Streitwise just distributed Q4 2019 dividends of $0.25 per share, which equates to 10% annualized, net of fees*.
When we purchased the Allied Solutions building, we were excited that the growth of Midtown Carmel would support our leasing velocity, and that has come to fruition with new 10-year ground-floor retail leases signed with local favorites Penn & Beech Candle Company and Java Coffee House Bar.
We are also continuing to actively pursue additional acquisitions and are optimistic about new acquisitions in 2020.
In 2020, we are targeting an 8-9% dividend yield. We will begin using cash to amortize the Streitwise Plaza loan, as well as to fund capital expenditures. Amortizing the loan means we are building equity. This will lead to a healthier, more conservative balance sheet, and unlock shareholder value.
Elevated pricing for new acquisitions continues to be a challenge, but we will keep our discipline. We will not pay unreasonable prices to acquire “hot” properties. At the same time, we will not sacrifice quality or location to “chase yield”. Although investing can sometimes be a high-wire act, we look forward to toeing it with you.
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.