Inside the Vault- Page 50 of 91

Inside the Vault

October 24, 2018

Which two traded REITs are issuing nontraded preferred stock and sold over $14 million in nontraded preferred stock in September 2018 and over $109 million year-to-date through September 2018?

Answer: Bluerock Residential Growth REIT and CIM Commercial Trust (CMCT) together raised over $14 million by issuing nontraded preferred stock in September 2018 and together have raised over $109 million through the issuance of nontraded preferred stock year-to-date through September 2018.

October 17, 2018

What bank rate is the basis for most variable rate debt utilized by nontraded REITs and what will happen in 2021 to change the reference rate for variable rate debt and interest rate swaps?

Answer: Currently, most variable rate debt utilized by nontraded REITs have interest rates based upon LIBOR, the London Interbank Offered Rate. In April 2018, the New York Federal Reserve began publishing the Secured Overnight Financing Rate (SOFR), a rate that regulators hope will eventually be adopted to back U.S. dollar-based derivatives and loans. The head of…

October 10, 2018

Which two nontraded REIT sponsors ranked second and third in total capital raised by two programs each in both August and September 2018, after Blackstone REIT’s continuous offering?

Answer: Black Creek Group’s Black Creek Industrial REIT IV and Black Creek Diversified Property Fund gave the sponsor its second place ranking among nontraded REIT sponsors. Griffin Capital’s Griffin Capital Essential Asset REIT II and Griffin-American Healthcare REIT IV gave the sponsor its third place ranking in both August and September among nontraded REIT sponsors.

October 2, 2018

Where are U.S. $100 bills being held?

Where are U.S. $100 bills being held? Answer: According to Federal Reserve estimates, $80 billion is held in domestic depository institutions, $453 billion is held by domestic businesses and individuals, and $1.07 trillion is held abroad.

September 25, 2018

Which two nontraded REITs repurchased the highest percentage of weighted average shares outstanding in Q2 2018?

Answer: KBS Strategic Opportunity REIT repurchased 16.32 % of weighted average shares outstanding in Q2 2018. Black Creek Diversified Property Trust repurchased 4.59% of weighted average shares outstanding in Q2 2018.

September 18, 2018

How many nontraded REITs reported an increase in EBITDA between Q1 2018 and Q2 2018?

Answer: Of the 63 nontraded REITs reporting EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for Q2 2018, 42 reported increases. The 63 REITs had total EBITDA of $1.32 billion for Q2 2018, up about 2% from the $1.29 billion for Q1 2018. The REIT reporting the highest EBITDA for Q2 2018 was Hines Global…

August 30, 2018

How many nontraded REITs have acquired light industrial properties since January 2018?

Answer: Five nontraded REITs have completed ten transactions to acquire warehouse/distribution centers encompassing a combined 25.3 million square feet of leasable area. The REITs and the number of transactions include Black Creek Industrial REIT IV (3), RREEF Property Trust (3), Griffin Capital Essential Asset REIT (2), Cole Real Estate Income Strategy (Daily NAV) (1), and…

August 28, 2018

Which nontraded REIT had the highest percentage of its distributions reinvested pursuant to its distribution reinvestment program in Q2 2018?

Answer: JLL Income Property Trust Inc. had the highest percentage of its distributions reinvested in Q2 2018 at 65%. Other REITs with a high percentage of distributions reinvested: Hartman vREIT XXI, Inc. (63%), Blackstone REIT, Inc. (62%), Resource Real Estate Opportunity REIT, Inc. (61%), CNL Healthcare Properties II, Inc. (59%) and Black Creek Industrial REIT…

August 21, 2018

Which interval fund reported the highest July sales of the nine reporting to Blue Vault?

Answer: Griffin Institutional Access Real Estate Fund reported July sales of $85.8 million, highest among the nine interval funds reporting July sales to Blue Vault.