BATTLE MONUMENT GROUP 10 YEARS OLD

Richmond, Virginia, March 14, 2024

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Battle Monument Group, a private real estate fund, marks its 10th anniversary.  Its first fund, Battle Monument Partners, was established on this day in March of 2014.

“Mike [Brumagin] and I felt confident we could provide stable yield, with low risk to our investors, by acquiring defensive assets.  We did not yet have a clear vision for our target assets, and we had no investors,” said John Oliver, Managing Partner.

Ten years later, Battle Monument Group is among the largest owners of Dollar General stores in the country, with $150MM of assets under management, and a clear focus on discount retail stores. 

“We’ve grown by blocking and tackling – a steady diet of hard work on behalf of investors,” said Mike Brumagin, Co-Founder.  He went on to say, “We have 400 investors and 150 properties now…we will stick to the same approach as we grow further.”

During the past two days the two leading discount retailers Dollar General (NYSE: DG) and Dollar Tree (NYSE: DLTR) each announced quarterly earnings.  DLTR announced its plan to close almost 1,000 of their Family Dollar stores, which represents more than 11% of their locations. 

“This did not come as a shock to us,” said Peter Stark, Fund Manager.  “During the past 3 years we reduced our Family Dollar inventory to less than 5% of our holdings.  Our due diligence hinges on store profitability from the perspective of our tenant.  We only buy and hold stores likely to remain in operation for no less than 10 years.”

When asked about any knock-on effects to the BMG portfolio from the DLTR announcement, Oliver spoke bluntly.

“Our approach is rooted in picking winners.  Pruning is part of healthy growth.  We do not expect an increase in closures within our portfolio.”

During its earnings call this morning, DG reiterated plans to relocate 85 of their 20,000 stores (0.4%) during 2024, while remodeling 1,500 of them, and building 800 new stores.

Contact Willow Bertenshaw

Email wbertenshaw@battlemonument.com

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