Presidio Property Trust, Inc. (NASDAQ: SQFT) announced the expiration and results of its exchange offer on October 5, 2026. The company offered to exchange any and all outstanding shares of its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock (NASDAQ: SQFTP) for newly issued shares of its Series A Common Stock (NASDAQ: SQFT).
The exchange offer expired at 11:59 p.m. New York City time on October 2, 2026. As of the expiration date, 149,773 shares of Series D Preferred Stock were validly tendered and not validly withdrawn. This represents approximately 15.4% of the outstanding Series D Preferred Stock.
In accordance with the offer terms, the company accepted all validly tendered shares for exchange. Participating holders will receive 5.5 shares of Series A Common Stock for each share of Series D Preferred Stock tendered. This results in an aggregate of approximately 823,753 shares of Common Stock to be issued.
The company expects to settle the exchange on or about October 6, 2026. The exchange agent for the transaction was Broadridge Corporate Issuer Solutions, LLC.
As of October 2, 2026, a total of 973,736 shares of Series D Preferred Stock were outstanding. Following the settlement of the exchange, approximately 823,963 shares of Series D Preferred Stock will remain outstanding.
The exchange offer was not contingent upon a minimum number of shares being tendered or any financing conditions. Certain of the company’s directors and executive officers tendered their shares of Series D Preferred Stock in the exchange.
