Cole Credit Property Trust III (CCPT III) raised a staggering $600 million of equity in February and March as it closed its equity offering period. Based on an April 20th filing, Cole's subsequent offering to CCPT III, Cole Credit Property Trust IV (CCPT IV), has already raised more than $4.1 million, satisfied its escrow conditions of $2.5 million, declared a 6.25% distribution and acquired five properties. (It looks like two of the properties were purchased from affiliated entities, but before the alarm bells sound, I'd note that Cole routinely warehouses properties for its funds.)
Cole Corporate Income Trust is another story. It has been open since February 2011, and has only raised $20 million. I don't get the divergent sales figures between it and the CCPT funds. Corporate Income Trust is not that different from CCPT III and CCPT IV to account for such an anemic equity raise. Oh well, I have much more important things to keep me worried than trying to figure out why the rich isn't getting richer.
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