Wells Fargo Provides ExchangeRight's Essential Income REIT With $75 Million Credit Facility
Wells Fargo Provides ExchangeRight's Essential Income REIT With $75 Million Credit Facility
PASADENA, Calif., June 11, 2024 /PRNewswire/ -- ExchangeRight, one of the nation's leading providers of diversified real estate DST and REIT investments, has announced that the company's Essential Income REIT has entered into a Credit Facility with Wells Fargo, closing on the first $75 million of the revolving line of credit. The Credit Facility may be increased to $400 million upon request of the Essential Income REIT, subject to receipt of commitments for the increased amount.
美國時間2024年6月11日，加利福尼亞州帕薩迪納市/美通社——ExchangeRight公司是全國領先的分散式房地產DST和REIT投資提供商之一，宣佈公司的Essential Income REIT已與富國銀行簽訂信貸協議，完成了7,500萬美元的循環信貸額度的第一筆。Essential Income REIT的信貸額度可根據REIT的要求增加到4億美元，前提是獲得增加數額的承諾。
"This is the next step in the growth of the Essential Income REIT and ExchangeRight's aggregation strategy."
“這是Essential Income REIT和ExchangeRight聚合策略發展的下一步。”
Securing this Credit Facility with Wells Fargo on behalf of the REIT powerfully advances the execution of ExchangeRight's aggregation strategy by enhancing the company's financing capacity, flexibility, and operational resilience. This facility positions ExchangeRight to optimize the REIT's balance sheet with long-term fixed-rate corporate bond financing, providing the company with greater control to lengthen and ladder the REIT's debt maturities at favorable rates once the time is right.
代表REIT向富國銀行獲得了這項信貸授權，使ExchangeRight的聚合策略得到了強有力的推進，提高了公司的融資能力、靈活性和業務韌性。這個授權提供給ExchangeRight優化REIT的資產負債表的能力，使其可以通過長期的固定利率公司債務融資更好地控制REIT的債務成本。
The REIT may utilize the Credit Facility to finance permitted acquisitions, certain capital expenditures and investments, payments of applicable pre-development and development costs, as well as to support any of its refinancing and working capital needs. These advantages empower the REIT to execute on its investment strategy even more efficiently than it has since its 2019 launch. As of May 31, 2024, the REIT has aggregated a portfolio of 353 net-leased properties diversified across 34 states and 36 primarily investment-grade and historically recession-resilient tenants successfully operating in the necessity retail and healthcare industries.
REIT可以利用信貸授權用於融資允許的收購、某些資本支出和投資、適用的前期開發和開發成本的支付，以及支持其任何再融資和營運資金需求。這些優勢使REIT比自2019年推出以來更加高效地執行其投資策略。截至2024年5月31日，REIT已聚合了分佈在34個州的353個淨租賃物業組合，36個主要投資級債券和歷史性的抗經濟衰退的租戶成功運營在零售和醫療保健行業。
Joshua Ungerecht, a managing partner at ExchangeRight, shared that this agreement is expected to help optimize the REIT's business operations to provide further protection and value-creation for investors.
ExchangeRight的管理合夥人Joshua Ungerecht表示，預計這項協議將有助於優化REIT的業務運營，爲投資者提供更多保護和價值創造。
"This is the next step in the growth of the Essential Income REIT and ExchangeRight's aggregation strategy," said Ungerecht. "With this new Credit Facility, the REIT will be in an advantageous position to streamline operations and minimize transaction costs, create new opportunities to further diversify debt terms, and lock in long-term financing when rates are favorable. On behalf of the REIT's investors, we are grateful for the relationship with Wells Fargo and for their thoughtful due diligence on the quality of the Essential Income REIT's current portfolio and ExchangeRight's investment and aggregation strategy. We remain committed to steward the trust placed in us by investors, advisors, representatives, and now, Wells Fargo with their provision of this valuable Credit Facility."
“這是Essential Income REIT和ExchangeRight聚合策略發展的下一步，”Ungerecht說。“有了這個新的信貸授權，REIT將處於優勢地位，以簡化業務操作、減少交易成本、創造新的機會來進一步多樣化債務條款，並在利率有利時鎖定長期融資。我們代表REIT的投資者，感謝富國銀行的合作關係，感謝他們對Essential Income REIT當前投資組合和ExchangeRight的投資和聚合策略的質量方面的周到審核。我們仍將致力於代表投資者、顧問、代表和現在的富國銀行提供這個有價值的信貸授權來管理投資者所放置的信任。”
About ExchangeRight's Essential Income REIT
關於ExchangeRight的Essential Income REIT
The Essential Income REIT, a Maryland statutory trust, is a self-administered real estate company, formed on January 11, 2019, focusing on investing in single-tenant, primarily investment-grade net-leased real estate. The REIT currently pays an annualized distribution rate on new investments of 6.41% for its Class I shares and 6.02% for Class A shares and has fully covered its dividend with Adjusted Funds from Operations since its inception and through its most recently reported period. The Company, through its operating partnership, ExchangeRight Income Fund Operating Partnership, LP, owns 353 properties in 34 states (collectively, the "Trust Properties") as of May 31, 2024. The Trust Properties are occupied by 36 different national primarily investment-grade necessity-based retail tenants and are additionally diversified by industry, geographic region, and lease term. The Company has elected and is qualified to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes. For more information, please visit the Class A website for broker-dealers, registered representatives, and their investors, or the Class I website for RIAs, advisors, family offices, institutions, and their investors. Past performance of the REIT and ExchangeRight does not guarantee future performance.
Essential Income REIT是馬里蘭法定信託，是一家自我管理的房地產公司，成立於2019年1月11日，專注於投資於單一租戶、主要投資級淨租賃房地產。REIT目前爲新投資支付年化分配利率，其Class I股份爲6.41％，Class A股份爲6.02％，自其成立以來通過調整運營資金已完全支付股息，並經過報告期。該公司通過其運營合夥企業ExchangeRight Income Fund Operating Partnership，LP，在2024年5月31日擁有34個州的353個物業(統稱爲“信託物業”)。這些信託物業由36個不同的主要投資級必需品零售租戶佔用，並通過行業、地理區域和租約期限等進行進一步分散。該公司已選擇並符合美國聯邦所得稅法律的房地產投資信託(“REIT”)的資格。有關更多信息，請訪問經紀人、註冊代表及其投資者的Class A網站，或RIA、顧問、家庭辦公室、機構及其投資者的Class I網站。REIT和ExchangeRight的過去表現並不保證未來的業績。
Media Contact
Lindsey Thompson
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媒體聯繫人
Lindsey Thompson
高級媒體關係官員
[email protected]
(626) 773-3448
SOURCE ExchangeRight
資料來源：ExchangeRight
譯文內容由第三人軟體翻譯。