PRSI
Portsmouth Square, Inc.4.6800
+0.0000+0%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
3.44MP/E (TTM)
-Basic EPS (TTM)
-13.38Dividend Yield
0%Recent Filings
10-Q
Q1 FY2026 results
Portsmouth Square's hotel revenue climbed 5.1% year-over-year to $12.4M for Q1 FY2026 ended September 30, 2025, driven by an $8 bump in average daily rate to $218 despite a 1% dip in occupancy to 95%, lifting RevPAR $5 to $207. Yet operating expenses surged 19.3% to $10.5M, erasing prior-year management fee waivers and hiking labor costs under new union deals, which squeezed operating income down 36% to $797K and widened the net loss to $2.6M from $1.9M, mainly from elevated related-party interest. Cash from operations flipped to a $617K use, while capex hit $974K for room renovations adding 14 units to inventory. Liquidity holds with $4.3M cash, $5.8M restricted, and $38.1M in related-party debt at 9% maturing 2027, backed by a fresh March 2025 mortgage refinance extending terms to 2027. Debt covenants bind tight via lockbox controls. San Francisco's sluggish business travel recovery poses the sharpest risk.
8-K
FY2025 results alleviate concerns
Portsmouth Square reported FY2025 results on October 9, 2025, with hotel revenue climbing 10.7% to $46.4 million, driven by 92% occupancy and $200 RevPAR—up 13% year-over-year—after completing renovations in June 2024. The March 28, 2025 refinancing erased going-concern doubts, boosting cash to $11.7 million and narrowing net loss to $9.1 million. Adjusted EBITDA surged 91.2% to $7.3 million. Recovery in San Francisco aids competition.
10-K
FY2025 results
Portsmouth Square's FY2025 delivered a narrower net loss of $9.1M, down from $11.4M in FY2024, fueled by hotel revenues climbing 10% y/y to $46.4M on a RevPAR surge to $200 from $177, with average occupancy hitting 92% versus 82% last year. Q4 momentum accelerated post-renovation completion in June 2024, as the hotel's RevPAR grew 23% while its comp set dipped 8.3%, driven by strong midweek business travel rebound in San Francisco's Financial District amid AI sector buzz. Margins held firm despite rising union wages and marketing costs, with operating income before interest and depreciation up to $8.7M from $5.7M; the $1.4M gain from mezzanine debt extinguishment in March cushioned interest burdens. Liquidity strengthened to $11.7M in cash and restricted cash, backed by a March refinancing extending maturities to 2027 and a $40M related-party facility at 9%, though no near-term dividends or buybacks materialized. No annual guidance disclosed. Yet San Francisco's lingering safety perceptions could stall quarterly occupancy gains.
8-K
Annual meeting elects directors
Portsmouth Square, Inc. held its Fiscal 2024 Annual Meeting on May 19, 2025, where shareholders elected John V. Winfield, William J. Nance, Yvonne L. Murphy, Steve Grunwald, and John C. Love as directors, each receiving over 591,000 votes for amid minor opposition. The board stays intact. Shareholders also ratified WithumSmith+Brown as auditors for the fiscal year ending June 30, 2025, with 623,118 votes in favor.
10-Q
Q3 FY2025 results
Portsmouth Square's hotel revenue climbed 13% year-over-year to $12.2M in Q3 FY2025 ended March 31, 2025, fueled by a 17% RevPAR jump to $215 from stronger occupancy at 89% and a $9 higher average daily rate, while operating income before interest and depreciation rose to $2.5M from $1.5M. Yet net loss narrowed to $712K from $2.9M, thanks to a $1.4M gain on debt extinguishment offsetting higher related-party interest. For the nine months, revenue grew 6% to $34.0M with RevPAR up 8% to $194, trimming net loss to $6.6M from $7.0M. Liquidity strengthened post-March 28 refinancing of $103.3M in mortgage and mezzanine debt at blended rates around 6%, backed by $3.0M cash, $7.0M restricted cash, and $38.1M available from InterGroup's line maturing July 2027; operating cash use hit $5.2M amid $0.9M capex. Free cash flow not disclosed in the 10-Q. San Francisco's sluggish business travel lingers as a drag.
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