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Presidio Property Trust, Inc. is a self-managed real estate investment trust that specializes in a diverse multi-tenant portfolio of real estate assets. Their holdings include model home properties leased to homebuilders in Arizona, Illinois, Texas, Wisconsin, and Florida, as well as office, industrial, and retail properties primarily located in Colorado, with additional properties in Maryland, North Dakota, Texas, and Southern California.
The company is internally managed and aims to deliver value to its shareholders through strategic investments and a commitment to operational excellence. With a focus on generating consistent income and long-term growth, Presidio Property Trust, Inc. continues to expand its portfolio and explore new opportunities in the real estate market.
Presidio Property Trust (NASDAQ: SQFT) has announced a new share repurchase program approved by its Board of Directors. The program authorizes the company to repurchase up to $6 million of its Series A Common Stock and up to $4 million of its Series D Preferred Stock. The repurchases may be executed through various methods, including open market transactions and privately negotiated transactions, in compliance with SEC rules and legal requirements.
Presidio Property Trust (NASDAQ: SQFT) has received an additional 180-day extension from Nasdaq to meet the $1.00 minimum bid price requirement for continued listing. The new compliance deadline is June 2, 2025. The company's stock continues trading on the Nasdaq Capital Market under 'SQFT'. To regain compliance, Presidio's closing bid price must remain at or above $1.00 for at least ten consecutive trading days before the deadline. If unsuccessful, the stock may face delisting, though Presidio can appeal to a Nasdaq Hearings Panel. The company is monitoring the situation and exploring options to meet the requirement.
Presidio Property Trust (NASDAQ: SQFT) has provided an update on its Model Home activity for Q3 2024. The company, through its subsidiaries and affiliates, acquired seven newly constructed single-family model homes in Texas for approximately $4 million. This purchase involved $2.8 million in mortgage notes payable and $1.2 million in cash. These homes are leased back to homebuilders on a triple-net basis.
Additionally, Presidio sold four homes for approximately $2.4 million during the same quarter. These homes were originally purchased between 2019 and 2022 for about $2.1 million. Model homes now represent approximately 30% of Presidio's real estate assets. Steve Hightower, President of the Model Homes Division, emphasized the importance of strong builder relationships during challenging sales cycles.
Presidio Property Trust (NASDAQ: SQFT; SQFTP; SQFTW), an internally managed, diversified REIT, has announced a dividend on its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock for October, November, and December 2024. The dividend details are as follows:
- October 2024: $0.19531 per share, payable on November 15, 2024, to shareholders of record as of October 31, 2024
- November 2024: $0.19531 per share, payable on December 16, 2024, to shareholders of record as of November 29, 2024
- December 2024: $0.19531 per share, payable on January 15, 2025, to shareholders of record as of December 31, 2024
This announcement demonstrates Presidio's commitment to providing consistent returns to its Series D Preferred Stock shareholders.
Presidio Property Trust, Inc. (NASDAQ:SQFT) reported its Q2 2024 earnings. Key points include:
- Net loss of $12.4 million ($1.00 per share), compared to $1.8 million loss in Q2 2023
- Total revenues of $4.6 million, slightly up from $4.5 million in Q2 2023
- Net real estate assets of $130.9 million, including 80 model homes
- G&A expenses increased to $2.2 million (48% of revenue)
- Sold 15 model homes for $7.4 million, recognizing a $0.8 million gain
- Recorded a $10 million net loss on investment in Conduit Pharmaceuticals
- FFO decreased to $(1.3 million) from $(0.5 million) in Q2 2023
- Core FFO decreased to $(0.4 million) from $(0.2 million) in Q2 2023
Presidio Property Trust (NASDAQ: SQFT) has declared a dividend on its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock for July, August, and September 2024. The dividend amount is $0.19531 per share for each month. Payment dates are set for August 15, September 16, and October 15, 2024, respectively. Shareholders of record as of July 31, August 30, and September 30, 2024, will be eligible for the corresponding monthly dividends. This announcement demonstrates Presidio's commitment to providing consistent returns to its preferred stockholders.
Presidio Property Trust announced significant activity in its Model Home Division for Q2 2024. The company, through its subsidiaries and affiliates, acquired seven newly constructed single-family model homes in Texas for approximately $3.5 million. These acquisitions were financed with $2.4 million in mortgage notes and $1.1 million in cash. Additionally, they sold 15 homes, generating about $8.1 million. Despite challenges like affordability and high interest rates, Presidio's sales activity remained robust. The company continues to seek new acquisition opportunities and maintain relationships with builders to identify desirable properties.
Presidio Property Trust (NASDAQ: SQFT) announced the successful closing of a public offering of 109,054 shares of its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock at $16.00 per share. The offering raised approximately $1.74 million in gross proceeds, before underwriting discounts and expenses. The Benchmark Company, acted as the sole bookrunning manager for this offering. The Series D Preferred Stock offering was registered with the SEC on April 26, 2024, and declared effective on May 17, 2024. Final prospectus supplements are available on the SEC's website or from The Benchmark Company.
Presidio Property Trust (NASDAQ: SQFT) announced that Conduit Pharmaceuticals (NASDAQ: CDT), of which Presidio owns 6.3%, will be added to the Russell 2000 Index on July 1, 2024. This inclusion is part of the annual reconstitution of the Russell indexes, which ranks the largest US stocks by market capitalization as of April 30 each year. Being part of the Russell 2000 and Russell 3000 indexes will elevate Conduit's visibility among investment managers and institutional investors. The Russell US Indexes are benchmarks for $10.5 trillion in assets as of December 2023.
Presidio Property Trust, Inc. has reached a cooperation agreement with Zuma Capital Management, appointing Elena Piliptchak to the board of directors. The Zuma Investor Group that holds 7.6% of Presidio's outstanding stock has agreed to certain provisions, enhancing corporate governance and stockholder value.
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