Multiple Active Tender Offers for Griffin Realty Trust Highlight Ongoing Value Gap in Nontraded Alts

Griffin Realty Trust, a well-known nontraded real estate investment trust (REIT), currently has two active and one recently completed unsolicited third party tender offers out to their shareholders.

As we've highlighted in previous Insights, third party tender offer firms solicit shareholders directly and tend to offer prices that reflect a deep discount compared to the fund's net asset value (NAV).

The chart below highlights these tender offers, as well as the secondary market trading range for the same fund. The trading range represents actual transactions that have occurred and is represenative of the actual prices and value that shareholders have received in exchange for the shares of Griffin Realty Trust.

Cox Capital is an active buyer in the secondary market for this fund and continues to underwrite to a fair value for shareholders. Please contact us for more information.