Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 846

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 846
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 $6.7 million. 

   Acquisitions during the year ended  December 31, 2023:
    
     •  We acquired 40 Model Home Properties and leased them back to the homebuilders under triple net leases during the year ended  December 31, 2023. The purchase price for the properties was $21.9 million. The purchase price consisted of cash payments of $6.6 million and mortgage notes of $15.3 million. 

   We review our portfolio of investment properties for value appreciation potential on an ongoing basis, and dispose of any properties that no longer satisfy our requirements in this regard, taking into account tax and other considerations. The proceeds from any such property sale, after repayment of any associated mortgage or repayment of secured or unsecured indebtedness, are available for investing in properties that we believe will have a greater likelihood of future price appreciation. 

        F-
       19

   Dispositions during the year ended  December 31, 2024:
    
   During year ended  December 31, 2024, we disposed of the following properties:
    
     • 51 model homes for approximately $24.8 million and the Company recognized a gain of approximately $3.4 million.

   Dispositions during the year ended  December 31, 2023:
    
   During year ended  December 31, 2023, we disposed of the following properties:
    
    •22 model homes for approximately $11.7 million and the Company recognized a gain of approximately $3.2 million.

   4.  REAL ESTATE ASSETS
    
   The Company owns a diverse portfolio of real estate assets. The primary types of properties the Company invests in are office, industrial, retail, and triple-net leased model home properties.  We have five commercial properties located in Colorado, four in North Dakota, one in Southern California, one in Texas and one in Maryland. Our model home properties are located in three states. As of  December 31, 2024, the Company owned or had an equity interest in:
    
     •  Eight office buildings and one industrial building (“Office/Industrial Properties”); 

     •  Three retail shopping centers (“Retail Properties”); 

     •  78 model home residential properties (“Model Homes” or “Model Home Properties”), leased back on a triple