Presidio Property Trust Declares Third-Quarter 2022 Dividend and Adopts Variable Dividend Policy
Presidio Property Trust (NASDAQ:SQFT; SQFTP) announced a cash dividend of $0.02 per share on its Series A Common Stock for Q3 2022, payable on September 30, 2022, to shareholders of record by September 16, 2022. The company has adopted a new variable dividend policy, which will determine dividends based on multiple factors, including property acquisitions and the market environment. CEO Jack Heilbron noted the significance of dividends for shareholder returns while remaining cautious about capital deployment.
- Declared a cash dividend of $0.02 per share for Q3 2022.
- Adopted a variable dividend policy allowing flexibility based on market conditions.
- New variable dividend policy may lead to less predictable dividend payments.
- Concentration in specific geographic areas may pose risks due to market condition changes.
SAN DIEGO, CA / ACCESSWIRE / September 2, 2022 / (NASDAQ:SQFT; SQFTP) 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 declared a cash dividend of
The dividend will be payable on September 30, 2022, to all stockholders of record as of the close of business on September 16, 2022.
In addition, Presidio announced today that its Board of Directors has adopted a variable dividend policy, which replaces its previous regular dividend policy. Under the new variable dividend policy, the Company's Board of Directors plans to determine dividends based upon a variety of factors, including property acquisition opportunities, property disposition opportunities, the macroeconomic operating environment, the condition of the commercial real estate and capital markets, and REIT tax considerations.
Jack Heilbron, Chairman and Chief Executive Officer, said, "We believe that dividends are an important part of total return for our stockholders, but we are also mindful of deploying capital when the market presents us with opportunities, and the overall operating environment." "This new variable dividend policy is not applicable to our preferred shares, which carry a fixed dividend," added Heilbron.
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
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, Inc.
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FAQ
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