Closed REITs, ranked by 3Q invested assets
| Rank | Company | 3Q invested assets ($M) | Original share price | Current share value* | Original dividend yield | Current dividend yield | 3Q FFO payout ratio** |
|---|---|---|---|---|---|---|---|
| 1 | Inland American Real Estate Trust | $12,194.3 | $10 | $7.22 | 6.20% | 5.00% | 96% |
| 2 | Cole Credit Property Trust III | $6,850.8 | $10 | $10.00 | 7.00% | 6.50% | 103% |
| 3 | Wells REIT II | $6,036.2 | $10 | $7.33 | 6.00% | 3.80% | 101% |
| 4 | Behringer Harvard REIT I | $4,208.6 | $10 | $4.64 | 7.00% | 1.00% | 34% |
| 5 | Corporate Property Associates 16 Global | $3,530.9 | $10 | $9.10 | 6.62% | 6.70% | 90% |
| 6 | Cole Credit Property Trust II | $3,373.7 | $10 | $9.35 | 7.00% | 6.25% | 107% |
| 7 | KBS REIT | $3,335.0 | $10 | $5.16 | 7.00% | 0.00% | N/A |
| 8 | CNL Lifestyle Properties | $3,310.8 | $10 | $7.31 | 6.25% | 4.25% | 44% |
| 9 | KBS REIT II | $2,973.5 | $10 | $10.11 | 6.50% | 6.50% | 81% |
| 10 | Hines REIT | $2,594.0 | $10 | $7.78 | 6.40% | 5.00% | 165% |
| 11 | Chambers Street Properties | $2,306.0 | $10 | $10.00 | 6.00% | 6.00% | 130% |
| 12 | Behringer Harvard Multifamily REIT I | $2,293.4 | $10 | $10.00 | 7.00% | 3.50% | 143% |
| 13 | Apple REIT Nine | $1,640.7 | $11 | Not priced | 8.00% | 8.00% | 128% |
| 14 | Apple REIT Eight | $1,025.9 | $11 | Not priced | 7.00% | 5.00% | 87% |
| 15 | Apple REIT Seven | $1,000.5 | $11 | Not priced | 7.00% | 7.00% | 110% |
| 16 | Apple REIT Six | $938.9 | $11 | Not priced | 7.00% | 7.20% | 70% |
| 17 | Lightstone Value Plus REIT | $562.0 | $10 | $10.65 | 7.00% | 7.00% | 72% |
| 18 | Landmark Apartment Trust of America | $482.0 | $10 | $8.15 | 6.00% | 3.00% | Negative |
| 19 | Paladin Realty Income Properties | $225.9 | $10 | $10.00 | 6.00% | 6.00% | 135% |
| 20 | Sentio Healthcare Properties | $213.6 | $10 | $9.02 | 7.50% | 4.75% | 70% |
Open REITs, ranked by 3Q equity raised
| Rank | Company | 3Q equity raised ($M) | 3Q invested assets ($M) | Original share price | 3Q implied cap rate | Current dividend yield | 3Q FFO payout ratio*** |
|---|---|---|---|---|---|---|---|
| 1 | American Realty Capital Trust III | $831.2 | $953.4 | $10 | 7.65% | 6.60% | 207% |
| 2 | Inland Diversified Real Estate Trust | $234.7 | $1,833.3 | $10 | 7.21% | 6.00% | 90% |
| 3 | Griffin-American Healthcare Trust II | $200.3 | $1,106.3 | $10 | 8.61% | 6.60% | 125% |
| 4 | Corporate Property Associates 17 Global | $167.9 | $3,254.8 | $10 | 7.49% | 6.50% | 128% |
| 5 | Hines Global REIT | $137.0 | $1,916.7 | $10 | 8.06% | 6.50% | 92% |
| 6 | Industrial Income Trust | $117.2 | $1,679.2 | $10 | 6.79% | 6.00% | 123% |
| 7 | NorthStar Real Estate Income Trust | $113.8 | $360.0 | $10 | 8.95% | 8.00% | 166% |
| 8 | American Realty Capital Healthcare Trust | $111.6 | $456.2 | $10 | 8.51% | 6.80% | 86% |
| 9 | Cole Credit Property Trust IV | $108.1 | $157.0 | $10 | 7.17% | 6.25% | 291% |
| 10 | KBS Strategic Opportunity REIT | $88.1 | $308.8 | $10 | N/A | N/A | N/A |
| 11 | Steadfast Income REIT | $80.3 | $324.0 | $11 | 8.01% | 7.00% | 150% |
| 12 | United Development Funding IV | $61.2 | $238.2 | $25 | 13.06% | 8.20% | 103% |
| 13 | Apple REIT Ten | $57.0 | $528.1 | $10 | 10.52% | 7.50% | 118% |
| 14 | Wells Core Office Income REIT | $53.5 | $457.5 | $10 | 7.86% | 6.00% | 129% |
| 15 | Carter Validus Mission Critical REIT | $48.0 | $274.4 | $20 | 7.95% | 7.00% | 115% |
| 16 | CNL Healthcare Trust | $43.4 | $150.5 | $10 | 7.96% | 4% Cash | Negative |
| 17 | Cole Corporate Income Trust | $42.7 | $97.8 | $10 | 8.13% | 6.50% | 93% |
| 18 | KBS REIT III | $35.6 | $279.4 | $10 | 7.26% | 6.50% | 127% |
| 19 | Resource Real Estate Opportunity REIT | $32.2 | $120.4 | $10 | N/A | N/A | N/A |
| 20 | American Realty Capital N.Y. Recovery REIT | $30.8 | $213.2 | $10 | 7.04% | 6.05% | 99% |
*As of September 30, 2012 **Funds from operations is based on Nareit-defined funds from operations. ***Funds from operations are based on Nareit-defined funds from operations and adjusted for acquisition costs and expenses. N/A = not available.
Source: MTS Research Advisors