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: July 27, 2010 |
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|---|---|---|---|
| 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% | DRIP proceeds |
| Apple REIT Six | 8% | 8.2% | 5% 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 |
| Behringer Harvard REIT I | 6.5% | 1.0% | Not Even if You’re Dead |
| Behringer Harvard Multi-Family REIT I | 7% | 7% | DRIP Proceeds plus 1% of operating cash flow |
| Behringer Harvard Opportunity REIT I | 6.5% | 3.25% | Suspended |
| Bluerock Realty | In Registration | In Registration | In Registration |
| Clarion Properties Trust | In Registration | In Registration | In Registration |
| CM REIT | In Registration | In Registration | In Registration |
| CNL Lifestyle Properties | 6.15% | 6.25% | 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 REIT II | 7% | 6.25% | Suspended |
| Cole REIT III | 6.5% | 6.75% | <DRIP proceeds or 5% of shares outstanding |
| Cornerstone Core Properties REIT | 5% | 4.8% | <DRIP proceeds or 5% of shares outstanding |
| Cornerstone Healthcare Plus REIT (f/k/a Cornerstone Growth & Income REIT) | 5.60 | 7.60 | 5% of shares outstanding |
| Desert Capital | 9% | Suspended | Suspended |
| Dividend Capital Total Realty Trust | 6% | 6% | <DRIP proceeds or 5% of shares outstanding |
| 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 | Offering Stage | Offering Stage | <DRIP proceeds plus 1% of cash flow or 5% of shares outstanding |
| Healthcare Trust of America (f/k/a Grubb & Ellis Healthcare REIT) | 7% | 6% | 5% of shares outstanding |
| Hines REIT | 6% | 6% | Suspended |
| Hines Global REIT | 6.9% | 6.9% | 5% of shares outstanding |
| Income Property Trust of Americas | In Registration | In Registration | In Registration |
| Industrial Income Trust | 6.5% | 6.5% | 5% of shares outstanding |
| Inland American |
6% | 5% | Suspended |
| Inland Diversified | 6% | 6% | 3% of shares outstanding |
| Inland Western | 7% | 1.75% | Suspended |
| KBS REIT I | 7% | 5.25% | Suspended |
| KBS REIT II | 6.5% | 6.5% | 5% of shares outstanding |
| KBS REIT III | In Registration | In Registration | In Registration |
| KBS Legacy Apartment Properties | In Registration | In Registration | In Registration |
| KBS Strategic Opportunity REIT | Effective 11/9/09 | Effective 11/9/09 | Effective 11/9/09 |
| Lightstone Value Plus REIT | 7% | 4% | Suspended |
| Lightstone Value Plus REIT II | 6.5% | 6.5% | 2% of shares outstanding |
| Moody National REIT I | Offering Stage | Offering Stage | Offering Stage |
| NorthEnd Income Properties Trust | In Registration | In Registration | In Registration |
| Northstar REIT | In Registration | In Registration | In Registration |
| Pacific Office Properties | In Registration | In Registration | In Registration |
| Paladin REIT | 6% | 6% | 10% of shares outstanding |
| Piedmont REIT (formerly Wells REIT) | 6% | 5% | Suspended |
| Prime Group Realty Trust | 6% | 0% | Suspended |
| Prime Realty Income Trust | In Registration | In Registration | In Registration |
| Shopoff Properties Trust | None | None | None |
| Strategic Storage Trust | 7% | 7% | 5% of shares outstanding |
| TNP Strategic Retail Trust | 6.75% | 6.75% | <DRIP proceeds or 5% of shares outstanding |
| W.P. Carey CPA 14 | 6.32% | 7.94% | Suspended |
| W.P. Carey CPA 15 | 6% | 7.20% | Suspended |
| W.P. Carey CPA 16 | 6% | 6.62% | 5% of shares outstanding |
| W.P. Carey CPA 17 | 6.29% | 6.34% | 5% of shares outstanding |
| Wells REIT II | 6% | 6% | Suspended |
| Wells Timberland REIT | 0% | 0% | Suspended |
| Whitestone REIT | 7% | 4% | Suspended |
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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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