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.