What happens when a REIT formed to sell properties starts buying instead?
May 17, 2019 | Alby Gallun | Crain’s Chicago Business
Highlands REIT, a little Chicago real estate company, was made to go out of business. Some of its investors are irked that it still hasn’t.
They want Highlands to sell off its portfolio—an incongruous jumble that includes an Evanston shopping center, refrigerated warehouses in Minnesota and an empty prison in Colorado—and return their money, a plan put in place when Highlands was spun off from another public real estate company three years ago.
But Highlands executives seem to be in no hurry to do that now. They’ve even started buying apartment buildings, angering investors who contend the executives won’t do the right thing because they don’t want to give up their salaries…
