Presidio Property Trust announced the commencement of an exchange offer for all outstanding shares of its 9.375% Series D Cumulative Redeemable Perpetual Preferred Stock in exchange for newly issued Series A Common Stock. The exchange ratio is 5.5 shares of common stock for each share of preferred stock tendered, with no fractional shares issued. As of September 2, 2026, there were 973,736 shares of Series D Preferred Stock outstanding. The offer expires on October 2, 2026, unless extended or terminated earlier by the company. This transaction represents a significant capital structure change for the internally managed diversified real estate investment trust that owns model home properties triple-net leased to homebuilders and other commercial real estate assets.