United Realty Trust Launches Second Offering
United Realty Trust Incorporated, a publicly registered non-traded real estate investment trust, is engaging in a secondary offering of up to 2,877,698 shares of common stock, $0.01 par value per share, at a price equal to the net asset value, or NAV, plus applicable selling commissions and dealer-manager fees. As of June 30, 2015, the NAV per common share was $12.51 and the price per common share, including applicable selling commissions and dealer-manager fees, was $13.90, or $12.93 not including applicable selling commissions.
The common shares are being offered on a “best efforts” basis through the company’s dealer-manager, Cabot Lodge Securities LLC, also known as United Realty Securities, the name under which it does business.
United Realty Trust is also offering up to 799,360 common shares pursuant to their distribution reinvestment program, or DRIP, at a price equal to NAV per common share.
United Realty Trust was formed in November 2011 for the purpose of investing primarily in a diversified portfolio of income-producing real estate properties and other real estate-related assets. The company elected to qualify as a real estate investment trust commencing with its taxable year ended December 31, 2013.
On August 15, 2012, the REIT’s registration statement was declared effective by the SEC, which covered their initial public offering of up to 120,000,000 common shares, consisting of up to 100,000,000 common shares in their primary offering on a “best efforts” basis and up to 20,000,000 common shares pursuant to their distribution reinvestment program, or DRIP.
As of June 30, 2015, United Realty Trust had sold 2,570,059 common shares for gross offering proceeds of approximately $27.7 million and net offering proceeds of approximately $24.7 million.
The United Realty Trust property portfolio includes:
The Parkway property, a two-story medical office building in Myrtle Beach, South Carolina.
Carnegie Plaza, a one-story office building with 90,070 rentable square feet and 599 outdoor parking spaces in Cherry Hill, New Jersey.
A 69.2 percent interest in a joint venture that owns Tilden Hall, a 9-story residential property with 117 one-bedroom and studio apartments totaling 86,360 square feet in Brooklyn, New York.
A 14.6 percent interest in a joint venture that owns 14 Highland in Yonkers, New York, a 22-unit, 5-story walk-up apartment building.
An undeveloped land parcel on Route 9W in Ulster County, New York.
A 7.26 percent interest in a joint venture that owns the Lippincott Property, 53,100-square-foot single tenant Class A office building in Marlton, New Jersey.
A 76.7 percent interest in a joint venture that owns a mortgage note secured by properties located at 58 and 70 Parker Avenue in Poughkeepsie, New York.
