Hartman Short Term Income Properties XX Inc., a publicly registered non-traded real estate investment trust, declared a new net asset value per share and lowered its monthly distribution to shareholders.
The REIT had an estimated NAV per share of $11.18 as of December 31, 2020.
The NAV per share is based on the estimated value of the REIT’s assets, less the estimated value of its liabilities, divided by the number of outstanding shares, all as of December 31, 2020. The REIT intends to determine NAV on a quarterly basis.
In July 2020, Hartman Income REIT Inc. and Hartman Short Term Income Properties XIX, merged into Hartman XX. At the time of the merger, Hartman XX’s most recent NAV per share was $11.26.
As of December 31, 2020, the REIT’s real estate assets had an estimated fair value of $683.6 million, other assets were valued at $23 million, and notes payable were ($303.6 million). The REIT had 36.8 million shares outstanding.
In addition, the REIT reduced its monthly distribution from $0.05833 to $0.02917 per share for investors of record as of November 30, 2020. The reduced distribution was paid on January 27, 2021.
The board also approved the monthly distribution of $0.02917 per share for investors of record as of December 31, 2020, January 31, 2021, February 28, 2021 and March 31, 2021. The distributions will be paid on or about February 10, 2021, March 10, 2021, April 10, 2021 and May 10, 2021.
As of December 31, 2020, Hartman XX owned 44 commercial properties totaling approximately 6.8 million square feet located in San Antonio, Richardson and Houston, Texas, as well as four pad sites, two land developments, and a controlling limited liability company interest in an affiliate.