Non-Traded REIT Directory
Non-traded REITs are public companies, but their shares aren't listed on any stock exchange. In reality, this makes non-traded REITs a very opaque and private market (not to mention illiquid). REIT Wrecks has decided to pull the curtain on this lack of transparency and compile a list of non-traded REITs and their vital statistics.
If you're thinking about buying one of these things, do yourself a favor and read this post on Non-Traded REITS first. If you have questions or would like more current information, you can meet other investors on the brand new, interactive Non-Traded REIT Forum.
In the meantime, the market is getting crowded. According to Bank of Montreal, there were 44 non-traded REITs operating as of September 2008. As of the end of 2009, there were another $19 billion in non-traded REITs in registration, and nearly $2 billion in still more registrations had been announced as of early 2010.
Non-traded REITs are a unique breed of REIT that investors should investigate carefully before signing any subscription agreements. Many (but not all) REIT dividends in this space are being paid from borrowings and capital - not funds from operations. This is obviously no bueno. This list includes working links to the home page of each REIT, current yields vs. offering yields and current redemption policies, all of which are critical elements in evaluating any investment.
See also the REIT Definition post, which provides more information on how REITs work.
If you're thinking about buying one of these things, do yourself a favor and read this post on Non-Traded REITS first. If you have questions or would like more current information, you can meet other investors on the brand new, interactive Non-Traded REIT Forum.
In the meantime, the market is getting crowded. According to Bank of Montreal, there were 44 non-traded REITs operating as of September 2008. As of the end of 2009, there were another $19 billion in non-traded REITs in registration, and nearly $2 billion in still more registrations had been announced as of early 2010.
Non-traded REITs are a unique breed of REIT that investors should investigate carefully before signing any subscription agreements. Many (but not all) REIT dividends in this space are being paid from borrowings and capital - not funds from operations. This is obviously no bueno. This list includes working links to the home page of each REIT, current yields vs. offering yields and current redemption policies, all of which are critical elements in evaluating any investment.
NON TRADED REITS | |||
|---|---|---|---|
| REIT NAME | OFFERING YIELD | CURRENT YIELD | REDEMPTION POLICY |
| American Realty Capital New York Recovery REIT | In Registration | In Registration | In Registration |
| American Capital Realty Trust | 6.5% | 6.7% | Limit: DRIP proceeds |
| Apple REIT Six | 8% | 8.2% | Limit: 5% of shares outstanding |
| Apple REIT Seven | 8% | 7% | Limit: 3% of shares outstanding |
| Apple REIT Eight | 8% | 7% | Limit: 3% of shares outstanding |
| Apple REIT Nine | 8% | 8% | Limit: 3% of shares outstanding |
| Behringer Harvard REIT I | 6.5% | 3.25% | Suspended Until Further Notice |
| Behringer Harvard Multi-Family REIT I | 7% Pref, 85/15 Split | Closed to New Investors | Limit: 5% of outstanding shares |
| Behringer Harvard Opportunity REIT I | 2% | 3% | Limit: 5% of shares outstanding |
| CM REIT | In Registration | In Registration | In Registration |
| CNL Lifestyle Properties | 6.15% | 6.25% | Limit: 5% of shares outstanding |
| CNL Macquarie Global Growth Trust | In Registration | In Registration | In Registration |
| CNL Macquarie Global Income Trust | In Registration | In Registration | In Registration |
| Cole Credit Property Trust II | 7% | Closed to New Investors | Suspended Until Further Notice |
| Cole Credit Property Trust III | 8% pref | 8% pref | Limit: 5% of shares outstanding |
| Cornerstone Core Properties REIT | Offering Stage | Offering Stage | Offering Stage |
| Cornerstone Growth & Income REIT | N/A | N/A | Limit: 5% of shares outstanding |
| Desert Capital | 9% | Suspended | Suspended Until Further Notice |
| Dividend Capital Total Realty Trust | 6% | 6% | Limit: 5% of shares outstanding |
| GC Net Lease REIT | 6.75% | 6.75% | [5%] of shares outstanding |
| Grubb & Ellis Apartment REIT | 7% | 6% | Suspended Until Further Notice |
| Grubb & Ellis Healthcare REIT | 7% | 6% | Limit: 5% of shares outstanding |
| Hartman REIT | In Registration | In Registration | In Registration |
| Hines REIT | 6% | 6.4% | Limit: 10% of shares outstanding |
| Hines Global REIT | In Registration | In Registration | In Registration |
| Income Property Trust of Americas | In Registration | In Registration | In Registration |
| Inland American REIT | 6% | 5% | Suspended Until Further Notice |
| Inland Western REIT | 6.5% | 1% | Suspended Until Further Notice |
| KBS REIT I | 7% | 6% | Suspended Until Further Notice |
| KBS REIT II | 6.5% | 6.5% | Limit: 5% of shares outstanding |
| KBS Strategic Opportunity REIT | In Registration | In Registration | In Registration |
| Lightstone Value Plus REIT | 7% | 7% | Limit: 2% of shares outstanding |
| Moody National REIT I | Offering Stage | Offering Stage | Offering Stage |
| Northstar REIT | In Registration | In Registration | In Registration |
| Pacific Office Properties | In Registration | In Registration | In Registration |
| Paladin REIT | 6% | 6% | Limit: 10% of shares outstanding |
| Piedmont REIT (formerly Wells REIT) | 6% | 5% | Suspended Until Further Notice |
| Schopoff Properties Trust | None | None | None |
| Strategic Storage Trust | 7% | 7% | Limit: 5% of shares outstanding |
| TNP Strategic Retail Trust | In Registration | In Registration | In Registration |
| W.P. Carey CPA 14 | 6.32% | 8.28% | Limited |
| W.P. Carey CPA 15 | 6% | 7.05% | Limited |
| W.P. Carey CPA 16 | 6% | 6.61% | Lmited |
| W.P. Carey CPA 17 | Offering Stage | Offering Stage | Limited |
| Wells Timberland REIT | N/A | N/A | N/A |
| Whitestone REIT | 7% | 4% | Suspended Until Further Notice |
See also the REIT Definition post, which provides more information on how REITs work.
Click here for a list of Apartment REITs
Click here for a list of Healthcare REITs
Click here for a list of Hotel REITs
Click here for a list of Industrial REITs
Click here for a list of Office REITs
Click here for a list of Retail REITs
Click here for a list of Storage REITs
Click here for a list of REIT Funds
Click here for a REIT ETF List
Click here for a list of all REITs
Click here for a list of REITs paying dividends in stock
mortgage reits, reit, reits
Labels: list, Non-Traded REITs, REIT Dividends. REIT Investing
posted by REIT Wrecks at
8:57 AM
2 Comments:
This is useful info. Where does it come from and when was it updated?
Hi Grant, thanks. The last update was three weeks ago (mid January 2010), and I update it each quarter as time permits.
In most cases, the yield and stock redemption details come from public filings, either the prospectus or the latest 10Q (to the extent management includes such the information in the Q). I personally read the prospectuses and 10Qs.
The 10Qs and 10ks are becoming more interesting, and I am starting to post more of this kind of information on the Non-Traded REIT Forum.
It's brand new and I think it's a little better than this format. Obviously, forums are much better for facilitating discussion, and it allows for far better commenting - you can upload all kinds of documents, including pictures (charts/graphs), post links, search more easily and so forth.
Cheers, REIT Wrecks
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