$1,000 Invested at Inception
As of 12/31/2021(1)

1000-Invested-at-Inception-graph-scaled


Geographic Focus

SR Realty Trust will invest in commercial real estate assets located in major metropolitan areas across the Upper Midwest.
The portfolio is currently composed of assets in Minnesota (Minneapolis-Saint Paul, Duluth), Missouri (Kansas City), Nebraska (Omaha, Lincoln), Iowa (Quad Cities), and Wisconsin (Milwaukee).


Portfolio Highlights

Portfolio Highlights as of December 2021

Portfolio Value $354,000,000+
Number of Properties 36
Investments 5
Total Square Feet 3,600,000+
Loan-to-Value 54%

Share History

Annual Volume and Price History

Year # of Shares Outstanding # of Units Outstanding Total # of Shares & Units Outstanding Price
2014 186,667 0 186,667 $9.00
2015 334,118 1,801,791 2,135,909 $10.00
2016 571,903 2,077,380 2,649,283 $10.75
2017 1,013,147 3,038,316 4,051,463 $11.65
2018 1,274,121 3,215,178 4,489,299 $12.00
2019 1,604,899 3,853,125 5,458,024 $12.50
2020 1,736,451 5,213,070 6,949,521 $12.50
2021 1,861,205 5,516,303 7,377,508 $13.50

Key Financial Metrics

Key Financial Metrics(1)

Year ended December 31
(Rounded to the 000s except per share amounts)
2019 2020 2021
Rental Revenue $16,372,000 $17,338,000 $21,906,000
Property NOI, $10,070,000 $10,501,000 $12,603,000
Dividends Per Share(2) $0.70 $0.53 $0.72
Funds from Operations(3)  $4,751,000 $4,057,000 $3,578,000
FFO Per Share $0.94 $0.71 $0.50
FFO Payout Ratio 74% 75% 144%
Adjusted Funds From Operations(4) $4,260,000  $4,115,000 $987,000
AFFO Per Share(5) $0.84 $0.72 $0.14
AFFO Payout Ratio  83% 73% 514%
Interest Coverage Ratio 3.6 X 2.7 X 2.2 X
Loan-To-Value Ratio 49% 56% 54%
Weighted Average Shares/Units Outstanding 5,049,000 5,748,000 7,133,000
NOTES:
(1) Shares and per share amounts include both REIT shares and operating partnership units.
(2) Dividends Per Share is the annual total.
(3) FFO is equal to net income, excluding gains or losses from sale of property, and adding back non-cash expenses such as depreciation and amortization.
(4) AFFO is calculated by subtracting from FFO normalized recurring capital expenditures and miscellaneous non-cash charges.
(5) AFFO per share detail, for 2021, includes extraordinary TI/LC expense associated with complete renovation of new anchor tenant at Cobblestone Court. With the aforementioned expense removed, AFFO per share would be $0.40.