Streitwise has declared a $0.21/share dividend for 3Q20, which equates to 8.4% annualized based on the original $10.00/share offering price, or 8.3% based on the updated NAV of $10.07/share. Dividends will be distributed on October 9th pursuant to the payment option selected in the Investor Center.
We have been consistent since announcing in 2019 that our dividend yield going forward would likely be 8-9% as we amortize debt and continue to re-invest in our properties. Despite the significant volatility in the public markets and the pandemic’s severe impact on the real economy, we believe we are still on track to achieve our original 8-9% dividend guidance for 2020.
The investment sales market, particularly for office properties, remains largely quiet as sellers are not yet willing or forced to part with assets at current clearing prices. We believe patience will be rewarded as we consider new acquisition opportunities.
Eliot Bencuya is the co-founder and CEO of Streitwise. Eliot has extensive experience identifying, underwriting, and executing value-add real estate investments.
Prior to forming Streitwise, he was a Vice President of Acquisitions for Canyon Capital Realty Advisors and the Canyon-Johnson Urban Funds, where he was responsible for originating, underwriting, structuring and executing transactions in the Pacific Northwest, Northern California and Midwest regions. Mr. Bencuya also held positions at Sovereign Investment Company (a subsidiary of the Marcus and Millichap Company) and the investment banking division of Merrill Lynch & Co. He holds a Bachelor of Arts degree in Economics and International Studies from Yale University, and a Masters of Business Administration degree from the Haas School of Business at the University of California, Berkeley. Mr. Bencuya is a member of ULI.