●
|
Commissioned an independent investigation into the Restatement by the law firm Dechert LLP;
|
●
|
Approved the hiring of Dechert LLP’s forensic accounting advisors FTI Consulting in the independent investigation into the Restatement;
|
●
|
Dismissed Deloitte & Touche LLP as our independent registered public accounting firm;
|
●
|
Approved the appointment of Ernst & Young LLP as our new independent registered public accounting firm;
|
●
|
Appointed Robert Colligan as our Chief Financial Officer;
|
●
|
Approved of an entire re-staffing of the accounting department since the beginning of 2013;
|
●
|
Oversaw the establishment of a middle office department focused on the review, testing and validation of our asset valuations;
|
●
|
Strengthened company rights and improved flexibility in our management agreement, including achievement of a management fee reduction;
|
●
|
Initiated pursuit of company rights in accordance with our dispute resolution agreement with our former auditors;
|
●
|
Directed the update of numerous policies and procedures and implementation of information technology and accounting systems designed to remediate the material weaknesses;
|
●
|
Oversaw the expansion of our manager’s information technology department, including its appointment of a chief technology officer;
|
●
|
Commenced providing supplemental financial information on our website;
|
●
|
Enhanced the disclosures contained in our filings with the Securities and Exchange Commission; and
|
●
|
Engaged in outreach programs to our shareholders to address concerns.
|
Total Returns From 11/10/2011 – 9/30/2014
|
Source: Bloomberg as of September 30, 2014.
|
Note: Bloomberg mREIT Index represented by BBREMTG Index and S&P 500 Index represented by SPX Index.
|
Full Board of
Directors
|
Audit
Committee
|
Compensation
Committee
|
Nominating and
Corporate
Governance
Committee
|
Additional
Non-Management
Director
Meetings
|
|
2012
|
42
|
26
|
4
|
1
|
2
|
2013
|
28
|
17
|
2
|
3
|
5
|
2014(1)
|
9
|
9
|
1
|
0
|
0
|
Total
|
79
|
52
|
7
|
4
|
7
|
(1)
|
January 2014 through September 2014
|
Thank you for your support.
|
|
Sincerely,
|
|
Matthew Lambiase
|
|
Chief Executive Officer
|
REMEMBER:
|
You can vote your shares by telephone, or via the Internet.
|
Please follow the easy instructions on the enclosed card.
|
If you have any questions, or need assistance in voting
|
your shares, please call our proxy solicitor,
|
INNISFREE M&A INCORPORATED
|
TOLL-FREE, at 1-888-750-5834.
|
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end
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