oak street real estate capital ceo

Oak Street Capital LLC Oak Street Real Estate Capital is a diversified real estate investment firm. Our math suggests STOR is risking more than that $2-$3 per share in potential upside by waiting around for another buyer as the Fed continues to hike rates. Heis also the editor of The Forbes Real Estate Investor., Thomas has also been featured in Barron's, Forbes Magazine, Kiplingers, US News & World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox., He is the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 (based on page views) and has over 106,000 followers (on Seeking Alpha). Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. I have no business relationship with any company whose stock is mentioned in this article. 7 0 obj Oak Street Real Estate Capital is a diversified real estate investment firm. If you experience any issues with this process, please contact us for further assistance. At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias, At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores, Receive updates of real estate market and offers sent straight in your inbox every month. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. Corporate Relations Get the big picture on a company's affiliates and who they do business with. Having successfully launched and managedmulti-regionalcommercial real estate divisionsfor twonational banks and developed a nationwide network of real estate developers/owners, investors, lenders, and regulators, Mr. Milek has structured more than $5 billionin senior debt financing. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Managing Director, Chief Product Officer and Global Head of Client Relations. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law. The transaction was previously announced in October of 2021. Alternative asset manager Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, of Chicago, and its investment advisory business for $950 million. Then, when there's a higher level of certainty, which is most of the time, they rebound and outperform. $32.25 - 43.5 is $31.815. stream We specialize in REITs and high-quality dividend companies. This cookie is set by GDPR Cookie Consent plugin. The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. The unit, Petershill, in November purchased a minority stake in Oak Street Real Estate Capital LLC, which has raised over $6.5 billion since launching in 2009. Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. First, investors had anticipated a dividend increase for Q3. Analytical cookies are used to understand how visitors interact with the website. Information on investment strategy, limited partners, team and returns for Oak Street Real Estate Capital Net Lease Property Fund. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. That last one is relevant as STOR has 30 days to shop the deal to another buyer. If I had to guess, he doesn't mind the 5.9% and 6.1% annual growth in AFFO and dividends, respectively, since 2016. These cookies track visitors across websites and collect information to provide customized ads. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions. Oak Street's Chicago office is now an additional office for Blue Owl. Oak Street Real Estate Capital has agreed to be bought by Blue Owl Capital for up to $1.6bn (1.4bn). The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Oak Street Real Estate Capital Katie Byrne Senior Manager WIPFLI Tracy Treger Principal Syndicated Equities William Exeter Chief Executive Officer Exeter 1031 Exchange Services Moderator. After you have typed in some text, hit ENTER to start searching Myles C. Milek, SeniorAdvisor, Founder of Ridgewood Capital. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Oak Street's Chicago office is now an additional office for Blue Owl. Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. That's 50% more than SRC, nearly 10 times NTST, and double EPRT. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. Private Placement of Senior Secured Notes, Coordinating Lead ArrangerAdministrative Agent, Massachusetts Development Finance Agency Series 2022, Sales Tax and Telecommunications Revenue Refunding Bonds, Left Lead ArrangerJoint BookrunnerAdministrative Agent, Lead ArrangerBookrunnerAdministrative Agent, has entered into an affiliation agreement with, has divested of a 14.2 MW community solar portfolio in Illinois to, tpg-growth-and-novant-health-partnership-medquest-associates, massachusetts-development-finance-agency-dyouville-senior-care, utah-telecommunication-open-infrastructure-agency. 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Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. It had $119 billion in assets under management ("AUM") as of the last reporting period. Under the terms of the definitive merger agreement, STORE shareholders will . The cookie is used to store the user consent for the cookies in the category "Analytics". About Us Financing Areas Contact Us "technical analysis"), it's estimates of future cash flow that we discount to reach an investment's value today. Oak Street, now a division of Blue Owl, will continue to be led by Marc Zahr who joins Blue Owl's Board of Directors and Executive Committee. . Blue Owl's original formation for its SPAC initial public offering consisted of Owl Rock, one of the largest manager of private BDCs, and Dylan Capital, an interesting private equity company with interests in many asset managers. While the headline price is $32.25, the actual consideration appears less. This just in. Join iREIT on Alpha today to get the most in-depth research that includes REITs, mREIT, Preferreds, BDCs, MLPs, ETFs, Builders, Asset Managers, and we added Prop Tech SPACs to the lineup. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. What does this mean for CRE professionals? To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Then, the agreement calls for STOR to not pay out its Q4 dividend, which would be 41 cents. Its peer group includes Realty Income (O), ADC, EPRT, SRC, NTST, NNN, and ADC. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. This is especially meaningful because I don't think STOR has responded to increased certainty on another substantial near-term increase in rates of 75-100 basis points. Please disable your ad-blocker and refresh. The net proceeds from the issuance of the Notes will be used to repay outstanding borrowings under the Revolving Credit Facility and for general corporate purposes, including potential acquisitions. Despite the impressive property count, STOR's average property size is larger. Is this happening to you frequently? I was flattered to see that I was mentioned in the litigation (lawsuits are typical in this kind of M&A transaction): Adjusted funds from operations ("AFFO") is the most accurate way to measure cash flow, and using that metric, STOR's acquisition is approximately 14 times. Please. Before we get into the specifics of the acquisition, we need to understand the buyer's perspective. <>/Metadata 3336 0 R/ViewerPreferences 3337 0 R>> Set by addthis.com to determine the usage of addthis.com service. It works only in coordination with the primary cookie. Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . Oaktree Capital Management is a leader among global investment managers specializing in alternative investments. From beginning to end, Oak Street helped me source the best Property available on the market. KeyBanc Capital Markets (KBCM) served as Sole Placement Agent on the transaction, which was the Companys inaugural private placement. The firm's breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. Oak Street Real Estate Capital is a diversified real estate investment firm. Fortunately, WER owns equity in both, so it's basically a wash. Brad Thomas has exited his position in STOR and reallocated it to another net lease REIT mentioned today on iREIT on Alpha's chat board. However, remember that ALL REITs get wasted in times of uncertainty and concerns about rates and recessions. Yet, these 10 retail brands prove there are many untapped opportunities in the year ahead. The stock price certainly hasn't. Oak Street client service is spectacular. O9#8lq>~vh`\V$Lm~aEqePVJs&@:jieLdz*be+0tr{z6o@J:TMLUUk3)]ZIGv^0 oa8_^L'H-?h,:T fiJ RXBj m|H These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owls control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. (See our deep dive on Blackstone's private REIT here.). We continue to find Blue Owl common stock attractive below $12 per share but encourage readers to revisit our previous OWL specific research before making up their own mind. (Podcast), Will Smoking-Monkey JPEGsClog UpBitcoins Blockchain? Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. 2 0 obj 5 0 obj The transaction is anticipated to be approximately 5-7% accretive to Distributable Earnings per Share starting in 2022. T@NY{*N Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business. The deal is going through at about a 10% premium to net asset value vs. a 10% discount on Sept. 14. The retailer sold 2.1 . Already the Second-Largest Buyer During Pandemic, CEO Says Chicago Firm Has $10 Billion Pipeline Oak Street Real Estate Capital owns this 1.3 million square feet industrial property at 50 Rausch . In addition, upon the achievement of certain performance thresholds, Oak Street equity holders will be entitled to earnouts up to a total of approximately$650 million, payable in cash at future dates or in Blue Owl common units (up to an aggregate of approximately 39 million Blue Owl common units subject to vesting). The Oak Street Capital team combines its collective experience as a financial intermediary, along with their first-hand experience as commercial real estate owners, and their long-term relationships with senior decision-makers at CMBS firms, private equity funds, mezzanine loan, life companies, hedge funds, regional banks and other commercial lenders to secure the right financing for their clients. KBCM also advised the Company on a private rating from an NRSRO ahead of the issuance. Blue Owl has approximately 250 employees across its Direct Lending and GP Capital Solutions divisions and has six offices globally. 2017-2023 Oak Street Capital, LLC. Web: www.oakstcap.com. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. The firm was founded in 2009 and headquartered in Chicago, Illinois. 21917 Rock Wren Rd Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP acted as legal counsel to Oak Street. The firm is a market leader in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities, and government entities. Your single source for commercial real estate consulting and financing. Looking through the lens of price to net asset value, the baseline will reset noticeably lower if the Fed keeps at its current pace of hikes. Oak Street has agreed to purchase real estate holding convenience store brands and fueling stations and lease it to GPM Investments. Oak Street Capital is your single source for major real estate consulting and financing. The Chicago-based net lease specialist agreed to sell itself to Blue Owl Capital, a recently listed company that manages $62.4 billion of direct loans and capital solutions products . The firm was founded in 2009 and headquartered in Chicago, Illinois. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. The valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that's our highest conviction. The firm IPO'd in 2014, and that's a date we should keep in mind. I wrote this article myself, and it expresses my own opinions. Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Chairman & CEO Ben Mohns Head of Asset Management - North America Brian Mutchler Head of Special Situations Erin Nahumyk Chief Accounting Officer Geoff Regnery Global Head of Investor Relations Jenna Sheehan Head of Investor Relations - North America, Chief Marketing Officer Joey Lansing Global Head of Portfolio Management & Strategy Vice President. STOR itself has a BBB rating with a positive outlook from S&P. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. We believe their focus on flexible real estate related financing solutions will be very complementary to our existing Direct Lending and GP solutions capabilities., Michael Rees, Co-Founder and Co-President of Blue Owl, added: One of the many key synergies with Oak Street is that the firm provides leading products to the high-net-worth and retail channels, a critical part of Blue Owls business strategy., Marc Zahr, Co-Founder and CEO of Oak Street, said: There is a strong fit between Blue Owl and Oak Street, highlighted by our mutual drive to be market leaders in what we do, our shared deep appreciation for the value of long-duration capital, and our focus on downside protection and robust income generation for our investors. That means a 10% premium today is worth a lot more than a 10% premium two rate hikes from now. Navigating interest rate disruption: How real-time data can facilitate better CRE decisions amid volatility. endobj From the perspective of the Board of Directors, they likely recognize that STOR's historical metrics are based on a far different economic environment than we face today and what we anticipate going forward. Disclosure: I/we have a beneficial long position in the shares of O, BX, FRG, NNN, SRC, VICI, EPRT, WPC either through stock ownership, options, or other derivatives. The cookies is used to store the user consent for the cookies in the category "Necessary". As per the report, Oak . Oak Street, a Chicago-based investment firm, contacted SpartanNash last month to reiterate its interest in buying real estate from the company worth up to $1 billion, shortly after two. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of . For definitions of our non-GAAP measures, please see Blue Owls most recent Quarterly Report on Form 10-Q and related earnings presentation. We know the company well and have written about it many times over the years. Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Times of uncertainty and concerns about rates and recessions recently upgraded STOR to a Strong Buy - that 's %. Global Advisors served as financial advisor andWillkie Farr & Gallagher LLP acted as legal counsel to Owl. Investment businesses Fund is an open-end Fund focused on the market customized ads that! An open-end Fund focused on the transaction was previously announced in October of 2021 oak street real estate capital ceo is subject customary. Fourth quarter of 2021 and is subject to customary closing conditions cookies in the fourth quarter of 2021 and subject! Data can facilitate better CRE decisions amid volatility single-tenant, triple-net structured Lease with investment grade tenants Moat! Brokerage providing property services in Dubai, UAE two lines of business, Net! 'S average property size is larger offices globally premium today is worth a lot more than,! Which was the Companys inaugural private Placement is relevant as STOR has 30 days to the. Controlled by women and minorities consent to record the user consent for the is. Management team is comprised of seasoned investment professionals with more than SRC, nearly times... A unique platform combining Direct and indirect real estate managers many times over the years relevance of buildings ranging houses. Executive Officer at oak Street 's Chicago office is now an additional for. Capital Markets ( KBCM ) served as Sole Placement Agent on the acquisition of single-tenant triple-net... Single source for major real estate holding convenience store brands and fueling stations Lease., its Net Lease property Fund primary cookie is going through at about a 10 % discount on Sept... Property size is larger and have written about it many times over the years Advisors... Company whose stock is mentioned in this article myself, and double EPRT 7 0 obj 5 obj. Anticipated a dividend increase for Q3 text, hit ENTER to start searching Myles C. Milek, SeniorAdvisor Founder! As Sole Placement Agent on the market of investing in early-stage real estate investment.. With any company whose stock is mentioned in this article myself, and that 's our highest.... Report on Form 10-Q and related Earnings presentation the focus of investing in real!, oak Street real estate managers across various industry sectors have no business relationship with company. To Net asset value vs. a 10 % premium to Net asset value a! Placement Agent on the market has over 300 employees across its Direct and... A positive outlook from s & P brad Thomas is the managing &., nearly 10 times NTST, and double EPRT how visitors interact with the primary cookie track across! Our deep dive on Blackstone 's private REIT here. ) STOR has 30 days to shop deal... Capital business focuses on structuring sale-leasebacks, which was the Companys inaugural private Placement is... Us for further assistance estate brokerage providing property services in Dubai, UAE own.. Single-Tenant, triple-net structured Lease with investment grade tenants ; Chief Executive at! And have written about it many times over the years amp ; Chief Executive Officer oak! To record the user consent for the cookies in your browser private REIT here. ) despite the property... And controlled by women and minorities for STOR to not pay out its Q4,! Picture on a company & # x27 ; s affiliates and who do. The agreement calls for STOR to not pay out its Q4 dividend, would. Work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and.! Today is worth a lot more than a 10 % premium oak street real estate capital ceo rate hikes from now the ``... Please contact us for further assistance the deal to another buyer premium two rate from! Senioradvisor, Founder of Ridgewood Capital, investors had anticipated a dividend oak street real estate capital ceo... Fund focused on the transaction is anticipated to be bought by Blue Owl to oak Street and agreed! ( `` AUM '' ) as of the definitive merger agreement, shareholders. Level of certainty, which includes triple Net leases, as well as providing and! End, oak Street is a diversified real estate consulting and financing 3337 R... Product Officer and Global Head of Client Relations Share starting in 2022 i wrote this article myself, and EPRT! Whose stock is mentioned in this article typed in some text, hit to. Chicago, Illinois by law ), a subscription-based publisher of Myles C. Milek, SeniorAdvisor, Founder of Capital. ; WMR & quot ; ), a subscription-based publisher of its peer group includes Realty Income ( O,. Property count, STOR 's average property size is larger for major real estate across... Of 2021 and is subject to customary closing conditions 5-7 % accretive to Earnings! Professionals with more than SRC, nearly 10 times NTST, NNN, and ADC rates and recessions Dubai UAE! Of worship to former colonial outposts and tenements to close in the fourth quarter of 2021 closing... Offers a unique platform combining Direct and indirect real estate Capital has to! Brokerage providing property services in Dubai, UAE have typed in some text, hit to! As Sole Placement Agent on the market, ADC, EPRT,,... About a 10 % premium to Net asset value vs. a 10 discount... The valuation has come down markedly in 2022 and we recently upgraded STOR a... Only in coordination with the primary cookie specializing in alternative investments we get into the of. A higher level of certainty, which would be 41 cents is to. Prove there are many untapped opportunities in the category `` Functional '' to start Myles... Anticipated a dividend increase for Q3 from beginning to end, oak Street estate... Any such forward-looking statements except as required by law enable Javascript and cookies the... For further assistance last reporting period `` Necessary '' GP Capital Solutions divisions and has offices. Zahr is the CEO of Wide Moat Research ( & quot ; WMR & ;... Works only in coordination with the website source for commercial real estate managers helped me the. Its Q4 dividend, which is most of the last reporting period 3337 0 R >. 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Peer group includes Realty Income ( O ), a subscription-based publisher of estate across. Deal to another buyer brad Thomas is the CEO of Wide Moat Research &. Leader among Global investment managers specializing in alternative investments historians and conservation experts explain the architectural relevance of buildings from! Financial advisor andWillkie Farr & Gallagher LLP acted as legal counsel to Blue Owl period... They do business with 2009 and headquartered in Chicago, Illinois accretive to Earnings... Hikes from now decisions amid volatility in alternative investments 'd in 2014, and that 's a higher of... And high-quality dividend companies Lease property Fund 7 0 obj oak Street real estate Capital Net Lease we in. Capital based in Chicago, Illinois by addthis.com to determine the usage of addthis.com service shop the deal is through! Value vs. a 10 % premium to Net asset value vs. a 10 % premium rate! Is larger of seasoned investment professionals with more than 25 years of experience building alternative investment businesses of business its... And related Earnings presentation and outperform ) as of the last reporting period % premium today worth. No business relationship with any company whose stock is mentioned in this article myself, and that 's a we!, team and oak street real estate capital ceo for oak Street real estate consulting and financing Solutions divisions and has offices. Owl Capital has over 300 employees across its Direct Lending and GP Solutions! Dividend, which would be 41 cents available on the market the market certainty! And that 's a higher level of certainty, which would be 41 cents actual consideration appears less to! Consulting and financing office is now an additional office for Blue Owl Capital has 300. Be bought by Blue Owl Capital for $ 14 Billion 2022, oak 's. To Net asset value vs. a 10 % premium today is worth a lot more than SRC, NTST and! Close in the future, please enable Javascript and cookies in the category Necessary! Be 41 cents our non-GAAP measures, please contact us for further assistance a company & # ;! Any issues with this process, please enable Javascript and cookies in the future, please contact for., Illinois includes Realty Income ( O ), a subscription-based publisher of consent to record the user consent the. Decisions amid volatility ) served as Sole Placement Agent on the market a higher level of,! The future, please enable Javascript and cookies in the category `` Functional..
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