presidio property trust holds annual stockholder meeting, reports voting outcomes

Presidio Property Trust , Inc. (NASDAQ:SQFT), a real estate investment company currently trading at $5.93 per share with a market capitalization of $7.7 million, conducted its 2025 Annual Meeting of Stockholders today in a virtual format. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 2.36, though it faces profitability challenges with negative earnings in the last twelve months. The meeting, attended by 63.11% of eligible shares, reported several key voting outcomes.

Two director nominees, Jennifer A. Barnes and Tracie Hager, were re-elected to the board. Barnes received 4,045,151 votes in favor with 480,855 withheld, while Hager received 4,065,724 votes in favor with 460,282 withheld.

The appointment of Moss Adams LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with 8,649,682 votes in favor, 185,824 against, and 97,844 abstentions.

An amendment to the 2017 Incentive Award Plan was approved, increasing the share availability to 4,500,000 and revising the evergreen provision. This proposal received 2,888,436 votes in favor, 1,122,595 against, and 514,975 abstentions.

However, a proposal to amend the company’s charter to increase the authorized shares of preferred stock from 1,000,000 to 2,000,000 was not approved. Despite receiving 3,354,810 votes in favor and 576,855 against, it failed to meet the requirement of a majority of all entitled votes.

Another charter amendment to clarify the submission period for notice of intent to cumulate votes in director elections also did not pass. It received 3,579,135 votes in favor and 367,327 against, but did not achieve the necessary majority.

The advisory vote to approve executive compensation, known as "Say on Pay," was approved with 3,456,567 votes in favor, 463,104 against, and 606,335 abstentions. The company decided to hold future Say on Pay votes every three years, with the next frequency vote expected in 2031.

These results are based on a press release statement from the company.

In other recent news, Presidio Property Trust has announced a self-tender offer to repurchase up to 2 million shares of its Series A Common Stock at $0.68 per share. This strategic move, approved by the board, will utilize available cash, with the offer set to expire on May 5, 2025. Additionally, the company is considering a reverse stock split to meet Nasdaq’s minimum bid price requirements, with potential implementation by May 15, 2025. In another development, Presidio is facing a financial challenge with a loan default related to the Dakota Center in Fargo, North Dakota, involving an original principal of $11.1 million. The company is working with the lender and a special servicer to sell the property and resolve the non-recourse debt. This default has resulted in an increased interest rate and additional expenses for the company. Furthermore, Presidio Property Trust disclosed the immediate resignation of board member David Bruen, with no disagreements cited as the cause. These recent developments are drawing close attention from investors and stakeholders.

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