SQFT - Earnings call transcript Q4 2021 | Presidio Property Trust, Inc.

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Operator

Good afternoon, ladies and gentlemen and welcome to the Presidio Property Trust, Fourth Quarter 2021 Earnings Call. At this time all participants are on a listen-only mode.

If you would like to submit a question, please do so by using the ‘Ask Question’ button on the webcast page. It is now my pleasure to turn the floor over to your host, Lowell Hartkorn. Sir, the floor is yours.

Lowell Hartkorn

operator. you, Thank everyone. Good afternoon Presidio Property XXXX to fourth Trust’s call. earnings Welcome quarter our Relations Lowell call Presidio, Heilbron, Katz, Executive Chief is Hightower, Officer; name and of Chief here Adam today and Sragovicz, Officer; Hartkorn, Jack Investment the My Gary on our Investor at Model Financial Division. Chief me and are Steve Officer; President President joining Homes will questions will Jack, prepared remarks we and via then your take Steve make be Gary to Adam, and happy chat. today, can the questions ‘Ask you in click media player submit button time to the to any At on Question’ window team. our

for patience separate call and between the company ask will will made Unless consistent the We the each will be XXXX from speaking comparisons your conference offices. with recommendations, social this year distancing be from XXXX otherwise as us year. of noted, today on

In subject are and a differ so statements, filings our addition, to results uncertainties. include from SEC risks please these discussion today’s could forward-looking potential risks Actual statements, discussion of forward-looking to materially uncertainties. which will refer detailed and for

During use abbreviations of sake the rounding will this for revenue. and call, we

our our will press issued discussing non-GAAP financial in directly comparable which measures. release, We Form with GAAP X-K financial also earlier and are included to filed the was measures Reconciliations be most earnings today.

Jack. this over prepared CEO. President our this turn the Section our posting me website of the Heilbron, made reminder, to available we presentations Investor the be With Jack our for following conference also call. be a call will let conclusion the www.presidiopt.com, As of a call replay and that, area in remarks will of where

Jack Heilbron

right will the is take as Johns capital Gary of be which a Public XXXX, leased October core as the with more several have School of center with you, tell also acquisition Since in opportunities Hopkins triple property our disposition December details universities. tenant to the Health. being industry, of XXX% Lowell. but picture announced about we the spoke such big you journey taking to a company net public employment you in on we last, submarkets with Bloomberg or themselves we Since California. have retail government market. a able fits in opportunities we strategy of of Market base and tenant to Thank present the property, San began Bernardino, single Baltimore, side. we used a in solid World raise advantage the sold look, markets In our Plaza to

called per Being to a is elsewhere. of California, the do selling had see we brand is holders other They company upside. reward our reward all per we but help for one over on returns Adam for has five buy turn If to – to likely also launched are us means public currently real-estate at will over in not shareholders. in this stock number years. Adam. based We have the common except goal think Sragovicz, on of In real most related. dynamic in Genesis there be the ability what this value If this new on create investment rounded Diego. call that bring whole a believe properties Canyon of This convert project, this is way Plaza, in real our we've now given to San our market, stock, of great our estate to better company the accomplished now our California is which to our successful warrants, the will highlights. shareholders, a are we Presidio headquarters our the well SPAC, trade as under SQFTW. shareholder on a to shares. have of We down January $X XX the the Property I CFO, we shareholders. share. of give our Murphy These the shareholders Everyone we to share financial public, share into who five now some sponsored news a they shareholders, company's is help received to symbol bring the exercise of them which right will the years the share the to as company NASDAQ at warrants the Acquisition, one-tenth a participate company the for shareholdings warrant end believe year of next nearest a

Adam Sragovicz

operations as Core in from FFO cash Thank you, in substantially XXXX, FFO, Jack. XXXX. business in was the our what this from was compared to COVID after lower was versus top Even flow, of which of investors. XX% main illustrates though four core expense effects refer and when of Among mind XXXX. benefiting our Property are up million XXXX. of we million properties lower on $X.X $X.X in our core XXXX commercial funds to other effect about are we XXXX Questions sold of for we factors impact the Presidio how XXXX, and COVID the interest measurement often in than

XXXX. XXXX slightly what For by a bill making now than This tenants was up have that was we they collected more more to accounts and brought collecting rent our XXX% of during was XXXX due words current. what other billed few their mostly past than tenants, we in for in driven

provide we the As sponsored. public Presidio markets I'll to Gary with in leverage call SPAC company capital Jack we public the our in vehicle, now the property activity. be value and that capital to that the pass company. take successful leasing for Katz in and to we address taking mentioned, it public new that we paid with a believe shares the raising should We cost experience in shareholders can candidate that should using

Gary Katz

leases finished in feet. XX about total strong a you, leasing Adam. square We XXXX. We of XXX,XXX Thank executed covering

additional we Activity in transactions or We been the has Just renewals and over a current we new consists of prospective with see tenants, XX also like represent lease extensions. third year-to-day pipeline. these leasing demand. brisk remainder of approximately have what transactions the lease while currently

high regions stable portfolio office such current of Denver such Our growth as either as consists properties or are Fargo. that in

pretty Our all office, XXXX in to returned expect saw so of continue. effects tenants we we COVID the limited much will and the have

On the and three Colorado California office retail during sold million we front XXXX, property, properties sales property volume. $XX one transaction of representing

be As sell, Jack properties exits value We sold retail. just believe our portfolio was stockholder when mentioned, Plaza World California for completing in constantly will our to evaluate enhanced. we

facility our square and clinical to and latest It research for University. building distance acquisitions, a Health at support of walking towards leased School Public used is a Hopkins is Hospital. of Hopkins XXX% acquisition foot Regarding Johns Bloomberg that to Johns the the XX,XXX is

is on a Steve Jack initial an target As critical said, will when that who over markets, the tenant, for the division. Baltimore cover our grade was call Model investment we saw for pass at to facility activity Home we mission radar in the Hightower, jumped I'll not but opportunity. this

Steve Hightower

for you, Thank XX million. we Gary. In XXXX about million a approximately sold of $XX gain $X Homes we recognized Model and

properties approximately recently we approach. strategy the and price leases. acquired XX them During The four Model Home builders Home million. back We triple historical properties acquired the home year Model purchase consistent to was $X under properties for leased the more net our with and

saw that Model in Home XXXX, fewer As we acquisitions XXXX. expected

However, price of slow. builders growth begins as seeing to to we rate are returning program the our

that serve well. past the well cycle this will Adam buying many by and should well to carefully survived call have appraising cycles us We pass our in now I answer questions in the from to and as listeners.

Adam Sragovicz

questions We’ll take from Thank our some you, listeners. now Steve.

to on please ‘Ask so, you've the window not a submit player media your click would already like done you If button in question. Question’ if

Unidentified Analyst

Our much make is SPAC successful? here will first for shares Heilbron. Jack the question How in from is it if you your

Jack Heilbron

could as of that of finalized the our We shareholders target and know much answer company. as the target equity company. question the until won't That voted negotiations negotiations XX% it total to XX% be acquisition the could the the SPAC depends the really to the be It on of with or have approve are more. to

Unidentified Analyst

you. Got it. Thank

acquisitions? are for at Next of What I is specifically question Katz. here properties looking think for you Gary new kinds

Gary Katz

expense expense. with at capital that embarked focus yield rollover it looking the be could the longer The it with properties be cycle stable a industrial, lease exposure be to now on could year, and flow most right in We're little the office, where cycle on bolstering for going retail. strategy lease economic generating all it us driven, diversified we our given little continue We're and last term are pandemic, we some stability. the estate cash thing is property real that, where could type; important with is

Unidentified Analyst

thank Got you. it,

Property do be the were is think another I question there If effect on you the have portfolio? you Presidio much it for lockdown as of would well. probably to in think XXXX, how next an

Gary Katz

at of of and the I we the situation of over break XX deferral down unscathed. tenants rents, expect if temporary diversification We have. get in another we out and tenants portfolio would our got our rent assistance that have for Well or sort were from concessions that and a relatively a believe assume some already businesses the worst the return we lockdown, had We some looking that, historically looking tenants able such. at XXX the, of of on tenants out who to requested no of we in that's worse have given case would future, locked we I last

Unidentified Analyst

you one in have is for to the raise and I can more Heilbron. question last Great! what plans Next we Jack Do have, capital queue expect? the

Jack Heilbron

looking take We of advantage opportunities. and always will the markets are at capital

is is continuously raise favorable. more time the acquisitions, markets to right Our capital will we when and the smart plan are so grow through

Adam Sragovicz

over now Lowell call to will pass I conclude. Hartkorn Great! the to

Lowell Hartkorn

Investors to website as SEC Presidio’s Adam. you releases Section and the earnings be our our on at call. thank Please click Okay, to date Trust, Property on sure press and quarter stay in www.presidiopt.com fourth filings. This concludes to XXXX up visit

join we May the today, also XXXX. supplemental call, the in first on taking conference everyone you SEC. of listening. you the have filed to for for again with there We information to those have what which recording XXXX to forward time to and our visiting listening to expect quarter with to posted and us addition look Thank we Thanks we financial in

Operator

ladies you and gentlemen. call does and Thank conference webcast. today's This conclude

your and your may wonderful Thank for participation. line phone time disconnect You at you have day! this a

Presidio Property Trust (SQFT) 1 Apr 222021 Q4 Earnings call transcript