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.