Inside the Vault- Page 50 of 93

Inside the Vault

February 14, 2019

As of October 31, 2018, the date with the most recently filed semi-annual and annual statements, how many interval funds had net assets in excess of $1.0 billion?

Answer: Eight interval funds had net assets in excess of $1.0 billion, led by Stone Ridge Trust II ($6.0 billion), Stone Ridge Trust V ($3.5 billion), ACAP Strategic Fund ($3.3 billion), Griffin Institutional Access Real Estate Fund ($2.6 billion), and Versus Capital Multi-Manager Real Estate Income Fund ($2.5 billion).

February 7, 2019

Which nontraded REIT has grocery-centered retail properties that have anchor tenants Publix (61) and Kroger (39) among the tenants in its estimated 340-property portfolio?

Answer: Phillips Edison & Company's tenants include Publix, Kroger, UPS Store, Subway, Starbucks, and Great Clips.

January 31, 2019

Which Business Development Company (“BDC”) had investments in the common stock of at least 25 different nontraded REITs as of September 30, 2018, with a total cost basis of over $22 million?

Answer: MacKenzie Realty Capital, Inc., a nontraded BDC, owned common shares in at least 25 different nontraded REITs as of September 30, 2018. The cost basis of the 19 million shares was $22.6 million as of September 30, 2018, with an estimated fair value of $25.2 million. The BDC’s largest investment among the nontraded REITs…

January 23, 2019

How many nontraded REIT programs have had full-liquidity events since December 2017, providing shareholders with the ability to convert their shares into cash?

Answer: There have been a total of seven previously nontraded REIT programs that have completed full-cycle events since December 2017: ...

January 16, 2019

Which previously nontraded REIT completed its full liquidity event when its last tranche of common shares were converted to listed shares on January 9, 2019?

American Finance Trust, Inc. (“AFIN”) announced on December 20, 2018, that all issued and outstanding shares of its Class B-2 common stock would automatically convert into shares of its Class A common stock on January 9, 2019. Class A shares trade on the Nasdaq under the ticker symbol AFIN. The Class B-2 shares represent approximately…

January 10, 2019

Which sponsor of a nontraded REIT has been investing in real estate since 1934 and had $988 billion in assets under management, including $45 billion in U.S. real estate as of September 30, 2018?

Nuveen Global Cities REIT is sponsored by Nuveen. The REIT is currently offering up to $5 billion of common stock in a perpetual life offering, featuring monthly Net Asset Values (NAVs). The public offering includes four share classes (T, S, D, and I shares). Teachers Insurance and Annuity Association of America (“TIAA”) is the ultimate…

December 19, 2018

How many census tracts in the United States and Puerto Rico have been designated as “Opportunity Zones” by the IRS as of December 14, 2018?

According to the IRS, 8,763 census tracts have been officially designated as Opportunity Zones by all of the States and Puerto Rico, as of December 14, 2018. The State of California alone has designated 879 census tracts as Opportunity Zones. The State of Texas has 628.

December 12, 2018

Which previously nontraded REIT is now listed on the Nasdaq Global Select and will have the final tranche of its common stock converted to listed stock on January 15, 2019?

Answer: American Finance Trust (AFIN) listed a portion of its outstanding shares on the Nasdaq on July 19, 2018, and the final portion of its common shares (Class B-2) will convert to Class A shares on January 15, 2019. The shares reached a high of $17.76 on September 20 and recently traded at $13.77 per…

December 5, 2018

Which nontraded BDC raised the most capital in Q3 2018?

Answer: Owl Rock Capital Corporation II raised an estimated $91.1 million in Q3 2018 and raised an estimated $237.9 million for the nine months ended September 30, 2018.