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SEC Probes Inland American REIT

CHICAGO-The commission is conducting a fact-finding investigation to determine any violations of federal securities laws, though the investigation is not an accusation of wrongdoing.

By Robert Carr | Updated on May 14, 2012

CHICAGO-Inland American Real Estate Trust Inc., which has ownership interests in 964 commercial real estate properties totaling about $11.2 billion, has reported that the SEC is conducting a private investigation of the trust. Inland American is one of five REITs that are, or have been, sponsored by affiliates of the locally based Inland Real Estate Group of Cos. Inc.

The probe will “determine whether there have been violations of certain provisions of the federal securities laws regarding the business manager fees, property management fees, transactions with affiliates, timing and amount of distributions paid to investors, determination of property impairments and any decision regarding whether the company might become a self-administered REIT.” Inland American, a non-traded trust, reported the investigation in an SEC filing last week.

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