Presidio Property Trust Announces Update of Share Repurchase Program

Rhea-AI Summary

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.

Positive

• Authorization of $6 million for common stock repurchase indicates confidence in company value
• Additional $4 million authorized for preferred stock repurchase shows commitment to both types of shareholders
• Flexible repurchase methods provide strategic advantages in execution

Negative

• Capital allocation to share repurchases may reduce funds available for property investments
• No specified timeline for the repurchase program completion

News Market Reaction

+8.97%

1 alert

+8.97% News Effect

On the day this news was published, SQFT gained 8.97%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

SAN DIEGO, Dec. 19, 2024 (GLOBE NEWSWIRE) -- (NASDAQ: SQFT; SQFTP; 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 approved a share repurchase plan authorizing the Company to repurchase up to $6 million of its outstanding shares of Series A Common Stock and up to $4 million of its outstanding shares of Series D Preferred Stock.

Under the share repurchase program, the shares may be repurchased from time to time using a variety of methods, which may include open market transactions, privately negotiated transactions or otherwise, all in accordance with the rules of the Securities and Exchange Commission and other applicable legal requirements.

About Presidio Property Trust

Presidio is an internally managed real estate investment trust with holdings in model home properties, which are triple net leased to homebuilders, and office, industrial, and retail properties. Presidio’s model homes are leased to homebuilders located in Arizona, Illinois, Texas, Wisconsin, and Florida. Presidio’s office, industrial, and retail properties are located primarily in Colorado, with properties also located in Maryland, North Dakota, Texas, and Southern California. Presidio also owns approximately 4.3% of the outstanding common stock of Conduit Pharmaceuticals Inc., a disease agnostic multi-asset clinical-stage life science company providing an efficient model for compound development. For more information on Presidio, please visit Presidio’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 Company’s filings with the SEC, including those under “Risk Factors” therein, 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

This press release was published by a CLEAR® Verified individual.

FAQ

How much is Presidio Property Trust's (SQFT) total share repurchase program worth?

Presidio Property Trust's total share repurchase program is worth $10 million, with $6 million allocated for Series A Common Stock and $4 million for Series D Preferred Stock.

What methods will SQFT use to repurchase shares?

SQFT may use various methods including open market transactions, privately negotiated transactions, or other means, all in compliance with SEC rules and legal requirements.

How will the SQFT share repurchase program affect stockholders?

The share repurchase program could potentially increase value for existing shareholders by reducing the number of outstanding shares and showing management's confidence in the company's value.

When did Presidio Property Trust announce its share repurchase program?

Presidio Property Trust announced its share repurchase program on December 19, 2024.

What types of shares will SQFT repurchase under the new program?

SQFT will repurchase both Series A Common Stock (up to $6 million) and Series D Preferred Stock (up to $4 million) under the program.