Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Presidio Property Trust, Inc. | d909103d8k.htm |
| EX-99.1 - EX-99.1 - Presidio Property Trust, Inc. | d909103dex991.htm |
| EX-99.3 - EX-99.3 - Presidio Property Trust, Inc. | d909103dex993.htm |
Exhibit 99.2
NetREIT, Inc. and Subsidiaries
Consolidated Balance Sheet
| December 31, 2014 |
Pro Forma
Self-Storage (a) |
Pro Forma
Total |
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| ASSETS |
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| Real estate assets and lease intangibles: |
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| Land |
$47,681,450 | $ (7,537,387) | $40,144,063 | |||||||||
| Buildings and improvements |
154,098,293 | (25,298,666) | 128,799,627 | |||||||||
| Tenant improvements |
13,164,998 | 13,164,998 | ||||||||||
| Lease intangibles |
9,793,814 | 9,793,814 | ||||||||||
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| Real estate assets and lease intangibles, cost |
224,738,555 | (32,836,053) | 191,902,502 | |||||||||
| Accumulated depreciation and amortization |
(26,540,852 | ) | 2,863,727 | (23,677,125) | ||||||||
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| Real estate assets and lease intangibles, net |
198,197,703 | (29,972,326) | 168,225,377 | |||||||||
| Cash and cash equivalents |
5,636,002 | 17,442,171(b) | 23,078,173 | |||||||||
| Restricted cash |
4,086,498 | (611,884) | 3,474,614 | |||||||||
| Deferred leasing and financing costs, net |
3,081,223 | 3,081,223 | ||||||||||
| Goodwill |
2,423,000 | 2,423,000 | ||||||||||
| Other assets, net |
7,200,512 | (409,360) | 6,791,152 | |||||||||
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| TOTAL ASSETS |
$220,624,938 | ($13,551,399) | $207,073,539 | |||||||||
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| LIABILITIES AND EQUITY |
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| Liabilities: |
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| Mortgage notes payable |
$123,899,298 | $ (17,354,445) | $106,544,853 | |||||||||
| Accounts payable and accrued liabilities |
6,631,804 | 6,631,804 | ||||||||||
| Dividends payable |
997,175 | 997,175 | ||||||||||
| Below-market rent, net |
960,328 | 960,328 | ||||||||||
| Mandatorily redeemable Series B Preferred Stock, $0.01 par value, $1,000 liquidating preference; shares authorized: 40,000; shares issued and outstanding at December 31, 2014 and 2013: 16,600 and none, respectively |
16,600,000 | 16,600,000 | ||||||||||
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| Total liabilities |
149,088,605 | (17,354,445) | 131,734,160 | |||||||||
| Commitments and contingencies |
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| Equity: |
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| Convertible Series AA preferred stock, $0.01 par value, $25 liquidating preference; shares authorized: 1,000,000; no shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively |
- | - | ||||||||||
| Redeemable convertible Series 6.3% preferred stock, $0.01 par value, $1,000 liquidating preference; shares authorized: 10,000; shares issued and outstanding at December 31, 2014 and 2013: none and 1,649, respectively |
- | - | ||||||||||
| Common stock - Series A, $0.01 par value; shares authorized: 100,000,000; shares issued and outstanding at December 31, 2014 and 2013: 16,887,377 and 16,473,674, respectively |
168,874 | 168,874 | ||||||||||
| Additional paid-in capital |
143,715,876 | 143,715,876 | ||||||||||
| Dividends in excess of accumulated losses |
(83,150,866 | ) | 3,995,267 | (79,155,599) | ||||||||
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| Total stockholders’ equity before noncontrolling interest |
60,733,884 | 3,995,267 | 64,729,151 | |||||||||
| Noncontrolling interest |
10,802,449 | (192,221) | 10,610,228 | |||||||||
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| Total equity |
71,536,333 | 3,803,046 | 75,339,379 | |||||||||
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| TOTAL LIABILITIES AND EQUITY |
$220,624,938 | (13,551,399) | $207,073,539 | |||||||||
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NetREIT, Inc. and Subsidiaries
Notes to Unaudited Pro Forma Balance Sheet
As of December 31, 2014
| (a) | Represents adjustments to reflect the disposition of the Sparky’s Self-Storage Portfolio. The sales price was $36.5 million excluding closing costs. |
| (b) | Represents the amount of proceeds from the Sparky’s Self-Storage Portfolio disposition after the repayment of $17.3 million of debt outstanding and prepayment penalties of $2.1 million. |