HC Government Realty Trust Raises $90 Million of Preferred Equity
HC Government Realty Trust Inc., a Regulation A REIT that invests in federally leased properties, has raised $90 million of preferred equity through a private offering managed by Raymond James.
HC Government Realty Trust Inc., a Regulation A real estate investment trust that invests in federally leased properties, has raised $90 million of preferred equity through a private offering managed by Raymond James.
The REIT plans to use the proceeds to accelerate property acquisitions while also repaying outstanding mezzanine debt and credit facility borrowings.
The portfolio’s pro forma weighted average remaining lease term is more than nine years with a portfolio age of approximately eight years.
Steven Loffman, managing director at Raymond James, claims that the offering was “materially oversubscribed [and] received significant commitments from institutional investors, insurance companies and accredited investors.”
HC Government Realty Trust’s real estate portfolio currently includes 21 properties representing approximately 403,000 rentable square feet located in 13 states. The properties are 100 percent leased to U.S. government agencies including the Federal Bureau of Investigation, Drug Enforcement Administration, Department of Veterans Affairs, and the Social Security Administration, among others.
