Narthex One Newsletter – Q3 2021
Rolling along in Q3
A message from Rob Boyer, CEO
I am pleased to report excellent results for the 3rd quarter. All the properties are performing as anticipated. Demand for space remains high although we continue to experience shortages in inventory for purchase. Properties either don’t fit our criteria or the church owners believe the valuation should match the housing market. We see lots of opportunities, but the acquisition process remains long.
We have 3 new church partners through our Management Agreement program. You’ll recall this program is designed for churches with excess space to rent, but no desire to sell their property to us. We help them find tenants and provide turnkey rental solutions. I’m excited and encouraged by the amount of interest.
Our conversations with Impact KC Church continue and we have now added Lionheart Academy to that conversation. Lionheart is a Christian daycare solution based out of Dallas. They manage all aspects of the daycare (licensing, staffing, etc) and split revenue with the local church. For some time, we have been looking for an opportunity to work with Lionheart and Impact KC might be perfect in terms of facility and location.
Three quick administrative notes; 1.). I am waiting on commitments from one final investor network. They have a number of members who have expressed interest in investing in Narthex One. Once those commitments are secure, I intend to close Narthex One to new investors. In my view, it’s simply unfair to you current investors to allow new investors to come along after the portfolio has already grown 20%. For that reason, we will not take new money after this month. 2.). For your planning purposes, I anticipate calling the second half of your investment in the first quarter of next year. A formal notification will come out when the call is made, but early 2022 seems likely depending on the timing of the ImpactKC acquisition. 3.). Based on good positive cash flow and excellent performance from all the properties, distributions will begin Q4 of 2021 and continue quarterly going forward.
As always, we welcome your comments and feedback. Thank you for the trust you place in us and for coming alongside on this fascinating journey!
Mission accomplished!
Congrats to the Narthex team for the successful acquisition and renovation of Mission Southside. The renovation included new paint, new carpet and flooring, upgrades to the HVAC and septic and was completed on time and on budget. The new tenant, St. Pope John Paul II Catholic Church, moved in last week and is thrilled to be in the space. Countless members of the new congregation have donated time and talents to add pews, build an altar, and completely renovate the landscaping. They will be great additions to the Narthex community!
