10-Q - EQT Exeter Real Estate Income Trust, Inc. (0001946997) (Filer)

Fri, May 10, 6:04 PM (378 days ago)

The EQT Exeter Real Estate Income Trust, Inc. 10-Q report for the quarter ending March 31, 2024, outlines the company's financial status and operational activities. During this period, the company reported significant real estate investments, notably the acquisition of an industrial property in Georgetown, Texas, for approximately $60.9 million. This property, constructed in 2023 and fully leased to a single tenant, marks the commencement of the company's principal operations. Financially, EQT Exeter reported a net loss of $2,571,567 for the quarter, largely due to substantial general and administrative expenses and organization costs totaling approximately $2.66 million. These costs reflect the cumulative expenses incurred by the company up to the date they commenced principal operations. The company's assets significantly increased from $405,049 at the end of 2023 to $67,624,634 by March 31, 2024, driven by the new property acquisition and an increase in cash and cash equivalents to $1,660,092. The company is externally managed and has not yet commenced its planned public offering, but it has received a $62.2 million investment from EQT Exeter Holdings US, Inc. for 6,220,000 Class E units of the Operating Partnership. This capital inflow is primarily allocated to funding the property acquisition. EQT Exeter Real Estate Income Trust continues to explore additional real estate investments and operational strategies to enhance shareholder value, acknowledging market risks and economic dependencies related to its external management and real estate market conditions.