Business
Presidio Property Trust Provides Update on Model Home Activity for the First Quarter of 2023
SAN DIEGO, CA / ACCESSWIRE / April 19, 2023 / (NASDAQ:SQFT)(NASDAQ: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 / April 19, 2023 / (NASDAQ:SQFT)(NASDAQ:SQFTP) Presidio Property Trust, Inc. (\"Presidio\" or the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\") announced that in the first quarter of 2023, through subsidiary and affiliate entities, it acquired 9 newly constructed single-family model home properties located throughout Arizona, Florida, Illinois, Texas, and Wisconsin. These homes are then leased back to the homebuilders on a triple-net basis.The Company also announced model home sales activity for the quarter ended March 31, 2023. During the first quarter 2023, we sold 3 model homes for approximately $1.6 million, recording a gain on sales of approximately $393,000. When purchased these model homes were newly constructed single-family homes that were leased back to the homebuilders on a triple-net basis. The 3 model homes were held for an average of 3.6 years, with an average purchase price of approximately $380,000 per home. The average sales price for the model homes sold in the first quarter of 2023 was approximately $540,000 per home.\"We continue to see strong performance from our model home resales. This is the result of purchasing models in markets we feel have excellent upside potential and acquiring those properties at the right price,\" said Steve Hightower, President of the Model Home Division.\"We are pleased with our model home sales during the quarter and with the second consecutive quarterly growth in our model home inventory,\" said Jack Heilbron, President and Chief Executive Officer. \"We will continue to invest in our homebuilder relationships and expand our opportunities during 2023.\"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. Presidio is also the sponsor of the Special Purpose Acquisition Company (SPAC) Murphy Canyon Acquisition Corp. (NASDAQ: MURF), which currently holds approximately $24 million in trust. Murphy Canyon Acqui...