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 Friday. In its latest filing, the company also removed Colliers Securities, Spartan Securities, and WestPark Capital as underwriters and disclosed financials for the six months ended June 30, 2020.
The San Deigo, CA-based company now plans to raise $5 million by offering 1 million shares at $5. This is the third time Presidio Property Trust has revised its terms, most recently filing to offer 2 million shares at $5. At the proposed price, Presidio Property Trust will raise -50% less in proceeds than previously anticipated to command a market value of $50 million.
Presidio Property Trust was founded in 1999 and booked $27 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol SQFT. Kingswood Capital Markets is the sole bookrunner on the deal.
