6s Capital - State of the Business


6s Capital - State of the Business

Last Update: 20 October 2020

Table of Contents

Summary

Credit Tenant Leases


Summary

Aggregate Debt Currently Outstanding

Issuer DAI Debt
(MM)
Traditional Debt
(MM)
Grand Total
(MM)
O’Reilly Auto Parts $0 $5.19 $5.19
Service King $0 $3.77 $3.77
Wawa $0 $8.85 $8.85
Total $0 $17.81 $17.81

Credit Tenant Leases:

Average Time Capital is Deployed from Start to Finish:

Tenant Months
O’Reilly Auto Parts 8
Service King 10
Wawa 24

Completed Projects Pending PSA to Divest:

Developer Tenant Locations
DevCo1 Wawa 2

Completed Projects Under PSA to Divest:

Developer Tenant Locations
DevCo1 O’Reilly Auto Parts 1

Deal Pipeline for New Construction (subject to change):

Tenant
Locations
Estimated Debt Needed
(MM)
O’Reilly Auto Parts 7 $9.44
Service King 2 $5.88
Wawa 1 $3.50
Total 10 $18.82

Deal Pipeline for Refinance / Stabilized Inventory (subject to change):

Tenant
Locations
Estimated Debt Needed
(MM)
Wawa 2 $8.85
Total 2 $8.85

Projects Under Construction:

Developer Tenant Locations
DevCo1 O’Reilly Auto Parts 3 (All under PSA to divest)
Service King 1

Updates:

19 October 2020

6s closed on a deal (Service King as tenant), repaid the senior loan, and sold the project to an investor (~5.4MM), with an expected exit cap rate.

09 October 2020

6s has entered into a multi-project PSA to divest four projects (1-Completed & 3-Under Construction).

25 September 2020

6s closed on a deal (Service King as tenant), repaid the senior loan, and sold the project to an investor (~4.9MM), with an expected exit cap rate.

Also 25 Sept 2020, 6s closed on a deal (Service King as tenant) and borrowed ~3.8MM from a bank. Construction for this new project starts on Monday. Project duration is targeted for ~10 months.


Disclaimer: All information contained herein is unaudited and for informational purposes only. Copyright © 2020. All rights reserved.

12 Likes