10-Q Season
Most of the second quarter 10-Qs are now available and I am just starting to read them. The Behringer Harvard Mulitfamily REIT 10-Q does nothing to allay my concerns. I will write more on this REIT later, but this 10-Q is worth reading if you have any interest in this investment. It is no where close to covering its distribution, and its positive cash flow item is a one-line figure from the REIT's various joint ventures. There is no detail and given the nature of the REIT's investments - mezzanine loans with equity conversions on development projects - I think this is an important data point.