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WWJT: Who would Jesus trick? Leo Wells is the Christian huckster who has built a real estate empire that includes the Wells REIT despite his never having fully repaid investors in any of his funds over the last 20 years, according to a 2004 article in the WSJ.

But now Wells Real Estate Investment Trust, the public, nontraded REIT with about $5 billion in assets across the country (mostly class A office buildings) has changed its name to Piedmont Office Realty Trust Inc.

"The name change is a natural progression in our strategy of differentiating ourselves as a unique, self-managed REIT," said Donald A. Miller, CFA, Piedmont's president and CEO.

Yeah, right. My guess is it's a preemptive marketing strategy to stave off the ungodly taint of Leo Wells and the $161 million he stole from shareholders through the help of his folksy Christian manner. The disappearance of $161 million into the pocket of your Christian CEO not the kind of thing Jesus would want your investors to know about — so you change the name of the fund.

Interestingly, one of the Board of Directors of the newly renamed fund, Michael R. Buchanan, sports facial hair. This is the kind of crime, along with atheism and casual wear, for which previous Wells employees were fired.

When even Forbes and the Wall Street Journal perceive you as a Christian wackjob, it's time to change your name!

Investors, beware. $161 million is not chump change. Jesus might not trick you but the hypocrite Wells, hiding behind Jesus, certainly would.

A Wells REIT by any another name would still stink to high heaven.

{ 10:57 AM }

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