Founded in 1995 in Minneapolis, Schafer Richardson is a privately held, vertically integrated real estate owner, developer, and investment manager with in-house construction and property management. The firm sponsors SR Realty Trust, a private REIT formed in 2014 that serves as its primary long-term investment vehicle and is structured as an UPREIT to facilitate tax-efficient contributions and exchanges. Across cycles, the platform has emphasized stabilized, income-producing assets alongside select ground-up and adaptive-reuse development in the Upper Midwest. Its investable universe spans industrial, multifamily, single-tenant net lease, retail, and office, with recent growth skewing toward industrial and logistics assets. Operations today are concentrated in Minnesota, Wisconsin, Nebraska, Missouri, and Iowa, with the Twin Cities its largest market exposure by asset value. Additional scale exists in Kansas City and Omaha/Lincoln through SR Realty Trust holdings, including several large single-tenant industrial properties. That concentration provides operating leverage and leasing familiarity but elevates regional risk—particularly sensitivity to Upper Midwest industrial demand and tenant credit in single-tenant assets. Schafer Richardson’s tenant base reflects the industrial tilt of recent acquisitions. Notable long-term occupiers within SR Realty Trust include Wagner Logistics (Kansas City), Graphic Packaging International (Omaha), Murphy Logistics (Eagan, MN), and Fleet Farm (Oconomowoc, WI). While the company does not publicly disclose tenant rent concentration, these single-tenant leases represent significant square footage and multi-year cash flows. The REIT reported approximately 5.4 million square feet across ~52 investments as of the latest mid-year update, with a portfolio mix predominantly industrial, multifamily, and net lease. The operating company separately manages a broader commercial portfolio—owned and third-party—through its property management arm. Top market exposures are the Minneapolis–Saint Paul metro, Kansas City, and Omaha/Lincoln. Given the firm’s Upper Midwest focus and majority exposure to Minnesota by asset value, a material share of NOI is derived from these geographies.