Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
1 We expect to elect to be taxed as a real estate investment trust (“REIT”) beginning in the taxable year ending December 31, 2017. Once we qualify as a REIT, our failure to remain qualified as a REIT would result in higher taxes, may adversely affect our operations, would reduce the amount of income available for distribution, and would limit our ability to make distributions to our shareholders.
This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. An offering is made only by prospectus. This literature must be preceded or accompanied by a current prospectus. As such, a copy of the current prospectus must be made available to you in connection with this offering and should be read in order to understand fully all of the implications and risks of this offering. No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the Attorney General of the State of New York nor any other state or federal securities regulator has passed on or endorsed the merits of this offering or these securities or confirmed the adequacy of the prospectus. Any representation to the contrary is unlawful. All information contained in this material is qualified in its entirety by the terms of the current prospectus. The achievement of any goals is not guaranteed.
Rodin® Global Property Trust, inc.A Publicly Registered, Non-Traded Real Estate Investment Trust 1
Securities distributed by Cantor Fitzgerald & Co. (Member FINRA / SIPC).
2 We may change our investment objectives, policies and strategy at any time without stockholder consent. There is no assurance that we will be able to invest in our targeted investments. Diversification does not eliminate risk and does not assure better performance.
Rodin Global Property Trust, Inc. — “Rodin Global” — intends to invest in and manage a diversified portfolio of income-producing, net-lease commercial properties located in the United States and select European countries.2
Rodin Global began as a bold idea: to reimagine and deliver the next generation of non-traded real estate investment trusts (REITs), with enhanced transparency, lowered fees and sponsor support. This uniquely structured vehicle is now available to those seeking the benefits of real estate investing.
THE GENESIS OF THE RODIN NAME
Auguste Rodin has long been an inspiration for the Cantor Fitzgerald organization. Co-founder Bernie G. Cantor was one of the world’s largest Rodin collectors. While Cantor donated most of his 750 sculptures to museums and universities, a corporate collection remained in the New York Cantor Fitzgerald office on the 105th floor of the World Trade Center’s North Tower. Proudly described as Cantor’s “museum in the sky,” the collection was unfortunately lost in the 9/11 tragedy. But the spirit of Rodin still remains a guiding force in the halls of Cantor Fitzgerald today.
THE NEXT GENERATION OF COMMERCIAL REAL ESTATE INVESTMENTS
“Auguste Rodin’s The Thinker inspires intellectual pursuit, thought and originality. These themes are woven into the fabric of our firm. For over 70 years, Cantor Fitzgerald has consistently fueled the growth of original ideas, pioneered new markets and provided superior service to investors.”
Howard W. Lutnick Chairman & Chief Executive Officer, Cantor Fitzgerald, L.P.
2 RODIN GLOBAL PROPERTY TRUST, INC.
THE potential BENEFITS OF INVESTING IN REAL ESTATE
CURRENT INCOMECommercial real estate rental income may support monthly distributions3
PORTFOLIO DIVERSIFICATIONIncorporating an additional asset class into an investment portfolio may help increase diversification4
LOWER PORTFOLIO VOLATILITYAdding non-correlated investments may help reduce overall portfolio volatility
STRONG RISK-ADJUSTED RETURNSCommercial real estate may generate high current income while maintaining an attractive risk/return profile
INFLATION PROTECTIONHistorically, commercial real estate has provided a strong hedge against inflation
CAPITAL APPRECIATIONCommercial real estate has the potential to appreciate in value over the long term
In an environment of low rates, expanding life expectancies and lagging retirement savings on the part of most Americans, an appropriate allocation of commercial real estate may deliver a number of benefits to investors.
3 There is no guarantee of distributions. Distributions may be paid from sources other than cash flow from operations, including offering proceeds, which may reduce an investor’s overall return.
4 Diversification does not eliminate risk and does not assure better performance.
Source: Federal Reserve Board, Real Capital Analytics, Rosen Consulting Group.
Leveraging the deep industry knowledge of our team, Rodin Global aims to preserve capital, generate income and create appreciation through a diversified portfolio of high-quality, income-producing properties.
Capital Preservation
income generation
capital appreciation
THE CURRENT ENVIRONMENT Supports our investment objectives
3
AVERAGE SPREAD BETWEEN SINGLE-TENANT CAP RATE & 10-YEAR U.S. TREASURY
The current low interest rate environment, while challenging for investors, continues to provide attractive financing for commercial real estate. The chart below illustrates the wide spread between United States single-tenant cap rates and 10-year Treasury yields. We believe that net-lease properties, priced at higher spreads, may provide opportunities for more stable income than some other investments.
Basi
s Po
ints
2001 Q1 2018
700
600
500
400
300
200
100Min. Spread: 162 bps
Max. Spread: 593 bps
Current Spread: 357 bps
OUR INVESTMENT STRATEGY FOCUSES ON “NET LEASE”Net-lease real estate typically involves long-term leases in which the tenant is responsible for most, if not all, operating expenses. Such leases allow for fewer disruptions from lease turnover, and may offer more predictable and dependable rental
Our highly selective investment process – focused on long-term, quality tenants in operationally significant properties and favorable markets – offers greater potential for better risk-adjusted returns for shareholders.
With the financial wherewithal to honor
the obligations of the lease
CREDITWORTHY TENANTS
With 10+ years remaining on the lease and contractual rent
escalations
LONG-TERM CORPORATE LEASES
Featuring properties located in favorable markets and highly trafficked locations
STRATEGIC LOCATIONS
Essential to the tenant’s core business and
critical to their financial performance
OPERATIONALLY SIGNIFICANT PROPERTIES
WE intend to diversify across many TYPES OF COMMERCIAL REAL ESTATEWhile Rodin Global is sector-specific in that it is a net-lease strategy, it intends to diversify across many types of commercial real estate.
Healthcare Properties government properties Distribution Facilities
Corporate Headquarters Industrial Facilities Stand-alone Retail Stores
Direct relationships with property owners
Access to corporate real estate decision makers
Insight into global real estate and capital markets
Sourcing & Screening
Focus on real estate fundamentals
Deep dive into credit metrics
Residual value analysis
Disposition / exit analysis
Refinance analysis
Due Diligence & Underwriting
SUCCESS BEGINS WITH A DISCIPLINED INVESTMENT PROCESS
Cantor Fitzgerald employs a rigorous due diligence and underwriting process, including a multi-tiered approval process, designed to mitigate risks and make sound, long-term investment decisions.
21
4 RODIN GLOBAL PROPERTY TRUST, INC.
income compared to other types of commercial real estate. For this reason, we believe that investing in net-lease real estate may be appropriate for those looking for a consistent stream of income generated from the properties.
To help generate stable income, our strategy targets the following:
THE UNITED STATES AND EUROPE PRESENT STRONG OPPORTUNITIESWe believe the optimal opportunities for real estate investors are found primarily in North America and Europe.
28%
europe
45%
North A merica
27%
rest of world
GEOGRAPHIC BREAKDOWN OF GLOBAL COMMERCIAL REAL ESTATE
Here is what makes these regions so desirable for real estate investors:
of the world’s commercial real estate, based on asset value, is located in North America (primarily the United States) and Europe. Source: Savills Research, Rosen Consulting Group.
73%
of Fortune 500 companies are located in the United States and Europe.Source: Rosen Consulting Group.
266
of world GDP is produced by the United States and the European Union.Source: The World Bank, Rosen Consulting Group.
46%
people live in the United States (321 million) and Europe (738 million). Source: United Nations Population Division.
1B+ (Credit rating identified)Source: International Monetary Fund, Standard & Poor’s, Rosen Consulting Group.
A Germany (AAA)
D Netherlands (AAA)
B United States (AA+)
E Ireland (A+)
C United Kingdom (AA)
F France (AA)
TARGET MARKETS
G Italy (BBB-) H Spain (BBB+) I Greece (B-)
WEAKER MARKETS
Two-tier approval process
Proven investment discipline
Risk management and oversight
Investment Committee
Direct access to deal flow
Real-time pricing intelligence
Deep institutional relationships
Acquisition
Ongoing asset and portfolio monitoring
Property and facilities management
Credit surveillance
Disposition / refinance analysis
Portfolio Management543
RODIN GLOBAL WILL FOCUS ON FUNDAMENTAL STABILITYRodin Global targets the largest, most liquid institutional real estate markets to acquire assets that meet our investment objectives. While the focus will be in the United States, we will also look to invest in the most stable countries in Europe characterized by economic stability, low unemployment and strong sovereign credit rating.
A
D
E
F
G
H
I
B
2005 20170%
30%
COUNTRY FUNDAMENTALSUnemployment Rates / Credit Ratings
5
C
5 Distributions paid with respect to Class T shares will be reduced by the ongoing distribution fee payable with respect to Class T shares.6 There is no guarantee of distributions. Distributions may be paid from sources other than cash flow operations, including offering proceeds, which may reduce an investor’s overall return.
7 Sponsor support is subject to reimbursement under certain circumstances.8 Repurchases limited to 5% of weighted average number of Rodin Global Property Trust’s common shares outstanding during prior calendar year; repurchases will be funded solely from the proceeds of our dividend reinvestment program (DRP) and any other funds set aside by the board of directors; program may be modified, suspended or terminated at any time upon 10 days prior written notice to the stockholders.
Pricing
Visit rodinglobal.com for current NAV, Offering Price and Distribution information.
The Net Asset Value (NAV) is calculated quarterly. The Offering Price is derived from the NAV as follows:Offering Price = NAV + Upfront Selling Commissions + Dealer Manager Fees – Sponsor Support
Distribution frequency 6
Monthly
Distribution Reinvestment Plan Up to $250 million
Sponsor support 7Sponsor to pay a portion of the underwriting compensation in an amount up to 4% of Gross Offering Proceeds.
Suitability Requirements
$250,000 net worth or $70,000 net worth, and $70,000 annual gross income. Higher suitability in certain states. Please refer to the prospectus.
Tax reporting Form 1099-DIV
Share repurchase plan8
One-year holding period waived and shares redeemed at purchase price in case of death or qualifying disability.
CLASS A CLASS T 5 CLASS ISales Commissions 6% 3% 0%Dealer Manager Fees 3% 3% 1.5%Sponsor Support (4%) (4%) (1.5%)
AFTER YEAR 196% of NAV
AFTER YEAR 2 97% of NAV
AFTER YEAR 398% of NAV
AFTER YEAR 499% of NAV
AFTER YEAR 5100% of NAV
Offering size
$1 billion
MINIMUM investment
$2,500
Share classes
Class
AClass
Iclass5
T
HIGHLIGHTS OF THE RODIN GLOBAL OFFERINGWe encourage investors to consider our innovative non-traded REIT, and the strength that commercial real estate may deliver to an investment portfolio.
6 RODIN GLOBAL PROPERTY TRUST, INC.
9 The performance of Cantor Fitzgerald, L.P. is not indicative of the performance of Rodin Global Property Trust. Rodin Global Property Trust and Cantor Fitzgerald, L.P. are separate companies. An investor purchasing shares in Rodin Global Property Trust’s public offering is making an investment in Rodin Global Property Trust, not in Cantor Fitzgerald, L.P.
Our affiliation with Cantor Fitzgerald, L.P. and its affiliates may not lead to investment opportunities for us. Rodin Global Property Trust may compete with other Cantor Companies for investment opportunities.
Where the world turns for real estate investments
Our sponsor, Cantor Fitzgerald Investors, LLC, is a subsidiary of Cantor Fitzgerald.9 Founded in 1945, the firm spans the globe with more than 10,000 employees in
150+ offices, with the largest concentration in the U.S. and Europe, the target markets for Rodin Global. Cantor Fitzgerald is among the largest financial services companies
in the world, with one of the most robust real estate platforms, conducting more than $56 billion in real estate-related transactions in 2017.
Over the past decade, Cantor Fitzgerald has invested more than $2 billion in its commercial real estate business infrastructure. The firm’s strategic alignment of affiliated firms represents every phase of a real estate transaction, from buying and selling to financing to advising on properties.
This unique information advantage guides decision-making and empowers the firm to strategically choose the right properties. And when combined with its capital markets knowledge and global resources, Cantor Fitzgerald creates real estate investments of the highest institutional quality.
$46 Billion in investment sales & mortgage broker age
Global real estate firm offering investment sales, mortgage brokerage, property management, leasing, valuation and more.
$10 Billion in loan originations
Specialty finance company originating CMBS fixed-rate mortgage loans.
Industry leader in multifamily financing for Fannie Mae, Freddie Mac, FHA. Now part of Newmark Knight Frank.
7
$56 Billion
in Real Estate-related tr ansactions in 2017
RISK FACTORS
1. We have no operating history and very limited assets. This is a “blind pool” offering and we have not identified any specific investments to acquire.
2. After the first quarterly valuation of our assets is undertaken, the purchase and repurchase price for shares of our common stock will be based on our NAV and will not be based on any public trading market. Neither NAV nor the offering price may be an accurate reflection of the fair market value of our assets and liabilities and likely will not represent the amount of net proceeds that would result if we were liquidated or dissolved or the amount you would receive upon the sale of your shares.
3. Our organizational documents do not restrict us from paying distributions from any source and do not restrict the amount of distributions we may pay from any source, including offering proceeds. If we pay distributions from sources other than our cash flows from operations, we will have less funds available for investment, borrowings and sales of assets, the overall return to our stockholders may be reduced and subsequent investors will experience dilution. Our distributions, particularly during the period before we have substantially invested the net proceeds from this offering, may exceed our earnings, which would represent a return of capital for tax purposes.
4. No public market currently exists for our shares, and we have no plans to list our shares on an exchange. Unless and until there is a public market for our shares, you will have difficulty selling your shares. If you are able to sell your shares, you would likely have to sell them at a substantial loss.
5. The amount and timing of distributions we may pay in the future are uncertain. There is no guarantee of any return and you may lose a part or all of your investment in us.
6. We are not required to pursue or effect a liquidity event within a specified time period or at all.
7. We will pay substantial fees to and reimburse expenses of our advisor and its affiliates. These fees increase your risk of loss.
8. All of our executive officers, some of our directors and other key real estate professionals are also officers, directors, managers and key professionals of our advisor, our dealer manager and other entities affiliated with Cantor, which we refer to as the Cantor Companies. As a result, they will face conflicts of interest, including significant conflicts created by our advisor’s compensation arrangements with us and other Cantor-advised programs and investors.
9. If we raise substantially less than the maximum offering, we may not be able to invest in a diverse portfolio of income-producing commercial properties and other real estate-related assets.
10. We depend on our advisor to select our investments and conduct our operations. Our advisor is a newly-formed entity with no operating history. Therefore, there is no assurance our advisor will be successful.
11. Disruptions in the financial markets and stagnant economic conditions could adversely affect our ability to implement our business strategy and generate returns to you.
12. Our investments will be subject to the risks typically associated with real estate. 13. We expect to make foreign investments and will be susceptible to changes in
currency exchange rates, adverse political or economic developments, lack of uniform accounting standards and changes in foreign laws.
14. The other risk factors are set forth in our prospectus and other filings with the securities and exchange commission.
Rodin Global represents a thoughtful, innovative structure in the non-traded REIT marketplace. Learn more about the commitment to transparency, lower fees and shareholder alignment that distinguishes this investment.
An investment in Rodin Global Property Trust is not a direct investment in commercial real estate. An investment in Rodin Global Property Trust is subject to fees and expenses that do not apply to such direct investments and is subject to various risks, including loss of principal and limited liquidity. There is no guarantee of distributions.
rodinglobal.com
Financial Professionals: CALL (855) 9 -CANTOR / (855) 922-6867
Investors: Contact your financial advisor
For more information on Rodin Global, and a copy of a prospectus:
05/18 CFRGPTBRO1180-A