Presidio Property Trust Inc

For the period ended Dec 31, 2023. Filed Apr 16, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Apr 16, 2024

SQFTW$0.01+1.8%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	For the Year Ended December 31,
	2023	2022
Cash flows from operating activities:
Net income	$13,177,526	$1,485,528
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,425,739	5,465,015
Stock compensation	989,515	1,204,106
Bad debt expense	28,880	73,055
Gain on sale of real estate assets, net	(3,240,200)	(5,079,912)
Gain on deconsolidation of SPAC investment	(40,321,483)	—
Net change in Conduit fair value marketable securities	23,359,774	—
Net change in fair value marketable securities		(42,664)
Net change in fair value SPAC Trust Account	(1,414,420)	(1,976,183)
Impairment of goodwill and real estate assets	3,247,097	—
Amortization of financing costs	345,880	240,090
Amortization of below-market leases	(4,974)	(54,890)
Straight-line rent adjustment	(332,055)	(252,759)
Changes in operating assets and liabilities:
Other assets	(211,023)	1,050,221
Deferred tax asset	(346,762)	—
Accounts payable and accrued liabilities	60,556	(1,539,727)
Accounts payable and accrued liabilities for the SPAC	652,577	417,975
Accrued real estate taxes	73,212	(61,038)
Net cash provided by operating activities	1,489,839	928,817
Cash flows from investing activities:
Real estate acquisitions	(21,909,963)	(15,673,575)
Additions to buildings and tenant improvements	(6,663,116)	(2,107,505)
Investment in marketable securities	(2,161,724)	(1,762,095)
Proceeds from sale of marketable securities	2,974,910	2,363,063
Investment of SPAC IPO proceeds into Trust Account	(624,998)	(134,895,000)
Withdrawals from Trust Account for SPAC taxes	832,480	—
Withdrawals from Trust Account for Redemption of SPAC Shares	137,157,011	—
Deletions / (additions) to deferred leasing costs	7,744	(70,889)
Proceeds from sales of real estate, net	10,698,386	25,768,334
Net cash provided by (used in) investing activities	120,310,730	(126,377,667)
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of issuance costs	20,804,277	20,288,093
Repayment of mortgage notes payable	(10,089,026)	(11,958,568)
Payment of deferred offering costs	(5,000)	(3,201,266)
Distributions to noncontrolling interests, net	(1,676,639)	(4,412,046)
Proceeds from initial public offering of SPAC	—	134,024,416
SPAC offering non-controlling interest adjustment	—	(1,774,416)
Redemption of SPAC shares	(137,157,011)	—
Repurchase of Series A Common Stock, at cost	—	(313,389)
Repurchase of Series D Preferred Stock, at cost	(369,986)	(122,141)
Dividends paid to Series D Preferred Stockholders	(2,118,846)	(2,152,741)
Dividends paid to Series A Common Stockholders	(1,194,635)	(3,114,456)
Net cash (used in) provided by financing activities	(131,806,866)	127,263,486
Net (decrease) increase in cash equivalents and restricted cash	(10,006,297)	1,814,636
Cash, cash equivalents and restricted cash - beginning of period	16,516,725	14,702,089
Cash, cash equivalents and restricted cash - end of period	$6,510,428	$16,516,725
Supplemental disclosure of cash flow information:
Interest paid-mortgage notes payable	$4,962,458	$4,110,288
Income taxes paid	$533,340	$517,902
Non-cash financing activities:
Potentially convertible common stock for SPAC	$—	$134,895,000
Dividends payable - Preferred Stock Series D	$174,011	$178,511

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.