Pillar Income Asset Management’s CEO, Daniel Moos, announced to the
company that “with efficient management of overhead and operations, we
are poised to grow in 2014 and coming years.”
“Over the past year and a half we remained highly focused on our
strategic plan aimed at fortifying the portfolio and streamlining the
operations tied to the assets managed by Pillar. Clearly these assets we
manage, with very few exceptions, are performing well. During this same
period we pruned the portfolio of marginal properties and parcels of
land that we determined had either dramatically lost value and/or could
not be profitably developed in the foreseeable future,” continued Daniel
Moos. “Based on recent organizational enhancements we are highly
confident that as the portfolio of assets increase, we will experience
incremental operational expense to manage those assets effectively.”
“Pillar had a successful 2013 with the commercial leasing division,
Regis Property Management, LLC, executing over 1.6 million square feet
in leases for the year, while the multi-family division managed 70
properties in 7 states. With 6 new properties in the pipeline, and over
260,000 square feet of commercial leases currently in negotiation, 2014
is shaping up to be as successful if not more,” added Mr. Moos.
Moos is also President and CEO of Transcontinental Realty Investors,
Inc. In January 2014 TCI announced the sale of 2,000 multi-family units
to Atlas Residential. He commented, “Though TCI’s strategic focus
remains strongly committed to growing our multi-family portfolio, this
deal provided us with an excellent opportunity to sell off a number of
properties in various markets scattered around Texas. The timing of this
transaction was of paramount importance in that Atlas Residential was
looking to expand their portfolio at the same time we were looking to
prune our asset base.”
Pillar Income Asset Management, Inc. (www.pillarincome.com)
is a Dallas-based real estate management company, which develops and
manages in excess of $2.5 billion of real estate for public and private
real estate entities. Affiliated companies under management or
advisement by Pillar include American Realty Investors, Inc. (NYSE:
ARL); Transcontinental Realty Investors, Inc. (NYSE:
TCI); Income Opportunity Realty Investors, Inc. (NYSE
MKT: IOT); and Regis Property Management, LLC (www.regisinc.com).
Copyright Business Wire 2014