Welcome to our dedicated page for Presidio Ppty Tr news (Ticker: SQFTW), a resource for investors and traders seeking the latest updates and insights on Presidio Ppty Tr stock.
Presidio Property Trust, Inc. was founded as NetREIT in 1999, focusing on out-of-the-mainstream properties to find hidden value. They are a diversified REIT with model home properties leased to homebuilders in Arizona, Illinois, Texas, Wisconsin, and Florida. Additionally, they own office, industrial, and retail properties primarily in Colorado, with other locations in Maryland, North Dakota, Texas, and Southern California. With an internal management structure, Presidio seeks to provide stability and sustainable performance in the real estate market.
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 (NASDAQ: SQFT) reported its first-quarter 2024 earnings, revealing a net loss of $5.8 million or ($0.47) per share, compared to a net loss of $1.5 million or ($0.13) per share in Q1 2023. Revenues increased to $4.8 million from $4.1 million a year earlier. Key highlights include signing leasing transactions totaling 24,476 sf and selling 27 model homes for $14 million, recognizing a gain of $2 million. The company also faced a $0.1 million non-cash impairment charge related to four model homes. Investments in Conduit Pharmaceuticals marked a $3.9 million fair value loss. FFO dropped to $(971,367) from $(228,914) in Q1 2023, and Core FFO decreased from $31,932 to $(429,445). No distributions were declared for Series A Common Stock, while Series D Preferred Stock distributions remained consistent at $0.58593 per share.
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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