Presidio Property Trust Provides Update On Model Home Activity In Q3 2024; Says 7 Homes Were Purchased For A Total Of ~$4M, With Mortgage Notes Payable Of ~$2.8M, And ~$1.2M In Cash. They Are Then Leased Back To The Homebuilders On A Triple-Net Basis. Additionally, During Q3 2024, Through Subsidiary And Affiliate Entities, Sold 4 Homes For A Total Of ~$2.4M. These Homes Were Purchased Between 2019 And 2022 With A Total Acquisition Price Of ~$2.1M. Model Homes Account For ~30% Of Our Real Estate Assets
Portfolio Pulse from Benzinga Newsdesk
Presidio Property Trust, a diversified REIT, reported its Q3 2024 model home activity. The company acquired seven model homes in Texas for ~$4M, with $2.8M in mortgage notes and $1.2M in cash, leasing them back to builders on a triple-net basis. Additionally, Presidio sold four homes for ~$2.4M, originally purchased for ~$2.1M. Model homes represent 30% of their real estate assets.
October 17, 2024 | 12:53 pm
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Presidio Property Trust acquired seven model homes for ~$4M and sold four homes for ~$2.4M in Q3 2024. Model homes account for 30% of their assets.
The acquisition and sale of model homes indicate active management and potential growth in Presidio's real estate portfolio. The leasing back of homes on a triple-net basis suggests stable income generation. The sale of homes at a profit reflects effective asset management.
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IMPORTANCE 80
RELEVANCE 100