Growth
Acquisitions
The buy-and-build pipeline — PM operators you're acquiring, then integrating onto the OS.
7
Active targets1,355,000
Pipeline doors$349.3M
Capital to deploy18.1×
Blended entry multipleBuy at 18.1× — re-rate toward 22×.$19.3M of acquired EBITDA becomes $424.2M of enterprise value once integrated onto the OS — ~$74.9M created by owning the stack, not the operations.
Sourced2235,000 doors
East 6th Warehouse (adaptive-reuse)
Austin, TX · 140,000 doors
$35.3M16.4×·$2.1M EBITDA
Probability20%
Next: Intro call scheduled (Brett)
Deep Ellum Retail Row
Dallas, TX · 95,000 doors
$23.1M15.6×·$1.5M EBITDA
Probability15%
Next: Send NDA
LOI2485,000 doors
AllianceTex Industrial Park
Fort Worth, TX · 320,000 doors
$57.4M18.5×·$3.1M EBITDA
Probability45%
Next: LOI countersignature
South Congress Mixed-Use Block
Austin, TX · 165,000 doors
$49.9M19.2×·$2.6M EBITDA
Probability40%
Next: Confirm ground-lease assignability
Diligence2425,000 doors
Magnolia Avenue Office Tower
Fort Worth, TX · 240,000 doors
$70.2M18.0×·$3.9M EBITDA
Probability65%
Next: QoE review with Mark & Will
Near Southside Adaptive-Reuse Campus
Fort Worth, TX · 185,000 doors
$48.1M17.5×·$2.8M EBITDA
Probability60%
Next: Lease-file audit (Lauren)
Closing1210,000 doors
Design District Retail Center
Dallas, TX · 210,000 doors
$65.3M19.8×·$3.3M EBITDA
Probability90%
Next: Funds wire Friday
Integrating1420,000 doors
Stockyards Mixed-Use Block
Fort Worth, TX · 420,000 doors
$124M20.0×·$6.2M EBITDA
Migrating onto OS60%
Next: Migrate ledger + leases off Yardi