According to a press release, on June 21, 2013 Behringer Harvard REIT I changed its name to TIER REIT. The name was chosen to mirror the acronym REIT, and coincided with the internalization of the REIT’s management team. Hopefully for investors, the new name and management structure will not mirror the REIT’s past performance.
The REIT is showing some signs of improvement. According to TIER’s third quarter report, the estimated per share value increased $0.19 from $4.01 to $4.20 as of Nov. 1, 2013. However, for most investors who purchased the RIET at $10.00 per share this is hardly considered good news.
TIER REIT is not the only Behringer Harvard REIT to undergo a name change. Behringer Harvard REIT II has undergone two name changes. First in 2010 the REIT changed its named to Behringer Harvard Multifamily REIT, and than in 2011 changed its name to Adaptive Real Estate Income Trust.
Unfortunately many investors were lead to believe that investing in REITs like Behringer Harvard were sound and safe investments. On the contrary, REITs are inherently high risk and lack liquidity, making them unsuitable for the majority of investors.
Brokers have a fiduciary duty to their clients to recommend investment products that are suitable considering their age, investment experience, risk tolerance, and income needs (among a multitude of other factors). Given what is known about the Behringer Harvard REITs, it is apparent that many brokers sold these investments without performing adequate due diligences. If proven, such brokers can be held liable for investment losses through Finra Dispute Resolution.
To determine if you may be able to file a FINRA claim to recover losses in a Behringer Harvard REIT, please call The White Law Group at (312)238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.