Whitestone REIT
Whitestone Reit has filed a S-11 with the SEC. This is the initial step in modifying their REIT from a non-publically traded REIT to a exchange traded security. The filing does not indicated the pricing and other details. I am sure in the near future you will see more details to their plan.
You may see low ball tenders in the $2.50 to $2.90 range. I my opinion, the offers should exceed $3.00. I don't know who is buying at this time but I expect the same companies mentioned in earlier blogs would make an offer. Those companies that bid the highest on one REIT (such as Piedmont) will usually bid high on the others. Therefore, be sure to check http://piedmontofficerealtytender.com/ as well as others.
I strongly suggest you be careful when you receive tenders for these REITS. Feel free to e-mail me at Privatereits@gmial.com is you have any questions.
Tuesday, November 10, 2009
Monday, November 9, 2009
Piedmont Recommendations
Two people e-mailed me to ask why Piedmont Office Realty discourages you from participating in the MacKenzie tender at $4.00 but didn't comment on Madison's $3.00 tender. I really didn't have an answer except to say that Piedmont Office Realty was paid to do the mailing for the Madison tender.
I then found the 14D filing in which they recommend stockholders reject the $3.00 offer. They recommend against the $4.00 offer. They must like the $4.25 offer for some units more than the lower offers but they haven't issued any opinion. Perhaps that is because the offer is for limited units.
If you check my earlier blog, you will see that http://piedmontofficerealtytender.com/ is offering more than either tender.
Any questions on Piedmont Office Realty, Inland Western, Inland American or Whitestone drop me a note or comment on this blog.
Two people e-mailed me to ask why Piedmont Office Realty discourages you from participating in the MacKenzie tender at $4.00 but didn't comment on Madison's $3.00 tender. I really didn't have an answer except to say that Piedmont Office Realty was paid to do the mailing for the Madison tender.
I then found the 14D filing in which they recommend stockholders reject the $3.00 offer. They recommend against the $4.00 offer. They must like the $4.25 offer for some units more than the lower offers but they haven't issued any opinion. Perhaps that is because the offer is for limited units.
If you check my earlier blog, you will see that http://piedmontofficerealtytender.com/ is offering more than either tender.
Any questions on Piedmont Office Realty, Inland Western, Inland American or Whitestone drop me a note or comment on this blog.
Private Reits
This is the initial post for a blog that will cover the non-public REIT secondary market. We will eventually cover all of them, initially we will focus on the some of the largest: Inland American, Inland Western, Piedmont Office Realty, Whitestone REIT and Behringer Harvard. We will discuss the various tenders circulating.
Current REIT tenders: Piedmont Office Realty has two active tenders underway. Both tenders are below the current market for Piedmont Office Realty. The one by MacKenzie Patterson Fuller is the highest of the two at $4.00 a share - see details at http://mpfi.com/ .
The private market is offering more with bids into the $4.25 range. Review http://piedmontofficerealtytender.com/ which has a letter offering more than the current tenders. JJJ Investments mentioned in the letter will also bid on most other REITs but especially Inland Western, Inland American, and Whitestone. If they are not buying, they will refer you to other buyers. Reach them at 602-721-47830.
Expect tenders for Inland American and Inland Western in the next few weeks. Expect them to be below market value. Inland Western may be in the $2.00 range and Inland American around $4.75. There will be better prices in the private market. See the Securities Exchange Commission's warning about 5% tenders - http://www.sec.gov/investor/pubs/minitend.htm. Again read the letter at PiedmontOfficeRealtyTender.
More to come as market changes.
Current REIT tenders: Piedmont Office Realty has two active tenders underway. Both tenders are below the current market for Piedmont Office Realty. The one by MacKenzie Patterson Fuller is the highest of the two at $4.00 a share - see details at http://mpfi.com/ .
The private market is offering more with bids into the $4.25 range. Review http://piedmontofficerealtytender.com/ which has a letter offering more than the current tenders. JJJ Investments mentioned in the letter will also bid on most other REITs but especially Inland Western, Inland American, and Whitestone. If they are not buying, they will refer you to other buyers. Reach them at 602-721-47830.
Expect tenders for Inland American and Inland Western in the next few weeks. Expect them to be below market value. Inland Western may be in the $2.00 range and Inland American around $4.75. There will be better prices in the private market. See the Securities Exchange Commission's warning about 5% tenders - http://www.sec.gov/investor/pubs/minitend.htm. Again read the letter at PiedmontOfficeRealtyTender.
More to come as market changes.
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