Presidio Property Trust Announces Pricing of Its Upsized Public Offering of Preferred Stock
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.
- The public offering of 800,000 shares aims to raise approximately $20 million to bolster capital.
- The Series D Preferred Stock will begin trading on the Nasdaq, potentially increasing visibility and liquidity.
- The issuance of new shares may dilute existing shareholders' equity.
- Dependence on a limited geographical area may expose the company to regional market fluctuations.
SAN DIEGO, CA / ACCESSWIRE / June 10, 2021 / (NASDAQ:SQFT) Presidio Property Trust, an internally managed, diversified real estate investment trust ("REIT"), today announced the pricing of its public offering of 800,000 shares of its Series D Cumulative Redeemable Perpetual Preferred Stock (the "Series D Preferred Stock") at a price to the public of
The shares of Series D Preferred Stock are expected to start trading on The Nasdaq Capital Market on June 11, 2021, under the symbol "SQFTP". The offering is expected to close on or about June 15, 2021, subject to the satisfaction of customary closing conditions.
The Benchmark Company, LLC is acting as sole bookrunning manager for the offering. Aegis Capital Corp., Colliers Securities LLC and Spartan Capital Securities, LLC are acting as co-managers. Presidio has granted the underwriters a 45-day option to purchase up to an additional 120,000 shares of Series D Preferred Stock to cover over-allotments, if any.
The offering of the Series D Preferred Stock will be made only by means of a prospectus. A registration statement on Form S-11, as amended (File No. 333-256150), and a registration statement on Form S-11 MEF (File No. 333-257002) relating to the offering were declared effective by the Securities and Exchange Commission ("SEC") on June 10, 2021.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
A copy of the prospectus relating to the offering may be obtained by contacting The Benchmark Company, LLC, Attn: Prospectus Department, 150 E. 58th Street, 17th Floor, New York, New York 10155 or by calling (212) 312-6700 or by emailing prospectus@benchmarkcompany.com. The final prospectus, when it is available, may also be obtained on the SEC's website at www.sec.gov.
About Presidio Property Trust
Presidio is an internally managed, diversified REIT with holdings in office, industrial, and retail properties, and model home properties which are triple-net leased to homebuilders. Presidio's model homes are leased to homebuilders located primarily in Texas and Florida and its office, industrial and retail properties are located primarily in Colorado, with properties also located in North Dakota and in Southern California. While geographical clustering of real estate enables Presidio to reduce its operating costs through economies of scale by servicing a number of properties with less staff, it makes Presidio susceptible to changing market conditions in these discrete geographic areas, including those that have developed as a result of COVID-19. For more information on Presidio, please visit the Company's website at https://www.PresidioPT.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and other federal securities laws. Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as "believe," "expect," "anticipate," "intend," "estimate," "may," "will," "should" and "could." Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. Except as required by law, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" section of the Company's registration statement on Form S-11 relating to the offering and in the Company's other documents filed with the SEC, copies of which are available on the SEC's website, www.sec.gov.
Investor Relations Contacts:
Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
LHartkorn@presidiopt.com
Telephone: (760) 471-8536 x1244
SOURCE: Presidio Property Trust
View source version on accesswire.com:
https://www.accesswire.com/651363/Presidio-Property-Trust-Announces-Pricing-of-Its-Upsized-Public-Offering-of-Preferred-Stock
FAQ
What is the purpose of Presidio's stock offering?
When will the Series D Preferred Stock start trading?
What are the risks associated with Presidio's public offering?
How many shares are included in the offering?
