Total Realty Trust - A Rush to the Exits?
I just saw this 8-K, which was filed late last month.  In the fourth quarter, Dividend Capital's Total Realty Trust only met 7% of redemption requests.  The non-traded REIT filled the requests on a pro rata basis.  Another way to look at this is that 93% of redemption requests were not met.  I wonder if part of the redemption requests was due to Total Realty Trust having to disclose a net asset value (NAV) in early 2011.  Investors are probably suspecting that the NAV will be less than the redemption price, and are trying to get out before the redemption price is reset to the new NAV.