Presidio Property Trust, a diversified REIT repositioning its portfolio to focus on office and industrial properties, lowered the proposed deal size for its upcoming IPO on Tuesday. In its latest filing, the company also added Colliers Securities as an underwriter.
The San Deigo, CA-based company now plans to raise $10 million by offering 2 million shares at $5. The company had previously filed to offer 2.5 million shares at a range of $5 to $7. At the revised price, Presidio Property Trust will raise -33% less in proceeds than previously anticipated to command a market value of $55 million.
Presidio Property Trust was founded in 1999 and booked $28 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol SQFT. Kingswood Capital Markets, Colliers Securities, Spartan Securities and WestPark Capital are the joint bookrunners on the deal.
