Sterling Real Estate Trust, a North Dakota-based Real Estate Investment Trust (REIT), announced significant corporate updates in a recent SEC filing. The company, which operates under the name Sterling Multifamily Trust, has entered into its Fourteenth Amended and Restated Advisory Agreement with Sterling Management, LLC.
Effective January 1, 2025, this agreement extends the existing advisory contract for an additional year, maintaining substantially the same terms and conditions.
In executive movements, Sterling's Board of Trustees appointed Elizabeth A. Reich as the company's new Chief Financial Officer and Treasurer on Monday. Reich, bringing over three decades of experience from the manufacturing and construction sectors, will also serve as the Principal Financial (NASDAQ:PFG) Officer. Her previous role as CFO at True North Steel was marked by strategic participation in acquisitions and significant revenue growth.
Sterling Real Estate Trust operates as an externally managed REIT and relies on Sterling Management, LLC for its day-to-day operations under the advisory agreement. Reich's compensation will be handled by the Advisor, not directly by Sterling Real Estate Trust.
Additionally, the Board of Trustees has approved an increase in the common share price from $23.00 to $24.00, effective January 1, 2025. Concurrently, an annual dividend yield of 5.00% per share has been established. The price of limited liability limited partnership units will see a similar hike, and the redemption price for shares and units will increase to $22.80, also effective January 1, 2025.
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