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Gray Harbor Government Income REIT, Inc.

Gray Harbor Capital · GSA-Leased Government Office REIT

Program Overview

GSA-Leased Government Office REIT
Gray Harbor Government Income REIT, Inc.
Peer Group Filters
Objectives
IncomeCapital AppreciationTax Advantaged
Asset Class
Real Estate
Vehicle
REIT
Single / Multi Asset
Multi-Asset
Sponsor/Manager
Asset Class
Real Estate
Issuer
Gray Harbor Government Income REIT, Inc.
Issuer Legal Structure
Maryland Corporation
Program Life Structure
Perpetual
Target Leverage
Target 50% LTV 50% target long-term; may run 70-85% in 'early acquisition stage,' no current company-wide LTV disclosed. Mostly non-recourse w/ officer-director carve-outs; Bemidji and the multi-state SSA portfolio are full recourse w/ DSCR/net-worth covenants and cross-collateralized as one financing.
Strategy Risk/Return Profile
Core · Core Plus
Managing Broker-Dealer
Current Portfolio
17 properties
Tax Opinion
“Should” Level reit qualification · subject to stated assumptions
Minimum Investment
$100,000
Non-Voting Common Stock · waivable
Strategy Overview

Acquires, develops and operates single-tenant office properties leased to the U.S. government through the General Services Administration or directly to occupying federal agencies (SSA, VA, ICE, MSHA, U.S. District Courthouse/Marshals, BIA/IHS). Targets build-to-suit, refit-to-suit and improve-to-suit properties in secondary/tertiary markets sized $5-25 million, with a targeted 70% long-term (7+ year remaining lease) / 30% short-term (1-5 year remaining lease) allocation. Elected REIT tax status; intends monthly cash distributions funded from operations.

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