ORLANDO-Macquarie CNL Global Income Trust, a publicly-registered non-traded real estate investment trust, announced a monthly cash distribution of $0.0017808 per day per share on the outstanding shares of common stocks. On an annualized basis, with the REIT’s offering price of $10 per share, the distribution will yield a 6.5% return. The board of directors approved the distribution on May 25.

“If you look at the universe of non-traded REITs,” says Curtis McWilliams, president of Macquarie CNL, Global Income Trust in Orlando, the 6.5% return is about average. Most similar REITs have a 6% to 7% distribution level, he says, at the same time pointing out that the trust has no assets yet. Macquarie CNL Global Income Trust became effective as a REIT, April 23.

The initial offering by the Macquarie CNL REIT was for $1.5 billion in common shares on April 26. CNL Securities Corp., a subsidiary of CNL Financial Group, Inc., will serve as the managing dealer.

Macquarie CNL Global Income Trust Inc. is planning to derive 40% of its commercial real estate investments, over the long run, from the US and 60% from non-US assets, says McWilliams.

Less than 30% of all investable commercial real estate assets are in the US, says McWilliams, which is why it is desirable to have a presence outside the country. Most US REITs are very US-Centric, he says. “Because of Macquarie, we have the ability to source real estate investments,” from all over the world,” says McWilliams.

“At this point,” says McWilliams, “we are evaluating investment opportunities.” The REIT is looking for strong cash flow from day one. A single tenant office building or a triple-net-leased retail building, would be good fit for Macquarie CNL Global Income Trust, he says.

“Initially, the investments (for the trust) may be a little heavier in the US, because there are significant opportunities here,” says McWilliams. Cap rates in the US have risen significantly from their low points of a couple of years ago, he says, so this is a good time to buy US assets, because prices are down, while yields are up, he says.”We are thankful that we have no legacy assets. We are starting with a clean slate.”