Presidio Property Trust, Inc. - SQFT STOCK NEWS

Presidio Property Trust has successfully closed its upsized public offering of 800,000 shares of 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock, generating $20.0 million in gross proceeds. The shares were offered at $25.00 each and began trading on the Nasdaq under the symbol SQFTP.

Proceeds will support general corporate expenses and potential property acquisitions. The offering was managed by The Benchmark Company, with additional managers participating. A prospectus for the offering is available on the SEC's website.

Presidio Property Trust (NASDAQ:SQFT) has priced a public offering of 800,000 shares of its Series D Cumulative Redeemable Perpetual Preferred Stock at $25.00 per share, aiming to raise approximately $20.0 million. The shares will start trading on the Nasdaq Capital Market under the symbol SQFTP on June 11, 2021, with the offering expected to close around June 15, 2021. The company has granted underwriters a 45-day option to purchase an additional 120,000 shares. The offering will proceed following the effective registration statements filed with the SEC.

Presidio Property Trust (NASDAQ:SQFT) announced the successful sale of its Highland Court and Executive Office Park properties on May 20 and 21, 2021, respectively. Highland Court, located in Centennial, Colorado, featured recent renovations that enhanced its marketability. The Executive Office Park, comprising four buildings in Colorado Springs, demonstrated strong occupancy throughout the pandemic, driven by a booming housing market. The sales mark a significant achievement for Presidio, which has managed these assets since 2008 and 2015, respectively.

Presidio Property Trust (NASDAQ:SQFT) acquired six model home properties in the Dallas-Fort Worth area on May 20, 2021. These newly built homes will be leased back to builders on a triple-net basis. Executives emphasized the strength of their builder relationships and the robust Texas housing market, noting an inventory level of just 1.4 months across the state and 1.3 months in Dallas-Fort Worth. The firm aims to continue leveraging these market conditions to enhance its model home strategy.

Presidio Property Trust has declared a cash dividend of $0.102 per share on its Series A Common Stock for Q2 2021. This marks the second consecutive increase since its IPO in October 2020. The dividend is set to be paid on June 21, 2021, to stockholders of record as of the close of business on June 7, 2021. The company, which invests in model home properties and diverse real estate sectors, continues to operate primarily in Texas, Florida, Colorado, North Dakota, and Southern California.

Presidio Property Trust, Inc. (NASDAQ:SQFT) reported its first-quarter financial results for 2021, revealing a net loss of approximately $2.7 million, or $0.28 per share, compared to a loss of $1.1 million in Q1 2020. Core FFO was around $936,000, equating to $0.098 per share. The company achieved a 96% collections rate of contractual base rent and executed 15 office leases, generating approximately $1.4 million in monthly revenue. The decrease in revenues by $1.3 million was attributed to the sale of four properties, although rental operating costs lowered by $0.5 million. Dividends of $0.101 per share were declared for the first quarter.

Presidio Property Trust (NASDAQ:SQFT) reported its fourth-quarter and annual financial results for 2020. The company collected 98% of billed rents despite COVID-19 challenges, and occupancy increased by 2.4% across 15 properties compared to the previous year. Core FFO for 2020 was approximately $1.48 million, or $0.16 per share. However, the company experienced a net loss of approximately $7.7 million, attributed to a $4.3 million revenue decline from property sales. Dividends of $0.10 per share were paid in Q4.

Presidio Property Trust (NASDAQ:SQFT) will announce its financial results for the year ended December 31, 2020, on March 30, 2021, post-market. A conference call will follow at 1:30 PM PT to discuss these results, with a supplemental financial package available on their website. The call can be accessed via telephone or webcast. Presidio operates a diversified portfolio, including model home properties in Texas and Florida, and approximately 1 million square feet of commercial space across several states. Investors are encouraged to attend for insights on financial performance.

Presidio Property Trust (NASDAQ:SQFT) reported strong performance in its model home segment for February 2021. The company sold 4 model homes, each averaging about $480,000, with an average holding period of 3 years. The Days on Market (DOM) for new homes in Texas improved slightly to 106 days. Additionally, Central Florida's homes averaged just 49 days on the market. Presidio holds approximately 110 model home properties across several states, mainly Texas and Florida, indicating a robust presence in the residential market.