Presidio Property Trust Announces Series D Preferred Stock Cash Dividend

Rhea-AI Summary

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.

Positive

• Consistent monthly dividends of $0.19531 per share for April, May, and June 2023.
• Strong performance with diversified holdings in model homes and commercial properties.

Negative

• Geographical concentration exposes the company to risks from regional market fluctuations.

SAN DIEGO, CA / ACCESSWIRE / April 13, 2023 / (NASDAQ:SQFT)(NASDAQ:SQFTP)(NASDAQ: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 April 2023, May 2023 and June 2023.

In accordance with the terms of the Series D Preferred Stock, the April 2023 Series D dividend will be payable in cash in the amount of $0.19531 per share on May 15, 2023, to shareholders of record of Series D Preferred Stock as of the dividend record date of April 30, 2023. The May 2023 Series D dividend will be payable in cash in the amount of $0.19531 per share on June 15, 2023, to shareholders of record of Series D Preferred Stock as of the dividend record date of May 31, 2023. The June 2023 Series D dividend will be payable in cash in the amount of $0.19531 per share on July 17, 2023, to shareholders of record of Series D Preferred Stock as of the dividend record date of June 30, 2023.

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: MURF), which currently holds approximately $23.7 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. On November 8, 2022, Murphy entered into a definitive business combination agreement with Conduit Pharmaceuticals Limited, a pharmaceutical company led by highly experienced pharma executives established to fund the development of successful deprioritized clinical assets licensed from large pharmaceutical companies through its exclusive relationships. The closing of the business combination transaction is subject to numerous terms and conditions. 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

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FAQ

What is the dividend amount for Presidio Property Trust’s Series D Preferred Stock?

The dividend amount is $0.19531 per share.

When will the dividends for Series D Preferred Stock be paid?

The April dividend will be paid on May 15, 2023, the May dividend on June 15, 2023, and the June dividend on July 17, 2023.

What are the record dates for the Series D dividends?

The record dates are April 30, 2023 for the April dividend, May 31, 2023 for the May dividend, and June 30, 2023 for the June dividend.

What types of properties does Presidio Property Trust hold?

Presidio holds model home properties leased to homebuilders, as well as office, industrial, and retail properties.

Does Presidio Property Trust have any exposure to business combinations?

Yes, Presidio sponsors Murphy Canyon Acquisition Corp., which is involved in a business combination agreement.