Presidio Property Trust, a diversified REIT repositioning its portfolio to focus on office and industrial properties, lowered the proposed deal size its upcoming IPO for a third consecutive time on Tuesday.
The San Deigo, CA-based company now plans to raise $2.5 million by offering 500,000 shares at $5. The company most recently filed to offer 1 million shares at the same price. It originally filed to raise $69 million in September 2017. At the revised deal size, Presidio Property Trust will raise -50% less in proceeds than previously anticipated to command a market value of $47 million. Because its deal size is less than $5 million and market cap is less than $50 million, Presidio Property Trust is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
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.
