Clarion's liquidation plan was approved by stockholders on May 31, 2001. The REIT's share record books will be closed for good once the SDAT accepts the filing. Once that occurs, Clarion will not sell, transfer or assign any shares with the exception of those occurring by will, intestate succession or operation of law.

The company's assets will be placed in a contingency reserve to cover obligations for three years, after which time any remaining cash will be distributed to shareholders.Most of Clarion's portfolio consisted of BB- or BBB-rated CMBS with more than half backed by California retail assets. Other investments included commercial mortgage and mezzanine loans. Clarion Capital managed the company.