Private company
J.P. Morgan Real Estate Income Trust, Inc.
J.P. Morgan Real Estate Income Trust, Inc. is an American real estate investment trust based in New York.1
Last updated Oct 21, 2026.
Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
85.1%Operating margin2
-14.6%Net margin2
182.5%Revenue growth, 20252
-1.3%Return on equity2
0.79×Debt to equity2
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$71.3M
Out of $71.3M in revenue.2 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Dividends paid36¢$14.1M
- Share buybacks24¢$9.3M
- Kept or used elsewhere40¢$15.6M
Out of $39.0M of cash from operations.2
Financial statements
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.1M5 | $17.7M2 | $25.3M2 | $71.3M2 | |
| Operating expenses | $4.4M5 | $17.0M2 | $24.6M2 | $74.8M2 | |
| Operating income | $2.1M5 | $13.8M2 | $19.5M2 | $60.7M2 | |
| Interest | $1.3M9 | $7.2M9 | |||
| Net income | -$3.8M5 | -$8.4M2 | -$9.8M2 | -$10.4M2 | |
| Earnings per share | -$5.225 | -$1.032 | -$0.522 | -$0.152 | |
| Earnings per share (diluted) | -$5.225 | -$1.032 | -$0.522 | -$0.152 | |
| Shares (weighted, basic) | 715.0K shares5 | 8.1M shares2 | 18.7M shares2 | 66.7M shares2 | |
| Shares (weighted, diluted) | 715.0K shares5 | 8.1M shares2 | 18.7M shares2 | 66.7M shares2 |
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash | $200.0K9 | $5.7M5 | $32.5M2 | $127.7M2 | $18.4M2 |
| Intangible assets | $3.8M9 | $9.4M5 | $20.3M2 | $58.5M2 | |
| Total assets | $200.0K10 | $234.3M9 | $344.9M5 | $604.0M2 | $1.5B2 |
| Long-term debt | $156.0M9 | $115.3M5 | $171.6M2 | $607.1M2 | |
| Total liabilities | $216.4M9 | $235.4M5 | $303.4M2 | $719.4M2 | |
| Retained earnings | -$3.8M9 | -$15.7M5 | -$33.8M2 | -$74.1M2 | |
| Shareholders’ equity | $200.0K10 | $15.6M9 | $107.4M5 | $296.1M2 | $770.9M2 |
| Shares outstanding | 20.0K shares9 | 2.4M shares5 | 12.4M shares5 | 31.9M shares5 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash from operations | $1.1M5 | $2.4M2 | $6.0M2 | $39.0M2 | |
| Depreciation and amortization | $1.1M5 | $7.9M2 | $10.1M2 | $43.4M2 | |
| Stock-based compensation | $45.0K5 | $94.0K5 | $101.0K5 | ||
| Cash from investing | -$193.0M5 | -$90.5M2 | -$167.5M2 | -$953.2M2 | |
| Dividends paid | $2.5M2 | $4.9M2 | $14.1M2 | ||
| Share buybacks | $370.0K2 | $1.9M2 | $9.3M2 | ||
| Cash from financing | $200.0K9 | $197.5M5 | $115.0M2 | $257.2M2 | $808.9M2 |
Compare J.P. Morgan Real Estate Income Trust, Inc. with another company
Corporate structure
J.P. Morgan Real Estate Income Trust, Inc. sits at the top of its group. 93 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
- J.P. Morgan Real Estate Income Trust, Inc. New York, New York
- 11801 Industry Intermediate LLC Subsidiary · Delaware, United States
- 11801 Industry Realty Company LLC Subsidiary · Delaware, United States
- 7 Roosevelt Acquisition LLC Subsidiary · Delaware, United States
- Armour Yards Mortgage Lender LLC Subsidiary · Delaware, United States
- Baker Chocolate Apartments-133, LLC Subsidiary · Delaware, United States
- Baker Chocolate Associates, LLC Subsidiary · Delaware, United States
- Bass Lofts Acquisition LLC Subsidiary · Delaware, United States
- BCF Acquisition Realty Company LLC Subsidiary · Delaware, United States
- BD Norfolk Holdings LLC Subsidiary · Delaware, United States
- BD Norfolk Venture LLC Subsidiary · Delaware, United States
- Brackenbrook Apartments Owner LLC Subsidiary · Delaware, United States
- Bristol Trailer Intermediate LLC Subsidiary · Delaware, United States
- Bristol Trailer Realty Company LLC Subsidiary · Delaware, United States
- Caroline Post Oak GP, LLC Subsidiary · Delaware, United States
- Caroline Post Oak Owner, LP Subsidiary · Delaware, United States
- Caroline West Gray GP, LLC Subsidiary · Delaware, United States
- Caroline West Gray Owner, LP Subsidiary · Delaware, United States
- Charleston Portfolio Venture LLC Subsidiary · Delaware, United States
- Dallas Industrial Ambassador Row LP Subsidiary · Delaware, United States
- Dallas Industrial Carpenter LP Subsidiary · Delaware, United States
- Dallas Industrial Forest LP Subsidiary · Delaware, United States
- Dallas Industrial Garden Brook I LP Subsidiary · Delaware, United States
- Dallas Industrial Garden Brook II LP Subsidiary · Delaware, United States
- Dallas Industrial International LP Subsidiary · Delaware, United States
- Dallas Industrial Portfolio Realty Company GP LLC Subsidiary · Delaware, United States
- and 67 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What J.P. Morgan Real Estate Income Trust, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Real estate investments, net | $1.2B2 Dec 31, 2025 | $365.1M2 Dec 31, 2024 | +217.6% |
| Real estate investments, at cost | $1.2B2 Dec 31, 2025 | $378.9M2 Dec 31, 2024 | +216.2% |
| Real estate accumulated depreciation | $38.2M2 Dec 31, 2025 | $13.8M2 Dec 31, 2024 | +177.3% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $18.4M2 Dec 31, 2025 | $127.7M2 Dec 31, 2024 | −85.6% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $58.5M2 Dec 31, 2025 | $20.3M2 Dec 31, 2024 | +188.3% |
| Finite-lived intangibles, gross | $80.9M2 Dec 31, 2025 | $23.3M2 Dec 31, 2024 | +247.2% |
| Accumulated amortization | $22.3M2 Dec 31, 2025 | $3.0M2 Dec 31, 2024 | +647.7% |
| Finite-lived intangibles, net | $58.5M2 Dec 31, 2025 | $20.3M2 Dec 31, 2024 | +188.3% |
Properties, in its own words
For an overview of our real estate investments, see Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Portfolio.”
Our principal executive and administrative offices are located at 390 Madison Avenue, New York, New York 10017. We consider these facilities to be suitable and adequate for the management and operations of our business.
Item 2 of the 10-K filed Mar 16, 2026.12
Leadership
Named in SEC Form D filings
People the company listed in its private-offering notices.
- Executive Officer, DirectorChad Tredway named Oct 10, 2024 to Jul 16, 202613
- Executive OfficerChristian P. Porwoll named Oct 10, 2024 to Jul 16, 202613
- Executive OfficerDave S. Esrig named Oct 10, 2024 to Jul 16, 202613
- Executive OfficerDouglas A. Schwartz named Oct 10, 2024 to Jul 16, 202613
- Executive OfficerJ. Scott Napier named Nov 3, 2025 to Jul 16, 202613
- Executive OfficerLawrence A. Goodfield named Oct 10, 2024 to Jul 16, 202613
- DirectorJustin M. Murphy named Oct 10, 2024 to Jul 16, 202613
- DirectorRandy A. Daniels named Oct 10, 2024 to Jul 16, 202613
- DirectorWilliam L. Ramseyer named Oct 10, 2024 to Jul 16, 202613
- DirectorYvonne D. Nelson named Oct 10, 2024 to Jul 16, 202613
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- 11801 Industry Intermediate LLC Delaware4
- 11801 Industry Realty Company LLC Delaware4
- 7 Roosevelt Acquisition LLC Delaware4
- Armour Yards Mortgage Lender LLC Delaware4
- BCF Acquisition Realty Company LLC Delaware4
- BD Norfolk Holdings LLC Delaware4
- BD Norfolk Venture LLC Delaware4
- Baker Chocolate Apartments-133, LLC Delaware4
- Baker Chocolate Associates, LLC Delaware4
- Bass Lofts Acquisition LLC Delaware4
- Brackenbrook Apartments Owner LLC Delaware4
- Bristol Trailer Intermediate LLC Delaware4
- Bristol Trailer Realty Company LLC Delaware4
- Caroline Post Oak GP, LLC Delaware4
- Caroline Post Oak Owner, LP Delaware4
- Caroline West Gray GP, LLC Delaware4
- Caroline West Gray Owner, LP Delaware4
- Charleston Portfolio Venture LLC Delaware4
- Dallas Industrial Ambassador Row LP Delaware4
- Dallas Industrial Carpenter LP Delaware4
- Dallas Industrial Forest LP Delaware4
- Dallas Industrial Garden Brook I LP Delaware4
- Dallas Industrial Garden Brook II LP Delaware4
- Dallas Industrial International LP Delaware4
All 92 listed subsidiaries
- Dallas Industrial Portfolio Realty Company GP LLC Delaware4
- Dallas Industrial Regal I LP Delaware4
- Dallas Industrial Regal II LP Delaware4
- Dallas Industrial Surveyor LP Delaware4
- East Tampa Realty Company LLC Delaware4
- Fiore Residential Realty Company LLC Delaware4
- First Student 101 Old Frankstown Road Realty LLC Delaware4
- First Student 150 South 24th Street Realty LLC Delaware4
- First Student C&W Realty LLC Delaware4
- First Student California Realty LLC Delaware4
- First Student Holding Company LLC Delaware4
- First Student Illinois Realty LLC Delaware4
- First Student New Jersey Realty LLC Delaware4
- First Student New York Realty LLC Delaware4
- First Student Pennsylvania Intermediate Company 1 LLC Delaware4
- First Student Pennsylvania Intermediate Company 2 LLC Delaware4
- First Student Washington Realty LLC Delaware4
- Fisher Acquisition LLC Delaware4
- Heron Lakes Realty Company LLC Delaware4
- J.P. Morgan REIT MA Holdings LLC Delaware4
- J.P. Morgan REIT Operating Partnership, L.P. Delaware4
- J.P. Morgan REIT TRS LLC Delaware4
- JPMREIT Seller SPV 1 LLC Delaware4
- Norfolk Industrial Portfolio Acquisition LLC Delaware4
- North Bluff Apartments Owner LLC Delaware4
- North Charleston Housing Acquisition LLC Delaware4
- One Brooklyn Road Realty Company LLC Delaware4
- Oswego Realty Company LLC Delaware4
- PGH Apartments LLC Delaware4
- PGH Intermediate LLC Delaware4
- PGH Realty Company LLC Delaware4
- Pinellas Park Realty Company LLC Delaware4
- Post Oak Holdings JV, LP Delaware4
- Post Oak JV, LP Delaware4
- Post Oak Realty Investor LLC Delaware4
- Preserve at Pine Valley Acquisition LLC Delaware4
- Preserve at Pine Valley Owner, LLC Delaware4
- Preserve at Pine Valley Venture, LLC Delaware4
- Red Mountain Realty Company LLC Delaware4
- Resort at Encinitas Mortgage Lender LLC Delaware4
- Rockledge Barnes Holdings LLC Delaware4
- STNL Lender Capital JV Borrower LLC Delaware4
- STNL Lender Capital JV Holdings, LLC Delaware4
- STNL Lender Capital JV LP Delaware4
- STNL Lender Capital Realty Company LLC Delaware4
- SW STNL LendCap Durban Dutch Bros Greenville LLC Delaware4
- Satori West Ashley Lender LLC Delaware4
- Savannah Terminal Realty Company LLC Delaware4
- Sawbranch Apartments Owner LLC Delaware4
- Shops at Grand Investor LLC Delaware4
- Shops at Grand Owner LLC Delaware4
- Shops at Grand Venture LLC Delaware4
- Southern Multifamily Lender LLC Delaware4
- The Kensley Acquisition LLC Delaware4
- The Landing Apartments Owner LLC Delaware4
- V2 Chesapeake 3800 Cook Blvd LLC Delaware4
- V2 Chesapeake 3809-3811 Cook Blvd LLC Delaware4
- V2 Chesapeake Cook Blvd LLC Delaware4
- V2 Chesapeake Dexter St West LLC Delaware4
- V2 Hampton E Street LLC Delaware4
- V2 Norfolk Trant Ave LLC Delaware4
- V2 Rockledge Barnes Blvd LLC Delaware4
- Vineyard Commons Acquisition LLC Delaware4
- Vineyard Commons PropCo LLC Delaware4
- West Gray Holdings JV, LP Delaware4
- West Gray JV, LP Delaware4
- West Gray Realty Investor LLC Delaware4
- Woodlocke Apartments Owner LLC Delaware4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Sep 30, 20268-K Other events14
- Sep 1, 20268-K Entered a material agreement; New debt or obligation15
- Aug 31, 20268-K Other events16
- Aug 7, 20268-K Shareholder vote17
- Jul 31, 20268-K Other events18
- Jul 17, 20268-K New debt or obligation19
- Jul 7, 20268-K Unregistered sale of shares20
- Jun 30, 20268-K Other events21
- May 29, 20268-K Other events22
- May 26, 20268-K Regulation FD disclosure23
- Apr 30, 20268-K Other events24
- Apr 7, 20268-K Unregistered sale of shares25
Filings
276 filings to the SEC since October 2021: 4 annual reports, 13 quarterly reports, 94 major events, 15 private raises, 150 other. The latest 20:
- Oct 14, 2026424B3 EDGAR
- Oct 14, 2026POS EX EDGAR
- Sep 30, 20268-K EDGAR
- Sep 15, 2026424B3 EDGAR
- Sep 15, 2026POS EX EDGAR
- Sep 1, 2026424B3 EDGAR
- Sep 1, 20268-K EDGAR
- Aug 31, 20268-K EDGAR
- Aug 14, 2026424B3 EDGAR
- Aug 14, 2026POS EX EDGAR
- Aug 12, 202610-Q EDGAR
- Aug 7, 20268-K EDGAR
- Jul 31, 20268-K EDGAR
- Jul 17, 20268-K EDGAR
- Jul 16, 2026D/A EDGAR
- Jul 15, 2026424B3 EDGAR
- Jul 15, 2026POS EX EDGAR
- Jul 7, 20268-K EDGAR
- Jun 30, 20268-K EDGAR
- Jun 11, 2026424B3 EDGAR
The 276 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Funding
Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.
- Private raises (Form D) $367.2M
Figures by year
| Year | Private raises (Form D) | Total |
|---|---|---|
| 2024 | $102.8M | $102.8M |
| 2023 | $78.5M | $78.5M |
| 2022 | $186.0M | $186.0M |
Private raises
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
- Oct 1, 2024Raised $10 million in a private offering of equity26 Form D: $400 million offered in all Form D
- Jan 2, 2024Raised $92.8 million in a private offering of equity27 Form D: $500 million offered in all Form D
- Apr 3, 2023Raised $78.5 million in a private offering of equity13 Form D: $200 million offered in all Form D
- Jun 23, 2022Raised $186 million in a private offering of equity28 Form D: $600 million offered in all Form D
SEC filer profile
How J.P. Morgan Real Estate Income Trust, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARJ.P. Morgan Real Estate Income Trust, Inc.1
- CIK0001893262
- Employer ID (EIN)87-343991612
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company12
- Incorporated inMaryland12
- Fiscal year endsDecember 311
- Industry code (SIC)6798 Real Estate Investment Trusts1
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
- Business address390 Madison Ave, New York, NY 100171
- Phone212-270-60001
- Shares outstanding1,017,889 Class D Shares shares; 14,608,062 Class I Shares shares; 58,092,299 Class E Common Stock shares; 9,874,835 Class Y Common Stock shares as of Mar 16, 202612
- Public float$0 as of Dec 31, 20252
- AuditorPricewaterhouseCoopers LLP, New York, New York PCAOB ID 238; no auditor attestation of internal control over financial reporting12
- On EDGAR sinceNov 24, 20211
- Filings276 in all: 8-K (94), 424B3 (73), POS EX (49), 10-Q (13), D/A (11), EFFECT (6), 10-K (4), ARS (4)1
All 17 form types
CORRESP (4), D (4), POS AM (4), UPLOAD (3), S-11 (2), S-11/A (2), DRS (1), DRS/A (1), DRSLTR (1)
- Latest filingsAnnual report (10-K) Mar 16, 2026
Quarterly report (10-Q) Aug 12, 2026
Latest 8-K (8-K) Sep 30, 2026
Risk factors and legal proceedings
The risks J.P. Morgan Real Estate Income Trust, Inc. names in Item 1A of its 10-K filed Mar 16, 2026: 77 risks under these headings, as written.12
- Risks Related to Our Organizational Structure
- We have not held our current investments for a long period of time and you will not have the opportunity to evaluate our future investments before we make them, which makes your investment more speculative.
- The Adviser manages our portfolio pursuant to very broad investment guidelines and generally is not required to seek the approval of our board of directors for each investment, financing or asset allocation decision made by it, which may result in our making riskier investments, and which could adversely affect our results of operations and financial condition.
- There is no public trading market for shares of our common stock; therefore, your ability to dispose of your shares will likely be limited to repurchase by us. If you do sell your shares to us, you may receive less than the price you paid.
- Your ability to have your shares repurchased through our share repurchase plan is limited. We may choose to repurchase fewer shares than have been requested to be repurchased, in our discretion at any time, and the amount of shares we may repurchase is subject to caps. Further, our board of directors may make exceptions to modify or suspend our share repurchase plan if it deems such action to be in our best interests and the best interests of our stockholders.
- Economic events that may cause our stockholders to request that we repurchase their shares may materially adversely affect our cash flow and our results of operations and financial condition.
- If we are unable to successfully integrate new investments and manage our growth, our results of operations and financial condition may suffer.
- The amount and source of distributions we may make to our stockholders is uncertain, and we may be unable to generate sufficient cash flows from our operations to make distributions to our stockholders at any time in the future.
- We may pay distributions from sources other than our cash flow from operations, including the sale of real estate and real estate debt investments, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources.
- Payments to the Adviser or the Special Limited Partner in the form of common stock or Operating Partnership units they elect to receive in lieu of fees or distributions will dilute future cash available for distribution to our stockholders.
- Purchases and repurchases of shares of our common stock are not made based on the current NAV per share of our common stock.
- Valuations and appraisals of our assets are estimates of fair value and may not necessarily correspond to realizable value.
The other 66 risks
- Our NAV per share amounts may change materially if the appraised values of our properties materially change from prior appraisals or the actual operating results for a particular month differ from what we originally budgeted for that month.
- It may be difficult to reflect, fully and accurately, material events that may impact our monthly NAV.
- NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
- If we are unable to raise substantial funds, we will be limited in the number and type of investments we make, and the value of stockholders’ investments in us will be more dependent on the performance of any of the specific assets we acquire.
- We face risks associated with the deployment of our capital.
- Our board of directors may, in the future, adopt certain measures under Maryland law without stockholder approval that may have the effect of making it less likely that a stockholder would receive a “control premium” for his or her shares.
- Our charter permits our board of directors to authorize us to issue preferred stock on terms that may be senior to the rights of the holders of our current common stock or discourage a third party from acquiring us.
- Maryland law limits, in some cases, the ability of a third party to vote shares acquired in a “control share acquisition.”
- Maryland law and our organizational documents limit our rights and the rights of our stockholders to recover claims against our directors and officers, which could reduce your and our recovery against them if they cause us to incur losses.
- Maryland law limits our stockholders’ ability to amend our charter or dissolve us without the approval of our board of directors.
- Your interest in us will be diluted if we issue additional shares. Your interest in our assets will also be diluted if the Operating Partnership issues additional units.
- We are not required to comply with certain reporting requirements, including those relating to auditor’s attestation reports on the effectiveness of our system of internal control over financial reporting, accounting standards and disclosure about our executive compensation, that apply to other public companies.
- Our UPREIT structure may result in potential conflicts of interest with limited partners in the Operating Partnership whose interests may not be aligned with those of our stockholders.
- Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act.
- Our business may be subject to certain U.S. regulatory regimes applicable to J.P. Morgan and the Adviser, including applicable financial industry rules, which may impact the Adviser’s ability to implement our business strategy and to generate returns to our stockholders.
- We depend on the Adviser to develop appropriate systems and procedures to control operational risk.
- Cybersecurity risks could result in the loss of data, interruptions in our business, damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.
- We are subject to risks associated with artificial intelligence and machine learning technology.
- Compliance with the SEC’s Regulation Best Interest by participating broker-dealers may negatively impact our ability to raise capital in our public offering, which would harm our ability to achieve our investment objectives.
- Risks Related to Investments in Real Estate
- Our operating results will be affected by economic and regulatory changes that impact the real estate market in general.
- Changes in trade policies, including the imposition of tariffs, their enforcement and downstream consequences, and concerns over the United States’ debt ceiling and budget deficit may have a material adverse impact on the Company’s business, results of operations and outlook.
- Our success depends on general market and economic conditions.
- We may be subject to additional risks from our non-U.S. investments.
- Our portfolio may be concentrated in a limited number of industries, geographies or investments.
- We may change our investment and operational policies without stockholder consent.
- We may have difficulty selling our investments, which may limit our flexibility and ability to pay distributions.
- We face risks associated with property acquisitions.
- Certain of our investments may have additional capital requirements.
- The sale and disposition of real properties carry certain litigation risks at the property level that may reduce our profitability and the return on your investment.
- Competition for investment opportunities may reduce our profitability and the return on your investment.
- We may make a substantial amount of joint venture investments, including with Other J.P. Morgan Accounts. Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on the financial condition of our joint venture partners and disputes between us and our joint venture partners.
- Acquiring or attempting to acquire multiple properties in a single transaction may adversely affect our operations.
- In our due diligence review of potential investments, we may rely on third-party consultants and advisors and representations made by sellers of potential portfolio properties, and we may not identify all relevant facts that may be necessary or helpful in evaluating potential investments.
- There can be no assurance that the Adviser will be able to detect or prevent irregular accounting, employee misconduct or other fraudulent practices or material misstatements or omissions by the seller in connection with our property acquisitions during the due diligence phase or during our efforts to monitor and disclose information about the investment on an ongoing basis or that any risk management procedures implemented by us will be adequate.
- We rely on property managers to operate our properties and leasing agents to lease vacancies in our properties.
- We depend on tenants for our revenue, and therefore our revenue will be dependent on the success and economic viability of our tenants. Our reliance on a single tenant or significant tenants in certain buildings may decrease our ability to lease vacated space and could adversely affect our income, performance, operations and ability to pay distributions.
- We may be unable to renew leases as leases expire.
- Our properties may be leased at below-market rates under long-term leases.
- We may experience material losses or damage related to our properties and such losses may not be covered by insurance.
- We will face unique risks related to any development or redevelopment projects we undertake.
- We could become subject to liability for environmental violations, regardless of whether we caused such violations.
- Our properties are, and any properties we acquire in the future will be, subject to property taxes that may increase in the future, which could adversely affect our cash flow.
- Certain of our investments may be in the form of ground leases, which provide limited rights to the underlying property.
- Certain of our industrial properties may be special use or build-to-suit and may be difficult to sell or re-lease upon tenant defaults or lease terminations.
- We could be negatively impacted by the condition of Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) and by changes in government support for multifamily housing.
- Short-term leases, including leases associated with any multifamily properties we acquire, may expose us to the effects of declining market rent and could adversely impact our ability to make cash distributions.
- Increased levels of unemployment could adversely affect the occupancy and rental rates of our multifamily properties.
- If any credit market disruptions or economic slowdowns occur, any investments in multifamily properties may face increased competition from single-family homes and condominiums for rent, which could limit our ability to retain residents, lease apartment units or increase or maintain rents.
- The multifamily properties in which we invest must comply with the Fair Housing Amendments Act of 1988 (the “FHAA”).
- Rent control and other changes in applicable laws, or noncompliance with applicable laws, could adversely affect our multifamily properties.
- Student housing properties are subject to seasonality.
- Our retail tenants may face competition from numerous retail channels.
- Retail properties depend on anchor tenants to attract shoppers and could be adversely affected by the loss of a key anchor tenant.
- If we invest in office, we may be adversely affected by trends in the office real estate industry.
- We could be negatively impacted by increased competition, decreased demand and restrictive zoning ordinances in the manufactured housing markets in which we may invest.
- We may be subject to risks from fluctuating demand and competition in the self-storage industry.
- We invest in commercial properties subject to net leases, which could subject us to losses.
- Technological or other innovations may disrupt the markets and sectors in which we operate and subject us to increased competition or negatively impact the tenants of our properties and the value of our properties.
- Inflation may adversely affect our financial condition and results of operations.
- High interest rates could impact the value of our investments.
- Risks Related to Investments in Real Estate-Related Investments
- Investments in real estate-related debt are subject to risks including various creditor risks and early redemption features which may materially adversely affect our results of operations and financial condition.
- Our debt investments face prepayment risk and interest rate fluctuations that may adversely affect our results of operations and financial condition.
- Reinvestment risk could affect the price for our shares or their overall returns.
- Debt-oriented real estate investments face a number of general market-related risks that can affect the creditworthiness of issuers, and modifications to certain loan structures and market terms make it more difficult to monitor and evaluate investments.
- The operating and financial risks of issuers and the underlying default risk across capital structures may adversely affect our results of operations and financial condition.
- We may invest in commercial mortgage loans which are non-recourse and include limited options for financial recovery in the event of default; an event of default may adversely affect our results of operations and financial condition.
Legal proceedings
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2025, we were not involved in any material legal proceedings.
The opening of Item 3, Legal Proceedings.12
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGAROther events
- 15
- 16SEC EDGAROther events
- 17SEC EDGARShareholder vote
- 18SEC EDGAROther events
- 19SEC EDGARNew debt or obligation
- 20SEC EDGARUnregistered sale of shares
- 21SEC EDGAROther events
- 22SEC EDGAROther events
- 23SEC EDGARRegulation FD disclosure
- 24SEC EDGAROther events
- 25SEC EDGARUnregistered sale of shares
- 26
- 27
- 28