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Presidio Property Trust Declares Third-Quarter 2022 Dividend and Adopts Variable Dividend Policy
SAN DIEGO, CA / ACCESSWIRE / September 2, 2022 / (NASDAQ:SQFT; SQFTP) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed,
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / September 2, 2022 / (NASDAQ:SQFT; SQFTP) 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 declared a cash dividend of $0.02 per share on its Series A Common Stock for the third quarter of 2022.The dividend will be payable on September 30, 2022, to all stockholders of record as of the close of business on September 16, 2022.In addition, Presidio announced today that its Board of Directors has adopted a variable dividend policy, which replaces its previous regular dividend policy. Under the new variable dividend policy, the Company's Board of Directors plans to determine dividends based upon a variety of factors, including property acquisition opportunities, property disposition opportunities, the macroeconomic operating environment, the condition of the commercial real estate and capital markets, and REIT tax considerations.Jack Heilbron, Chairman and Chief Executive Officer, said, \"We believe that dividends are an important part of total return for our stockholders, but we are also mindful of deploying capital when the market presents us with opportunities, and the overall operating environment.\" \"This new variable dividend policy is not applicable to our preferred shares, which carry a fixed dividend,\" added Heilbron.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. (NASDAQ:MURFU), which currently holds approximately $140 million ...