Index performance does not represent actual Fund or portfolio performance. Accumulated Net Realized Gain on Investments. 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. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. 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). The Funds income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. The Trustees also considered potential benefits for AHIC in managing the Fund, including promotion of AHIC name, the ability for AHIC to place small accounts into the Fund, and the potential for AHIC to generate soft dollars from Fund trades that may benefit AHICs other clients. Transparency, integrity,communication -- its how we do business. 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. Find nearby businesses, restaurants and hotels. Following further consideration and discussionof the foregoing, the Board concluded that the fees to be paid to CenterSquare by the Fund were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare and that they reflected charges that were within a range of what could have been negotiated at arms length. In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. The fund seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. Youll receive updates on upcoming events, special In considering the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund, the Trustees evaluated AHICs staffing, personnel, and methods of operating; the education and experience of AHICs personnel; AHICs compliance programs, policies, and procedures; the financial condition of AHIC; the level of commitment to the Fund and AHIC by the principals of AHIC; 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. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. 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. 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. Clarion Lion Properties Fund, L.P. Overview Fund Type: real estate Private Fund ID: 805-4715412151 Fund Manager: Clarion Partners (Crd# 108803) Registered Location: Delaware, United States Total Assets: $10 billion Minimum Investment: $0 The Fund's Class I shares commenced operations on August 10, 2015. 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. The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. An investor cannot invest directly into an index. 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. ORGANISATIONAL UPDATES On July 31, 2020, Franklin Resources, Inc. acquired Legg Mason, Inc. and its specialist investment managers for $6.5 . Performance may be lower or higher than performance data quoted. Because in the context of Underlying Funds each solicited vote raises unique questions, each Proxy with respect to an Underlying Funds will be analyzed by the Portfolio Manager, and in turn the President and the Investment Committee, on a case-by-case basis. 2008-2023 Sovereign Wealth Fund Institute. 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. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Clarion Partners Lion Properties Fund ("LPF" or the "Fund") is an open-end, diversified Core real estate fund with a . Material conflicts of interest may arise in situations that include, but are not limited to, when an Underlying Fund or an affiliate of such Underlying Fund has a relationship with the Fund or an affiliate of the Adviser and such Underlying Fund is soliciting proxies and failure to vote in a certain way may affect the Advisers relationship with such company and materially impact the Advisers business; or when a personal relationship between an Adviser officer and management of a company or other proponents of proxy proposals could impact the voting decision. The Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. 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. The term -. The fund seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. As of October 3, 2016 the private securities represent over $139 billion of real estate and 2,196 investments diversified by sector, geography and manager. 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 Board of Trustees of the registrant has determined that the registrant has at least one Audit Committee Financial Expert serving on its audit committee. Clarion Partners 2002-2007 Managing Director, Chief Real Estate Officer, Lion Industrial Trust (LIT), Trustee, LIT Fund Led efforts to convert Crow Holdings Industrial Trust into an open-end fund (LIT) and to raise capital and expand the business resulting in a tripling the fund's size. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, theBoard determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by AHIC. 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. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. 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. The firm last filed a Form D notice of exempt offering of securities on 2022-12-30. We succeed whenthey succeed. 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. SEC form, multiple filers or classes of filers, and much more.***. LION INDUSTRIAL TRUST Clarion Partners, LLC. The Fund has entered into secured bank lines of credit through BNP Paribas Prime Brokerage International, Ltd. (BNP) and Credit Suisse (Credit Suisse) (collectively the Banks) for the purpose of investment purchases subject to the limitations of the 1940 Act for borrowings. Lion Industrial Trust (ING Clarion) Manager Login. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. If the Funds NAV has increased, the Fund will have economically earned more than it has distributed, regardless of whether such distributions are reported as being from net investment income, net realized gains on investments or return of capital. After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. 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. Property Flyers. Win whats next. The performance data quoted above represents past performance. 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. HgCapital Renewable Power Partners. Item 10. The Fund currently offers Class A, Class C and Class I shares. The addition of these five securities has helped to further strengthen our core real estate portfolio. 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. 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. We believe that our audits provide a reasonable basis for our opinion. Shareholder servicing fees payable (Note 3), Lines of credit interest payable (Note 6), Investment advisory fees payable (Note 3), Accumulated net realized gain on investments, Net unrealized appreciation on investments, Net asset value, and redemption price per share, Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized), Maximum offering price per share ((NAV/0.9425), based on maximum sales charge of 5.75% of the offering price), Net asset value, offering and redemption price per share. The Trustees determined that the management fee and net expense ratiowere higher than some, but not all, of the comparable funds and the peer group averages. Past performance is not a guarantee of future results. Get the latest business insights from Dun & Bradstreet. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Following further consideration and discussion, the Board indicated that AHICs standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. Get the full list, Morningstar Institutional Equity Research. Dry powder refers to cash reserves for purchasing assets or making acquisitions. 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%). 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. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. Clarion management has strong alignment with our investors, with an 18% equity interest in the Firm. Lion Industrial Trust is based out of New York. Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. Clarion Partners, LLC : Group Fund Manager: Clarion Partners, LLC . Since our last annual report (September 2015), we added five additional best in class private institutional real estate securities, which represents an increase of $73 billion in gross asset exposure and 1,195 additional assets to the portfolio. SWFI is a minority-owned organization. The Barclays U.S. Griffin Institutional Access Real Estate Fund. Following further consideration and discussion, the Board indicated that CenterSquares standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. The term of office for each Trustee and officer listed above will continue indefinitely. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. U.S. 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. By investing in the Fund, a shareholder will not be deemed to be an investor in any underlying fund and will not have the ability to exercise any rights attributable to an investor in any such underlying fund related to their investment. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. Shareholders should not assume that the source of a distribution from the Fund is net profit. Lion Industrial Trust is based out of New York. Upload your latest press release or suggest a story idea to our editorial team. Class C and Class I shares are offered at net asset value. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. 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. Up to 588 kWh. 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. Schiff Hardin LLP was paid $67,130 in connection with legal services. 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. Class A and Class I shares are not currently subject to a Distribution Fee. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. 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. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). Clarion Lion Industrial Trust, Follow-on (located in United States, North America) was purchased by a Public Pension from United States on 03/17/2022 as a Fund Investment in the Logistics, Industrials and Warehouses industry. 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. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. 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. Item 7. 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. 3. Instead, they may solicit consents from their limited partners, members or shareholders. USPTO Trademarks Clarion Partners, LLC Lion Industrial Trust Application #85442431. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. 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. NYSCRF said it has made a $300m commitment to Lion Industrial Trust, an open-ended core-plus industrial fund managed by Clarion Partners, and invested $70.1m through a separate account with Heitman to buy the 539,094sqft Rickenbacker West Logistics Center in Lockbourne, Ohio. Effective October 1, 2016, each Trustee who is not affiliated with the Fund or the Adviser will receive an annual retainer of $50,000, to be paid quarterly, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per non-interested Trustee per each special telephonic meeting(exclusive of one special telephonic meeting per year and any telephonic meeting to review the agenda of any upcoming meeting of the Board). Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. Distribution Policy Risk. Submission of Matters to a Vote of Security Holders. At a meeting of the Funds Board of Trustees on June 21, 2016 the Trustees approved the continuation of the Investment Advisory Agreement for a one-year term. Any unauthorized use of this site is strictly prohibited. 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. Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. As previously stated, we remain focused on net operating income (NOI) growth. The commitment was made on behalf of ACERAs core-plus real estate portfolio, according to a meeting document. Find company research, competitor information, contact details & financial data for Banco Industrial of Plainfield, NJ. 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 AHIC. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. As of the end of last year, real estate accounted for 6.3% of ACERA's total 6.3% of the pension fund's total portfolio. It focuses on industrial asset class. O: 678-819-2460 C: 404-966-2400 wwellford@taylormathis.com. 4. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. 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. 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 notice included securities offered of Equity,Pooled Investment Fund Interests. Application Filed: 2011-10-07. Global Wealth Conferences - SWFI Event Series. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Clarion Lion Industrial Trust is a real estate core fund managed by Clarion Partners. For more information about certain of the material risks and limitations associated with Clarion Partners investment advisory products, strategies and services, please see Clarions current Form ADV Part 2A brochure, which is available on the SECs Investment Adviser Public Disclosure website at https://adviserinfo.sec.gov/firm/summary/108803. You have selected a link that will take you away from the Clarion Partners website. New York-based Clarion, a subsidiary of ING Real Estate,. 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.
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