Business: |
(Incorporated in the Cayman Islands)
We are a real estate investment company focused on acquiring, improving, owning and managing diverse multi-tenant office properties focusing in diverse, strong economic urban and close suburban nodes in major, top-25 Metropolitan Statistical Areas (“MSAs”).
We own 100% of the interests in two multi-tenant office properties and a 27% interest in one multi-tenant office property, all three of which we refer to collectively as our “initial portfolio.” The multi-tenant office properties are comprised of buildings with an aggregate of approximately 308,000 net rentable square feet and 31 total tenants, and are approximately 70% leased, based on the total rentable square footage of our initial portfolio. Our total annualized base rent from our initial portfolio for the quarter ended June 30, 2025 is $7.4 million. Our initial portfolio includes properties located in three markets within major MSAs in the Northeast and on the West Coast: Boston, Philadelphia and the San Francisco Bay Area. We intend to seek additional opportunities in the MSAs where we currently own properties, and other MSAs such as Washington, D.C., Los Angeles, Miami/West Palm Beach, and New York. Our tenants come from a variety of industries, including engineering, banking, consulting, consumer retail, and healthcare, and include investment grade tenants such as Wells Fargo Bank, N.A. (“Wells Fargo”), Raymond James & Associates, Inc. (“Raymond James”), Charles Schwab & Co. Inc. (“Charles Schwab”), and Oppenheimer & Co. Inc. (“Oppenheimer”). These four tenants make up a total of 12% of our total current leased square footage. The weighted average remaining lease term (“WALT”) of our properties is 4.5 years.
JOSS Realty Partners was founded in 2005 by Larry Botel, our founder and Chief Executive Officer. Since 2005, Mr. Botel has been responsible for the acquisition, financing, operating, leasing and disposition of approximately 31 office properties valued at approximately $1.2 billion. Mr. Botel possesses a track record of more than 35 years of commercial real estate experience along with tremendous relationships within the real estate industry and an intimate knowledge of multiple commercial real estate cycles. As a result, Mr. Botel has deep and broad experience in identifying and capitalizing on opportunities in the commercial office space. Additionally, our Chief Operating Officer, Larry McCulley, has over 40 years of real estate experience and oversees our asset and property management. We intend to leverage the extensive and long-standing relationships and knowledge of Mr. Botel and Mr. McCulley in maintaining and growing our portfolio both in our initial selected markets and additional markets.
We were organized as a Maryland corporation on April 15, 2025 and intend to elect to be taxed and to operate in a manner that will allow us to qualify as a REIT for U.S. federal income tax purposes commencing with our taxable year ending December 31, 2025.
Note: Net loss and revenue figures are for the 12-month period that ended June 30, 2025.
(Note: JOSS Realty REIT, Inc. filed its plans for its IPO as a real estate investment trust (REIT) – according to an S-11 filing dated Sept. 18, 2025 – without disclosing the terms. Estimated initial proceeds are $100 million, a placeholder figure.)
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