SAN DIEGO, CA / ACCESSWIRE / October 9, 2020 / Presidio Property Trust, Inc. (Presidio, NASDAQ:SQFT), an internally managed, diversified real estate investment trust, today announced the closing of its initial public offering of 500,000 shares of its Series A common stock at a price to the public of $5.00 per share for gross proceeds of $2.5 million.
These shares of Series A common stock began trading on the Nasdaq Capital Market on October 7, 2020 under the symbol "SQFT".
Kingswood Capital Markets, division of Benchmark Investments, Inc., acted as the sole bookrunner for the offering, and R.F. Lafferty & Co. Inc. acted as co-manager. Presidio granted the underwriters a 45-day option to purchase up to an additional 75,000 shares of Series A common stock to cover over-allotments, if any.
The offering of these securities was made only by means of a prospectus. These shares were offered pursuant to a registration statement on Form S-11, as amended (File No. 333-220514), that was declared effective by the Securities and Exchange Commission (SEC) on October 6, 2020. Information about this offering is available in Presidio's prospectus filed with the SEC on October 8, 2020, copies of which may be obtained by contacting Kingswood Capital Markets, Attention: Syndicate Desk, 17 Battery Place, Suite 625, New York, NY 10004, by telephone at +1 (212) 404-7002, or by email at [email protected]. The prospectus may also be obtained at the SEC's website at www.sec.gov.
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.
About Presidio Property Trust
Presidio is an internally managed, diversified REIT. Our commercial real estate portfolio consists of approximately 1.1 million square feet comprised of 15 properties: 10 office properties, one industrial property and four retail properties. Our commercial portfolio is located in Southern California, Colorado, and North Dakota, and we are currently considering new commercial property acquisitions in a variety of additional markets across the United States. Our commercial property tenant base is diversified, which helps limit our exposure to any single industry in which our tenants operate. Additionally, we own approximately 130 model home properties located in seven states, with the majority located in Texas and Florida. This geographical clustering of our real estate portfolio enables us to minimize operating costs and leverage efficiencies by managing a number of properties utilizing minimal overhead and staff. For more information on Presidio, please visit the Company's website at https://www.PresidioPT.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including Presidio's plans and strategies as described herein. Readers are cautioned that forward-looking statements (which can be identified by words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters) are subject to numerous risks and conditions, many of which are beyond Presidio's control, including those set forth in the "Risk Factors" section of Presidio's registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The statements in this press release represent Presidio's views only as of the date they are made and should not be relied upon as representing Presidio's views as of any subsequent date. Presidio undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.
Investor Relations Contact:
Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
Telephone: +1 (866) 781-7721 x244
SOURCE: Presidio Property Trust, Inc.