The largest nonlisted closed REITs

Closed real estate investment trusts ranked by 1Q invested assets

Jun 25, 2012 @ 1:13 pm

  
Rank Company 1Q '12 invested assets ($M) Original share price Current share value* Original dividend yield Current dividend yield 1Q '12 FFO payout ratio**
1 Inland American Real Estate Trust $12,539.3 $10 $7.22 6.20% 5.00% 116%
2 Retail Properties of America $8,438.1 $10 $6.95 6.40% 2.65% 66%
3 Wells REIT II $6,119.9 $10 $7.47 6.00% 5.00% 95%
4 Behringer Harvard REIT I $4,446.2 $10 $4.64 7.00% 1.00% 33%
5 Corporate Property Associates 16 Global $3,707.0 $10 $9.10 6.62% 6.62% 92%
6 KBS REIT $3,513.0 $10 $5.16 7.00% 0.00% 120%
7 Cole Credit Property Trust II $3,368.9 $10 $9.35 7.00% 6.25% 101%
8 Dividend Capital Total Realty Trust $3,149.4 $10 $8.45 6.00% 5.00% 106%
9 CNL Lifestyle Properties $3,081.5 $10 $10.00 6.25% 6.25% 303%
10 KBS REIT II $3,056.9 $10 $10.11 6.50% 6.50% 73%
11 Corporate Property Associates 15 $2,604.2 $10 $10.40 7.29% 7.29% 94%
12 Hines REIT $2,600.3 $10 $7.78 6.40% 5.00% 122%
13 Healthcare Trust of America $2,393.4 $10 $10.00 7.25% 7.25% 153%
14 Apple REIT Nine $1,736.7 $11 Not priced 8.00% 8.00% 116%
15 Behringer Harvard Multifamily REIT I $1,110.4 $10 $10.00 7.00% 3.50% 258%
16 Apple REIT Eight $1,008.5 $11 Not priced 7.00% 5.00% 190%
17 Apple REIT Seven $967.4 $11 Not priced 7.00% 7.00% 124%
18 Apple REIT Six $938.9 $11 Not priced 7.00% 7.20% 104%
19 Lightstone Value Plus REIT $548.0 $10 $10.65 7.00% 7.00% Negative
20 Apartment Trust of America $384.9 $10 $10.00 6.00% 3.00% 195%
*The value disclosed by the nonlisted REIT as of June 1. **Funds from operations is based on Nareit-defined funds from operations.
Commentary by Michael Stubben, President of MTS Research Advisors: This quarter's rankings highlights the original and current dividends and valuations for the 20 largest closed nonlisted REITs. While certain recently closed nonlisted REITs, such as American Realty Capital Trust and KBS REIT II, have shown strong operating performance throughout their history, the majority of closed nonlisted REITs have seen significant negative impacts to their real estate operations. Both the commercial real estate capital markets pricing bubble (2006-07) and the commercial real estate property market recessionary phase (2008-10) have led to a widespread and significant decrease in dividends and valuations among closed nonlisted REITs. As a result, the market values of their assets have declined, and these closed nonlisted REITs have experienced declines in occupancies and rents. While some REITs will see improvements this year, many REITs will continue to face dividend and valuation challenges due to operational challenges and debt maturities. Source: MTS Research Advisors View the largest nonlisted effective REITs.

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