Presidio Property Trust Provides Update on Model Home Activity
Presidio Property Trust (NASDAQ:SQFT) acquired six model home properties in the Dallas-Fort Worth area on May 20, 2021. These newly built homes will be leased back to builders on a triple-net basis. Executives emphasized the strength of their builder relationships and the robust Texas housing market, noting an inventory level of just 1.4 months across the state and 1.3 months in Dallas-Fort Worth. The firm aims to continue leveraging these market conditions to enhance its model home strategy.
- Acquisition of six model home properties enhances portfolio.
- Leased back to builders on a stable triple-net basis.
- Strong relationships with builders support growth.
- Favorable market conditions in Texas indicate potential for continued success.
- None.
SAN DIEGO, CA / ACCESSWIRE / May 26, 2021 / Presidio Property Trust (NASDAQ:SQFT), an internally managed, diversified real estate investment trust, announced that, through subsidiary and affiliate entities, it acquired six model home properties on May 20, 2021. These newly constructed single-family homes are located in the Dallas-Fort Worth metroplex and are leased back to the homebuilders on a triple-net basis.
"In spite of a fiercely competitive single-family home market in Texas, our long-standing relationships with builders continue to bear fruit," said Larry Dubose, President of Dubose Advisors.
"We believe that growth in Texas still has a long way to run," said Jack Heilbron, President and Chief Executive Officer. "With the state's MOI (months of inventory) at only 1.4 months, and Dallas-Fort Worth's MOI at only 1.3 months, we see continued support for our model home business strategy."
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 North Dakota and in 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. 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. Furthermore, 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 "Risk Factors" section of the Company's Annual Report on Form 10-K filed with the SEC on March 30, 2021 and in the Company's other documents filed with the SEC, copies of which are available on the SEC's website, www.sec.gov.
Investor Relations Contacts:
Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
LHartkorn@presidiopt.com
Telephone: (760) 471-8536 x1244
SOURCE: Presidio Property Trust
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https://www.accesswire.com/649026/Presidio-Property-Trust-Provides-Update-on-Model-Home-Activity
FAQ
What properties did Presidio Property Trust acquire?
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