The firm last filed a Form D notice of exempt offering of securities on 2022-12-30. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. The Trustees also reviewed a memorandum from the Funds legal counsel that summarized the fiduciary duties and responsibilities of the Board of Trustees in reviewing and approving the Investment Advisory Agreement, including the types of information and factors that should be considered in order to make an informed decision. The CCO shall retain the following proxy records in accordance with the Advisers Recordkeeping Policy: These policies and procedures and any amendments; Each Proxy statement that the Adviser receives; A record of each vote that the Adviser casts; Any document the Adviser created that was material to making a decision how to vote Proxies, or that memorializes that decision; A copy of each written request from a Client or Investor for information on how the Adviser voted such Clients Proxies, and a copy of any written response. Privacy and security policies of such site may differ from those practiced by Clarion Partners. Dr. Anderson received his bachelors degree in Finance from North Central College in 1991 as a Presidential Scholar and holds a Ph.D. in Finance as a Presidential Fellow from the University of Alabama, where he graduated with highest distinction in 1996. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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. PDF Clarion Partners Lion Properties Fund - Nebraska 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. There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 5% of such shareholders shares in each quarterly repurchase. Significant unobservable prices or inputs (including the Funds own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. 13F filing from LION INDUSTRIAL TRUST, enter your As of September 30, 2016, the Fund had $1,066,237,965 of the private and public securities pledged as collateral for its lines of credit. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. Following further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to AHIC by the Fund were fair and reasonable in relation to the nature and quality of the services provided by AHIC and that they reflected charges that were within a range of what could have been negotiated at arms length. In considering the costs of the services to be provided and profits to be realized by CenterSquare and its affiliates from the relationship with the Fund, the Trustees evaluated CenterSquares staffing, personnel, and methods of operating; the education and experience of CenterSquares personnel; CenterSquares compliance programs, policies, and procedures; the financial condition of CenterSquare; the level of commitment to the Fund and CenterSquare by the principals of CenterSquare; 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. On behalf of the entire Griffin team, we thank you for your continued support. Under the Shareholder Services Plan, the Class A and Class C shares may pay up to 0.25% per year of their average daily net assets for such services. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. In considering the Advisers practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and the Advisers other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Advisers code of ethics. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. If you want to remain at this site, select the DECLINE button. The Trustees also considered potential benefits for CenterSquare in managing the Fund, including promotion of CenterSquare name, the ability for CenterSquare to place small accounts into the Fund, and the potential for CenterSquare to generate soft dollars from Fund trades that may benefit CenterSquares other clients. Griffin Capital Advisor along with CenterSquare Investment Management have designed a public market strategy in line with the objectives of the Fund with a focus on identifying public real estate securities whose current prices are below their intrinsic values. Healthcare Trust of America, Inc., Class A, 1.888.926.2688 | www.griffincapital.com, TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,122,109,673), TOTAL INVESTMENTS (100.16%) (Cost $1,122,109,673), Liabilities in Excess of Other Assets (-0.16%). Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION, Name(s) of Parter, Manager, Trustee, or Director. Hillwood, NY Firm Reach Property Deal | Hillwood, a Perot Company. Clarion Partners | Global Real Estate Asset Management Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. Adjusted for contingent deferred sales charge of 1.00%. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. HgCapital Renewable Power Partners. Thereafter, the Trustees noted that the Funds shareholders would benefit from economies of scale under the Funds agreements with service providers other than the Adviser. Audit Committee Financial Expert. Glossary, videos, podcasts, research in the Resource Center. The Trustees also considered the anticipated portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any anticipated allocation of portfolio business to persons affiliated with CenterSquare; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). 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. Clarion Lion Industrial Trust is an open-end vehicle, managed by Clarion Partners. Clarion to acquire Crow Holdings for $1.5 billion Kris Arviso | Scannell Properties Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. New York-based Clarion, a subsidiary of ING Real Estate,. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. Item 10. The Fund is an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at net asset value, of no less than 5% of the Funds shares outstanding. We succeed whenthey succeed. 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. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. The fund seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. The following is a summary of the inputs used in valuing the Funds investments as of September 30, 2016: Level 2 - Other Significant Observable Inputs, Private Investment Funds (Measured at net asset value). Two institutional funds for the police and fire departments of the city of San Jose have backed the Clarion Lion Industrial Trust, a core real estate fund managed by Clarion Partners. Material Conflicts of Interest and Proxy Voting Committee. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. Upload your latest press release or suggest a story idea to our editorial team. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. Past performance is not a guarantee of future results. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. No services described in paragraphs (b) through (d) of Item 4 of this report were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. Lion Industrial Trust Profile Use of this site is subject to, and your continued use constitutes your express agreement to be bound by, the Terms of Use and Privacy Statement. Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. Clarion Lion Industrial Trust (the "Fund") is a private REIT focused on the industrial property sector in North America. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. Get the full list, Morningstar Institutional Equity Research. ORGANISATIONAL UPDATES On July 31, 2020, Franklin Resources, Inc. acquired Legg Mason, Inc. and its specialist investment managers for $6.5 . Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. Griffin Capital Advisor, LLC (the Adviser), as a matter of policy and as a fiduciary to the Clients, has responsibility for voting proxies for securities consistent with the best interests of Clients. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. You have selected a link that will take you away from the Clarion Partners website. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. 230 Park Avenue. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement with CenterSquare. PDF Office of the State Treasurer Summary of Responses to Request for - ct The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. 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. Under the terms of the sub-advisory agreements, the Adviser compensates the Sub-Advisers based on a portion of the Funds average daily net assets which they had been allocated to manage. The Trustees then compared the fees and expenses of the Fund (including the management fee) to other funds comparable in terms of the type of fund, the nature of its investment strategy, and its style of investment management, among other factors. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. We'd love to hear from you. Connecticut Retirement Plans and Trust Funds, Youre viewing 5 of 45 limited partners. 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. Acording to a recently released investment document, the San Jose Police and Fire Department Retirement Plan committed $18.5 million to the investment vehicle . After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. Clarion Partners Europe is a leading specialist investor in pan-European logistics. Research: OneLook Acronym Finder; It is calculated by annualizing the most recent Fund distribution yield. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. Item 4. 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. In considering CenterSquares practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience andability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and CenterSquares other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of CenterSquares code of ethics. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. During the year ended September 30, 2016, the fee waiver was as follows: As of September 30, 2016, the balance of recoupable expenses for the Fund was as follows: Sub-advisory services were provided to the Fund pursuant to agreements between the Adviser and both Aon Hewitt Investment Consulting, Inc. (formerly doing business as Hewitt EnnisKnupp, Inc.) and CenterSquare Investment Management, Inc. (the Sub-Advisers). Partners is more than a word in our name. Given the amount of volatility and uncertainty surrounding the U.S. election, the United Kingdoms decision to leave the European Union (commonly referred to as Brexit) and U.S. Federal Reserve (Fed) policy this past year, we have remained overweight to private securities relative our long-term target allocation. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. The investment objective of the Fund is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. The Fund has been successful in delivering on its stated objective, delivering returns comprised of income and appreciation with moderate volatility and low correlation to the broad markets. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. By clicking on I accept, you consent to our Privacy Policy. Submission of Matters to a Vote of Security Holders. Lion Industrial Trust; Use of this site is subject to, and your continued use constitutes your express agreement to be bound by, . For more information on the differences in share classes, refer to the applicable prospectus, which can be found at: https://www.griffincapital.com/griffin-institutional-access-real-estate-fund/forms-and-literature. For example, the Adviser may, directly or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on a Client Account. The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. The firm last filed a Form D notice of exempt offering of securities on 2022-12-30. The Barclays U.S. San Jose (Calif.) Police & Fire Department Retirement Plan committed $19 million to Clarion Lion Industrial Trust. or to simply have an email sent to you whenever we receive a new Property Flyers. ILC is a joint venture between Taylor & Mathis and Lion Industrial Trust, a private REIT managed by Clarion Partners. We have audited the accompanying statement of assets and liabilities of Griffin Institutional Access Real Estate Fund (the Fund), including the portfolio of investments, as of September 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 (commencement of operations) through September 30, 2014. The Adviser may determine not to vote a Proxy if doing so would not be in a Clients best interest, such as when the Adviser determines that the cost of voting the Proxy exceeds the expected benefit to the Client. The Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. Gabriel Francis Fernandez - Managing Director - LinkedIn Industrial. Clarion Lion Industrial Trust is a real estate core fund managed by Clarion Partners. RSM McGladrey was paid $49,050 in connection with auditing services. ACERA said the second $50m commitment was made to Lion Industrial Trust, a core-plus industrial fund managed by Clarion Partners. Responsible for investment strategy and operation of a sector specific, open-ended fund sponsored by CBRE Investment Management. 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 CenterSquare; (ii) theinvestment performance of the Fund and CenterSquare; (iii) the costs of the services provided and profits realized by CenterSquare 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 scale for the benefit of the Funds investors; (v) CenterSquares practices regarding brokerage and portfolio transactions; and (vi) CenterSquares practices regarding possible conflicts of interest. Call us now at 732-740-7240 or send a message using the form below we'll get back to you as soon as we can. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. The Trustees also considered the portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any allocation of portfolio business to persons affiliated with the Adviser; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. 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 The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. 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. 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. Correlation is a statistical measure of how two securities move in relation to each other. Transparency, integrity,communication -- its how we do business. Absent material conflicts, the President of the Adviser, in consultation with the Investment Committee, will determine how the Adviser should vote the Proxy in accordance with applicable voting guidelines (see below), taking into account the recommendation of the Portfolio Manager. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. 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. 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. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. email address below and choose 'Submit'. As previously stated, we remain focused on net operating income (NOI) growth. 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. 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. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. You cannot invest directly in an index. The Oklahoma Municipal Retirement Fund (OkMRF) has approved a $30 million commitment to the open-end, value-add real estate Clarion Lion Industrial Trust fund. SEC form, multiple filers or classes of filers, and much more.***. Glossary, videos, podcasts, research in the Resource Center. As of September 30, 2016, net unrealized appreciation/(depreciation) of investments based on the federal tax cost was as follows: Gross Appreciation (excess of value over tax cost), Gross Depreciation (excess of tax cost over value), Cost of Investments for Income Tax Purposes. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. Core Partners ("CBRE Core Fund") is an open-end core fund that purchases and operates high-quality, income-producing office, industrial, . 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.
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