ADDISON, Texas, June 28, 2016 /PRNewswire/ -- Behringer today issued an advisory letter concerning multiple reports prepared by outside analysts that incorrectly state that the convertible preferred stock of Monogram Residential Trust, Inc. owned by Behringer must convert by the end of 2016. The preferred stock does not actually convert or expire until August 2017.
The advisory issued by Behringer is the second such letter of its kind correcting two separate analyst reports, both of which contained the same error during the same reporting timeframe.
Behringer believes this distinction is important since the correct timeline presents Monogram's management with the opportunity to deliver additional embedded value prior to the expiration or conversion of the preferred stock, "which is the outcome sought not only by Behringer, but also by Monogram shareholders," says Jason Mattox, Behringer's Chief Operating Officer. "Furthermore, it is the interest of all Monogram shareholders to benefit from capital appreciation in the next 12 months."
Behringer creates and manages real estate investments through public and private fund structures, joint ventures and separately managed accounts. The company also offers strategic advisory, asset management, tax-deferred exchange and capital markets solutions. Investments sponsored and managed by the Behringer group of companies have invested into more than $11 billion in assets. For more information, call 214.655.1600 or visit behringerinvestments.com.