Inside the Vault

February 5, 2020

What was the median distribution yield during the third quarter of 2019 for both open and closed nontraded REITs?

Answer: During the third quarter of 2019, the median distribution yield for open NTRs was 5.20% while the median distribution yield for...

January 29, 2020

Based on Blue Vault’s definition of a full-cycle event, how many full-cycle events took place in the second quarter of 2019?

Answer: After four full-cycle events in the first quarter of 2019, there were no full-cycle events in the second quarter of 2019. There were several mergers...

January 15, 2020

Which NTR officially completed its previously announced merger on October 31, 2019?

Answer: Phillips Edison Grocery Center REIT III merged into Phillips Edison & Co. on October 31, 2019. The proposed merger was previously announced on...

January 8, 2020

CNL Strategic Capital, LLC is a nontraded LLC externally managed by CNL Strategic Capital Management and sub-managed by Levine Leichtman Strategic Capital. On August 1, 2019, CNL Strategic Capital acquired a controlling interest in their third company. What were the terms of this investment?

Answer: CNL Strategic Capital acquired a controlling interest of approximately 81% in Auriemma U.S. Roundtables. CNL made a $44.5 million investment consisting of approximately...

December 30, 2019

As of September 30, 2019, how many NTRs reported cash in excess of $100 million on their respective balance sheets?

Answer: Seven NTRs reported cash in excess of $100 million as of September 30, 2019. Cole Office & Industrial REIT (CCIT II), Inc. led the industry with...

December 18, 2019

Which self-managed nontraded REIT recently sold $150 million in convertible preferred stock to a listed REIT in the same industry sector?

Answer: SmartStop Self Storage REIT Inc. entered into a preferred stock purchase agreement with a subsidiary of Extra Space Storage, Inc. (NYSE: EXR) in which EXR committed to purchase up to...

December 10, 2019

Which alternative investments sponsor’s senior executives and employees have co-invested over $300 million in its sponsored investment programs since its founding in 1995?

Answer: Griffin Capital has owned, managed, sponsored, or co-sponsored investment programs encompassing over $17.5 billion in...

December 5, 2019

Which self-managed nontraded REIT recently sold $150 million in convertible preferred stock to a listed REIT in the same industry sector?

Answer: SmartStop Self Storage REIT Inc. entered into a preferred stock purchase agreement with a subsidiary of Extra Space Storage, Inc. (NYSE: EXR) in which EXR committed to purchase up to...