Monday, April 08, 2013

Your Daily Letter Of Awesomeness

Have you had enough of Cole Credit Property Trust III's and American Realty Capital Properties' back-and-forth?  Well then, I direct your attention to the latest filing from TNP Strategic Retail Properties.  It is a letter from the non-traded REIT's board of directors to investors providing an update on the REIT and correcting - point-by-point - a letter sent to investors in late March from the REIT's current co-CEO, Anthony Thompson; a letter which was not approved by the REIT's board of directors.    Among other items, the board's letter corrects the amount of debt outstanding and total purchase price of the REIT's portfolio, use of sale proceeds and why the REIT didn't pay a first quarter distribution - surprise, it wasn't because the directors' fees were too high. 

1 comment:

Anonymous said...

Investors got hosed on this one by TT. He structured this REIT and all of its service agreements to benefit one person and one person only, Tony Thompson. Look at the huge management and advisor fees paid to Thompson's other entities. This guy's getting paid a mint whether the REIT's investments perform or not.