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Inland Retail REIT Under SEC Scrutiny

On Tuesday, Inland Retail Real Estate Trust said it was subpoenaed by the Securities and Exchange Commission (SEC) regarding an investigation into W.P Carey Financial Corporation. The Illinois-based firm is reportedly “cooperating” with the information request. The subpoena was received in late January, according to the firm.

Earlier this year, the SEC also subpoenaed W.P Carey. At the time, New York-based WPC said that the subpoena was related to another SEC investigation into a stock offering made by one of WPC’s unlisted REITs. That initial investigation began in August 2004.

WPC is the world’s largest publicly traded limited liability company. WPC owns more than 90 million sq. ft. of combined space in the U.S and Europe, and also manages the assets of several unlisted REITs within its $7 billion W.P Carey Group. The SEC alleges that WPC sold securities in a public offering without an effective registration statement.

Inland Retail REIT is one of the so-called “Big Four” unlisted REIT sponsors. The other three are Wells Real Estate Funds, W.P Carey and CNL.

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