Nontraded REITs, by the numbers

Dec 23, 2012 @ 12:01 am

 

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

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