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Streitwise launches on Republic Real Estate
8-9% target dividends through a professionally-managed office building portfolio
Streitwise acquires and manages a diversified portfolio of Class A office buildings leased to credit-quality tenants. The REIT currently owns two Class A office buildings purchased for approximately $76 million, including the 290,000 square foot Panera Bread Headquarters in St. Louis, Missouri and the 142,000 square foot Allied Solutions Building near Indianapolis, Indiana both at a moderately-leveraged 55% LTV.
Sponsored by Tryperion Partners, a private real estate investment firm that has collectively underwritten and managed more than $5.5 billion in real estate investments, Streitwise has raised over $8.7 million and has paid over 8% annualized dividends since 2017.
• Strong ownership team: More than 40 years of combined industry experience and over $5.5 billion in real estate investment experience between three co-founders.
• Skin-in-the-game: Over $5 million in total shares owned by 3 co-founders.
• Over 8% dividends since inception: 9.66% historical annualized dividend average since 2017, net of fees.
• Experienced sponsor: Since 2013, Tryperion Partners has sponsored three value-add closed commercial real estate funds that successfully raised a total of over $161 million at a net IRR of 30.3% (as of 2019).
• Location-focused: Targets strategically-located suburban-urban properties close to transportation, amenities, and a base of established employers and industries in secondary markets.
• Institutional-quality assets: Seeks to acquire high-quality properties with credit-quality tenants and a track record of sustained occupancy. Current portfolio occupancy at 96%.
• Portfolio momentum: Has already acquired two Class A properties with moderate leverage; core tenants include New Balance, Wells Fargo, Panera Bread, and Allied Solutions, among others. With only minor modifications, tenants have paid as expected through Covid-19 and budgeted with collections near 100% with minor modifications.
• Performance through 2020: Hit target dividend rate of 8-9%, continued to invest in properties and pay down senior loan financing, and performed within 1% of budgeted NOI despite the pandemic. Was able to honor 100% of Redemption Requests.