Business
Presidio Property Trust Reports 2020 Model Home Sales Activity
SAN DIEGO, CA / ACCESSWIRE / January 19, 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 / January 19, 2021 / Presidio Property Trust, Inc. (NASDAQ:SQFT), an internally managed, diversified real estate investment trust, announced today that, through its affiliated entities, it sold 46 model homes during 2020, and had eight homes for sale in escrow at year-end. 100% of the homes sold in 2020 resulted in a positive investment return. Home sold in 2020 were located in the states of Texas, Florida, Arizona, California, Wisconsin, and Pennsylvania. The average sales price per model home sold was approximately $400,000, and the average holding period was approximately 3 years.\"Our model home business delivered solid performance in 2020,\" said Jack Heilbron, President and Chief Executive Officer. \"We saw positive model home returns in all geographies and averaged a sale of almost one home per week throughout the year,\" said Heilbron. \"We collected 100% of the lease payments that we billed to our homebuilder tenants in 2020, showing the strength of the purchase / leaseback model home business, even in the time of COVID. Amortizing mortgages on these properties, coupled with a 3-year holding period, further reduces our risk.\"\"Companies such as Hewlett Packard, Oracle, and Tesla chose to move to more business-friendly, lower-tax environments in 2020,\" remarked Larry Dubose, President of Dubose Advisors, which manages and operates the purchase / leaseback model home business and is a wholly-owned subsidiary of Presidio Property Trust. \"With a more reasonable cost of living and more affordable quality housing options, we are not surprised that the U.S. Census Bureau's 2020 population estimates are that Texas had the highest population growth of any state. Having the bulk of our business in Texas and Florida, we expect the larger American population trends to translate into continued strong demand for housing in our core markets.\"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 15 properties: ten office properties, one industrial property and four retail properties. Our commercial...