deconsolidation of SPAC (see footnote 9) | 40,321,483 | — |
| Income tax (expense) benefit | 335,780 | (1,215,873) |
| Total other income, net | 16,968,098 | 1,191,474 |
| Net income | 13,177,526 | 1,485,528 |
| Less: Income attributable to noncontrolling interests | (3,031,080) | (3,612,647) |
| Net income (loss) attributable to Presidio Property Trust, Inc. stockholders | $10,146,446 | $(2,127,119) |
| Less: Preferred Stock Series D dividends | (2,118,846) | (2,152,740) |
| Less: Series A Warrant dividend | — | (2,456,512) |
| Net income (loss) attributable to Presidio Property Trust, Inc. common stockholders | $8,027,600 | $(6,736,371) |
| Net income (loss) per share attributable to Presidio Property Trust, Inc. common stockholders: | ||
| Basic & Diluted | $0.68 | $(0.57) |
| Weighted average number of common shares outstanding - basic & dilutive | 11,847,814 | 11,753,041 |
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