Non-Traded REIT Directory

by REIT Wrecks on March 3, 2009

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 DIRECTORY

Last Update: April 29, 2011
(12/31/2010 K1 data)

click here for a summary of non-traded reit dividend payout ratios

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% Not Even if You’re Dead Update: Corpses are collectively limited to $4.25 million per year in redemptions. To ensure eligibility, please die in Q1.
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

REIT Stocks

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More on this topic (What's this?)
Network REIT Ramblings
American Real Estate Investment Trusts
Stock Analysis of ARCP
Read more on Real Estate Investment Trust (REIT) at Wikinvest

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{ 4 trackbacks }

Non-Traded REITs Are Designed to be Sold, Not Bought
March 8, 2010 at 11:37 am
Non-Traded REITs Under FINRA’s Microscope — REIT Wrecks
March 10, 2010 at 4:41 pm
REITs Paying Dividends in Stock | REIT Wrecks
March 30, 2010 at 10:09 am
Hotel REIT Directory | REIT Wrecks
June 2, 2010 at 4:17 pm

{ 18 comments… read them below or add one }

1 Grant February 3, 2010 at 10:54 am

This is useful info. Where does it come from and when was it updated?

2 REIT Wrecks February 3, 2010 at 4:02 pm

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

3 Amy November 9, 2010 at 3:23 pm

I own some shares of the Healthcare Trust of America REIT. As far as I know, it’s paying 7.25%, not 6%.

4 Marie December 8, 2010 at 1:45 pm

Thanks for posting a directory of Non-Traded REITs. I’m helping my parents choose their next investment, so far we think we’ll go with Cole Capital. There are a lot more to choose from than we expected.

5 REIT Wrecks January 1, 2011 at 7:49 pm

Amy, you are correct – Healthcare Trust of America is paying 7.25%, and it looks like the HTA IPO is on the way too.

6 Lee Zehrer October 15, 2011 at 7:07 am

I’d like to hear from anyone, ANYONE who has ever got their investment back from one of these REITS? Even if it’s only half or more please let us know?

7 Amy March 11, 2012 at 1:12 am

Under no circumstances should anyone buy or “invest” in a non-traded REIT. No way, no how. I want to put my story out here to warn others. Thank you for this forum.

When I was talked into this, I thought the person I was talking too was a financial advisor. Why would a true financial advisor not want to give you good advice to help you? (Please anyone thinking of investing read up on the difference and on fudiciary duty and all of that.) Now I know he was just a broker/dealer who was wanting a commission even though I told him over and over again how I promised my husband on his death bed I would be careful with our money. My husband who died of cancer was way more worried about me than about his disease. I told this man that. And he still completely stabbed me in the back and apparently twisted the knife a few times too. After my husband’s passing I was planning on going to my bank where there is a free financial advisor. If only I had stuck with that plan. This man’s wife knew someone in my family and told my family member her husband would be so happy to help me if I need it that he is a financial advisor. I think laws and rules should be changed and people like this man should not have the title of “financial advisor.” I can think of a few things I would like to call him.

He told me Behringer Harvard REIT 1 was the closest investment to a c.d. He told me the principle and the dividends would NOT change. Because it was not publicly traded I kept asking him how I would sell it if I ever needed this money. He said B.H. would buy my shares back if I ever needed the money. Because he was a friend of someone from my family, because I thought he was a “financial advisor,” and because his wife came to notarize my husband’s will at the hospital and she seemed so nice, I trusted him. He and his wife are supposedly such a nice, Christian couple, and on and on. No, they are FAKE. He put $125,000.00 into B.H. REIT 1. He lied through his teeth and told me it is “so safe.” No, I didn’t read the prospectus. He hurridly went over it. Oh, this just says some risk involved, of course there is always some risk and stuff like that he said. I have received paper work where he totally and falsely increased my net worth and my income.

125,000 dollars, it may not be a lot to some. But for some people it is the kind of money people commit suicide over. I am not saying that would happen to me, but I am saying I could see it happening to someone. I admit I was stupid and too trusting, but how do these brokers do this to people? How are they allowed to say they are “financial advisors.” They are not. They are just trying to sell something. I did not know about the commission. I tried to pay him with a personal check after I met with him the first time. He said, oh, you don’t pay have to pay me. I assumed he must be getting a few hundred dollars from these companies. Had I known that I was going to buy him a new car with the commission he was going to make off of me, that obviously would have been a huge red flag. Knowing what he had done to me he had the audacity to show up at my dad’s funeral. Once again, acting like a nice, caring friend. Screw him. I think him and people like him are scum.

Stay far, far away from these types of “investments.” Trust no one when it comes to money.

8 reitreporter April 19, 2012 at 9:10 am

Hi Amy,

I’m a reporter with the Wall Street Journal looking for investors in non-traded REITs who felt they were mislead about the product. Please contact me at angela.pruitt@dowjones.com.

9 Steve May 21, 2012 at 12:08 pm

Lee wrote:
“Lee Zehrer October 15, 2011 at 7:07 am
I’d like to hear from anyone, ANYONE who has ever got their investment back from one of these REITS? Even if it’s only half or more please let us know?”

Lee,
I have never lost a dime in the 6 REIT’s that I have invested in the past (W.P.Carey, Cole, Grubb). This is real estate and if you buy at the top, you’re probably going to lose. I didn’t touch anything after 2004 until recently. During the 90′s I made very good income from Non-traded REIT’s.

It’s only now that this site will get any attention because of the market collapse. From 1992 through 2004 everyone loved REIT’s and this type of website would have been a joke. Anyone who bought REIT’s, RE Limmited Partnerships or even a single family home in from 2004 through 2008 was a complete fool. Anyone who bought a house during this time probably lost more than the average REIT. It’s just common sense, IMHO.

10 REIT Wrecks May 21, 2012 at 9:15 pm

From 1992 through 2004 everyone loved REIT’s and this type of website would have been a joke.

All things being equal, how do 15% loads, lack of transparency and countless conflicts of interest help investment returns?

“Only when the tide goes out do you discover who’s been swimming naked.”Warren Buffett

11 Lee Zehrer January 31, 2013 at 6:03 pm

I just got an invitation for 4 free dinners at the Donovan’s Steak & Chop House in San Diego from MVP American Securities selling this garbage. I guess with 7% to 15% loads in these things they can wine and dine me in style. The wine better be nice…and expensive.

12 Amy February 9, 2013 at 2:33 pm

Behringer Harvard Reit 1 is now paying out NOTHING in dividends and will not pay out anymore ever. They are planning a liquidity event from now until 2017??? Yeah, right. Will someone please tell me if there is any chance if I will ever see any of my money again. To the Wall Street Journal reporter, I did not see your message for a long while.

13 Steve July 19, 2013 at 9:05 pm

Well, the Cole III that you were so against just paid me over 30% in 2 years. How much did your programs return in the last 24 months.

I can see by the lack of updates in the last 2 years that you realized you were wrong and decided to get a life.

BTW, I also bought Griffin-American Healthcare REIT II… Care to estimate how much I’ll loose?

You’re a joke!

14 REIT Wrecks July 19, 2013 at 11:23 pm

I can see by the lack of updates in the last 2 years that you realized you were wrong and decided to get a life.

Nothing could be further from the truth.

I’m glad you’re happy with your 30% return, but I am quite confident that on a risk-adjusted basis, Chris Cole is MUCH happier with his $127 million internalization fee.

You’re a joke!

“The roots of education are bitter, but the fruit is sweet” – Aristotle

15 Lee Zehrer July 20, 2013 at 4:30 am

Steve:

>I have never lost a dime in the 6 REIT’s that I have invested in the past (W.P.Carey, Cole, Grubb).

I actually don’t believe this. I’m not sure if there are a total of 6 REIT’s that have ever made investors whole. Care to elaborate and provide some numbers and dates invested?

REIT’s are a compensation scheme for management, not an investment strategy.

16 Steve July 20, 2013 at 5:50 pm

Off the top of my head… CNL Hospitality Properties Inc. , Apple REIT Five, Healthcare Trust of America a few from ARC, WP Carey CPA 14 & 15 and I have investments currently in Strategic Storage, Griffin-American Healthcare II and ARC Shopping Center REIT… My current invested assets represent 100% gains from the above mentioned REIT’s. I wish I could say the same for the bulk of my investment capital which is in the stock market.
The only pooled real estate investments that I will not touch are limited partnerships and REIT’s that are not registered with the SEC.
It’s all about timing. I stopped buying REIT’s back in 04 because the market was too high. Right now I believe commercial RE is overbought, so I’m going to play these last few and find somewhere else to invest. They were funded from 09 to present and are scheduled to close in a month or 2.
You shouldn’t be hard on yourself. The next time the RE market crashes, you’ll be right again, but the truth is, the Traded and non-traded REIT’s have killed it over the last couple years. As a matter of fact, the traded REIT’s had a 300% run… Not bad for an income vehicle.

17 REIT Wrecks August 17, 2013 at 11:35 am

Steve, thanks. Your comments illustrate the point of the entire post and my comments

You state that you got a 30% return from a high-cost non-traded REIT (i.e Cole), vs. the roughly 300% returns seen over the same period with traded REITs. Let’s be clear: you are talking 30% with Cole vs. 300% with traded REITs. If true, then it is still my contention that no investor would choose to pay more to earn lower returns with higher risk (i.e. 30% w/Cole) as opposed to paying less for higher returns with lower risk (i.e. 300% w/traded REITs), unless they are completely uninformed and don’t know any better.

Most sponsors and brokers of non-traded REITS depend upon this kind of confusion and lack of rigor to keep raising money, earning their 15% loads, and to help produce unmitigated disasters like Behringer Harvard REIT I, KBS REIT I, Cornerstone, and TNP Strategic Retail Trust. In fact, on a collective basis, FINRA Notice 11-44 caused Non-Traded REIT sponsors to publicly announce losses of more than $8 billion. Even J.P. Morgan’s infamous “London Whale”, whose bosses now face criminal charges in the U.S., would be impressed. Investors can do whatever they want, but if they were made fully aware of the risk/reward profile of non-traded REITs, then it is my belief that they would make different, more rational choices.

18 Mark April 30, 2014 at 2:24 pm

Non-traded REITS are the worst investments anyone can make in my opinion. Nobody buys these things, they are only sold them. I am finally happy to say that my case against my former “advisor” is going into FINRA arbitration in FEB 2015. If anyone would like the contact info for the lawyer that took my case, let me know here and I can email you. I would love to make more of these “advisors’” lives miserable.

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