Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed, diversified real estate investment trust ("REIT"), today announced that its Board of Directors has suspended the Company's monthly dividend on its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock (the "Series D Preferred Stock"), commencing with the January 2026 monthly dividend that would have been paid on February 15, 2026. In accordance with the terms of the Series D Preferred Stock, the unpaid monthly dividends will continue to accrue at $0.19531 per share each month unpaid.
Chairman and Chief Executive Officer Jack Heilbron said, "With the current CMBS-backed office mortgage delinquency rates surpassing the high levels of 2008, our portfolio is not in an advantageous position to sell our office buildings and realize our equity. The Company intends to focus on the growth of our Model Home portfolio, while protecting our existing commercial property investments. We are working towards reducing operating expenses and preserving cash. Our Board therefore made the decision to suspend our preferred stock dividend to preserve capital in an ongoing challenging environment."
The Company estimates that suspension of the dividend will preserve approximately $2.3 million in cash on an annualized basis. The Board and the Company will reassess, on a quarterly basis, when accrued dividends may be paid and when the monthly dividend payments can be reinstated.