morgan stanley prime property fund annual report

We have audited the accompanying statement of assets and liabilities of Griffin Institutional Access Real Estate Fund (the Fund), including the portfolio of investments, as of September 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 (commencement of operations) through September 30, 2014. The global presence that Morgan Stanley maintains is key to our clients' success, giving us keen insight across regions and markets, and allowing us to make a difference around the world. The Fund currently offers Class A, Class C and Class I shares. In considering the costs of the services to be provided and profits to be realized by CenterSquare and its affiliates from the relationship with the Fund, the Trustees evaluated CenterSquares staffing, personnel, and methods of operating; the education and experience of CenterSquares personnel; CenterSquares compliance programs, policies, and procedures; the financial condition of CenterSquare; the level of commitment to the Fund and CenterSquare by the principals of CenterSquare; the current and projected asset levels of the Fund; and the overall expenses of the Fund, including the nature and frequency of advisory fee payments. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a fund or portfolio, or brokerage commissions on transactions in fund shares. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. All Rights Reserved. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. Underpinning all that we do are five core values. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. hb```e``"g\dd@ A( Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). Discover who we are and the right opportunity for you. Morningside Presbyterian Preschool. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. Stay on top of today's volatile markets with these timely resources. Dr. Anderson also served as the Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida where he directed the research and education institute. The Trustees then compared the fees and expenses of the Fund (including the management fee) to other funds comparable in terms of the type of fund, the nature of its investment strategy, and its style of investment management, among other factors. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. Across all our businesses, we offer keen insight on today's most critical issues. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. 20 November 2020 Fund name: Prime Property Fund Europe Fund size: 700 million Launch date: October 2019 Morgan Stanley Real Estate Investing has raised 700 million for its Prime Property Fund Europe. 0 31-Jan-2023, As of The Distributor is an affiliate of the Administrator and the Transfer Agent. Our procedures included confirmation of securities owned as of September 30, 2016 by correspondence with the custodian, brokers, and other appropriate parties or by other appropriate procedures when necessary. 03-Mar-2023, As of The agreement can be extended at the discretion of the Adviser and the Trustees. There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available without charge upon request by calling toll-free 888-926-2688, or on the SECs website at http://www.sec.gov. In considering whether to approve the Investment Sub-Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by AHIC; (ii) the investment performanceof the Fundand AHIC; (iii) the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scaleforthe benefit of the Funds investors; (v) AHICs practices regarding brokerage and portfolio transactions; and (vi) AHICs practices regarding possible conflicts of interest. The Trustees noted that the Expense Limitation Agreement the Adviser had agreed to in order to help limit the Funds annual operating expenses was still in effect and that to date, fund expenses have exceeded the Expense Limitation Agreement. Following further consideration and discussion of the foregoing, the Board concluded that the fee to be paid to the Adviser by the Fund was fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that they reflected charges that were within a range of what could have been negotiated at arms length. As previously stated, we remain focused on net operating income (NOI) growth. The fund is located in Mumbai, India. We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. Following further consideration and discussion, the Board indicated that CenterSquares standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. A common method in which to determine if the Funds distributions are supported by economic returns is to examine the Funds Net Asset Value ( NAV) over the course of a year. In considering whether to approve the Investment Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by the Adviser; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by the Adviser and its affiliatesfrom the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Funds investors; (v) the Advisers practices regarding brokerage and portfolio transactions; and (vi) the Advisers practices regarding possible conflicts of interest. For additional information regarding sector classification/definitions please visit www.msci.com/gics and the glossary page.Cash & Equivalentsare defined as the value of assets that can be converted into cash immediately. Notes. The vehicle will invest in a diverse array of core properties throughout Western Europe. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. The registrants audit committee has considered whether the provision of non-audit services to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountants independence. In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with the Adviser involved both the management fee and an Expense LimitationAgreement. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. In considering the nature, extent, and quality of the services provided by the Adviser, the Trustees considered the responsibilities of the Adviser under the Investment Advisory Agreement and reviewed the services provided to the Fund including, without limitation, the Advisers procedures for formulating investment recommendations and assuring compliance with the Funds investment objectives and limitations, coordination of services for the Fund among the Funds service providers, and efforts to promote the Fund, grow the Funds assets, and assist in the distribution of Fund shares. 2TheFTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index: is a free float-adjusted market-capitalization-weighted index of tax qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems. Since our last annual report (September 2015), we added five additional best in class private institutional real estate securities, which represents an increase of $73 billion in gross asset exposure and 1,195 additional assets to the portfolio. 3. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. As of September 30, 2016, net unrealized appreciation/(depreciation) of investments based on the federal tax cost was as follows: Gross Appreciation (excess of value over tax cost), Gross Depreciation (excess of tax cost over value), Cost of Investments for Income Tax Purposes. As such this category may change in the future. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. 31-Jan-2023, As of These factors contributed to positive net returns with low volatility and low correlation to the broader markets. Portfolio Managers of Closed-End Management Investment Companies. If these parties become insolvent, it may expose the fund to financial loss. The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers current views. Previously, Dr. Anderson held several senior executive positions at Bluerock Real Estate LLC., including founding partner of the Bluerock Total Income + Real Estate Fund where he was the portfolio manager. Agenda/Materials. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. Because the Portfolio Manager and the Associate Portfolio Manager may manage assets for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals) (collectively Client Accounts), or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. Please click here for additional performance disclosures and important information, which should be reviewed carefully. Griffin Institutional Access Real Estate Fund. Item 8. Category 1 does not indicate a risk free investment. . Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. Returns may increase or decrease as a result of currency fluctuations. Effective October 1, 2016, each Trustee who is not affiliated with the Fund or the Adviser will receive an annual retainer of $50,000, to be paid quarterly, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per non-interested Trustee per each special telephonic meeting(exclusive of one special telephonic meeting per year and any telephonic meeting to review the agenda of any upcoming meeting of the Board). Returns may increase or decrease as a result of currency fluctuations. Under the Shareholder Services Plan, the Class A and Class C shares may pay up to 0.25% per year of their average daily net assets for such services. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. The following is a summary of the inputs used in valuing the Funds investments as of September 30, 2016: Level 2 - Other Significant Observable Inputs, Private Investment Funds (Measured at net asset value). In considering AHICs practices regarding brokerage and portfolio transactions, the Trustees reviewed AHIC standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. For example, the Adviser may, directly or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on a Client Account. We lead with exceptional ideas, prioritize diversity and inclusion and find meaningful ways to give backall to contribute to a future that benefits our clients and communities. We believe our greatest asset is our people. The Trustees then compared the fees and expenses of the Fund (including the management fee) to other funds comparable in terms of the type of fund, the nature of its investment strategy, and its style of investment management, among other factors. In general, the Adviser does not receive proxies to be voted due to the nature of its investments on behalf of Clients; this policy is intended to comply with Rule 206(4)-6 in the infrequent instance that the Adviser receives a proxy, or other action requiring a vote, from an Underlying Fund. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, theBoard determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by AHIC. %PDF-1.6 % He started his career in 1979 with Smith Barney as a Financial Advisor and in the 1980's and 1990's, managed offices in Atlanta GA and Los Angeles. Since our annual report, the Fund has observed its third anniversary and added two new funds managed by Morgan Stanley and Principal. In consideration of the Advisers agreement to limit the Funds expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees andexpenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitations to be exceeded. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. endstream endobj 765 0 obj <>/Metadata 16 0 R/OCProperties<>/OCGs[791 0 R]>>/Outlines 22 0 R/PageLayout/SinglePage/Pages 762 0 R/StructTreeRoot 27 0 R/Type/Catalog>> endobj 766 0 obj <>/ExtGState<>/Font<>/Properties<>/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 767 0 obj <>stream For the year ended September 30, 2016, the Distributor received $1,550,339 in underwriting commissions for sales of the Funds Class A shares, of which $0 was retained by the principal underwriter or other affiliated broker-dealers. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. Morgan Stanley Prime Property Fund. The Fund is an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at net asset value, of no less than 5% of the Funds shares outstanding. The Adviser has sole discretion to vote proxies on behalf of the Non-discretionary Clients provided that, in each case, implementation of the outcome of the proxy vote would not cause the Non-discretionary Clients portfolio to be out of compliance with its Investment Guidelines. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . The Griffin Institutional Access Real Estate Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, closed-end management investment company. There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. Principal Accountant Fees and Services. 4May not sum to 100% due to rounding. The Adviser is responsible for the allocation of, or in the case of the Non-discretionary Client, recommendations regarding the allocation of, assets on behalf of the Clients to Underlying Funds, which may include hedge funds and other alternative investment pools that are structured as limited partnerships, limited liability companies or offshore corporations. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. Morgan Stanley Prime Property Fund $1.1 billion Fund Redemption Queue Balances AEW Core Property Trust $160.0 million, 2.0% of $8.0 billion of Fund NAV Heitman America Real Estate Trust $1.2 billion, 11.5% of $10.4 billion of Fund NAV Morgan Stanley Prime Property Fund $0.0 million, of $34.1 billion of Fund NAV As of . The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. . Under the Distribution Agreement the Class C shares will pay to the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.75% of the Funds average daily net assets attributable to Class C shares, payable on a quarterly basis. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. Along with his or her recommendation, the Portfolio Manager will provide a written certification, provided in Exhibit A to this policy, that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy. Morgan Stanley Real Estate's Prime Property Fund (PRIME) announced today that it has acquired an interest in Safeguard Storage Properties LLC (Safeguard) in a joint venture with Safeguard's existing management team. . Liquidity will be provided to shareholders only through the Funds quarterly repurchases. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. Performance may be lower or higher than performance data quoted. The filings are available upon request by calling 888-926-2688. See how you can continue your career journey at Morgan Stanley. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. We utilize proprietary research to assess both real estate specific factors and broader equity market factors and may consider Environmental, Social and Governance (ESG) factors to calculate appropriate valuation metrics. For the year ended September 30, 2016, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. Securities Lending Annual Report.pdf. Past performance is not a guarantee of future results. No assurances can be given that the Fund will pay a dividend in the future; or, if any such dividend is paid, the amount or rate of the dividend. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. 1The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. A $1B fund might provide more than $10M in annual . The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Under the terms of the sub-advisory agreements, the Adviser compensates the Sub-Advisers based on a portion of the Funds average daily net assets which they had been allocated to manage. Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. If the Funds NAV has increased, the Fund will have economically earned more than it has distributed, regardless of whether such distributions are reported as being from net investment income, net realized gains on investments or return of capital. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. Core AEW Core Property Trust (1) Morgan Stanley Prime Property Fund . Info: 213-974-3211 | helpdesk@lacounty.gov. Get the full list, Morningstar Institutional Equity Research. A timely analysis of market-changing events and their impact on the investment landscape. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a Repurchase Pricing Date). While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. 3. The original Morgan Stanley Prime Property Fund is 47 years old and manages around $30B of assets in all real estate sectors across the U.S. . We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. The NFI-ODCE, short for National Council of Real Estate Investment Fiduciaries (NCREIF) Fund Index - Open End Diversified Core Equity, is the first of the NCREIF Fund Database products and is an index of investment returns reporting on both a historical and current basis the results of 24 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. It is calculated by annualizing the most recent Fund distribution yield. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. 2007. Material conflicts of interest may arise in situations that include, but are not limited to, when an Underlying Fund or an affiliate of such Underlying Fund has a relationship with the Fund or an affiliate of the Adviser and such Underlying Fund is soliciting proxies and failure to vote in a certain way may affect the Advisers relationship with such company and materially impact the Advisers business; or when a personal relationship between an Adviser officer and management of a company or other proponents of proxy proposals could impact the voting decision. Accumulated Net Realized Gain on Investments. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. 31-Jan-2023, 2023 Morningstar. The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. Newsletters . The Fund pursues its investment objective by strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Prime Property Fund One of the longest-term core open-end funds - in its 47th PRIME is a core, fully-specified, open-end commingled real estate investment fund year of operation diversified by property type and location designed to provide a stable, income- driven rate of return over the long term with potential for growth of income and The services described on this website may not be available in all jurisdictions or to all persons. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. A correlation ranges from-1 to 1. Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer of the Global Balanced Risk Control (GBaR) Team, shares his macro thematic views on key market drivers. Past performance is no guarantee of future results. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. During the period covered by this report, the registrant had not granted any express or implicit waivers from the provisions of the code of ethics adopted in Item 2(a) of this report. Privacy & Cookies Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as his resignation, death, or otherwise as specified in the Funds organizationaldocuments.

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