Terravet Real Estate Solutions launched the new trust, Terravet REIT, Inc., to provide owners of veterinary real estate an opportunity to diversify their holdings by participating in a pool that is expected to scale to several hundred facilities.
Terravet Real Estate Solutions has launched the company’s first private real estate investment trust (REIT). The new trust, Terravet REIT, Inc., aims to provide owners of veterinary real estate an opportunity to diversify their real estate holdings by participating in a pool that is expected to scale to several hundred large general practice facilities and specialty/emergency veterinary hospital facilities nationwide, according to an organizational press release.
“Savvy veterinarians recognize the value of their real estate but may be hesitant to sell their property due to potential tax and other considerations. By using Terravet’s UPREIT structure, we can offer a tax-advantaged solution for single-property owners to contribute their facilities to a veterinary-focused REIT and in turn, reap diversification benefits and the possibility of enhanced value and liquidity down the road,” said Daniel Eisenstadt, founder and CEO of Terravet Real Estate Solutions, and a founder of the Terravet REIT, in the release.
Overseen by a board of directors, Terravet Real Estate Solutions founded the REIT that is majority owned by key players in the veterinary sector with partners that include Randy Bimes, DVM, chair of the Community Veterinary Partners Medical Advisory Board, and a member of the REIT board of directors. “The Terravet REIT is a really good option for successful veterinarians who want to stay invested in veterinary real estate but also recognize the importance of portfolio diversification,” said Bimes, in the release.
With over 1 million square feet of veterinary and healthcare real estate across 31 states under its ownership, Terravet Real Estate Solutions has an established track record of working alongside veterinary and health care operators to maximize the value of their property by improving the quality of their facilities and investing in their real estate, according to the company.
“Over the past decade, the veterinary sector has seen an increasing focus on purpose-built veterinary facilities. Terravet REIT’s focus on the top quartile of strategically designed veterinary buildings ensures that investors will have a stake in real estate that is well-suited for the next generation of veterinarians and pet owners alike,” said Neil Tauber, a cofounder of VCA Animal Hospitals and a member of the Terravet REIT board of directors, in the release.
Terravet Real Estate Solutions launches private REIT with majority veterinarian ownership to target top-quartile veterinary properties. release. August 1, 2022. Accessed August 2, 2022. https://terravetrealestate.com/terravet-real-estate-solutions-launches-private-reit-with-majority-veterinarian-ownership/