Business
Presidio Property Trust Announces Results of 2020 Leasing Activity
SAN DIEGO, CA / ACCESSWIRE / February 11, 2021 / Presidio Property Trust, Inc. (NASDAQ:SQFT), an internally managed, diversified real estate investment trust,
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / February 11, 2021 / Presidio Property Trust, Inc. (NASDAQ:SQFT), an internally managed, diversified real estate investment trust, announced results of 2020 leasing activity.\"In 2020, we renewed leases covering nearly 170,000 square feet, or about 15% of our commercial portfolio. We also executed new leases for approximately 120,000 square feet, or about 10% of our commercial portfolio,\" said Gary Katz, Senior Vice President of Asset Management. \"Overall, our same-store occupancy for our commercial portfolio in 2020 rose to 84.8% from 83.9% in 2019.\"\"In spite of the challenges posed by COVID-19, we see continued interest and demand from current and new tenants,\" added Jack Heilbron, President and Chief Executive Officer. \"Tenants in office properties in Colorado, industrial space in Fargo, and retail centers in California stayed put and renewed in 2020, validating our strategies of diversifying by both geography and property type.\"About Presidio Property TrustPresidio is an internally managed, diversified REIT. We have interests in approximately 120 model home properties in six states, with the majority located in Texas and Florida, which are leased back to homebuilders on a triple-net basis. Our commercial real estate portfolio consists of approximately 1.1 million square feet comprised of 14 properties: ten office properties, one industrial property and three retail properties. Our commercial portfolio is located in Southern California, Colorado, and North Dakota, and we are currently considering new commercial property acquisitions in a variety of additional markets across the United States. Our commercial property tenant base is diversified, which helps limit our exposure to any single industry in which our tenants operate. This geographical clustering of our real estate portfolio enables us to minimize operating costs and leverage efficiencies by managing a number of properties utilizing minimal overhead and staff. For more information on Presidio, please visit the Company's website at https://www.PresidioPT.com.Cautionary Note Regarding Forward-Looking StatementsThis press release may contain statements that constitute \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995, including Presidio's plans and strategies as described herein. R...