* as of January 1, 2026.
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 January 1, 2026
| Portfolio Value | $572,000,000+ |
| Number of Properties | 50 |
| Investments | 4 |
| Total Square Feet | 5,700,000+ |
| Loan-to-Value | 60% |
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 |
| 2022 | 2,313,581 | 7,663,778 | 9,977,359 | $14.75 |
| 2023 | 2,561,384 | 9,475,819 | 12,037,203 | $14.75 |
| 2024 | 2,700,443 | 10,220,868 | 12,921,311 | $13.50 |
| 2025 | 2,814,644 | 10,347,090 | 13,161,734 | $13.50 |
| 1Q 2026 | 2,951,191 | 10,968,131 | 13,919,322 | $12.50 |
Key Financial Metrics
Key Financial Metrics(1)
| Year ended December 31 (Rounded to the 000s except per share amounts) |
2023 | 2024 | 2025 |
| Rental Revenue | $35,081,000 | $42,048,000 | $47,156,000 |
| Property NOI | $21,704,000 | $25,311,000 | $26,951,000 |
| Dividends Per Share | $0.72 | $0.72 | $0.72 |
| Modified Funds from Operations (MFFO) (2) | $8,104,000 | $7,390,000 | $9,012,000 |
| MFFO Per Share | $0.70 | $0.59 | $0.69 |
| MFFO Payout Ratio | 108% | 122% | 105% |
| Adjusted Funds From Operations (AFFO)(3) | $5,188,000 | $4,583,392 | $6,865,000 |
| AFFO Per Share | $0.45 | $0.37 | $0.53 |
| AFFO Payout Ratio | 161% | 196% | 136% |
| Interest Coverage Ratio(4) | 2.2 X | 1.9 X | 2.0 X |
| Weighted Average Shares/Units Outstanding | 11,567,000 | 12,498,406 | 12,987,000 |
| NOTES: (1) Shares and per share amounts include both REIT shares and operating partnership units. (2) MFFO is equal to net income, excluding gains or losses from sale of property, and adding back non-cash expenses such as depreciation and amortization (3) AFFO is calculated by subtracting from FFO normalized recurring capital expenditures and miscellaneous non-cash charges. (4) Interest coverage ratio is equal to net operating income divided by interest expense. |
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