As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. 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. The CCO has responsibility for implementation and monitoring of the Advisers proxy voting policy, practices, disclosures and record keeping, including outlining voting guidelines in its procedures. We believe Clarion's partnership culture, compensation system, and entrepreneurial spirit clearly differentiate us from our competition. The Distributor serves as principal underwriter of shares of the Fund. Gabriel Francis Fernandez - Managing Director - LinkedIn The Griffin Institutional Access Real Estate Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, closed-end management investment company. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. Situations may arise in which more than one Client invests in the same Underlying Fund. All or a portion of a distribution may consist solely of a return of capital (i.e. 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. Performance may be lower or higher than performance data quoted. Lion Industrial Trust is based out of New York. Principal Accountant Fees and Services. 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). Effective February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $5,000, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. Banco Industrial Company Profile | Plainfield, NJ | Competitors Transwestern | John Thomas If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. The Funds distribution policy is to make quarterly distributions to shareholders. In considering AHICs practices regarding brokerage and portfolio transactions, the Trustees reviewed AHIC standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Griffin Institutional Access Real Estate Fund as of September 30, 2016, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 through September 30, 2014, in conformity with accounting principles generally accepted in the United States of America. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. ORGANISATIONAL UPDATES On July 31, 2020, Franklin Resources, Inc. acquired Legg Mason, Inc. and its specialist investment managers for $6.5 . from your original investment) and not a return of net profit. Clarion Partners Lion Properties Fund ("LPF" or the "Fund") is an open-end, diversified Core real estate fund with a . ***Log In or Status Refresh. Responsible for investment strategy and operation of a sector specific, open-ended fund sponsored by CBRE Investment Management. Material Conflicts of Interest and Proxy Voting Committee. We will be in touch soon. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. Unrated. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. The tax character of distributions paid for the years ended September 30, 2016 and September 30, 2015 were as follows: As of September 30, 2016 the components of accumulated earnings/(deficit) on a tax basis were as follows: Other cumulative effect of timing differences. Clients can select from a broad range of debt and equity investment options to build their real estate portfolios, including diversified core portfolios, sector-specific accounts, core, core-plus and value-add products as . Find nearby businesses, restaurants and hotels. $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. 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. We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. In considering the Advisers practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and the Advisers other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Advisers code of ethics. 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. Kleiner, Perkins . See the parent company profile. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with the Adviser involved both the management fee and an Expense LimitationAgreement. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. The result of those repurchase offers were as follows: Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. 230 Park Avenue. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. Clarion Lion Industrial Trust is a real estate core fund managed by Clarion Partners. This material does not constitute investment advice, nor does it constitute an offer in any product or strategy offered by Clarion Partners LLC or Clarion Partners Europe, and should not be viewed as a current or past recommendation to buy or sell any securities. By clicking on the ACCEPT button below, you acknowledge the previous statement and will be taken to the linked site. Measurement is time-weighted. 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. Submission of Matters to a Vote of Security Holders. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. Allocation, Sector, and Geographic Diversification are subject to change. The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers current views. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. Glossary, videos, podcasts, research in the Resource Center. In considering whether to approve the Investment 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 the Adviser; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by the Adviser and its affiliatesfrom 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 scale for the benefit of the Funds investors; (v) the Advisers practices regarding brokerage and portfolio transactions; and (vi) the Advisers practices regarding possible conflicts of interest. Explore! A $175 million fixed rate loan was secured by HFF on behalf of Lion Industrial Trust, a fund managed by Clarion Partners. 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. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. As previously stated, we remain focused on net operating income (NOI) growth. Harbinger Capital Partners. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. Previously, Dr. Anderson held several senior executive positions at Bluerock Real Estate LLC., including founding partner of the Bluerock Total Income + Real Estate Fund where he was the portfolio manager. All metrics are based on Class A shares. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). email address below and choose 'Submit'. Prior to February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. Clarion Partners Europe is a leading specialist investor in pan-European logistics. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. 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. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. Average borrowings and the average interest rate for the days the BNP line of credit was outstanding during the year ended September30, 2016 were $26,229,249 and 1.54%, respectively. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. The audit committees pre-approval policies and procedures require that all services to be performed by the registrants principal accountant must be pre-approved by the registrants audit committee. USPTO Trademarks Clarion Partners, LLC Lion Industrial Trust Application #85442431. Portfolio Allocation Gross Asset Value ($B) Properties 4.8% AEW Core Property Trust $ 9.5 189 4.9% American Core Realty Fund 6.9 68 We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. 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 You cannot invest directly in an index. Ryan J. Bandy - Deputy Portfolio Manager - LinkedIn Non-cash financing activities not included herein consist of reinvestment of distributions of: Cash paid for interest on lines of credit during the year was: Griffin Institutional Access Real Estate Fund Class A, Ratios to Average Net Assets (including interest expense), Ratio of expenses to average net assets excluding fee waivers and reimbursements, Ratio of expenses to average net assets including fee waivers and reimbursements, Ratio of net investment income to average net assets, Ratios to Average Net Assets (excluding interest expense), Ratio of net investment income to average net assets excluding fee waivers and reimbursements. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available without charge upon request by calling toll-free 888-926-2688, or on the SECs website at http://www.sec.gov. 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 Funds Form N-Q may also be reviewed and copied at the SECs Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Company profile page for Lion Industrial Trust including stock price, company news, press releases, executives, board members, and contact information Trademark Application Details. 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. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. The term of office for each Trustee and officer listed above will continue indefinitely. It also brings the total number of private real estate holdings to 17. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. All material subject to strictly enforced copyright laws. 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.