Last week I attended the Spring Symposium of the Real Estate Investment Securities Association (REISA). In addition to my duties as a member of the Board of Directors, I was asked to participate in a panel discussion regarding proposed changes in the pricing/fee structure of non-traded REITs. In the last three years there has been quite a bit of innovation by sponsor companies in structuring programs so that some fees and commissions are deferred or eliminated. This has driven more profit to the bottom line for investors, and has supported some of the liquidity events that have occurred earlier than projected. We expect more client-friendly changes and innovations to continue.
Pictured above are John Grady, COO for Realty Capital Securities; Deborah Froling, Partner at Arent Fox LLP and Secretary of the REISA Board; Mark Kosanke, CEO of Concorde Investments and President of the REISA Board; and Cynthia Krus, Partner at Sutherland Asbill & Brennan LLP.