Presidio Property Trust Provides Update on Model Home Activity in Q4 2024
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.
Presidio Property Trust (NASDAQ: SQFT) ha riportato le performance della sua divisione case modello per il quarto trimestre del 2024, annunciando la vendita di cinque abitazioni per circa 2,7 milioni di dollari. Queste proprietà erano state originariamente acquisite tra il 2017 e il 2022 per circa 2,5 milioni di dollari. Al 31 dicembre 2024, il portafoglio di case modello dell'azienda consisteva di 78 abitazioni, di cui 55 di proprietà totale, rappresentando circa il 29% dei loro beni immobili netti.
Steve Hightower, Presidente della Divisione Case Modello, ha osservato che le performance hanno soddisfatto le aspettative nonostante gli aggiustamenti stagionali e gli effetti del ciclo elettorale che normalmente comportano vendite più lente. L'azienda continua a valutare opportunità di acquisto da costruttori nazionali, regionali e locali in vari mercati.
Presidio Property Trust (NASDAQ: SQFT) informó sobre el desempeño de su división de casas modelo en el cuarto trimestre de 2024, anunciando la venta de cinco casas por aproximadamente 2,7 millones de dólares. Estas propiedades fueron adquiridas originalmente entre 2017 y 2022 por aproximadamente 2,5 millones de dólares. Al 31 de diciembre de 2024, la cartera de casas modelo de la compañía constaba de 78 casas, de las cuales 55 son de propiedad total, representando aproximadamente el 29% de sus activos inmobiliarios netos.
Steve Hightower, Presidente de la División de Casas Modelo, destacó que el desempeño cumplió con las expectativas a pesar de los ajustes estacionales y el impacto del ciclo electoral que típicamente resulta en ventas más lentas. La empresa sigue evaluando oportunidades de compra de constructores nacionales, regionales y locales en varios mercados.
프레시디오 프라퍼티 트러스트(NASDAQ: SQFT)는 2024년 4분기 모델 하우스 부문의 성과를 보고하며 약 270만 달러에 다섯 채의 주택을 판매했다고 발표했습니다. 이들 자산은 2017년부터 2022년 사이에 약 250만 달러에 원래 취득되었습니다. 2024년 12월 31일 기준으로 회사의 모델 하우스 포트폴리오는 78채의 주택으로 구성되어 있으며, 그 중 55채는 전적으로 소유하고 있어 순 부동산 자산의 약 29%를 차지합니다.
모델 하우스 부문의 사장인 스티브 하이타우어는 성과가 계절적 조정과 일반적으로 판매가 느려지는 선거 주기 영향에도 불구하고 기대에 부합했다고 언급했습니다. 회사는 다양한 시장에서 국가, 지역 및 지방 건설업체로부터 구매 기회를 계속 평가하고 있습니다.
Presidio Property Trust (NASDAQ: SQFT) a rapporté les performances de sa division maisons modèles pour le quatrième trimestre 2024, annonçant la vente de cinq maisons pour environ 2,7 millions de dollars. Ces propriétés ont été acquises à l'origine entre 2017 et 2022 pour environ 2,5 millions de dollars. Au 31 décembre 2024, le portefeuille de maisons modèles de l'entreprise se composait de 78 maisons, dont 55 étaient entièrement possédées, représentant environ 29 % de leurs actifs immobiliers nets.
Steve Hightower, président de la division maisons modèles, a noté que les performances correspondaient aux attentes malgré des ajustements saisonniers et les impacts des cycles électoraux qui entraînent généralement des ventes plus lentes. L'entreprise continue d'évaluer des opportunités d'achat auprès de constructeurs nationaux, régionaux et locaux sur divers marchés.
Presidio Property Trust (NASDAQ: SQFT) berichtete über die Leistung seiner Modellhausdivision im vierten Quartal 2024 und gab den Verkauf von fünf Wohnungen für etwa 2,7 Millionen Dollar bekannt. Diese Immobilien wurden ursprünglich zwischen 2017 und 2022 für etwa 2,5 Millionen Dollar erworben. Zum 31. Dezember 2024 bestand das Modellhausportfolio des Unternehmens aus 78 Wohnungen, von denen 55 vollständig im Eigentum sind, was etwa 29% ihrer Nettoimmobilienwerte darstellt.
Steve Hightower, Präsident der Modellhausdivision, bemerkte, dass die Leistungen trotz saisonaler Anpassungen und der Auswirkungen des Wahlzyklus, die normalerweise zu langsameren Verkäufen führen, den Erwartungen entsprachen. Das Unternehmen bewertet weiterhin Kaufmöglichkeiten bei nationalen, regionalen und lokalen Bauherren in verschiedenen Märkten.
- 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
- Seasonal and election cycle slowdown affecting sales velocity
Insights
The Q4 2024 model home activity reveals some interesting metrics worth unpacking. The five home sales generated approximately
The portfolio composition is particularly noteworthy - with model homes comprising
The management's acknowledgment of seasonal and election cycle impacts on sales velocity is telling. Historically, election years can create hesitancy in real estate markets as buyers await policy clarity. However, the company's ability to maintain sales activity despite these headwinds suggests resilient operational execution.
Looking forward, the strategy to analyze purchasing opportunities across various markets indicates a cautious but opportunistic approach. With a relatively small market cap of
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.
FAQ
How many model homes did Presidio Property Trust (SQFT) sell in Q4 2024?
What was the total acquisition cost of the SQFT model homes sold in Q4 2024?
How many model homes does SQFT own as of December 31, 2024?
What percentage of SQFT's net real estate assets are model homes?
What factors affected SQFT's model home sales in Q4 2024?
