Business
Presidio Property Trust Completes Extension of Line of Credit
SAN DIEGO, CA / ACCESSWIRE / October 14, 2022 / (NASDAQ:SQFT)(NASDAQ:SQFTP)(NASDAQ:SQFTW) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / October 14, 2022 / (NASDAQ:SQFT)(NASDAQ:SQFTP)(NASDAQ:SQFTW) Presidio Property Trust, Inc. (\"Presidio\" or the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today announced that it has closed on an amendment to its guidance line of credit (as amended, \"the facility\").The amendment extends the facility through October 12, 2023. The facility provides for up to $30 million in funding for model home acquisitions, subject to various lender terms and conditions.\"As real estate and capital markets are increasingly challenging to navigate, we are pleased to have our model home segment's facility renewed,\" said Jack Heilbron, President and Chief Executive Officer of Presidio Property Trust. \"We believe that our model home business will continue to thrive, and look forward to taking advantage of market opportunities,\" he added.First Horizon Bank is acting as the sole lender for the facility.About Presidio Property TrustPresidio 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. While geographical clustering of real estate enables us to reduce our operating costs through economies of scale by servicing a number of 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 is also the sponsor of the Special Purpose Acquisition Company (SPAC) Murphy Canyon Acquisition Corp. (MURF), which currently holds approximately $140 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. For more information on Presidio, please visit the Company's website at https://www.PresidioPT.com.Cautionary Note Regarding Forward-Looking StatementsThis press release contains statements that ar...