SAN DIEGO - Presidio Property Trust, Inc., a real estate investment trust (REIT) based in San Diego, California, announced the results of its 2024 Annual Meeting of Stockholders held on Thursday. Despite a strong showing of shareholder participation, with 74.7% of eligible shares represented, two significant charter amendment proposals failed to pass.
The first proposal, which sought to allow the reclassification of unissued shares of common stock into different classes or series, received 70.17% support from votes cast. However, it required a majority of all eligible votes, not just those cast, to pass.
The second proposal aimed to eliminate cumulative voting in director elections, garnering 80.09% of the votes cast in favor, but similarly fell short of the majority required of all votes entitled to be cast.
Both directors up for re-election, David T. Bruen and Steve Hightower, were successfully reinstated to serve until the 2027 annual meeting. Moreover, the appointment of Baker Tilly US, LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with substantial support.
The meeting, conducted virtually, was detailed in a recent 8-K filing with the Securities and Exchange Commission. Presidio Property Trust, listed on The Nasdaq Stock Market under the symbols SQFT for its Series A Common Stock, SQFTP for its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock, and SQFTW for its Series A Common Stock Purchase Warrants, has not provided further commentary on the results of the meeting.
The voting results reflect the shareholders' decisions on the matters presented, which were more fully described in the Proxy Statement filed on May 10, 2024. These results were certified by Morrow Sodali, LLC, the Inspector of Election for the Annual Meeting. The company's stock performance and future direction may be influenced by these outcomes, as shareholders have expressed their stance on the proposed changes to the company's governance structure.
This news is based on a press release statement.
In other recent news, Presidio Property Trust, a diversified real estate investment trust, has priced its public offering of 109,054 shares of its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock at $16.00 per share.
This is expected to generate gross proceeds of approximately $1.74 million before deductions for underwriting discounts and offering expenses. The offering, managed by The Benchmark Company, LLC, is anticipated to close subject to customary closing conditions.
In a parallel development, Presidio has expanded its board with the appointment of Elena Piliptchak, Managing Member of Ouray Capital Management, LLC. This appointment is part of a cooperation agreement with the Zuma Investor Group, which holds approximately 7.6% of Presidio's outstanding common stock. The Zuma Investor Group has withdrawn its director nominations and agreed to support Presidio's slate of directors at the upcoming Annual Meeting of Stockholders.
These recent developments follow the effective declaration of a shelf registration statement on Form S-3 and an accompanying prospectus filed with the Securities and Exchange Commission (SEC) earlier this year.
Presidio has also noted the potential impact of market conditions, including those resulting from the COVID-19 pandemic, on its geographically clustered properties. Piliptchak's term is set to last until the company's 2026 Annual Meeting of Stockholders.
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