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. You can find current information, including earnings analysis, valuation estimates and other related news on the Non-Traded REIT Forum. Click here for an updated list of Non-Traded REITs ranked by total assets
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 REIT DIRECTORYLast Update: April 29, 2011 click here for a summary of non-traded reit dividend payout ratios |
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REIT NAME | OFFERING YIELD | CURRENT YIELD | REDEMPTION POLICY |
American Realty Capital New York Recovery REIT | 6.05% | 6.05% | 5% of shares outstanding |
American Realty Capital Trust | 6.5% | 7.0% | 5% of Shares Outstanding |
American Realty Capital Trust II | Registration | Registration | Registration |
American Realty Capital Trust III | Registration | Registration | Registration |
American Realty Capital – Retail Centers of America | Registration | Registration | Registration |
Apple REIT Six | 8.2% | 7.2% | 3% of shares outstanding |
Apple REIT Seven | 8% | 7% | 3% of shares outstanding |
Apple REIT Eight | 8% | 7% | 3% of shares outstanding |
Apple REIT Nine | 8% | 8% | 3% of shares outstanding |
Apple REIT Ten | Registration | Registration | Registration |
Behringer Harvard REIT I | 6.5% | 1.0% | |
Behringer Harvard Multi-Family REIT I | 7% | 6.0% | DRIP Proceeds plus 1% of operating cash flow |
Behringer Harvard Opportunity REIT I | 6.5% | 1.0% | Suspended |
Bluerock Enhanced Multi-Family Trust | 7% | 7% | 5% of shares outstanding |
Carey Watermark Inc.’ | Escrow | Escrow | Escrow |
Carter Validus Mission Critical REIT | Escrow | Escrow | Escrow |
Clarion Properties Trust | Registration | Registration | Registration |
CM REIT | Registration | Registration | Registration |
CNL Lifestyle Properties | 6.15% | 6.25% | 5% of shares outstanding |
CNL Diversified Lifestyle Properties | Registration | Registration | Registration |
CNL Macquarie Global Growth Trust | 8% | 8% | 5% of shares outstanding |
CNL Macquarie Global Income Trust | 6.5% | 6.5% | 5% of shares outstanding |
Cole Advisor Corporate Income Trust | Registration | Registration | Registration |
Cole Advisor Retail Income REIT | Registration | Registration | Registration |
Cole Credit Property Trust | 7% | 5% | Suspended |
Cole Credit Property Trust II | 7% | 6.25% | Suspended |
Cole Credit Property Trust III | 6.75% | 6.5% | <DRIP proceeds or 5% of shares outstanding |
Cornerstone Core Properties REIT | 4.8% | 0.8% | <DRIP proceeds or 5% of shares outstanding |
Cornerstone Healthcare Plus REIT (f/k/a Cornerstone Growth & Income REIT) | 5.6% | 7.5% | 5% of shares outstanding |
Corporate Income Properties – ARC, Inc | Registration | Registration | Registration |
Desert Capital | 9% | Suspended | Suspended |
Dividend Capital Total Realty Trust | 6% | 6% | <DRIP proceeds or 1.25% of shares outstanding |
Empire American Realty Trust | Escrow | Escrow | Escrow |
GC Net Lease REIT | 6.75% | 6.75% | 5% of shares outstanding |
Grubb & Ellis Apartment REIT | 7% | 6% | Suspended |
Grubb & Ellis Healthcare REIT II | 6.5% | 6.5% | 5% of shares outstanding |
Hartman REIT Short Term XX | Escrow | Escrow | <DRIP proceeds plus 1% of cash flow or 5% of shares outstanding |
Healthcare Trust of America (f/k/a Grubb & Ellis Healthcare REIT) | 7.25% | 7.25% | 5% of shares outstanding |
Hines REIT | 6% | 5.50% | Suspended |
Hines Global REIT | 7% | 7% | 5% of shares outstanding |
Income Property Trust of Americas | Registration | Registration | Registration |
Industrial Income Trust | 6.25% | 6.25% | 5% of shares outstanding |
Inland American |
6% | 5% | Suspended |
Inland Diversified | 6% | 6% | 3% of shares outstanding |
Inland Western | 7% | 2.00% | Suspended |
KBS REIT I | 7% | 5.25% | Suspended |
KBS REIT II | 6.5% | 6.5% | 5% of shares outstanding |
KBS REIT III | Escrow | Escrow | Escrow |
KBS Legacy Apartment Properties | Escrow | Escrow | Escrow |
KBS Strategic Opportunity REIT | Escrow | Escrow | Escrow |
Lightstone Value Plus REIT | 7% | 7% | 2% of shares outstanding |
Lightstone Value Plus REIT II | 6.5% | 6.5% | 2% of shares outstanding |
Moody National REIT I | 8% | 8% | 5% of shares outstansing |
NorthEnd Income Properties Trust | Registration | Registration | Registration |
Northstar Real Estate Income Trust | Escrow | Escrow | Escrow |
Northstar Senior Care Trust | Registration | Registration | Registration |
O’Donnell Strategic Gateway REIT | Registration | Registration | Registration |
Pacific Office Properties | 7.25% | 7.25% | Listed Common Stock after 5 years |
Paladin Realty Income Securities | 6% | 6% | 10% of shares outstanding |
Phillips Edison – ARC Shopping Center REIT | Escrow | Escrow | Escrow |
Piedmont REIT (formerly Wells REIT) | Publicly listed | Publicly listed | Publicly listed |
Prime Group Realty Trust | 6% | 0% | Suspended |
Prime Realty Income Trust | Registration | Registration | Registration |
Resource Real Estate Opportunity REIT | Escrow | Escrow | Escrow |
Shopoff Properties Trust | None | None | None |
Strategic Storage Trust | 7% | 7% | 5% of shares outstanding |
TNP Strategic Retail Trust | 6.75% | 7% | <DRIP proceeds or 5% of shares outstanding |
W.P. Carey CPA 14 | Merged into CPA 16 | Merged into CPA 16 | Merged into CPA 16 |
W.P. Carey CPA 15 | 6% | 7.25% | Suspended |
W.P. Carey CPA 16 | 6% | 6.6% | 5% of shares outstanding |
W.P. Carey CPA 17 | 6.29% | 6.40% | 5% of shares outstanding |
Wells Core Office Income REIT | 5% | 5% | <DRIP proceeds or 5% of shares outstanding |
Wells REIT II | 6% | 6% | <DRIP proceeds or 5% of shares outstanding – But only at 60% of original cost |
Wells Timberland REIT | 2% | 2% | <DRIP proceeds or 5% of shares outstanding – 91% of original cost |
Whitestone REIT | Publicly listed | Publicly listed | Publicly listed |
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
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