Youll receive updates on upcoming events, special Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds 2014 and2015 returns or expected to be taken in the Funds 2016 returns. In consideration of the Advisers agreement to limit the Funds expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees andexpenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitations to be exceeded. Banco Industrial Company Profile | Plainfield, NJ | Competitors Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a fund or portfolio, or brokerage commissions on transactions in fund shares. During the period covered by this report, the registrant had not granted any express or implicit waivers from the provisions of the code of ethics adopted in Item 2(a) of this report. Lion Properties Fund, Lion Industrial Trust, and Gables Multifamily Trust. Total distributions during a calendar year generally will be made from the Funds net investment income, net realized gains on investments and net unrealized gains on investments, if any. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. Our research focus is local and global, property-specific and big picture, next year and next decade. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. In considering whether to approve the Investment Sub-Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by AHIC; (ii) the investment performanceof the Fundand AHIC; (iii) the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scaleforthe benefit of the Funds investors; (v) AHICs practices regarding brokerage and portfolio transactions; and (vi) AHICs practices regarding possible conflicts of interest. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. The result of those repurchase offers were as follows: Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. from your original investment) and not a return of net profit. These inputs are categorized in the following hierarchy under applicable financial accounting standards: Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and. Earlier in January, two other pension funds with the city of San Jose the San Jose Federated City Employees Retirement System and the San Jose Federated Retiree Health Care Trust Fund invested in the Clarion Lion Industrial Trust, representing the citys first commitments to this fund. Each voting member of the Investment Committee, including the President of the Adviser, will provide a written certification that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy, and document that persons proxy voting recommendation. The portion of distributions paid not attributable to net investment income or net realized gains on investments, if any, is distributed from the Funds assets and is treated by shareholders as a nontaxable distribution (Return of Capital) for tax purposes. Interest rate shocks increased volatility for yield sensitive securities, including publicly traded real estate, higher than that of the S&P 500 throughout the year (10/1/15 9/30/16 MSCI U.S. REIT Index (RMZ) standard deviation: 19.93% vs S&P 500 standard deviation of 17.36%). Upload your latest press release or suggest a story idea to our editorial team. Research: OneLook Acronym Finder; Item 10. Shareholders should not assume that the source of a distribution from the Fund is net profit. All text and design is copyright 2020 WhaleWisdom.com. Clarion-Lion Industrial Trust PFM Yes No Clay Hill, LLC (CT Horizon Legacy Fund, L.P.) PFM Yes Yes Muller & Monroe Asset Management, LLC was paid $50,000 in connection with management services. The Barclays U.S. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. Form D contains basic information about the offering and the company. To the Board of Trustees and the Shareholders of. Following further discussion of the Funds current and projected asset levels, expectations for growth, and fee levels, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that the Expense Limitation Agreement has provided savings for the benefit of the Funds investors. Average borrowings and the average interest rate for the days the Credit Suisse line of credit was outstanding during the year ended September 30, 2016 were $41,831,967 and 3.17%, respectively. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. Transparency, integrity,communication -- its how we do business. Formerly known as the Cornerstone Patriot Fund. The voting rights of the Clients, as holders of interests in Underlying Funds, are generally contract rights set out in the organizational documents (e.g., the limited partnership agreement, limited liability company agreement, memorandum and articles of association of the Underlying Funds). The Fund completed a quarterly repurchase offer on November 7, 2016 which resulted in 1,010,099 of Fund shares being repurchased for $26,753,389. We are not responsible for the content, views, or privacy policies of the third party website. The Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Funds toll, General Counsel, Triloma Capital (private equity firm), 2013, Class of 1938 Foundation (nonprofit), 1996, Chief Executive Officer, ROC Senior Housing Fund Manager, LLC (real estate fund management), 2013, ROC Seniors Housing & Medical Properties Fund, LP (real estate fund), 2013, Executive Vice President, Recognos Financial (financial data services firm), 2015, Valued Advisers Trust (14 portfolios), 2010, Chairman and Chief Executive Officer of Griffin Capital Corporation; Chief Executive Officer of Griffin Capital Securities, LLC; President and Director, Griffin, Chairman, Griffin Capital Corporation; 1995, Chief Financial Officer, Griffin Capital Corporation; Chief Financial Officer, Griffin, Portfolio Manager, Secretary and Trustee Since 2014, Chief Economist, Griffin Capital Corporation; Chief Investment Officer, Griffin Capital Advisor, LLC; President, Griffin Capital Asset Management Company, LLC; Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida; President, Bluerock Real Estate LLC; President, CNL Real Estate Advisors; and Chief Economist, Marcus and Millichap Company; Executive Vice President, Griffin, Compliance Director, Cipperman Compliance Services, LLC (compliance services provider). For over 17 years, our experienced team has been actively acquiring and developing light industrial assets in key markets, particularly in those structured as sale-leaseback transactions. Constructed between 2001 and 2005, the portfolio [] Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). Sign up to receive emails from IREI. By clicking on the ACCEPT button below, you acknowledge the previous statement and will be taken to the linked site. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. Learn about our approachView our case studies, Read about our approach to asset management. If a material conflict of interest exists for the Portfolio Manager that normally would have formulated the proxy voting recommendation for the Underlying Fund, such Portfolio Manager should disclose the conflict to the CCO. About Clarion Partners | Commercial Real Estate The firm last filed a Form D notice of exempt offering of securities on 2022-12-30. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. Based on an evaluation of the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), the registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures are effective as of a date within 90 days of the filing date of this report. Clarion Partners Location New York, New York, United States Regions Greater New York Area, East Coast, Northeastern US Gender Male Website www.clarionpartners.com/ Jim Hendricks, equity owner and Managing Director, is the Chief Executive Officer for the Firm's largest industrial portfolio and head of Clarion Partners' Industrial Property Group. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. Glossary, videos, podcasts, research in the Resource Center. Clarion Lion Industrial Trust, managed by Clarion Partners, seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. Company profile page for Lion Industrial Trust including stock price, company news, press releases, executives, board members, and contact information Sign-up All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. Clarion Lion Industrial Trust (the "Fund") is a private REIT focused on the industrial property sector in North America. Sign up here. Investment in real estate is speculative and involves significant risk. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. Dr. Anderson has primary responsibility for management of the Funds investment portfolio and has served the Fund in this capacity since it commenced operations in 2014. It also brings the total number of private real estate holdings to 17. Demand continues to outstrip supply, which has helped keep vacancy rates below their long-term averages and prompt favorable conditions for landlords to increase rents for most asset types. Information concerning the Trustees and officers of the Fund is set forth below. There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement for the Fund. The Adviser has sole discretion to vote proxies on behalf of the Non-discretionary Clients provided that, in each case, implementation of the outcome of the proxy vote would not cause the Non-discretionary Clients portfolio to be out of compliance with its Investment Guidelines. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. The Funds investment adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.91%, 2.66% and 1.66% per annum of the Funds average daily net assets attributable to Class A, Class C and Class I shares, respectively. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). Transwestern | John Thomas Gabriel Francis Fernandez - Managing Director - LinkedIn In considering the nature, extent, and quality of the services provided by the Adviser, the Trustees considered the responsibilities of the Adviser under the Investment Advisory Agreement and reviewed the services provided to the Fund including, without limitation, the Advisers procedures for formulating investment recommendations and assuring compliance with the Funds investment objectives and limitations, coordination of services for the Fund among the Funds service providers, and efforts to promote the Fund, grow the Funds assets, and assist in the distribution of Fund shares. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. ABANDONED-FAILURE TO RESPOND OR LATE RESPONSE. In considering the extent to which economies of scale would be realized as the Fund grows and whether the advisory fee levels reflect these economies of scale for benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with AHIC and noted that the sub-advisory fee contained break points, which caused the Adviser to pay lower fees to AHIC based on lower asset levels. The Lion Industrial Trust had a net asset value of $14.4bn last year. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. The addition of these five securities has helped to further strengthen our core real estate portfolio. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. Investment Strategy Geography; Real Estate; USA; . Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. The Trustees noted that the Expense Limitation Agreement the Adviser had agreed to in order to help limit the Funds annual operating expenses was still in effect and that to date, fund expenses have exceeded the Expense Limitation Agreement. San Jose Police and Fire funds back the Clarion Lion Industrial Trust Lion Industrial Trust (ING Clarion) - SecondaryLink The Trustees determined that the management fee and net expense ratio were higher than some, but not all, of the comparable funds and the peer group averages. Clarion Lion Industrial Trust, Follow-on in United States, North The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. Errors are noted below: Thanks for reaching out. All requests for information regarding proxy votes, or policies and procedures, received by any Adviser employee, officer, or director should be forwarded to the CCO. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. The 10-year loan will be used to retire the existing debt on a seven-property, five-million-square-foot industrial portfolio that includes two assets in San Bernardino, California; four in Dallas, Texas; and one in Southaven, Mississippi. An investor cannot invest directly into an index. NCREIF will calculate the overall aggregated Index return. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. No affiliation or endorsement, express or implied, is provided by their use. Investors should consider their investment objectives, and it is strongly suggested that the reader seek his or her own independent advice in relation to any investment, financial, legal, tax, accounting or regulatory risks and evaluate their own risk tolerance before investing. Acording to a recently released investment document, the San Jose Police and Fire Department Retirement Plan committed $18.5 million to the investment vehicle . All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Portfolio Allocation Gross Asset Value ($B) Properties 4.8% AEW Core Property Trust $ 9.5 189 4.9% American Core Realty Fund 6.9 68 Investment return and value of the Fund shares will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. As a result, the Adviser may cast different votes on behalf of different Clients. Status Refresh. We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. It is calculated by annualizing the most recent Fund distribution yield. $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. Clarion Lion Industrial Trust is a real estate core fund managed by Clarion Partners. The audit committees pre-approval policies and procedures require that all services to be performed by the registrants principal accountant must be pre-approved by the registrants audit committee. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. In addition, two or more Clients may have different investment objectives or investment styles. We have continued to utilize a low-cost, passive approach to investing in the flagship U.S. core property funds managed by the leading institutional real estate sponsors. At a meeting of the Funds Board of Trustees on June 21, 2016, the Trustees approved the continuation of the Investment Sub-Advisory Agreement for a one-year term. We have strategically shifted the portfolio composition in favor of managers whom we believe are best poised to deliver outsized growth of key operating metrics. SEC.gov | HOME Index performance does not represent actual Fund or portfolio performance. A common method in which to determine if the Funds distributions are supported by economic returns is to examine the Funds Net Asset Value ( NAV) over the course of a year. For the registrants last two fiscal year ended September 30, 2015 and September 30, 2016, the aggregate non-audit fees for services rendered to the registrant, the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $3,000 and $3,000, respectively. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. In addition, employees across the Firm have $315 million in co-investments across our products. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. Additionally, at the Lakemont Group, Mr. Propper was responsible for overseeing projects for a variety of clients including pension funds, private equity firms and publicly traded real estate companies and specialized in structured finance, market analysis and strategic due diligence. Financial Analyst - Clarion Partners, Lion Industrial Trust Finance Analyst - Citigroup Education MBA, Real Estate and Finance Concentrations, The Wharton School, University of Pennsylvania BBA, Major in Finance, University of Texas at Austin After reviewing the foregoing information and further information in the memorandum from the Adviser (e.g., the Advisers Form ADV and descriptions of the Advisers business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by the Adviser were satisfactory and adequate for the Fund. Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. Following further consideration and discussion of the foregoing, the Board concluded that the fee to be paid to the Adviser by the Fund was fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that they reflected charges that were within a range of what could have been negotiated at arms length. By clicking on I accept, you consent to our Privacy Policy. In considering the costs of the services provided and profits realized by the Adviser and its affiliates from the relationship with the Fund, the Trustees evaluated the Advisers staffing, personnel, and methods of operating; the education and experience of the Advisers personnel; the Advisers compliance programs, policies, and procedures; the financial condition of the Adviser; the level of commitment to the Fund and the Adviser by the principals of the Adviser; the current and projected asset levels of the Fund; and the overall expenses of the Fund, including the nature and frequency of advisory fee payments.
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