Presidio Property Trust Provides Update on Model Home Activity for 2022
News provided byACCESSWIRE
Feb 03, 2023, 8:30 AM ET
SAN DIEGO, CA / ACCESSWIRE / February 3, 2023 / (NASDAQ:SQFT; SQFTP) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed, diversified real estate investment trust ("REIT") announced, through subsidiary and affiliate entities, its model home sales activity for the year ended December 31, 2022. During 2022, we sold 31 model homes for approximately $17.5 million, recording a gain on sale of approximately $5.4 million. When purchased these model homes were newly constructed single-family homes that were leased back to the homebuilders on a triple-net basis. The 31 model homes were held for an average of 3.6 years, with an average purchase price of approximately $391,000 per home. The average sales price for the model homes sold in 2022 was approximately $565,000 per home.
"I am thrilled with our 2022 sales performance. This is a result of having exceptional builder partners and purchasing models in quality market areas. I am proud of the relationships we have formed and our ability to attract such quality business partners". said Steve Hightower, President of the Model Home Division.
We are pleased with the solid performance of our model home division in 2022," said Jack Heilbron, President and Chief Executive Officer. "We also see attractive opportunities to recycle capital with our homebuilder partners in new projects in 2023 and beyond."
About Presidio Property Trust
Presidio 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. While geographical clustering of real estate enables us to reduce our operating costs through economies of scale by servicing a number of properties with less staff, it makes us susceptible to changing market conditions in these discrete geographic areas, including those that have developed as a result of COVID-19. Presidio is also the sponsor of the Special Purpose Acquisition Company (SPAC) Murphy Canyon Acquisition Corp. (NASDAQ: MURF), which currently holds approximately $136 million in trust. Murphy Canyon Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. On November 8, 2022, Murphy entered into a definitive business combination agreement with Conduit Pharmaceuticals Limited, a pharmaceutical company led by highly experienced pharma executives established to fund the development of successful deprioritized clinical assets licensed from large pharmaceutical companies through its exclusive relationships. The closing of the business combination transaction is subject to numerous terms and conditions. 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 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 the Company's present expectations, but these statements are not guaranteed to occur. Except as required by law, the Company 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 the Company'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
Telephone: (760) 471-8536 x1244
SOURCE: Presidio Property Trust, Inc.