REITs

Corporate Property Associates 12 – Global INC

On June 18, 2018, Corporate Property Associates 17 – Global INC (CPA 17), announced that it had entered into a definitive merger agreement with W.P. Carey Inc. (NYSE: WPC) in an all-stock deal estimated at approximately $6 billion. CPA 17 stockholders will receive 0.16 shares of WPC stock for each share of CPA 17 stock they own. This equates to $10.72 per share based on the $67.03 WPC closing price per share, as of June 15, 2018. WPC CEO Jason Fox noted in a conference call that the CPA 17 merger agreement is priced at a 6.9% cap rate. The definitive merger agreement includes a customary go-shop period of 30 days, in which CPA 17’s special committee will seek out alternative liquidity proposals, expiring on July 18, 2018.

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United Development Funding Income Fund V

On June 20, 2018, United Development Funding Income Fund V announced that its board of trustees had authorized a cash distribution of $1.20 per share payable on June 27, 2018, to shareholders of record on June 22, 2018.

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Strategic Storage Trust IV, Inc.

On June 15, 2018, Strategic Storage Trust IV, Inc. announced that Ken Morrison informed the REIT of his intention to resign as chief operations officer effective June 28, 2018. Mr. Morrison’s decision was not based on any disagreement with management, its operations, policies or procedures.

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