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Full-Cycle Listings & Events in Q1 2017

June 19, 2017

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Full-Cycle Listings & Events in Q1 2017

Each quarter Blue Vault includes a section in the Nontraded REIT Industry Review dedicated to funds that have gone full-cycle.  

The tables included are intended to track those nontraded REITs that have liquidated, merged or been acquired by listed companies whose share prices can be observed. The first table tracks the subsequent performance of listed common stock that is associated with a full-cycle event where shareholders received listed common stock in exchange for their holdings in a nontraded REIT. The first table is not a complete listing of all nontraded REIT liquidity events. It does not include liquidity events that involved a combination of cash and listed shares where it would be misleading to measure the percentage change for only a portion of the shareholder’s value received.

New this quarter, we’ve added a second table which lists full-cycle events that resulted in a liquidating distribution of cash wherein shareholders did not receive listed common stock as all or part of the proceeds.

The values of the listed stocks and the percentage changes in those stocks do not represent the total returns or average annual rates of return to shareholders in these companies because quarterly distributions to shareholders are not included. The estimated full-cycle values listed in the second table also do not include distributions to shareholders during their holding periods. In the Blue Vault Full-Cycle Performance Studies, the average total returns to shareholders for all of the events listed in both tables, are reported for three different holding periods and compared to custom benchmarks. The custom benchmarks for each full-cycle REIT are based on both listed REIT returns and institutional portfolio returns, adjusted for asset types, location and leverage.

In our Full-Cycle Performance Studies, Blue Vault defines a “full-cycle event” for the purpose of calculating total returns to shareholders over the life of the nontraded REIT as those events that provide total liquidity to common shareholders which can be in cash or publicly-traded stock or a combination of both. When a nontraded REIT is merged with a company whose stock is unlisted, or when a liquidity event includes both unlisted stock and cash, or when, for any other reason shareholders cannot achieve full liquidity at the time of the merger or listing (i.e. when not all common share classes are listed immediately), the shareholder return cannot be calculated.

Blue Vault will release its Fifth Edition Nontraded REIT Full-Cycle Performance Study in November 2017.

Reserve your Nontraded REIT Full-Cycle Performance Study today!

  • Are you a financial advisor with a retail book of business or investor? If yes, please visit the Blue Vault Store. Questions? Please email Dawn.McDaniel@BlueVaultPartners.com or dial 678-456-4787.

  • Broker Dealers, email Betsy.Ricks@BlueVaultPartners.com or dial 678-456-4640 .

  • Product sponsors, email Brooke.Heffington@BlueVaultPartners.com or dial 678-456-4290.

  • Are you a real estate company or entity, other than a financial advisor with a retail book of business or an investor? If yes, please phone Blue Vault toll free at 1-877-256-2304 for subscription information.

  • Are you a member of the Financial Services Institute (FSI)? If yes, congratulations! Please inquire about your nontraded REIT subscription discount for financial advisors and Broker Dealers only!

  • For information on advertising, reprint licensing or custom research, please email Brooke.Heffington@BlueVaultPartners.com or dial 678‑456‑4290.

Nontraded REIT Review Q1 2017 - Full-Cycle Listings and Events

You may access this section, "Nontraded REIT Review Q1 2017 - Full-Cycle Listings and Events"  by clicking on "Subscriber-Only Research", "Nontraded REITs", then "NTR Review" links on the toolbar at the top of this page. Scroll down to 2017, then Q1. 
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