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ntREIT Update: 7/16/14

Wednesday, July 16th, 2014 and is filed under Non-Traded REIT Updates

Hines Global REIT and Hines Real Estate Investment Trust    

Edmund Donaldson has resigned as the chief investment officer of Hines Global REIT and Hines Real Estate Investment Trust effective July 11, 2014.

David Steinbach has been appointed as the chief investment officer of Hines Global REIT. Previously, Mr. Steinback served as managing director of the general partner of Hines.
Hines Real Estate Investment Trust said in a proxy statement that the position of chief investment officer for the company will remain unfilled.For more information, please see the following documents:

Hines Global REIT Press Release

Hines Real Estate Investment Trust Proxy Statement

ntREIT Update: 7/9/14

Wednesday, July 9th, 2014 and is filed under Non-Traded REIT Updates

Inland American Real Estate Trust  

On July 7, 2014, Inland American Real Estate Trust announced that Andrew Welch joined the company as executive vice president and CFO, responsible for leading financial operations and activities for the Inland American Lodging Group subsidiary.

For more information: CLICK HERE

As part of Inland American Real Estate Trust’s transition to self-management, the company hired all of the employees of the business manager and lodging advisor and, as a result, now directly employs its executive officers.

The board of directors retained an independent compensation consultant to perform a competitive benchmarking analysis among REITs of similar size and portfolio compositions as the company’s principal business segments. As a result of that analysis, the board unanimously decided a new compensation framework for the executive team.

For more information: CLICK HERE

 

American Realty Capital Global Trust    

American Realty Capital Global Trust has named Patrick J. Goulding chief financial officer to succeed Nicholas Radesca, effective July 1, 2014.

For more information: CLICK HERE

FactRight Holdings, LLC, Announces New Corporate Headquarters Location in Eden Prairie, Minnesota

Wednesday, July 9th, 2014 and is filed under Uncategorized

Eden Prairie, MN (PRWEB) July 1, 2014

FactRight Holdings, LLC, the parent company of FactRight, LLC, and FR Risk Management, LLC, announced today that the company has relocated its corporate headquarters to 10125 Crosstown Circle in Eden Prairie, Minnesota, a southwestern suburb of Minneapolis.

FactRight, LLC, a leading provider of third-party due diligence services to the alternative investment industry began as a Minnesota company in 2006. “Our relocation back to Minnesota is a homecoming of sorts,” Factright President Scott Smith stated. “The company has grown and evolved considerably since it last resided in this state. Our new space in Eden Prairie is indicative of that growth and will serve the company very well as it continues to grow with the alternative investment industry.”

FactRight, LLC, previously operated out of two office locations: 1000 E. Woodfield Road in Schaumburg, Illinois, and 4445 77th St in Edina, Minnesota. The Illinois office served as the company headquarters from 2010 until 2014.

FR Risk Management, LLC, provides in-depth, customized scalable due diligence and advisory services to the independent broker dealer community. Services include one-time in-depth research reports of sponsor offerings, as well as ongoing full-time consulting and advisory services to enhance broker-dealer due diligence operations.

Eden Prairie has been named one of Money Magazine’s “Best Places to Live” in America since 2006, earning a first-place ranking in the 2010 survey. It is now home to more than 2,200 businesses, including the headquarters of Digital River, SuperValu, C.H. Robinson Worldwide, MTS Systems Corporation, and the Minnesota Vikings professional football team.

About FactRight, LLC 
Founded in Minnesota in 2006, FactRight is an innovative service organization providing outsourced risk management and analytical due diligence to the alternative investment community. The FactRight team features highly credentialed professionals who specialize in complementary disciplines. Our staff includes licensed attorneys, certified public accountants, certified fraud examiners, internal auditors, chartered financial analysts, and former due diligence officers of financial services firms.

Our multidisciplinary approach enables us to fill in risk management and due diligence voids faced by many of our clients. By having a partner that proactively keeps pace with an ever-changing industry, independent broker dealers can be confident that they have the guidance they need to meet regulatory challenges.

Additional information, including details on our sister company, FR Risk Management LLC, can be found by visiting http://www.factright.com.

For more information, contact:

Scott Smith

CEO–FactRight, LLC

612-805-8400

scott@factright.com

3 Key Takeaways From the IMN Non-Traded REIT Conference

Wednesday, July 9th, 2014 and is filed under Uncategorized

I was fortunate to attend the IMN Non-Traded REIT Conference in New York City, New York June 26-27th.

Here are my 3 key takeaways from the conference.

1.  Multi-Product Distribution Success

The YTD capital raise in Non-Traded REITs are on track to meet or possibly exceed the record capital raise set in 2013.  At the same time, sales are increasingly more concentrated among product sponsors.  The barriers to entry for new product sponsors have never been higher.  The high cost of distribution is likely the first and highest barrier to entry.

The multi-product distribution platform, made popular by the RCS model, is no longer the exception to the rule.  Many of the top selling products are distributed through a multi-product distribution platform.

2.  Pending Regulatory Changes Coming Soon

The second barrier to entry is pending regulatory changes, particularly changes to client account statements.  The industry has seen different iterations of this change from FINRA in the last several years.  The comment period on the latest proposal issued as FINRA NTM 14-14 ended on May 23rd.

Many expect a final rule from FINRA in the next 30 days.  Many prospective product sponsors are reluctant today to structure a product that doesn’t fit in tomorrow’s regulatory scheme.

3.  The Real Estate Cycle Is Different

I moderated a panel of chief real estate investment officers that discussed the current real estate cycle.  All of them agreed that this cycle is different from previous cycles in that its driven more by economic and financial forces rather than manufacturing forces.

Wide yields between cap rates and the 10 year treasury continue to attract capital in real estate.  Recent data suggests the markets for hotels and office buildings in most major MSAs are still recovering, while markets for apartments in those most areas has peaked.

I would welcome comments and further discussion.  Feel free to reach out at scott@factright.com.

Sincerely,

Scott Smith – President

FactRight, LLC & FR Risk Management, LLC

ntREIT Update: 7/2/14

Monday, June 30th, 2014 and is filed under Non-Traded REIT Updates

Dividend Capital Diversified Property Fund (f/k/a Dividend Capital Total Realty Trust)  Dividend Capital Diversified Property Fund expects to repurchase approximately 29% of the shares requested to be redeemed for the second quarter of 2014.

Formerly known as Dividend Capital Total Realty Trust, the company opened to investors in January 2006 and closed in January 2008.  The REIT changed its name to Dividend Capital Diversified Property Fund and reopened to new investors under a Daily NAV format in July 2012.  As of March 31, 2014, the company owned 25 office properties, 30 retail properties and 13 industrial properties.

For more information: CLICK HERE

 

Monogram Residential Trust (f/k/a Behringer Harvard Multifamily REIT I)    On June 30, 2014, Monogram Residential Trust completed the transition to self-management.

As a result, Robert S. Aisner resigned as Chief Executive Officer, but remains a member of the board of directors.  The board of directors appointed Mark T. Alfieri, who already serves as President, Chief Operating Officer and a director, to be the Chief Executive Officer.

Certain other changes to the officer positions were also approved by the board of directors.

For more information: CLICK HERE

 

NorthStar Real Estate Income Trust, NorthStar Healthcare Income, and NorthStar Real Estate Income II    On June 30, 2014, NorthStar Real Estate Income Trust sponsor, NorthStar Realty Finance Corp., completed the previously announced spin-off of its asset management business into NorthStar Asset Management Group, a separate, public company with its shares of common stock listed on the New York Stock Exchange under the ticker symbol “NSAM”.

NSAM will own and operate NorthStar Realty’s asset management business and NSAM and its affiliates will sponsor and manage the non-traded REITs previously sponsored and managed by NorthStar Realty, including NorthStar Healthcare Income, NorthStar Real Estate Income II and other non-traded companies that NSAM may sponsor in the future.

For more information: CLICK HERE

ntREIT Update: 6/25/14

Wednesday, June 25th, 2014 and is filed under Non-Traded REIT Updates

 

Inland Diversified Real Estate Trust  

The shareholders of Inland Diversified Real Estate Trust have approved the company’s merger with Kite Realty Group Trust (NYSE: KRG). The transaction is expected to close on or after July 1, 2014. Each share of Inland Diversified common stock will be converted into 1.707 shares of Kite Realty common stock.

Inland Diversified Real Estate Trust opened to investors in August 2009 and closed in August 2012, having raised approximately $1.1 billion in gross offering proceeds. At March 31, 2014, the company owned 83 retail properties, three office properties, and one industrial property collectively totaling 11.5 million square feet, including 24 multi-family units, and two multi-family properties totaling 420 units.

For more information: CLICK HERE

 

American Realty Capital Trust V     

American Realty Capital Trust V has engaged J.P. Morgan Securities and RCS Capital, the investment banking and capital markets division of Realty Capital Securities, as financial advisors to assist ARCT V in evaluating potential strategic alternatives.

For more information: CLICK HERE

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Eden Prairie, MN 55344

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