Hartman Vreit Xxi Revenue, Net Income & 10-K Summary

Company profile

Legal form and focus: Maryland corporation formed Sept 3, 2015 to acquire, develop, own, manage, lease, operate, and dispose of a diversified portfolio of value-oriented commercial real estate (office, retail, industrial, warehouse), primarily in Texas.
Investment objective: Grow investment value, preserve stockholders’ capital contributions, and increase net cash from operations to support regular distributions (distributions suspended since Dec 16, 2022).
REIT status: Elected REIT taxation effective 2017; subject to REIT rules and related tax risks and aims to distribute at least 90% of REIT taxable income.

Principal operating vehicle: Hartman vREIT XXI Operating Partnership, L.P. (Texas). The company is the sole general partner. Initial limited partners include Hartman vREIT XXI Holdings LLC and Hartman vREIT XXI SLP, LLC.
Advisor and management: Hartman Advisors II, LLC (Allen R. Hartman, sole member) serves as advisor and manages day-to-day operations. Hartman vREIT XXI Portfolio Management, LLC served as property manager prior to April 2023; REIT Property Management, LLC became property manager after April 2023.
Governance protections: The charter imposes ownership limits (generally 9.8% per class or in value) and contains anti‑takeover provisions. The Board can set policies and, in certain conditions, amend governance features without stockholder approval.

Public offerings: Began June 24, 2016. Aggregate gross proceeds from all public offerings were $91,699,487 as of Dec 31, 2024.
Share classes: Class A, Class I, Class S, Class T, and a class of preferred stock. Follow-on and later offerings allowed combinations of Class A and Class T, plus other classes in later rounds.
Liquidity and exits: No public market for the shares; illiquid by design. The Board may pursue a liquidity event (listing or liquidation) within 3–7 years after an offering ends but has no obligation to do so. If independent directors do not approve a liquidity event after seven years, stockholders may vote to determine liquidation.
Share repurchase: A redemption program exists but has been suspended indefinitely; substantial restrictions would apply if reinstated.
Estimated NAV per share: $9.83 as of Dec 31, 2024 (prior: $9.78 at 12/31/2023; $7.97 at 12/31/2022).

Core strategy: Value-oriented approach branded the “Hartman Advantage,” emphasizing current income plus potential income and value growth through re-tenanting, repositioning, redevelopment, and operational improvements.
Geographic and property focus: Primarily Texas; targets office, retail, industrial, and warehouse assets in high-traffic locations with good curb appeal, parking, and diversified creditworthy tenants. May invest in unimproved land up to 10% of the aggregate cost of real property assets.

Nine wholly-owned properties.
Approximately 83% tenant-in-common (TIC) interest in 3100 Weslayan (office) in Houston.
2.47% ownership interest in Hartman SPE LLC, which as of 2023 owned 39 office, retail, and light industrial properties in Houston, Dallas, and San Antonio.
An equity investment in an affiliated REIT.
Notable transaction: Richardson Tech Center sold Aug 23, 2024 for $10,261,000; proceeds used to pay down the East West Bank line of credit by $9,337,000 and to fund a $500,000 capital reserve.

Selected property highlights

Village Pointe (Retail) — San Antonio: ~54,246 SF; 95% occupied; annualized in-place rent ~$748k; base rent per occupied SF ~$14.59.
Spectrum Building (Office) — San Antonio: ~172,165 SF; 77% occupied; annualized in-place rent ~$3.225M; base rent per occupied SF ~$24.42.
11211 Katy Freeway (Office) — Houston: ~78,642 SF; 85–99% occupied (varies by period); annualized in-place rent ~$799k; base rent per occupied SF ~$11.96.
1400 Broadfield (Office) — Houston: ~102,893 SF; 97% occupied; annualized in-place rent ~$1.759M; base rent per occupied SF ~$17.66.
16420 Park Ten Place (Office) — Houston: ~83,760 SF; ~71% occupied; annualized in-place rent ~$669k; base rent per occupied SF ~$11.18.
Willowbrook Building (Office) — Houston: ~67,670 SF; 93% occupied; annualized in-place rent ~$403k; base rent per occupied SF ~$6.41.
Timberway II (Office) — Houston: ~130,828 SF; 82% occupied; annualized in-place rent ~$1.518M; base rent per occupied SF ~$14.07.
One Park Ten (Office) — Houston: ~34,089 SF; 69% occupied; annualized in-place rent ~$325k; base rent per occupied SF ~$13.73.
Two Park Ten (Office) — Houston: ~56,442 SF; 58% occupied; annualized in-place rent ~$465k; base rent per occupied SF ~$14.10.
3100 Weslayan (Office) — Houston: ~78,289 SF; 78% occupied; annualized in-place rent ~$1.148M; base rent per occupied SF ~$18.70.

Rental revenue (in-place, annualized): ~ $11.06 million for 2024 (vs. ~ $11.91 million in 2023).
Public offering proceeds: Aggregate gross proceeds of approximately $91.7 million.
Distributions: Suspended Dec 16, 2022 and have not been resumed as of the dates provided.
Employees and operations: The company has no paid employees. Executive management and operational services are provided by the advisor and its affiliates under contractual arrangements.

The company relies on Hartman Advisors II, LLC for day-to-day operations; the advisor’s compensation and related-party relationships create potential conflicts of interest.
The UPREIT structure and affiliated limited partner arrangements may involve future payments to certain partners.
The company may issue preferred or convertible stock and maintains ownership limits and anti‑takeover provisions that affect control and liquidity dynamics.

NAV per share updates and detailed property-level data are published in the company’s annual and periodic filings. NAV per share was $9.83 as of 12/31/2024.