SAN DIEGO - Presidio Property Trust, Inc., a diversified real estate investment trust (REIT), has announced the appointment of Elena Piliptchak as a new member of its Board of Directors. Piliptchak, who is the Managing Member of Ouray Capital Management, LLC, joins the Board as a Class III director with her term set to expire at the company's 2026 Annual Meeting of Stockholders.
The appointment comes as part of a cooperation agreement with Zuma Capital Management, LLC, and other associated parties, collectively known as the Zuma Investor Group. This group collectively holds approximately 7.6% of Presidio's outstanding common stock.
As part of the agreement, Zuma has withdrawn its director nominations and will support Presidio's slate of directors at the 2024 Annual Meeting of Stockholders. Additionally, the Zuma Investor Group has agreed to certain standstill provisions and voting commitments.
Jack K. Heilbron, Presidio's Chairman of the Board, Chief Executive Officer, and President, expressed satisfaction with the agreement, stating that it aligns with the best interests of the company and its stockholders. He also welcomed Piliptchak to the Board, citing her extensive experience in investment and portfolio management as a valuable asset for Presidio.
Brent Morrison, Managing Member of Zuma, also remarked on the collaborative nature of the agreement and the benefits it brings to all stockholders. He highlighted Piliptchak's stockholder perspective, background, and expertise as instrumental in aiding Presidio's efforts to enhance stockholder value.
Elena Piliptchak boasts a strong background in investment management, having served in various senior roles at concentrated small-cap equity funds and long-short equity "Tiger Cub" funds. She holds an M.B.A. from Harvard Business School and a B.S. in Accounting and Finance from Kansas State University.
Presidio specializes in model home properties leased to homebuilders and also owns office, industrial, and retail properties across several states. Additionally, the company holds a stake in Conduit Pharmaceuticals Inc.
The cooperation agreement will be detailed in a Current Report on Form 8-K filed with the Securities and Exchange Commission. Advisors for the agreement included Gottfried Shareholder Advisory LLC and legal firms Sichenzia Ross Ference Carmel LLP and Venable LLP for Presidio, and Olshan Frome Wolosky LLP for the Zuma Investor Group.
This announcement is based on a press release statement from Presidio Property Trust, Inc.
InvestingPro Insights
In light of Presidio Property Trust's recent board appointment and cooperation agreement, investors may find the following InvestingPro Insights particularly relevant. Presidio Property Trust, Inc. (NASDAQ: SQFT) currently stands out in the market with a notably low Price / Book multiple of 0.23, suggesting that the company's stock might be undervalued relative to its assets. This could be an attractive point for value investors seeking potential bargains.
Moreover, Presidio's dividend yield is substantial, with a current rate of 10.89%, which is quite significant compared to industry peers. This high dividend yield could be appealing for income-focused investors, especially those looking for consistent cash flow from their investments. Additionally, the stock has seen a large price uptick over the last six months, with a total return of 40.32%, indicating a potentially positive momentum for the stock price.
InvestingPro Tips for Presidio Property Trust also highlight that the company has been profitable over the last twelve months, which could be a reassuring factor for investors considering the company's financial health in their investment decisions. For those interested in further insights and tips on Presidio Property Trust, there are 11 additional InvestingPro Tips available at https://www.investing.com/pro/SQFT, which could provide a more comprehensive understanding of the stock's potential.
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Key InvestingPro Data metrics for Presidio Property Trust include:
- Market Capitalization: $11.58 million USD
- Price/Earnings (P/E) Ratio: 1.3
- Revenue for the last twelve months as of Q4 2023: $17.64 million USD
These metrics, combined with the insights from the InvestingPro Tips, can offer a clearer picture of Presidio's financial standing and market valuation, aiding investors in making more informed decisions.
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