Inside the Vault- Page 18 of 98

Inside the Vault

January 5, 2023

Which continuously offered nontraded NAV REIT had the highest monthly standard deviation of monthly returns over the past 35 months?

Which continuously offered nontraded NAV REIT had the highest monthly standard deviation of monthly returns over the past 35 months? Answer: Ares Industrial REIT had the highest standard deviation of monthly total returns from January 2021 thru November 2022, at 1.89%. This compares favorably to the standard deviation of monthly returns on the S&P 500…

January 4, 2023

What property could be the first real estate acquisition by J. P. Morgan Real Estate Income Trust, Inc., the newest continuously offered nontraded REIT program?

What property could be the first real estate acquisition by J. P. Morgan Real Estate Income Trust, Inc., the newest continuously offered nontraded REIT program? Answer: On June 23, 2022, the Company entered into a purchase agreement to acquire a 9.7-acre industrial outdoor storage site located in Levittown, Pennsylvania for an aggregate purchase price of…

December 13, 2022

Of the $128.3 billion in debt on NTR books as of Q2 2022, how much had interest rate swaps to convert variable rate debt to fixed rate debt?

Of the $128.3 billion in debt on NTR books as of Q2 2022, how much had interest rate swaps to convert variable rate debt to fixed rate debt? Answer: There were swaps with at total notional value of $30.1 billion on the books of all nontraded REITs as of June 30, 2022.

December 7, 2022

When did the yield on 3-month Treasury bills recently exceed the yield on 10-year Treasury notes, a potential sign of an impending recession?

When did the yield on 3-month Treasury bills recently exceed the yield on 10-year Treasury notes, a potential sign of an impending recession? Answer: On October 25, 2022, the yield on 3-month Treasury bills rose above the yield on 10-year Treasury notes (4.14% vs. 4.10%, respectively). This 3-month/10-year inverted yield curve has indicated a coming…

November 30, 2022

How many of the 14 continuously offered nontraded REIT programs reported increases in their respective net asset values per share in September 2022?

How many of the 14 continuously offered nontraded REIT programs reported increases in their respective net asset values per share in September 2022? Answer: Eight of the continuously offered nontraded REIT programs reported increases in their respective net asset values per share in September 2022, three reported no change, and three reported decreases for the…

November 22, 2022

Who are the major net lease tenants for ExchangeRight’s Net Lease Portfolio 56 DST program that recently raised $132 million?

Who are the major net lease tenants for ExchangeRight's Net Lease Portfolio 56 DST program that recently raised $132 million? Answer: The offering contains 33 net-leased properties diversified across 19 states throughout the United States. The portfolio features 13 distinct tenants, including Woods Supermarket, Family Dollar, and Scheels All Sports, with nine CVS Pharmacy locations…

November 16, 2022

How much capital did nontraded BDC programs raise in Q2 2022 from both public and private offerings?

How much capital did nontraded BDC programs raise in Q2 2022 from both public and private offerings? Answer: $8.144 billion, consisting of $5.545 billion from public offerings and $2.598 billion from private offerings. This was down 8.9% from the total $8.942 billion in Q1 2022 from both public and private offerings.

November 9, 2022

What was the weighted average interest rate on the $128.3 billion total debt owed by all nontraded REITs as of June 30, 2022?

What was the weighted average interest rate on the $128.3 billion total debt owed by all nontraded REITs as of June 30, 2022? Answer: The weighted average interest rate on the total debt of nontraded REITs as of June 30, 2022, was 3.53%. Approximately 51% of that debt was at fixed interest rates.

November 2, 2022

What was the total notional value of interest rate swaps and interest rate caps on the books of nontraded REITs as of June 30, 2022?

What was the total notional value of interest rate swaps and interest rate caps on the books of nontraded REITs as of June 30, 2022? Answer: $58.5 billion in notional value of swaps and caps on total debt of $128.3 billion as of June 30, 2022.