SAN DIEGO, CA / ACCESSWIRE / December 10, 2020 / Presidio Property Trust, Inc. (NASDAQ:SQFT), an internally managed, diversified real estate investment trust, announced today that, year to date in 2020, through its affiliated entities, it has sold 42 model homes and has six homes for sale in escrow. The 42 model homes were acquired for an aggregate purchase price of approximately $15.2 million and were sold for an aggregate sales price of approximately $17.1 million. 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 has continued to thrive in 2020," said Jack Heilbron, President and Chief Executive Officer. "Homebuilders continue to enjoy strong demand, and we have collected 100% of the model home lease payments billed to our homebuilders throughout the year," said Heilbron.
"Texas, where we have a significant part of our business, is enjoying historic demand for single-family homes. November of 2020 saw a record low of average days on market (DOM)," remarked Larry Dubose, President of Dubose Advisors, which manages and operates the purchase leaseback model home business. "The model homes we purchase for triple-net leaseback to homebuilders, and then eventual sale, typically have attractive locations within new home developments. They also often have a wide array of attractive upgrades, facilitating the sale of the properties at the end of a development's sales period."
About Presidio Property Trust
Presidio is an internally managed, diversified REIT. We have interests in approximately 120 model home properties located 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 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 Statements
This 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. Readers are cautioned that forward-looking statements (which can be identified by words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters) are subject to numerous risks and conditions, many of which are beyond Presidio's control, including those set forth in the "Risk Factors" section of Presidio's registration statement and prospectus filed with the Securities and Exchange Commission (SEC). Copies are available on the SEC's website, www.sec.gov. The statements in this press release represent Presidio's views only as of the date they are made and should not be relied upon as representing Presidio's views as of any subsequent date. Presidio undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.
Investor Relations Contacts:
Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
LHartkorn@presidiopt.com
Telephone: +1 (866) 781-7721 x244
TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com
MJ Clyburn
+1-917-327-6847
clyburn@tradigitalir.com
SOURCE: Presidio Property Trust, Inc.
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