Presidio Property Trust Announces Series D Preferred Stock Cash Dividend

Rhea-AI Summary

Presidio Property Trust has announced a dividend of $0.19531 per share for its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock for September 2022. The payment date is set for October 17, 2022, for shareholders on record as of September 30, 2022. The company, which operates a diversified portfolio of real estate, primarily in Texas and Florida, utilizes a clustering strategy to reduce operating costs but remains vulnerable to local market conditions. Presidio also sponsors Murphy Canyon Acquisition Corp., a SPAC with approximately $140 million in trust.

Positive

• Declaration of a $0.19531 cash dividend for September 2022, confirming commitment to shareholder returns.
• Diversified property holdings spread across several states, potentially stabilizing income.

Negative

• Vulnerability to local market conditions, particularly in areas affected by COVID-19.

SAN DIEGO, CA / ACCESSWIRE / September 20, 2022 / (NASDAQ:SQFT; SQFTP; SQFTW) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed, diversified real estate investment trust ("REIT"), today announced that its Board of Directors has authorized, and the Company has declared, a dividend on its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock (the "Series D Preferred Stock") for the month of September 2022.

In accordance with the terms of the Series D Preferred Stock, the September 2022 Series D dividend will be payable in cash in the amount of $0.19531 per share on October 17, 2022, to shareholders of record of Series D Preferred Stock as of the dividend record date of September 30, 2022.

About Presidio Property Trust

Presidio is an internally managed, diversified REIT with holdings in model home properties which are triple-net leased to homebuilders, office, industrial, and retail properties. Presidio's model homes are leased to homebuilders located primarily in Texas and Florida. Our office, industrial and retail properties are located primarily in Colorado, with properties also located in Maryland, North Dakota, Texas, and Southern California. While geographical clustering of real estate enables us to reduce our operating costs through economies of scale by servicing a number of properties with less staff, it makes us susceptible to changing market conditions in these discrete geographic areas, including those that have developed as a result of COVID-19. Presidio is also the sponsor of the Special Purpose Acquisition Company (SPAC) Murphy Canyon Acquisition Corp. (NASDAQ: MURFU), which currently holds approximately $140 million in trust. Murphy Canyon Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. 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 documents filed with the SEC, copies of which are available on the SEC's website, www.sec.gov.

Investor Relations Contact:

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/716526/Presidio-Property-Trust-Announces-Series-D-Preferred-Stock-Cash-Dividend

FAQ

What is the dividend amount declared by Presidio Property Trust for September 2022?

The dividend amount declared is $0.19531 per share for September 2022.

When is the payment date for Presidio's Series D Preferred Stock dividend?

The payment date for the dividend is October 17, 2022.

What is the record date for the dividend payment for Presidio Property Trust?

The record date for the dividend payment is September 30, 2022.

What are the key properties held by Presidio Property Trust?

Presidio holds model home properties leased to homebuilders as well as office, industrial, and retail properties primarily in Texas, Florida, and Colorado.

What is Murphy Canyon Acquisition Corp. related to Presidio Property Trust?

Murphy Canyon Acquisition Corp. is a SPAC sponsored by Presidio, currently holding around $140 million in trust for future acquisitions.