Comments on: Piedmont Office REIT Finally Goes Public…Sort Of

By: swr99fd

swr99fd — Tue, 22 Jan 2013 20:45:51 +0000

Looks like Leo wasn’t insane after all (per REIT Wrecks post above). Wells came out on the positive side on all the law suits and IRS issues. All pretty much in his favor. The stock (PDM) has also had a nice bump of late. It’s kind of a breath of fresh air when companies actually pay mostly cash for real estate rather than borrow/leverage. Old school, but always pays in the long run.

By: REIT Wrecks

REIT Wrecks — Fri, 28 May 2010 15:44:43 +0000

Yes, you’re correct. It is 1998, and it is 12 years, not 20. Thanks for your comment and your scrutiny!

By: Buysider

Buysider — Fri, 28 May 2010 15:07:08 +0000

Not to kill your credibility here, but pretty sure REIT I sold it’s 1st share in 1998. Wouldn’t that be 12 years, and not 20?

By: REIT Wrecks

REIT Wrecks — Sun, 18 Apr 2010 20:24:01 +0000

I think people need to consider the possibility that Leo Wells is simply insane. There’s almost no other way to justify such thievery, greed and hypocrisy. Before he was sued for secretly absconding with shareholders’ $175 million, he had already used the REIT to pay himself $400 million in fees (some of which was reallowed to brokers). David Swensen, head of the Yale endowment fund, says the most generous characterization of Wells’ offering fees ranged from “obscene to despicable”, that the structure demonstrated “greed run amok” and that the management structure contained a “staggering assortment of conflicts of interest”. This is all BEFORE he pocketed the $175 million.

By cloaking all of this greed in religious dogma, and then using that to market the shares, Wells causes many to be cautious, lest they be accused of attacking the man’s faith rather than the man himself. His faith is not an issue, but the man’s greed and hypocrisy should be.

As far as his comment-free blog goes, you can actually download two different versions of his potrait. Good grief.

By: REIT Wreck Reader

REIT Wreck Reader — Sat, 17 Apr 2010 22:20:06 +0000

Have you seen Leo’s latest? He now has his own website and blog.
blog: http://www.leowellsblog.com/index.jsp
site: http://www.leowells.com/index.jsp

Is this a product of his ego or a publicity stunt to try to salvage his reputation? And, is it REALLY a blog when the site doesn’t have a comments section?

Keep up the good work.

By: Non-Traded REITs Under FINRA’s Microscope

Non-Traded REITs Under FINRA’s Microscope — Mon, 08 Mar 2010 19:37:37 +0000

[…] A WSJ article was christened in order to trumpet the results, but somewhere along the way the Wells REIT public relations people went […]