Presidio Property Trust, Inc. - SQFT STOCK NEWS

Presidio Property Trust (NASDAQ: SQFT; SQFTP; SQFTW), an internally managed, diversified REIT, has announced a dividend on its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock for October, November, and December 2024. The dividend details are as follows:

• October 2024: $0.19531 per share, payable on November 15, 2024, to shareholders of record as of October 31, 2024
• November 2024: $0.19531 per share, payable on December 16, 2024, to shareholders of record as of November 29, 2024
• December 2024: $0.19531 per share, payable on January 15, 2025, to shareholders of record as of December 31, 2024

This announcement demonstrates Presidio's commitment to providing consistent returns to its Series D Preferred Stock shareholders.

Presidio Property Trust, Inc. (NASDAQ:SQFT) reported its Q2 2024 earnings. Key points include:

• Net loss of $12.4 million ($1.00 per share), compared to $1.8 million loss in Q2 2023
• Total revenues of $4.6 million, slightly up from $4.5 million in Q2 2023
• Net real estate assets of $130.9 million, including 80 model homes
• G&A expenses increased to $2.2 million (48% of revenue)
• Sold 15 model homes for $7.4 million, recognizing a $0.8 million gain
• Recorded a $10 million net loss on investment in Conduit Pharmaceuticals
• FFO decreased to $(1.3 million) from $(0.5 million) in Q2 2023
• Core FFO decreased to $(0.4 million) from $(0.2 million) in Q2 2023

Presidio Property Trust (NASDAQ: SQFT) has declared a dividend on its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock for July, August, and September 2024. The dividend amount is $0.19531 per share for each month. Payment dates are set for August 15, September 16, and October 15, 2024, respectively. Shareholders of record as of July 31, August 30, and September 30, 2024, will be eligible for the corresponding monthly dividends. This announcement demonstrates Presidio's commitment to providing consistent returns to its preferred stockholders.

Presidio Property Trust announced significant activity in its Model Home Division for Q2 2024. The company, through its subsidiaries and affiliates, acquired seven newly constructed single-family model homes in Texas for approximately $3.5 million. These acquisitions were financed with $2.4 million in mortgage notes and $1.1 million in cash. Additionally, they sold 15 homes, generating about $8.1 million. Despite challenges like affordability and high interest rates, Presidio's sales activity remained robust. The company continues to seek new acquisition opportunities and maintain relationships with builders to identify desirable properties.

Presidio Property Trust (NASDAQ: SQFT) announced the successful closing of a public offering of 109,054 shares of its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock at $16.00 per share. The offering raised approximately $1.74 million in gross proceeds, before underwriting discounts and expenses. The Benchmark Company, acted as the sole bookrunning manager for this offering. The Series D Preferred Stock offering was registered with the SEC on April 26, 2024, and declared effective on May 17, 2024. Final prospectus supplements are available on the SEC's website or from The Benchmark Company.

Presidio Property Trust (NASDAQ:SQFT) announced the pricing of its public offering of 109,054 shares of 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock at $16.00 per share, totaling approximately $1.74 million in gross proceeds. The offering is expected to close on June 24, 2024, subject to customary conditions. The Benchmark Company, is managing the offering. A shelf registration statement was filed on April 26, 2024, and declared effective on May 17, 2024, by the SEC. Preliminary and final prospectus supplements have been or will be filed with the SEC.

Presidio Property Trust (NASDAQ: SQFT) announced that Conduit Pharmaceuticals (NASDAQ: CDT), of which Presidio owns 6.3%, will be added to the Russell 2000 Index on July 1, 2024. This inclusion is part of the annual reconstitution of the Russell indexes, which ranks the largest US stocks by market capitalization as of April 30 each year. Being part of the Russell 2000 and Russell 3000 indexes will elevate Conduit's visibility among investment managers and institutional investors. The Russell US Indexes are benchmarks for $10.5 trillion in assets as of December 2023.

Presidio Property Trust (NASDAQ: SQFT) reported its first-quarter 2024 earnings, revealing a net loss of $5.8 million or ($0.47) per share, compared to a net loss of $1.5 million or ($0.13) per share in Q1 2023. Revenues increased to $4.8 million from $4.1 million a year earlier. Key highlights include signing leasing transactions totaling 24,476 sf and selling 27 model homes for $14 million, recognizing a gain of $2 million. The company also faced a $0.1 million non-cash impairment charge related to four model homes. Investments in Conduit Pharmaceuticals marked a $3.9 million fair value loss. FFO dropped to $(971,367) from $(228,914) in Q1 2023, and Core FFO decreased from $31,932 to $(429,445). No distributions were declared for Series A Common Stock, while Series D Preferred Stock distributions remained consistent at $0.58593 per share.

Presidio Property Trust, Inc. has reached a cooperation agreement with Zuma Capital Management, appointing Elena Piliptchak to the board of directors. The Zuma Investor Group that holds 7.6% of Presidio's outstanding stock has agreed to certain provisions, enhancing corporate governance and stockholder value.