Tony Thompson’s non traded real estate investment trust, TNP Strategic Retail Trust, Inc., announced in an SEC filing this week that there will be no dividend for the first quarter of 2013 and
“given the uncertainties noted, stockholders should not assume a resumption of distribution payments during the remainder of 2013.”
Here is a link to the 8K that was filed . Apparently one of the REITs lenders, Torchlight Investors, LLC will not permit the naming of a new adviser, Glenborough LLC and they are trying to negotiate some relief on $67 million in revolving debt. If you have followed this you know that Mr. Thompson was only recently quite optimistic about TNP’s value, telling broker/dealers that the net asset value of the REIT exceeded its share price.
Mr. Thompson has had his share of troubles lately. Last year his new venture, Thompson National Properties LLC , defaulted on $21.5 million in private notes and just last month FINRA announced they were investigating him and his broker dealer TNP Securities, LLC for failing to turn over documents.
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