HOUSTON – (Realty News Report) – A Houston real estate organization led by Al Hartman announced it is paying $8 million in employee profit-sharing and retention award bonuses to its employees.
Employees received awards ranging in value from $25,000 to $800,000 based on tenure and position within the company and will receive an increase in their monthly income as a result of the award as well as a payment at the end of their retention period, the company said.
“This is our way of better aligning our team members with the company’s shareholders. We want to recognize and reward the integral role our employees have had in building this great company and support them as they work towards financial independence and save for retirement,” said Al Hartman, CEO of Hartman Short Term Income Properties XX.
The Hartman company, which is a REIT or real estate investment trust, owns a $750 million portfolio of more than 60 office buildings, mostly mid-rise suburban properties or low-rise buildings in business parks – in Houston, Dallas and San Antonio. Hartman Income REIT Management employs 200 people from across Texas.
Hartman said the purpose of the retention plan is “to provide a means for eligible employees, under conditions set out, to participate in the current profits of the company. The plan offers an incentive for current employees to continue delivering exceptional service in the future.”
Hartman recently completed of the merger of Hartman Income REIT (HI-REIT), Hartman Short Term Income Properties XIX, Inc. (Hartman XIX), and Hartman Short Term Properties XX, Inc. (Hartman XX).
Hartman said its goal is to expand its portfolio from $750 million to $2 billion by 2025.
Hartman, which is has investing in Houston real estate since the 1983, has its headquarters at 2909 Hillcroft Avenue, a building where it installed ionization air handled equipment to guard against Covid-19.
Hartman Income REIT Management recently announced its “Clean Air Initiative as an additional effort to help protect its tenants from Covid-19 and other air-borne viruses by installing the Needlepoint Bi-Polar Ionization system.”
Hartman, in a September press release, said it installed the GPS Bi-Polar Ionization device on all ten floors of its property at 613 NW Loop 410 in San Antonio and is in the process of installation at three additional properties, 11211 Katy Freeway, 2909 Hillcroft, and 2040 North Loop West in Houston.
Oct. 5, 2020 Realty News Report Copyright 2020
File: Al Hartman REIT Pays $8 Million