Strategic Realty Trust, Inc. (the Company) was formed on September 18, 2008, as a Maryland corporation. Effective August 22, 2013, the Company changed its name from TNP Strategic Retail Trust, Inc. to Strategic Realty Trust, Inc. The Company believes it qualifies as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended (the Internal Revenue Code), and has elected REIT status...
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Strategic Realty Trust, Inc. (the Company) was formed on September 18, 2008, as a Maryland corporation. Effective August 22, 2013, the Company changed its name from TNP Strategic Retail Trust, Inc. to Strategic Realty Trust, Inc. The Company believes it qualifies as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended (the Internal Revenue Code), and has elected REIT status beginning with the taxable year ended December 31, 2009, the year in which the Company began material operations. Since the Company's inception, its business has been managed by an external advisor. The Company has no direct employees and all management and administrative personnel responsible for conducting the Company's business are employed by its advisor. As of September 30, 2024, the Company was externally managed and advised by SRT Advisor, LLC, a Delaware limited liability company (the Advisor) pursuant to an advisory agreement with the Advisor (the Advisory Agreement) initially executed on August 10, 2013, and subsequently renewed every year through 2024. The current term of the Advisory Agreement terminates on August 9, 2025. The advisor is an affiliate of PUR Management LLC (PUR), which is an affiliate of L3 Capital, LLC. L3 Capital, LLC is a real estate investment firm focused on institutional quality, value-add, prime urban retail and mixed-use investment within first tier U.S. metropolitan markets. The sole purpose of the Company is to wind up the Company's affairs and the liquidation of the Company's assets with no objective to continue or to engage in the conduct of a trade or business, except as necessary for the orderly liquidation of the Company's assets. Substantially all of the Company's business is conducted through Strategic Realty Operating Partnership, L.P. (the OP). During the Company's initial public offering (Offering), as the Company accepted subscriptions for shares of its common stock, it transferred substantially all of the net proceeds of the Offering to the OP as a capital contribution. The Company is the sole general partner of the OP. As of September 30, 2024 and December 31, 2023, the Company owned 98.1% of the limited partnership interests in the OP. As of September 30, 2024, the Company had 10,752,966 shares of common stock issued and outstanding and 204,323 of convertible common units issued and outstanding. On May 12, 2023, the board of directors unanimously approved the sale of all of the Company's assets and the dissolution of the Company pursuant to the terms of a plan of complete liquidation and dissolution of the Company (the Plan of Liquidation). The principal purpose of the Plan of Liquidation is to maximize stockholder value by selling the Company's assets, paying its debts and distributing the net proceeds from liquidation to the Company's stockholders. On August 23, 2023 the Company's stockholders approved the Plan of Liquidation. The Company expects any future liquidity to its stockholders will be provided in the form of liquidating distributions. The Company expects to distribute all of the net proceeds from liquidation to its stockholders within 24 months from August 23, 2023. The Company can give no assurance regarding the timing of final asset dispositions in connection with the implementation of the Plan of Liquidation, the sale prices it will receive for its remaining assets, and the amount or timing of any liquidating distributions to be received by its stockholders. On September 12, 2024, the Company consummated the disposition of the 400 Grove Street, 8 Octavia Street, Fulton Shops, 450 Hayes, and 388 Fulton properties located in San Francisco, California for approximately $10.9 million in cash, before customary closing and transaction costs. The disposition resulted in net cash proceeds after customary closing and transaction costs of $9.8 million which was used to partially pay down the SRT Loan. As of September 30, 2024 the Company managed a portfolio of one wholly-owned income-producing retail property located in Los Angeles, California and one improved land parcel, located in Hospira, California. As of September 30, 2024, the Company's retail property had approximately 11,000 rentable square feet of retail space and the rentable space at the property was 100% leased.
