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Volume 2 - Number 10 | October 10, 2006
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TOP STORY: Experts Agree, Investor Communications Key When Problems Arise
By Michelle Napoli
Prior performance, underwriting and projections, and investor relations and communications are hot topics for the tenants-in-common investment industry, surfacing as discussions of underperforming deals heat up. Last month’s issue of TIC Monthly addressed the recent issues of one sponsor. However, there is evidence of deals that haven’t gone as expected in the portfolios of many sponsors nationwide.
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Wachovia Invests in Triple Net
By Michelle Napoli
Triple Net Properties LLC has a new strategic relationship with Charlotte-based Wachovia Bank NA, which has made a corporate-level participating debt investment in the TIC and non-traded REIT sponsor. Although Wachovia’s parent company Wachovia Corp. encompasses the country’s third largest full service brokerage firm and the fourth largest bank holding company in the US with nearly $554 billion of assets, it will not be a co-sponsor of Triple Net investment products. Instead it will provide the Santa Ana, CA-based real estate company with financing and banking products and services.
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Insider: Orchard Securities’ Kevin Bradburn
By Michelle Napoli
Salt Lake City based broker-dealer Omni Brokerage Inc. is well known in the tenants-in-common investment industry, yet its separate but affiliated firm, Orchard Securities LLC, is relatively new to the marketplace. The principals of Omni and Orchard promised TIC Monthly that when the I’s were dotted and T’s crossed with the regulatory paperwork, they would discuss the new firm and the role of the managing BD. Read on to hear what Orchard president Kevin Bradburn had to say.
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Data Points: Equity Per Asset Type Q2 2006 Vs. Q2 2005
While there was more equity raised during the second quarter this year than in the same quarter of 2005--about $908 million vs. $594 million--the breakdown of equity per asset was largely the same. The largest changes, according to data from Salt Lake City, UT-based Omni Brokerage Inc., came in the industrial and “other” categories, with the former growing from 11% to 16% and the latter shrinking from 12% to 7%. The “other” category consisted of 51% oil and gas interests and 49% hospitality assets in the second quarter of this year.
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