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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): June 27, 2023
Presidio
Property Trust, Inc.
(Exact
name of registrant as specified in its charter)
Maryland |
|
001-34049 |
|
33-0841255 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
4995
Murphy Canyon Road, Suite 300
San
Diego, California 92123
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (760) 471-8536
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
|
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
|
|
|
|
|
Series
A Common Stock, $0.01 par value per share |
|
SQFT |
|
The
Nasdaq Stock Market LLC |
|
|
|
|
|
9.375%
Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share |
|
SQFTP |
|
The
Nasdaq Stock Market LLC |
|
|
|
|
|
Series
A Common Stock Purchase Warrants to Purchase Shares of Common Stock |
|
SQFTW |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01 Regulation FD Disclosure.
On
June 27, 2023, Presidio Property Trust, Inc. (the “Company”) issued a press release announcing the purchase of 7 new homes
in June 2023 for the Model Home division. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference
herein.
The
information in this Item 7.01 disclosure, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the
liabilities under such section. In addition, the information in this Item 7.01 disclosure, including Exhibit 99.1, shall not be incorporated
by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly
set forth by specific reference in such filing.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
The
following exhibit is being filed herewith:
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
PRESIDIO
PROPERTY TRUST, INC. |
|
|
|
|
By: |
/s/
Adam Sragovicz |
|
Name: |
Adam
Sragovicz |
|
Title: |
Chief
Financial Officer |
|
|
|
Dated: June 28, 2023 |
|
|
Exhibit
99.1
Presidio
Property Trust Provides Update on Model Home Purchases in June 2023
San
Diego, CA – June 27, 2023 – (NASDAQ: SQFT; SQFTP) Presidio Property Trust, Inc. (“Presidio” or the “Company”),
an internally managed, diversified real estate investment trust (“REIT”) announced that in June 2023, through subsidiary
and affiliate entities, it acquired 7 newly constructed single-family model home properties located in greater Dallas/Ft. Worth, Texas.
These 7 homes were purchased for a total of approximately $4.2 million, with mortgage notes payable of approximately $2.9 million, and
approximately $1.3 million in cash. They are then leased back to the homebuilders on a triple-net basis.
“Texas
has been a market we remain very active in and has provided us with some excellent purchasing opportunities. I am excited that we have
been able to expand our footprint within the greater Dallas/Ft. Worth market. This area has proven to be a great operating location with
a strong track record,” said Steve Hightower, President of the Model Homes Division.
About
Presidio Property Trust
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. Presidio’s model homes are leased to homebuilders located primarily in Texas and Florida. Our
office, industrial and retail properties are located primarily in Colorado, with properties also located in Maryland, North Dakota, Texas,
and Southern California. Presidio is also the sponsor of the Special Purpose Acquisition Company (SPAC) Murphy Canyon Acquisition Corp.
(NASDAQ: MURF), which currently holds approximately $23.3 million in trust. Murphy Canyon Acquisition Corp. is a blank check company
formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business
combination with one or more businesses. On November 8, 2022, Murphy entered into a definitive business combination agreement with Conduit
Pharmaceuticals Limited, a pharmaceutical company led by highly experienced pharma executives established to fund the development of
successful deprioritized clinical assets licensed from large pharmaceutical companies through its exclusive relationships. The closing
of the business combination transaction is subject to numerous terms and conditions. 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 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
v3.23.2
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