Presidio Property Trust, Inc. - SQFT STOCK NEWS

Presidio Property Trust (SQFT, SQFTP) announced significant developments in its first quarter 2023 report. The company acquired 9 new single-family model home properties across Arizona, Florida, Illinois, Texas, and Wisconsin, which are leased back to homebuilders on a triple-net basis. In addition, Presidio sold 3 model homes for approximately $1.6 million, realizing a gain of $393,000. The average purchase price was roughly $380,000, while the average sales price reached around $540,000. Management expressed confidence in the model home resale performance, highlighting anticipated growth from strategic property acquisitions, and aims to strengthen homebuilder relationships throughout 2023.

Presidio Property Trust (NASDAQ:SQFT, SQFTP, SQFTW) announced the declaration of dividends for its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock for the months of April, May, and June 2023. The April dividend of $0.19531 per share will be payable on May 15, 2023, to shareholders on record as of April 30, 2023. Similarly, the May dividend is scheduled for June 15, 2023, and the June dividend on July 17, 2023, both with the same payout amount. Presidio operates a diversified portfolio, focusing on model home properties primarily in Texas and Florida, and additional office and retail spaces across the U.S. The company also sponsors the SPAC Murphy Canyon Acquisition Corp. (NASDAQ: MURF), holding approximately $23.7 million in trust.

Presidio Property Trust (NASDAQ:SQFT, SQFTP) reported its 2022 earnings, facing challenges in the real estate market but leveraging its diversified portfolio. Key highlights include:

• Net loss of approximately $(780,067) for Q4 2022, down from a net income of $(1,501,162) in Q4 2021.
• Increased Other Income by $1.2 million driven by Murphy Canyon Acquisition Corp. Trust.
• FFO rose to $132,000 in Q4 2022, an increase from $62,000 the previous year.
• Acquired 31 model home properties for $15.6 million in 2022.
• Dividends paid throughout 2022 totaled $2.34372 per share for Series D preferred stock.

Presidio Property Trust (NASDAQ:SQFT; SQFTP) announced a correction regarding the record date for its first-quarter 2023 dividend. The cash dividend of $0.022 per share remains unchanged. The new record date is set for the close of business on March 30, 2023, with the payment date scheduled for March 31, 2023. The correction was made after an earlier release mistakenly listed the record date as March 27, 2023. This correction ensures that all eligible stockholders receive their dividends correctly.

Presidio Property Trust (NASDAQ: SQFT) announced a cash dividend of $0.022 per share on its Series A Common Stock for Q1 2023. This dividend will be payable on March 31, 2023, to stockholders of record as of March 27, 2023. Presidio operates a diversified portfolio of real estate assets including model homes, office, industrial, and retail properties across multiple states. The company emphasizes operational efficiency through geographical clustering, which helps manage operating costs. However, it remains vulnerable to market fluctuations, particularly influenced by ongoing changes due to COVID-19.

Presidio Property Trust (NASDAQ: SQFT; SQFTP) reported strong performance in model home sales for 2022, selling 31 homes for approximately $17.5 million, resulting in a gain of about $5.4 million. The homes, purchased at an average price of $391,000, were sold at an average price of $565,000, held for an average of 3.6 years. The company's leadership expressed optimism about future capital recycling opportunities with homebuilders in 2023. Presidio engages in diversified real estate investments, focusing on properties leased to homebuilders primarily in Texas and Florida, alongside other commercial real estate holdings.

Presidio Property Trust (NASDAQ:SQFT; SQFTP; SQFTW) has declared dividends for its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock for January, February, and March 2023. The January dividend of $0.19531 per share is payable on February 15, 2023, followed by the February dividend on March 15, 2023, and the March dividend on April 17, 2023, all to shareholders of record as of the end of the respective preceding months. Presidio continues to focus on its diversified real estate portfolio across various states, including Texas and Florida, while also managing SPAC, Murphy Canyon Acquisition Corp.

Presidio Property Trust has announced a significant long-term lease agreement with KLJ Engineering LLC for 33,296 square feet at the Grand Pacific Center in Bismarck, North Dakota. This lease strengthens the building's tenant roster, which is now over 92% leased. The company has invested in improvements to the property, enhancing its appeal as a leading office location in downtown Bismarck. These developments are expected to benefit local businesses and indicate a positive trend for Presidio's real estate portfolio.