Hartman Short Term Income Properties XX Inc., a publicly registered non-traded real estate investment trust, has increased monthly distributions from $0.02917 per share per month to $0.03333 per share per month.
The distribution increase, which is subject to review on a monthly basis, took effect from the second quarter of 2021, and is payable to all shareholders of record.
Hartman XX’s portfolio consists of 44 commercial properties compromising approximately 6.8 million square feet plus four pad sites, all located in Texas. The REIT had an estimated NAV per share of $11.18 as of December 31, 2020.
“We are pleased to be on a path to returning our historical distributions in light of the challenging market conditions,” said Al Hartman, chairman of Hartman Advisors and president and chief executive officer of Hartman Income REIT Management Inc.
Hartman XX’s strategy for 2021 is to focus on increasing occupancy and extending the portfolio’s weighted average in-place lease term to drive cash flow growth.
“The key objective for the fund is to grow in a manner consistent with a fundamental strategy of owning and operating value add properties in Texas,” the company added.
As reported by The DI Wire earlier this year, the REIT previously reduced its monthly distribution from $0.05833 to $0.02917 per share, which was paid to shareholders in February through May 2021.
Hartman has experience acquiring, owning, managing, and leasing commercial office, retail, light industrial and warehouse properties located in Texas. Since 1983, Hartman and its affiliated entities have sponsored 29 programs and acquired interests in more than 90 real assets totaling approximately $805 million as of March 31, 2021.