Presidio Property Trust Provides Update on Model Home Activity in Q4 2024
Rhea-AI Summary
Presidio Property Trust (NASDAQ: SQFT) reported its Q4 2024 model home division performance, announcing the sale of five homes for approximately $2.7 million. These properties were originally acquired between 2017 and 2022 for about $2.5 million. As of December 31, 2024, the company's model home portfolio consisted of 78 homes, with 55 being wholly owned, representing approximately 29% of their net real estate assets.
Steve Hightower, President of the Model Homes Division, noted that performance met expectations despite seasonal adjustments and election cycle impacts typically resulting in slower sales. The company continues to evaluate purchasing opportunities from national, regional, and local builders across various markets.
Positive
- Sale of 5 homes generated $2.7M in Q4 2024, representing a gain over $2.5M acquisition cost
- Model homes represent significant portion (29%) of net real estate assets
- Portfolio maintains substantial wholly-owned position with 55 of 78 model homes
Negative
- Seasonal and election cycle slowdown affecting sales velocity
News Market Reaction – SQFT
In the trading session that priced this news, SQFT gained 2.80%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SAN DIEGO, Jan. 29, 2025 (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 the fourth quarter of 2024, through subsidiary and affiliate entities, have sold five homes for a total of approximately
“The model home division was on par with expectations. Seasonal adjustments as well as election cycles typically result in slower sales. We have been fortunate to navigate those trends as we continue to attract new home buyers within the resale sector. We also remain focused on analyzing purchasing opportunities from national, regional, and local builders across various markets,” 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, Texas, 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. 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
This press release was published by a CLEAR® Verified individual.
