Presidio Property Trust, Inc.

Presidio Property Trust Announces Expiration and Results of Exchange Offer for All Outstanding Shares of its Series D Preferred Stock

Presidio Property Trust's exchange offer for its 9.375% Series D preferred stock expired October 2 with 149,773 preferred shares tendered, roughly 15.4% of the outstanding total. Tendering holders receive 5.5 common shares per preferred share, with about 823,753 common shares to be issued at settlement on or about October 6, 2026. Only ~15% participation limits both the balance-sheet benefit of retiring the high-coupon preferred and the dilution to common holders; directors and officers tendered on the same terms as other holders.

•21d ago

SQFT: 10-Q · periodic report

Presidio Property Trust (SQFT) reported Q2 2026 total revenue of $3.8 million, down about 13% year over year, with a net loss attributable to common stockholders of $4.4 million, or $(3.33) per share, including $3.0 million of impairments. First-half revenue fell to $7.6 million from $8.5 million a year earlier. The Board suspended the monthly dividend on the 9.375% Series D Preferred Stock as of January 28, 2026, and approximately $1.1 million of preferred dividends are now in arrears. On August 7, 2026 the company filed an S-4 and tender offer documents to exchange each Series D preferred share for 5.5 shares of common stock, which would create roughly 5.4 million new common shares against about 1.4 million outstanding. The Shea Center II foreclosure closed on July 1, 2026, with lender Argentic Services Company LP taking the property via a $12.0 million credit bid and no cash exchanged. First-half impairments totaled $3.5 million, total equity fell to $21.4 million, and one homebuilder represented about 16.5% of first-half revenue with 49 of 71 model home leases. Liquidity is tight: cash including restricted amounts was $5.9 million at June 30, 2026, with roughly $4.4 million restricted, while about $19.3 million of mortgage principal comes due in the last two quarters of 2026. Management expects property sales and refinancings to cover maturities but concedes financing may not be available on acceptable terms.

SEC 10-Q•2mo ago

SQFT: S-4 · offering registration

Presidio Property Trust filed an S-4 registering an exchange offer that lets holders of its 9.375% Series D Preferred Stock (SQFTP) swap each preferred share for 5.5 newly issued shares of common stock (SQFT). The company suspended the preferred's monthly dividend beginning with the January 2026 payment and had $1,331,263 in accrued unpaid dividends as of July 31, 2026. If all 973,736 preferred shares outstanding are tendered, Presidio would issue 5,355,548 new common shares, a 373% increase over the 1,434,432 common shares outstanding, heavily diluting existing common holders. At August 6 prices ($5.80 preferred, $2.29 common), the offer consideration of about $12.60 per preferred share sits well below the $25.00 liquidation preference. The company receives no cash proceeds and frames the offer as a recapitalization to cut its cost of capital, preserve cash, and strip away the preferred's dividend and liquidation priority. The board made no recommendation on tendering, no third-party fairness opinion was obtained, and insiders including CEO Jack K. Heilbron, CFO Ed Bentzen, and CIO Gary M. Katz hold both classes and intend to tender their preferred shares.

SEC S-4•2mo ago

SQFT: 8-K · earnings release

Presidio Property Trust reported a net loss of $0.10 per share for the first quarter of 2026, a sharp decline from $1.31 per share in the same period last year. Total revenue fell to $3.8 million from $4.1 million, driven by the sale of the Dakota Center commercial property and a reduction in the model home portfolio from 84 to 75 units. The company recognized a $3.4 million gain on the sale of Dakota Center, which helped offset operating losses, but this was partially negated by $524,000 in impairment charges and rising interest expenses of $2.1 million. Funds from Operations (FFO) turned negative at $(2.1) million, and Core FFO deteriorated to $(1.9) million from $(1.0) million in the prior year. Significant risks remain, including the ongoing foreclosure of the Shea Center II property, with a public auction scheduled for June 17, 2026. Management is implementing cost-cutting measures, including a 5% voluntary salary reduction for the CEO and a reduction in board directors, to address high G&A expenses relative to revenue.

SEC 8-K•5mo ago

Presidio Property Trust, Inc. Announces Earnings for the Quarter Ended March 31, 2026

Presidio Property Trust reported a Q1 2026 net loss of $0.10 per share, a sharp reversal from the $1.31 profit posted in the same quarter last year. Total revenue declined 8.5% year-over-year to $3.77 million, while underlying Funds From Operations (FFO) turned negative at ($2.1) million, worsening from ($1.2) million in the prior year. The reported net income of $558k was significantly boosted by a $3.4 million gain on the disposition of assets and liabilities, masking operational headwinds including $524k in asset impairments and a loss in its Conduit Pharmaceuticals investment.

•5mo ago

SQFT: 10-Q · periodic report

Presidio Property Trust reported a net loss of $129,632 attributable to common stockholders for the first quarter of 2026, driven by a suspension of preferred dividends and significant impairment charges. Total revenue declined 8.5% year-over-year to $3.77 million as the company continues to downsize its commercial real estate portfolio. The company recognized a $3.4 million gain from the sale of the Dakota Center property, which helped offset operating losses, but also recorded $524,373 in non-cash impairment charges, largely related to model homes and the Shea Center II property. Shea Center II has entered receivership and is scheduled for foreclosure auction in June 2026 due to a loan default. Liquidity remains tight with only $5.2 million in cash and restricted cash, while total mortgage debt stands at $81.6 million. The Board suspended monthly dividends on Series D Preferred Stock in January 2026, resulting in $570,541 of dividends in arrears. The filing also notes a 1-for-10 reverse stock split that became effective in May 2025, retroactively adjusted in these statements.

SEC 10-Q•5mo ago