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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): March 17, 2021 (March 16, 2021)
 
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 No.)
 
(I.R.S. Employer
Identification No.)
 
 
4995 Murphy Canyon Road, Suite 300
San Diego, California 92123
(Address of Principal Executive Offices, Including Zip Code)
____________________
 
(760) 471-8536
(Registrant’s Telephone Number, Including Area Code)
___________________
 
 
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
 
 
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 8.01
Other Events.
 
Press Release
 
On March 16, 2021, Presidio Property Trust, Inc. (the "Company") issued a press release reporting an update on model home activity and made the press release available on its website, www.PresidioPT.com.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.  The information in this Item 8.01 of this Current Report on Form 8-K, including the information contained in the press release, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any of the filings of the Company, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.
 
Item 9.01
Financial Statements and Exhibits.
           (d)
Exhibits
         99.1
         104
Cover Page Interactive Data File (embedded with the inline XBRL document)
 
 
 
 
 
 
 
 
SIGNATURES
 
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.
 
 
     
Date:  March 17, 2021
 
PRESIDIO PROPERTY TRUST, INC.
   
By:          /s/ Ann T. Nguyen 
   
Ann T. Nguyen 
   
General Counsel & Secretary
 
 
 
 
 

Exhibit 99.1

 

EX_234697IMG001.GIF

 

 

 

Presidio Property Trust Provides

Update on Model Home Activity

 

San Diego, CA – March 16, 2021 – Presidio Property Trust, Inc. (Nasdaq: SQFT), an internally managed, diversified real estate investment trust, announced today that, in February of 2021, through its affiliated entities, it sold 4 model homes, and has nine homes for sale currently in escrow. The average sales price per model home sold in February was approximately $480,000, and the average holding period was approximately three years.

 

“February of 2021 saw another month of strong performance of our model home segment,” said Jack Heilbron, President and Chief Executive Officer. “Days on Market (DOM) for new homes in Texas, one of our core model home markets, was only 106 days, a slight improvement over the already strong 107 days for last month,” said Heilbron.

 

“Florida is another core model home market for us,” remarked Larry Dubose, President of Dubose Advisors, which manages and operates the purchase leaseback model home business. “As an example of the strength of the market, in January of 2021, the last month for when data are currently available, Central Florida homes spent only 49 days on the market on average.”

 

About Presidio Property Trust

 

Presidio is an internally managed, diversified REIT. We have interests in approximately 110 model home properties located in four states, with the majority located in Texas and Florida, which are leased back to homebuilders on a triple-net basis. Our commercial real estate portfolio consists of approximately 1 million square feet comprised of 13 properties: nine office properties, one industrial property and three 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. 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 may contain 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 filed with the Securities and Exchange Commission (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 Contacts:

 

Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
LHartkorn@presidiopt.com
Telephone: +1-760-471-8536 x1244

 

 

TraDigital IR

 

Kevin McGrath

+1-646-418-7002

kevin@tradigitalir.com

 

 

MJ Clyburn

+1-917-327-6847

clyburn@tradigitalir.com