Decline in equity value of major nontraded REITs
Rank Non-listed REITs – closed Offering closed Total equity raised (in thousands)…
| Rank | Non-listed REITs – closed | Offering closed | Total equity raised (in thousands) | Offering share price | Revaluation date | Current share price* | Equity value at current price (in thousands) | Equity value decline (in thousands) |
|---|---|---|---|---|---|---|---|---|
| 1 | Retail Properties of America | 2005 | $4,520,500 | $ 10.00 | 4/5/2012 | $ 3.20 | $1,446,560 | $3,073,940 |
| 2 | Inland American Real Estate Trust | 2009 | $9,303,600 | $ 10.00 | 12/29/2011 | $ 7.22 | $6,717,199 | $2,586,401 |
| 3 | Behringer Harvard REIT I | 2008 | $2,845,900 | $ 10.00 | 12/16/2011 | $ 4.64 | $1,320,498 | $1,525,402 |
| 4 | Wells Real Estate Investment Trust II | 2010 | $5,440,800 | $ 10.00 | 11/1/2011 | $ 7.47 | $4,064,278 | $1,376,522 |
| 5 | KBS Real Estate Investment Trust | 2008 | $1,775,000 | $ 10.00 | 12/31/2011 | $ 5.16 | $915,900 | $859,100 |
| 6 | CNL Lifestyle Properties | 2011 | $2,656,600 | $ 10.00 | 8/1/2012 | $ 7.31 | $1,941,975 | $714,625 |
| 7 | Dividend Capital Total Realty Trust | 2009 | $1,800,200 | $ 10.00 | 7/12/2012 | $ 6.69 | $1,204,334 | $595,866 |
| 8 | Hines Real Estate Investment Trust | 2010 | $2,368,300 | $ 10.00 | 5/24/2011 | $ 7.78 | $1,842,537 | $525,763 |
| Total | $30,710,900 | $19,453,280 | $11,257,620 |
*Current Share Price is current reported share value by REIT, except Retail Properties of America which is the adjusted IPO price (pre-split).
Source: MTS Research Advisors
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