Model Homes Acquisition and Disposal - As of December 31, 2024, the company owned 78 model homes with a net book value of approximately $37.4 million[24]. - In 2024, the company acquired 19 model home properties for a total purchase price of $9.7 million, consisting of $3.0 million in cash and $6.7 million in mortgage notes[20]. - In 2023, the company acquired 40 model home properties for a total purchase price of $21.9 million, consisting of $6.6 million in cash and $15.3 million in mortgage notes[21]. - The company disposed of 51 model homes in 2024 for approximately $24.8 million, recognizing a gain of approximately $3.4 million[22]. - The company disposed of 22 model homes in 2023 for approximately $11.7 million, recognizing a gain of approximately $3.2 million[23]. Commercial Properties and Tenants - The company's commercial property tenant base consists of approximately 157 individual tenants, with the ten largest tenants representing approximately 32.60% of annualized base rent[17]. - The average remaining lease term for commercial properties is approximately 3.2 years as of December 31, 2024[17]. Financial Position and Debt - As of December 31, 2024, the company had $22.7 million of total debt with recourse to the company, including $5.0 million related to model homes properties[38]. - The company plans to refinance a significant portion of the $30.5 million principal payments on mortgage notes payable related to commercial properties due in 2025[40]. - The company uses both fixed and variable interest rate debt, with no variable interest rate provisions in its mortgage loans as of December 31, 2024[39]. - The company expects its commercial properties and model homes to continue covering their debt servicing needs over the next twelve months[41]. Employee and Office Space - As of December 31, 2024, the company had a total of 15 full-time employees[55]. - The company reduced its office space from approximately 9,224 square feet to 6,570 square feet in September 2024[54]. Stock and Capital Management - The company has a stock repurchase program authorized for up to $6.0 million of Series A Common Stock and $4.0 million of Series D Preferred Stock, with repurchases totaling $140,416 for Series A and $40,910 for Series D in 2024[29]. - The company raised approximately $20.5 million from the offering of 920,000 shares of Series D Preferred Stock in June 2021[34]. Competition and Market Position - The company competes with various real estate investors, including REITs and pension funds, which may have greater financial resources[43]. Environmental Compliance - The company has not experienced a noticeable effect on capital expenditures or earnings due to environmental compliance issues[47]. - The company is subject to various environmental laws that could impact its operations and financial position if not complied with[46]. - The company must distribute at least 90% of its REIT taxable income to maintain its REIT status[52]. Investment in Other Entities - The company owned approximately 6.5% of Conduit Pharmaceuticals Inc. following its business combination with Murphy Canyon Acquisition Corp. in September 2023[31].
Presidio Property Trust(SQFT) - 2024 Q4 - Annual Report