| RECENT REAL ESTATE TRANSACTIONS |
3.
RECENT REAL ESTATE TRANSACTIONS
Acquisitions
during the three months ended March 31, 2026:
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The
Company acquired no model homes or commercial properties. |
Acquisitions
during the three months ended March 31, 2025:
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The
Company acquired 12 model homes for approximately $4.3 million. The purchase price was paid through cash payments of approximately $3.0
million and mortgage notes of approximately $1.3 million. |
Dispositions
during the three months ended March 31, 2026:
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On
January 14, 2026, the Company sold one commercial property, Dakota Center, to a single buyer for approximately $4.7 million, net
of selling costs, and recognized a net gain on the disposition of the assets and liabilities of approximately $3.4 million. |
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The
Company sold 5 model homes for approximately $2.3 million, net of sales costs, and recognized a gain of approximately $0.2 million. |
Dispositions
during the three months ended March 31, 2025:
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The
Company sold 6 model homes for approximately $2.8 million, net of sales costs, and recognized a gain of approximately $0.2 million. |
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On
February 6, 2025 the Company sold two commercial properties, Union Town Center and Research Parkway, to a single buyer for approximately
$15.9 million, net of selling costs, and recognized a net gain of approximately $4.5 million net of closing costs |
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3.
RECENT REAL ESTATE TRANSACTIONS
Significant
Transactions in 2025 and 2024
Acquisitions
during the year ended December 31, 2025:
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We
acquired 22 Model Home Properties and leased them back to the homebuilders under triple net leases during the year ended December
31, 2025. The purchase price for these properties was approximately $9.4 million. The purchase price consisted of cash payments
of approximately $2.8 million and mortgage notes of approximately $6.6 million. |
Acquisitions
during the year ended December 31, 2024:
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We
acquired 19 Model Home Properties and leased them back to the homebuilders under triple net leases during the year ended December
31, 2024. The purchase price for the properties was approximately $9.7 million. The purchase price consisted of cash payments
of approximately $3.0 million and mortgage notes of approximately $6.7 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.
Dispositions
during the year ended December 31, 2025:
During
year ended December 31, 2025, we disposed of the following properties:
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20
model homes for approximately $9.8 million, net of sales costs, and the Company recognized a gain of approximately $1.0 million. |
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On
February 6, 2025, the Company sold two commercial properties, Union Town Center and Research Parkway, to a single buyer for
approximately $15.9 million, net of selling costs, and recognized a net gain of approximately $4.5 million net of closing costs. |
Dispositions
during the year ended December 31, 2024:
During
year ended December 31, 2024, we disposed of the following properties:
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51
model homes for approximately $24.8 million net of sales costs, and the Company recognized a gain of approximately $3.4 million. |
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