2/14/2013

Nontraded real estate investment trusts are moving on different fronts to improve transparency and align company interests with those of investors. Cincinnati's Phillips Edison-ARC Shopping Center REIT is eliminating cash payment of management fees in favor of giving the company's adviser class B-operating partnership units tied to performance goals. The setup means "we basically waive our asset-management fee unless we get our return to the investor," co-Chairman Jeff Edison said.

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