Aegis is following up its August 7 decision to put the company on the block by announcing that investment advisor Robertson Stephens has been hired to develop a marketing strategy for the REIT. According to Security and Exchange Commission documents filed by Aegis, the company's strongest selling points include:

• The geographical diversity of its portfolio
• A high percentage of revenues generated by good-credit or national anchor tenants
• No single asset accounting for more than 8% of total revenues
• Leases structured minimize inflation effects through recovery of common-area maintenance costs and real estate taxes
• Rent increases based on a percentage of tenants' sales
• Well-maintained portfolio properties that are competitive in their market areas in terms of occupancy and rents.

Aegis' portfolio includes 28 neighborhood shopping centers and two garden apartment complexes spread across 15 states, with the bulk of its properties located in Ohio, Florida, North Carolina and Virginia. Its shopping centers total more than three million sf and are anchored by grocery stores. Kroger, its largest tenant, accounts for nearly 11% of total revenues. The REITs apartment complexes contain roughly 300 units.

Meanwhile, Clarion, which is currently in the process of liquidating its assets, announced that its first shareholder distribution will be $4 per share, payable October 26. The REIT saw its total income drop 41% in the first six months of this year. Most of Clarion's investments are CMBS. More than half are backed by California retail properties. Other investments include mortgage and mezzanine loans.