Everest Tenders for Carter Validus Mission Critical REIT

On December 11, 2017 Everest REIT Investors I LLC and Everest REIT Investors II LLC filed a tender offer statement on form SC TO-T,  seeking to purchase 9,325,000 shares of Carter Validus Mission Critical REIT for $8.00 per share.

The Direct Investments Spectrum, reported that there were 7 trades of Shares on secondary markets during the twelve months ended July 31, 2017 (most recent period published), at a weighted average price of $9.00 per Share and with a range of $8.46 to $9.81 per Share. The sponsor of the REIT estimates the value of the shares to be $10.02.

For more information on ongoing tender offers, and historical data, see mini-tender data.

Liquidity Partners Trust I Tenders for Inventrust

Liquidity Partners Trust I filed a tender offer statement on Schedule TO on October 30, 2017, seeking to purchase 2,000,000 shares of InvenTrust Properties Corp. at a price of $1.55 per share, approximately 47% of the non-traded REIT’s stated value of $3.29. The offer is 4.0% above  a recent Mackenzie tender offer for the same program, but below secondary market pricing.  The Direct Investments Spectrum, reported sales of Shares on secondary markets at an average price of $2.16 per Share during the period June 1, 2017 through July 31, 2017, the most recent period reported.  The Stanger Report reported sales of Shares on secondary markets at prices between $1.42 and $2.22 per Share during the period March 1, 2017 through May 31, 2017, the most recent period reported.  

InvenTrust filed an 8-K acknowledging it is aware of the mini-tender.  It will review and consider the offer at its November 9 meeting prior to taking a position with respect to the mini-tender.

Liquidity Partners I and its affiliates currently beneficially own 103,751,020 Shares of the Company, or approximately 0.01% of the outstanding Shares. The 2,000,000 Shares subject to the Offer constitute approximately 0.26% of the outstanding Shares

According to Mini-Tender Data, The this is the first publicly filed tender offer from Liquidity Partners Trust, although they may have completed other tender offers without filing form SC TO-T, and/or under different entity names.

Mackenzie Capital Tender For Pendrell Corporation

On October 9 Mackenzie Capital and affiliates offered to purchase up to 1 million shares of Pendrell Corporation (NASDAQ:PCO) for $1.00 per share.The Shares are, for now, traded on the NASDAQ  but there is a relatively low volume of trades (average of 76,154 Shares per day) and the Corporation intends to terminate its listing and “go dark” on or shortly after November 30, 2017 (See Form 8-K filed on Sept. 22, 2017). The Shares have traded at prices between $5.89 and $7.61 per Share over the past 52 weeks. Source

In spite of the steep discount, Pendrell management has remained neutral on the tender offer.

Mackenzie has since extended the offer to November 27, 2017.

Everest Completes tender for KBS Strategic Opportunity REIT

Everest REIT Investors I, LLC filed a tender offer statement on Scheddule TO on September 11, 2017, seeking to purchase 600,000 shares of KBS Strategic Opportunity REIT Inc at a price of $10.25 per share (69.21% of NAV)

The Offer to Purchase expired pursuant to its terms on October 10, 2017. The Purchaser received approximately 57,874 Shares(9.65% of targeted shares) that were validly tendered and not withdrawn. All tendered Shares were accepted for payment. Including such tendered Shares, the Purchaser and its affiliates will own a total of approximately 59,214 Shares. Source.

According to Mini-Tender Data, The median price of Everest REIT tender offers was 69% of NAV, and the median % of targeted shares actually tendered was 9.19%