Inside the Vault- Page 63 of 98

Inside the Vault

January 4, 2018

Which founder of a leading sponsor of alternative investment programs including a large interval fund with over $800 million in assets as of September 30, 2017, also founded a chain of bagel shops?

Answer: Ramin Kamfar, CEO of Bluerock, also founded Einstein Noah Restaurant Group, Inc.

January 3, 2018

Which nontraded REIT recently completed the sale of its last remaining property and plans to pay a final liquidating distribution to shareholders in January?

Answer: Behringer Harvard Opportunity REIT I sold Frisco Square in Frisco, Texas, on December 28, 2017, for $53.2 million, the last remaining property in its portfolio.

January 1, 2018

Which interval fund began in 1994 as Van Kampen Merritt Prime Rate Income Trust?

Answer: Invesco Senior Loan Fund, which reported $789 million in net assets as of August 31, 2017, and total assets of $1.05 billion.

December 21, 2017

How many NTRs had average total returns to early investors in excess of 7.00% from the 45 full-cycle events as of October 31, 2015?

Answer: 26 NTRs had average returns to early investors that exceeded 7.00%, with a median return for all 45 NTRs of 7.35% without distribution reinvestment. The median return with distributions reinvested was 8.13%.

December 20, 2017

Of the 45 full-cycle events as of October 31, 2015, which NTR had the highest average annualized total return to early investors?

Answer: American Realty Capital Trust III at 14.63% without DRIP, 18.34% with all distributions reinvested

December 19, 2017

For the 43 interval funds that have filed with the SEC and declared a fiscal year, how many different fiscal year-ends have been declared?

Answer: The 43 interval funds have declared eight different fiscal year-ends. (February, March, April, June, July, September, October, December)

December 17, 2017

Which nontraded REIT merged with Apple Hospitality REIT, Inc. (APLE) on September 1, 2016, and what has been the resulting appreciation of the stock in the listed stock since the merger?

Answer: Apple REIT Ten, Inc. merged with Apple Hospitality REIT. On September 1, 2016, APLE closed at $18.51 per share. On December 8, 2017, APLE closed at $19.74 per share (+6.6%), with an estimated dividend yield of 6.06%.

December 15, 2017

Which nontraded REIT program consummated the sale of a portfolio of 10 properties to complete the liquidation of its portfolio, resulting in a final cash distribution to shareholders of $0.55 per share, on or around December 20, 2017?

Answer: Industrial Income Trust, Inc., which merged with an affiliate of Global Logistics Properties Limited on November 4, 2015.

December 14, 2017

Which nontraded REIT program had a stock-distribution adjusted sum of cash distributions paid to common shareholders who invested in 2010 of $18.21 per share as of the full-cycle date of October 24, 2017.

Answer: CNL Growth Properties, Inc., which declared a final liquidating distribution of $5.35 to stockholders as of October 17, 2017, to be paid on or around October 24, 2017.