We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. SEC.gov | HOME The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. 2. Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: Agenda/Materials. 2TheFTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index: is a free float-adjusted market-capitalization-weighted index of tax qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems. 31-Jan-2023, As of This rating does not take into account other risk factors which should be considered before investing, these include: Insights by Global Listed Real Assets Team. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. 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. 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. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. 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. The Fund is now invested in 23 private and non-listed institutional real estate funds representing more than 2,600 properties in $188 billion of real estate. The Distributor is an affiliate of the Administrator and the Transfer Agent. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. 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%). Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. 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 Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. Hear their stories and learn about how they are redefining the terms of success. Assessor Chat Bot. The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. As of
Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. From 2018 to 2019 he served as the Prime Minister's Business Envoy. The addition of these five securities has helped to further strengthen our core real estate portfolio. All Rights Reserved. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment. 2023 PitchBook. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. NCREIF will calculate the overall aggregated Index return. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. Top-down considerations are also incorporated into the portfolio construction process and the Team may integrate forecasted fundamental inflections, macroeconomic considerations, geopolitical and country risk assessments, among other factors. Prime Property Fund Asia is a real estate opportunistic fund managed by Morgan Stanley. 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). We believe our greatest asset is our people. Underpinning all that we do are five core values. Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. Meet one of our Financial Advisors and see how we can help you. Calculated using the average shares method. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Hello! All Rights Reserved. Notes. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. After reviewing the foregoing information and further information in the memorandum from CenterSquare (e.g., CenterSquares Form ADV and descriptions of the Advisors business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by CenterSquare were satisfactory and adequate for the Fund. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. Past performance is not a reliable indicator of future results. 1. Item 3. hb```e``"g\dd@ A( 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. hWn8>&(I$|o$ATu! Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. Prime Property Fund Morgan Stanley Real Estate Investing - ReadkonG Under the Distribution Agreement the Class C shares will pay to the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.75% of the Funds average daily net assets attributable to Class C shares, payable on a quarterly basis. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an advisers interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the advisers proxy voting activities when the adviser does have proxy voting authority. The Fund pursues its investment objective by strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. A large standard deviation implies that there have been large swings in the return series of the manager. You cannot invest directly in an index. Past performance is not a guarantee of future results. 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. The fund is located in New York, New York and invests in Northern California, Southern California, Chicago, South Florida, Chicago, Washington D.C., Boston and New York across the United States. No. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. 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. TIPRX Performance & Stats | Bluerock Total Income+ Real Estate A - YCharts 2020 Council Agendas & Meetings | Nebraska Investment Council 0
Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. An investor cannot invest directly into an index. Assessor - Annual Report - Los Angeles County, California Win whats next. 03-Mar-2023, As of
This is a profile preview from the PitchBook Platform. 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. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. This information is available in the PitchBook Platform. Adjusted for contingent deferred sales charge of 1.00%. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. Reported distributions from net investment income and realized gains on investments are not an indication as to whether or not the Funds distributions are supported by the Funds returns. Actual results could differ from those estimates. 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). Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 888-926-2688, or on the Securities and Exchange Commissions (SEC) website at http://www.sec.gov. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. 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. Class C shares may be subject to a 1.00% contingent deferred sales charge on shares redeemed during the first 365 days after their purchase. Last Annual Report . A monthly publication featuring the Global Multi-Asset Teams latest views on the economic and market environment and how best to position portfolios. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. 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. (Certification provided in Exhibit A.) The Fund engages in a continuous offering of shares and operates as an interval fund that offers quarterly repurchases of shares at net asset value. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. 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). 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. In-depth insights on emerging and global markets for spotting hot growth stories. PDF Prime Property Fund It is calculated by annualizing the most recent Fund distribution yield. Minutes. Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a Repurchase Pricing Date). Select a trending topic or type your . We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. westernassetfunds.com. 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. The Barclays Capital U.S. 790 0 obj
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Annual Report Jul 09, 2007. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. The Funds Private Allocation Sub-Advisor, Aon Hewitt Investment Consulting, an Aon Company, provides investment consulting services to over 480 clients in North America with total client assets worldwide of approximately $4 trillion, including more than $3 trillion in the U.S. as of December 31, 2015. Sources of distributions to shareholders for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. 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. Includes all wholly owned debt and PRIME's proportionate share of joint venture debt. Prime Property Fund Asia Profile: Returns & Limited Partners | PitchBook We believe that our audits provide a reasonable basis for our opinion. We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals. After several years of growing tensions, the potential for a reset under. Following further consideration and discussion, the Board indicated that the Advisers standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. The Fund is considered an investment company for financial reporting purposes under GAAP. 2007. WAM is the weighted average maturity of the portfolio. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. These financial statements and financial highlights are the responsibility of the Funds management. At Morgan Stanley, giving back is a core valuea central part of our culture globally. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer of the Global Balanced Risk Control (GBaR) Team, shares his macro thematic views on key market drivers. 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. The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended September 30, 2016 were as follows: Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Counsel with preschool director around staff, school programs and best practices. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. The CCO will designate another Portfolio Manager the responsibility to form a proxy voting recommendation and serve as the original Portfolio Manager would have done in the proxy voting process. 6.c. 31-Jan-2023, 2023 Morningstar. Reports to shareholders and printing fees, Less: Fees waived/expenses reimbursed by adviser (Note 3), Net change in unrealized appreciation on investments, NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS, Net Increase in Net Assets Resulting from Operations, Net Increase in Net Assets Derived from Beneficial Interest Transactions. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare. Get the full list, Morningstar Institutional Equity Research. 20 November 2020 Fund name: Prime Property Fund Europe Fund size: 700 million Launch date: October 2019 Morgan Stanley Real Estate Investing has raised 700 million for its Prime Property Fund Europe. 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. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. Morgan Stanley - AnnualReports.com There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. As previously stated, we remain focused on net operating income (NOI) growth. 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. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. Allocation, Sector, and Geographic Diversification are subject to change. Index performance does not represent actual Fund or portfolio performance. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. The Trustees noted that the Adviser seeks to achieve the Funds investment objective to generate a balanced return comprised of current income and capital appreciation with moderate volatility and low correlation to the broader markets by pursuing strategic investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. It includes fees paid for investment management (Management Fee), trustee/custodian, and administration charges.TheMinimum Initial Investment/Minimum Subsequent Investmentamounts may be in US Dollars (or the Euro Yen or Sterling equivalent of the US Dollar amount).For more information please see the Charges and Expenses section of the prospectus. Pursuant to Section 852(b)(3) of the Internal revenue Code, the Fund designated $1,881,291 as long-term capital gain distribution for the year ended September 30, 2016. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. Performance of other share classes, when offered, may differ. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. 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. Morgan Stanley Real Estate's Prime Property Fund Acquires 2 Park Avenue Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). Fund Documents | J.P. Morgan Asset Management GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. The Investment Pool holds external and internal endowments and other long term cash holdings. A Fund can have distributions from net investment income and realized capital gains in years in which it incurs an economic loss due to unrealized losses not being recognized for tax purposes. Morgan Stanley Prime Property Fund. One basis point is equal to 1/100th of 1%, or 0.01%. Learn how we strive to deliver results for our shareholders. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. In considering CenterSquares practices regarding brokerage and portfolio transactions, the Trustees reviewed CenterSquare standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions.