Presidio Property Trust Announces Pricing of $1.74 Million Public Offering of Series D Preferred Stock
Summary
SAN DIEGO, CA / ACCESSWIRE / June 20, 2024 / (NASDAQ:SQFT) Presidio Property Trust, an internally managed, diversified real estate investment trust ("REIT"), today announced the pricing of its public offering of 109,054 shares of its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock par value $0.01 per share (the "Series D Preferred Stock") at a price to the public of $16.00 per share. Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained, when available, from The Benchmark Company, LLC, 150 East 58th Street, 17th floor, New York, NY 10155, by email at prospectus@benchmarkcompany.com, or by calling +1 (212)-312-6700.This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.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. Presidios model homes are leased to homebuilders located in Arizona, Illinois, Texas, Wisconsin, and Florida. While geographical clustering of real estate enables us to reduce our operating costs through economies of scale by servicing several 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 owns approximately 6.5% of the outstanding common stock of Conduit Pharmaceuticals Inc., a disease agnostic multi-asset clinical-stage disease-agnostic life science company providing an efficient model for compound development.