Home Top Movers Why Presidio Property Trust Inc (SQFT) could not keep its positive momentum...

Why Presidio Property Trust Inc (SQFT) could not keep its positive momentum in the after-hours on Friday?

Presidio Property Trust Inc. (SQFT) shares lost 4.64% to trade at $3.29 in after-market on Friday, May 7, 2021. Earlier, SQFT’s stock gained 8.15% to close Friday’s session at $3.45. SQFT shares have moved up 2.07% in the past week. Over the past three months, the stock has declined 9.21%, while over the past six months, it has shed 8.24%.

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Let’s see what are the latest news about the company?


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Strengthening the balance sheet

Presidio Property Trust is continuously taking initiatives to strengthen its balance sheet. SQFT roughly paid $7.7 million remaining on promissory notes in the first quarter of 2021. SQFT believes it is poised for growth in 2021 and beyond by early elimination of preferred shares and $11.5 million in cash at year-end 2020.

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Financial result announcement

On March 30, 2021, Presidio Property Trust, Increleasedfinancial results for its fourth quarter and the year ended December 31, 2020.

FY2020 financial highlights

  • Presidio Property Trust suffered a net loss of approximately $7.7 million or $0.85 per basic and diluted share, attributable to the company’s common stockholders for the year ended December 31, 2020, compared to a net loss of $610,000 or $0.07 per basic and diluted share for the year ended December 31, 2019.
  • Its revenue for 2020 was $23.45 million compared to $27.5 million in 2019.
  • Funds from Operations or FFO (non-GAAP) for 2020 was approximately $1,483,000 compared to approximately $2,374,000 for 2019.
  • General and administrative expenses were $5.75 million in 2020 compared to $5.3 million in 2019.
  • Total cost and expenses were $22.6 million in 2020 compared to $23.1 million in 2019.

Model Home activity update

On March 16, 2021, Presidio Property Trust, Inc provided the sales figures about model homes and said that it sold four model homes through its affiliated entities.

The company has nine homes for sale currently in escrow. The average sales price per model home sold in February was approximately $480,000.

Lease signed with Make-A-Wish(R) Foundation San Diego

On March 9, 2021, Presidio Property Trust, Inc. signed the lease with Make-A-Wish® Foundation San Diego.

The long-term lease will provide $1.1 million in consideration and shows the current tenant demand for well-located and appealing office space.

First-Quarter 2021 dividend declaration

On February 23, 2021, the Board of Directors of Presidio Property Trust, Inc. announced a cash dividend of $0.101 per share on its Series A Common Stock for the first quarter of 2021, an increase over last quarter’s dividend.

The dividend will be payable on March 16, 2021, to all stockholders of record as of the close of business on March 9, 2021.

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Conclusion

Well, its recent performance on Friday is strange because there is no recent news to justify its gains and loss on Friday. SQFT stock price can go up in the coming days, based on its past performance.

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