Business
Presidio Property Trust Provides Update on Model Home Activity for 2022
SAN DIEGO, CA / ACCESSWIRE / February 3, 2023 / (NASDAQ:SQFT; SQFTP) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed,
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / February 3, 2023 / (NASDAQ:SQFT; SQFTP) Presidio Property Trust, Inc. (\"Presidio\" or the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\") announced, through subsidiary and affiliate entities, its model home sales activity for the year ended December 31, 2022. During 2022, we sold 31 model homes for approximately $17.5 million, recording a gain on sale of approximately $5.4 million. When purchased these model homes were newly constructed single-family homes that were leased back to the homebuilders on a triple-net basis. The 31 model homes were held for an average of 3.6 years, with an average purchase price of approximately $391,000 per home. The average sales price for the model homes sold in 2022 was approximately $565,000 per home.\"I am thrilled with our 2022 sales performance. This is a result of having exceptional builder partners and purchasing models in quality market areas. I am proud of the relationships we have formed and our ability to attract such quality business partners\". said Steve Hightower, President of the Model Home Division.We are pleased with the solid performance of our model home division in 2022,\" said Jack Heilbron, President and Chief Executive Officer. \"We also see attractive opportunities to recycle capital with our homebuilder partners in new projects in 2023 and beyond.\"About Presidio Property TrustPresidio is an internally managed, diversified REIT with holdings in model home properties which are triple-net leased to homebuilders, office, industrial, and retail properties. Presidio's model homes are leased to homebuilders located primarily in Texas and Florida. Our office, industrial and retail properties are located primarily in Colorado, with properties also located in Maryland, North Dakota, Texas, and Southern California. While geographical clustering of real estate enables us to reduce our operating costs through economies of scale by servicing a number of properties with less staff, it makes us susceptible to changing market conditions in these discrete geographic areas, including those that have developed as a result of COVID-19. Presidio is also the sponsor of the Special Purpose Acquisition Company (SPAC) Murphy Canyon Acquisition Corp. (NASDAQ: MURF), which currently holds approximately $136 million in trust. Mur...