Hartman Short Term Income Properties XX to pay $8 Million in Employee Profit-Sharing Awards
Houston based real estate investment trust, Hartman Short Term Income Properties XX(Hartman) will pay $8 Million in employee profit-sharing and retention award bonuses to its employees. Hartman(refers to Allen R. Hartman and affiliated companies), which owns and operates over $750 Million in commercial real estate assets across Texas, announced its profit-sharing and retention plan to its employees following the completion 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).
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.
President and CEO Allen Hartman explains, “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.”
When announced to employees on September 1, 2020 employees were both surprised and overjoyed. The profit-sharing plan announcement made the offices buzz. 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.
One employee, who has been with the company 8 years and has been promoted 6 times, received an award for $400,000 which amounts to receiving an additional $25,000 each year in addition to their salary.
After receiving the award, the employee shared, “It is humbling to work for a company that considers its employees its number one asset and rewards accordingly. One of our core values states, we acknowledge and celebrate our achievements, and the company has certainly done that. The fact that Mr. Hartman is concerned about his employees’ long-term financial well-being is a testament to his faith.”
The company’s advisory committee and board of directors began discussions on this program in 2013 and began working through the details several months ago. The company recently celebrated surpassing $750 million in assets, well on its way to achieving its goal of $2 billion by 2025.
Another employee, who has been with the company 18 years, shared in the excitement stating, “Hartman offers many opportunities for its employees to grow and gives them the support and tools to do so. I appreciate working for a company that acknowledges and rewards its employees for their hard work and effort.”
Others expressed satisfaction that the company had implemented the profit-sharing plan and retention plan to share the profits with the employees.
Hartman views the profit-sharing and retention plan as a way to provide an extra incentive for current employees to go above and beyond in delivering exceptional service in all that they do for the company throughout their individualized retention period. Hartman Income REIT Management employs nearly 200 people from across Texas with offices in Houston, Dallas, and San Antonio. Employee average tenure is 3 years.
After being named one of the best places to work in Houston in 2019 by Zippia.com, Hartman continues to prove it is deserving of the title.
About Hartman: Hartman is a premier property management company in the Houston, Dallas, and San Antonio markets. Hartman has owned and operated commercial office properties since 1983, offering premium office space at attractive rates. With over 37 years of commercial leasing expertise in Houston, San Antonio and Dallas, Hartman knows exactly what their customers require. For more information, visit www.hi-reit.com.