On June 28, 2011, Cole Real Estate Investments announced that it is actively exploring options to successfully exit CCPT II’s portfolio within the next 12 months, and that the potential exit strategies it is looking at include, but are not limited to, a sale of the portfolio or a listing of the portfolio on a public stock exchange.CCPT II's first quarter 2012, 10-Q, released yesterday, May 15, 2012, had the following passage:
On June 28, 2011, the Company disclosed that its sponsor, Cole Real Estate Investments, is actively exploring options to successfully exit the Company’s portfolio. The potential exit strategies the Company is evaluating include, but are not limited to, a sale of the Company or all or a portion of its portfolio, a merger or other business combination, or a listing of the Company’s stock on a national securities exchange. The targeted liquidity date has not yet occurred, and the Company has not finalized a plan for, or had, a liquidity event.The two passages contain similar language, but with two differences. CCPT II has not yet set a liquidity date, despite saying nearly a year ago it expected liquidity within twelve months. The first quarter 2012, 10-Q appears to back away from the one-year time frame. The 10-Q also added the possibility of a merger or other business combination. CCPT II can still list its shares or have an IPO within the twelve-month period announced late last June, but I'd expect an S-11 filing soon. I should also note that I don't expect CCPT II to provide too much advance notice on its plans, especially if a merger or acquisition is the final exit strategy.