Inside the Vault- Page 50 of 92

Inside the Vault

December 12, 2018

Which previously nontraded REIT is now listed on the Nasdaq Global Select and will have the final tranche of its common stock converted to listed stock on January 15, 2019?

Answer: American Finance Trust (AFIN) listed a portion of its outstanding shares on the Nasdaq on July 19, 2018, and the final portion of its common shares (Class B-2) will convert to Class A shares on January 15, 2019. The shares reached a high of $17.76 on September 20 and recently traded at $13.77 per…

December 5, 2018

Which nontraded BDC raised the most capital in Q3 2018?

Answer: Owl Rock Capital Corporation II raised an estimated $91.1 million in Q3 2018 and raised an estimated $237.9 million for the nine months ended September 30, 2018.

November 27, 2018

Which nontraded REIT raised the second highest amount of capital in October 2018, after Blackstone REIT?

Answer: Griffin-American Healthcare REIT IV, Inc. raised $21.6 million in October 2018, down slightly from $22.4 million raised in September.

November 15, 2018

Which interval fund led all interval funds in October sales reported to Blue Vault?

Answer: Griffin Institutional Access Real Estate Fund reported sales of $75.6 million for October 2018.

November 7, 2018

Which Business Development Company (BDC) commenced operations in April 2017 and has raised $371.0 million in its public offering as of November 6, 2018, and had a portfolio of investments primarily in first and second lien loans with a fair value of $484.7 million as of September 30, 2018?

Answer: Owl Rock Capital Corporation II, Inc.

October 31, 2018

What percentage of global GDP does the United States account for?

Answer: According to HowMuch.net, the United States accounts for 24.4%, or $19.39 trillion, of the $80 trillion world economy in 2017.

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.