Presidio Property Trust, Inc. - SQFT STOCK NEWS

Presidio Property Trust (NASDAQ:SQFT) reported strong performance in its model home segment for February 2021. The company sold 4 model homes, each averaging about $480,000, with an average holding period of 3 years. The Days on Market (DOM) for new homes in Texas improved slightly to 106 days. Additionally, Central Florida's homes averaged just 49 days on the market. Presidio holds approximately 110 model home properties across several states, mainly Texas and Florida, indicating a robust presence in the residential market.

Presidio Property Trust (NASDAQ:SQFT) declared a cash dividend of $0.101 per share on February 23, 2021, marking an increase from the previous quarter's dividend. This payment is scheduled for March 16, 2021, to shareholders of record as of March 9, 2021. Presidio, an internally managed diversified real estate investment trust, owns approximately 110 model home properties across four states, with significant holdings in Texas and Florida. Additionally, the commercial portfolio encompasses roughly 1 million square feet across various property types.

Presidio Property Trust (NASDAQ:SQFT) announced the sale of its Garden Gateway property, a 115,000 square foot office complex in Colorado Springs, on February 19, 2021. The sale is attributed to a long-term lease with the U.S. GSA, enhancing the property’s attractiveness to buyers. Proceeds from the sale will be utilized to reduce leverage and acquire properties that align with the company’s growth strategy. The management emphasized their ability to execute the business plan despite COVID-19 challenges.

Presidio Property Trust (NASDAQ:SQFT) reported strong performance in January 2021, selling three model homes at an average price of $430,000. Eight additional homes are currently in escrow. The shift to higher-growth states like Florida and Texas marks a strategic transition for the company. Despite selling two homes below their original purchase prices, Presidio achieved overall positive returns, demonstrating resilience in their model home segment. The company continues to manage a diversified portfolio of approximately 120 model home properties across five states.

Presidio Property Trust (NASDAQ:SQFT) reported its 2020 leasing activities, highlighting a successful year in spite of COVID-19 challenges. The company renewed leases for nearly 170,000 square feet (15% of its portfolio) and executed new leases for around 120,000 square feet (10% of its portfolio). Overall occupancy increased to 84.8% from 83.9% in 2019. The company's diversified tenant base across various geographies and property types has fostered resilience and sustained interest from current and prospective tenants.

Presidio Property Trust (NASDAQ:SQFT) announced the sale of Waterman Plaza, a retail center in San Bernardino, California, marking a strategic divestment from retail and California commercial properties. The sale aligns with the company's long-term strategy to reduce debt and refocus its portfolio. Following a successful lease renewal with anchor tenant Goodwill Industries, investor interest was bolstered. The company operates approximately 120 model home properties and a diversified commercial real estate portfolio across six states, but faces challenges due to COVID-19.

Presidio Property Trust (NASDAQ:SQFT) announced solid performance in 2020, selling 46 model homes across Texas, Florida, Arizona, California, Wisconsin, and Pennsylvania. The average sales price was around $400,000, with a holding period of three years. All homes sold resulted in a positive investment return. The company reported a 100% collection rate of lease payments from homebuilder tenants, demonstrating the resilience of its purchase/leaseback model during COVID-19. With significant population growth in Texas, Presidio anticipates continued strong demand for housing in its primary markets.

Presidio Property Trust (NASDAQ:SQFT) reported successful sales in 2020, having sold 42 model homes for approximately $17.1 million, above the acquisition cost of $15.2 million. This reflects a strong average sales price of about $400,000 per home. The holding period for these assets averaged three years. With a robust demand for single-family homes, especially in Texas, the company has maintained 100% collection of lease payments from homebuilders. Presidio's diversified portfolio includes 120 model home properties across six states and 1.1 million square feet of commercial real estate.

Presidio Property Trust, Inc. (SQFT) announced the successful sale of a 15,220 square foot building located at 1283 Kelly Johnson Boulevard, Colorado Springs, for $2,275,000. This transaction is part of the Executive Office Park complex, which Presidio acquired in 2008. The CEO highlighted strong demand for quality commercial properties in attractive markets. The sale is deemed accretive and defensive, as it reduces overall debt and avoids future tenant improvement costs. Presidio retains ownership of three other commercial properties in Colorado Springs.