MSIC PROPERTIE MSIC PROPERTIES MSIC PROPERTIES, LLC, IS A WHOLLY- OWNED SUBSIDIARY OF MSIC AND IT HOLDS A COMMERCIAL REAL ESTATE PROPERTY LOCATED IN NEWTON, MASSACHUSETTS.
for completing improvement projects. In addition, a significant amount of this tenant’s space was leased in September 2022, which helped reduce the vacancy rate to below 17%. As a result of the positive leasing activity, looking forward, the property will have improved financial results. Despite the two consecutive years of losses, the earnings before interest, taxes, depreciation and amortization (EBITDA) remained positive. The favorable EBITDA results have allowed MSIC Properties to weather the financial storm and afforded it the ability to improve the conditions of the property. Several positive factors contribute to the attractiveness of the property to new and existing tenants, which will result in the property returning to profitability. The property is located in an attractive suburban location that is being improved by the Massachusetts Department
This location is home to MSIC’s executive offices, operations and in-person training and educational programs. In addition, an affiliated entity, MSIC Partners, LLC, utilizes the space. During the previous fiscal year, the property was impacted negatively by the loss of a significant tenant who used the Massachusetts Pandemic legislation to benefit itself, which led to the termination of this tenant’s lease. The effects of the tenant’s lease termination continued into the current fiscal year. However, this period of lower occupancy was beneficial
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