The point of this blog is not to bash CNL, although I would admit that seems to be the case. But I am currently reviewing CNL Income Properties, and CNL is merging another REIT and preparing a third for merger / sale or listing (I bet merger / sale). Between the immediacy of my review and the activty at CNL there is a wealth of material to reveiw. My opinion is that CNL's fees are high and its disclosure is poor. Income Properties' load is 200 to 400 basis points higher than some of its competitors, and in a limited-appreciation sale / lease back transaction 400 basis points is significant. When you have to play detective to find simple information about a merger of previous programs it makes you suspect what else is missing. I have other programs to review and will likely bash them, too.