Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 705

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 705
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 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. 

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.

    Model Home Properties

    Our Model Home Properties are located in 
    three states throughout the United States. As of
    December 31, 2024, we owned 
    78 model homes with a net book value of approximately
    $37.4 million.  Of the 
    78 model homes in our portfolio,
    55 of them are wholly owned through NetREIT Model Homes, Inc. and make up approximately
    70.7% of the total rental income from our model home portfolio.

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Our Model Home business was started in March 2010 through the acquisition of certain assets and rights from Dubose Model Homes USA. Our model home business (“PPT Model Homes”) is engaged in the business of acquiring model homes from third party homebuilders in sale-lease transactions whereby a homebuilder sells the Model Home to PPT Model Homes and leases back the Model Home under a triple net lease (“NNN”) for use in marketing its residential development. 

We currently operate six limited partnerships in connection with PPT Model Homes: Dubose Model Home Investors #202, LP (“DMHI #202”), Dubose Model Home Investors #203, LP (“DMHI #203”), Dubose Model Home Investors #204, LP (“DMHI #204”), Dubose Model Home Investors #205, LP (“DMHI #205”), Dubose Model Home Investors #206, LP (“DMHI #206”), and Dubose Model Home Investors #207, LP (“DMHI #207”). The limited partnerships typically raise private equity to