Presidio Property Trust Provides Update on Model Home Activity in Q2 2024

Rhea-AI Summary

Presidio Property Trust announced significant activity in its Model Home Division for Q2 2024. The company, through its subsidiaries and affiliates, acquired seven newly constructed single-family model homes in Texas for approximately $3.5 million. These acquisitions were financed with $2.4 million in mortgage notes and $1.1 million in cash. Additionally, they sold 15 homes, generating about $8.1 million. Despite challenges like affordability and high interest rates, Presidio's sales activity remained robust. The company continues to seek new acquisition opportunities and maintain relationships with builders to identify desirable properties.

Positive

• Acquired seven newly constructed single-family model homes for approximately $3.5 million.
• Generated $8.1 million from the sale of 15 homes in Q2 2024.
• Continues to analyze acquisition opportunities and engage with builders.

Negative

• None.

SAN DIEGO, July 02, 2024 (GLOBE NEWSWIRE) -- (NASDAQ: SQFT; SQFTP; SQFTW) Presidio Property Trust, Inc. (“Presidio” or the “Company”), an internally managed, diversified real estate investment trust (“REIT”) announced that in second quarter of 2024, through subsidiary and affiliate entities, it acquired seven newly constructed single-family model home properties located in Texas. These seven homes were purchased for a total of approximately $3.5 million, with mortgage notes payable of approximately $2.4 million, and approximately $1.1 million in cash. They are then leased back to the homebuilders on a triple-net basis. Additionally, during the second quarter of 2024, through subsidiary and affiliate entities, we sold 15 homes for a total of approximately $8.1 million.

“Despite challenges with affordability and higher interest rates, we have had a brisk quarter of sales activity. I have been pleased with the overall sales performance. We continue to analyze acquisition opportunities and will engage with builders as we find desirable properties,” said Steve Hightower, President of the Model Homes Division.

About Presidio Property Trust

Presidio is an internally managed real estate investment trust with holdings in model home properties, which are triple net leased to homebuilders, and office, industrial, and retail properties. Presidio’s model homes are leased to homebuilders located in Arizona, Illinois, Texas, Wisconsin, and Florida. Presidio’s office, industrial, and retail properties are located primarily in Colorado, with properties also located in Maryland, North Dakota, Texas, and Southern California. Presidio also owns approximately 6.5% of the outstanding common stock of Conduit Pharmaceuticals Inc., a disease agnostic multi-asset clinical-stage life science company providing an efficient model for compound development. For more information on Presidio, please visit Presidio’s website at https://www.PresidioPT.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and other federal securities laws. Forward-looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Presidio’s present expectations, but these statements are not guaranteed to occur. Except as required by law, Presidio disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes please refer to Presidio’s filings with the SEC, including those under “Risk Factors” therein, copies of which are available on the SEC’s website, www.sec.gov.

Investor Relations Contact:

Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
LHartkorn@presidiopt.com
Telephone: (760) 471-8536 x1244

FAQ

What did Presidio Property Trust announce in their Q2 2024 update?

Presidio Property Trust reported acquiring seven new model homes in Texas for $3.5 million and selling 15 homes for $8.1 million.

How did Presidio Property Trust finance the recent acquisitions in Q2 2024?

Presidio Property Trust financed the acquisitions with $2.4 million in mortgage notes and $1.1 million in cash.

What was the total revenue from home sales reported by Presidio Property Trust in Q2 2024?

Presidio Property Trust generated approximately $8.1 million from the sale of 15 homes.

How is Presidio Property Trust's Model Home Division performing despite high interest rates?

Despite high interest rates and affordability challenges, Presidio Property Trust reported robust sales activity in Q2 2024.

What is the stock symbol for Presidio Property Trust?

The stock symbol for Presidio Property Trust is SQFT.