Tuesday, June 24, 2014

49 Largest US REIT IPOs in 2009 Through 2013 Stock Prices Up 17% From IPO Closing Price

With the superb Initial Public Offering (IPO) data available from IPO Scoop, there were 49 US Real Estate Investment Trust (REIT) Company IPOs in the post financial meltdown five years of 2009 through 2013, where the Company has its common stock still trading now and it also has a Market Capitalization of more than $100 mil presently.

The historical stock prices of these companies were obtained from the following two excellent internet resources....  Google Finance and MarketWatch Big Charts.  The superb Yahoo Finance website was also utilized heavily.

There were 8 or 9 REIT IPOs in each of the four years 2009 through 2012.  Then in 2013, the number of REIT IPOs roughly doubled to 16.

These 49 REIT IPOs had an average stock price increase of 17% since their first day of IPO Closing Market Price through the most recent date June 23, 2014.  The 2010 and 2011 REIT IPOs have done the best with both experiencing average stock market price appreciation of 27%.

The REIT Office Sub-Sector had the highest average stock price appreciation of a very robust 52% for the 4 Office REITs, followed by the 5 Hotel/Motel REITs, the 4 Retail REITs and the 3 Industrial REITs all three of them experiencing an average stock market price increase of a very impressive 44%.

All 5 Mortgage Investment REITs experienced stock market price declines, which averaged a very steep 18%.  The 6 Residential REITs had an average stock market price increase of a very modest 2%.  

It should be pointed out that a US REIT must distribute at least 90% of its taxable income each year in order to avoid a substantial amount of US Federal income taxes at the REIT level.  Thus it only makes sense that the stock price appreciation of REITs in a very robust stock market will be significantly below that of the average common stock.

Below here are the stock market prices of each of these 49 REITs on both June 23, 2014 and on the close of the first day's IPO, with these IPOs broken down by year:






1st Day






IPO




6-23-14 Closing
IPO



Market Market %
Date Company HQs
REIT Industry Price Price Change





$ $

2009 REIT IPOs





12/9/09 Pebblebrook Hotel Trust  Bethesda MD Hotel/Motel 36.77 20.45 80%
6/2/09 Government Properties Income Trust  Newton MA Office 25.55 19.47 31%
8/11/09 Starwood Property Trust  Greenwich CT Diversified 24.19 20.00 21%
9/24/09 Colony Financial  Santa Monica CA Diversified 22.99 19.66 17%
7/30/09 PennyMac Investment Trust  Moorpark CA Residential 21.85 19.10 14%
6/26/09 Invesco Mortgage Capital Atlanta GA Mortgage Investment 17.74 19.42 -9%
9/24/09 Apollo Commerical Real Estate  New York NY Diversified 16.65 18.50 -10%
6/12/09 CYS Investments Waltham MA Mortgage Investment 8.83 11.55 -24%

Average % Change all 8 




15%









2010 REIT IPOs





9/23/10 CoreSite Realty  Denver CO Office 33.04 16.01 106%
1/22/10 Chesapeake Lodging Trust  Annapolis MD Hotel/Motel 30.24 19.00 59%
6/24/10 Hudson Pacific Properties  Los Angeles CA Office 25.70 17.40 48%
8/26/10 Whitestone REIT  Houston TX Diversified 14.80 11.50 29%
2/10/10 Piedmont Office Trust Realty  Johns Creek GA Office 18.88 15.60 21%
4/16/10 Chatham Lodging Trust  Palm Beach FL Hotel/Motel 22.72 20.50 11%
2/10/10 Terreno Realty  San Francisco CA Industrial 19.36 18.65 4%
4/23/10 Excel Trust  San Diego CA Diversified 13.22 13.30 -1%
10/14/10 Campus Crest Communities  Charlotte NC Diversified 8.67 12.51 -31%

Average % Change all 9 REITs




27%









2011 REIT IPOs





4/15/11 STAG Industrial  Boston MA Industrial 23.93 12.50 91%
1/13/11 American Assets Trust  San Diego CA Retail 34.52 21.25 62%
5/11/11 RLJ Lodging Trust  Bethesda MD Hotel/Motel 28.54 17.68 61%
8/4/11 American Capital Mortgage Investment  Bethesda MD Diversified 20.40 18.41 11%
2/9/11 Summit Hotel Properties  Sioux Falls SD Hotel/Motel 10.57 9.69 9%
6/30/11 AG Mortgage Investment Trust   New York NY Mortgage Investment 18.78 19.64 -4%
4/1/11 Preferred Apartment Communities  Atlanta GA Apartments 9.00 9.85 -9%
7/22/11 Apollo Residential Mortgage  New York NY Residential 16.98 18.65 -9%

Average % Change all 8 REITs




27%









2012 REIT IPOs





4/5/12 Retail Properties of America  Oak Brook IL Retail 15.43 8.75 76%
9/20/12 Spirit Realty Capital  Scottsdale AZ Diversified 11.46 7.87 46%
3/7/12 Select Income REIT  Newton MA Diversified 29.16 21.74 34%
7/27/12 AmREIT  Houston TX Retail 18.02 14.02 29%
12/14/12 Silver Bay Realty Trust  Minnetonka MN Residential 16.59 18.24 -9%
5/10/12 Western Asset Management Capital  Pasadena CA Mortgage Investment 15.01 18.80 -20%
4/26/12 Ares Commercial Real Estate  Chicago IL Diversified 12.77 18.00 -29%
10/3/12 JAVELIN Mortgage Investment  Vero Beach FL Mortgage Investment 13.56 19.60 -31%

Average % Change all 8 REITs




12%









2013 REIT IPOs





10/9/13 QTS Realty Trust    Overland Park KS Industrial 28.42 21.00 35%
8/1/13 American Homes 4 Rent   Malibu CA Residential 17.88 13.50 32%
3/21/13 Aviv REIT Chicago IL Diversified 28.99 22.55 29%
10/2/13 Empire State Realty Trust  New York NY Diversified 16.77 13.10 28%
4/18/13 Hannon Armstrong Sustainable Infrastructure Capital   Annapolis MD Diversified 14.40 11.40 26%
7/19/13 Physicians Realty Trust  Milwaukee WI Healthcare Facilities 14.20 11.67 22%
1/18/13 CyrusOne  Carrollton TX Diversified 24.65 21.20 16%
10/30/13 Brixmor Property Group  New York NY Retail 22.32 20.40 9%
10/3/13 Cherry Hill Mortgage Investment  Moorestown NJ Residential 19.98 18.48 8%
7/19/13 Rexford Industrial Realty  Los Angeles CA Diversified 14.30 14.04 2%
12/12/13 CatchMark Timber Trust   Norcross GA Timber 13.34 13.50 -1%
5/9/13 American Residential Properties   Scottsdale AZ Diversified 19.07 21.00 -9%
5/1/13 Ellington Residential Mortgage REIT    Old Greenwich CT Diversified 17.24 19.21 -10%
5/8/13 Armada Hoffler Properties    Virginia Beach VA Diversified 9.75 11.50 -15%
2/8/13 ZAIS Financial  Red Bank NJ Diversified 16.64 19.95 -17%
3/22/13 Five Oaks Investment  New York NY Residential 11.31 14.50 -22%

Average % Change all 16 REITs




8%









Average % Change all 49 REITs




17%

And below here are these 49 REIT IPOs of 2009 through 2013 sorted by REIT SubSector:




1st Day




IPO


6-23-14 Closing
IPO

Market Market %
Date Company REIT Industry Price Price Change



$ $
8/11/09 Starwood Property Trust  Diversified 24.19 20.00 21%
9/24/09 Colony Financial  Diversified 22.99 19.66 17%
9/24/09 Apollo Commerical Real Estate  Diversified 16.65 18.50 -10%
8/26/10 Whitestone REIT  Diversified 14.80 11.50 29%
4/23/10 Excel Trust  Diversified 13.22 13.30 -1%
10/14/10 Campus Crest Communities  Diversified 8.67 12.51 -31%
8/4/11 American Capital Mortgage Investment  Diversified 20.40 18.41 11%
9/20/12 Spirit Realty Capital  Diversified 11.46 7.87 46%
3/7/12 Select Income REIT  Diversified 29.16 21.74 34%
4/26/12 Ares Commercial Real Estate  Diversified 12.77 18.00 -29%
3/21/13 Aviv REIT Diversified 28.99 22.55 29%
10/2/13 Empire State Realty Trust  Diversified 16.77 13.10 28%
4/18/13 Hannon Armstrong Sustainable Infrastructure Capital   Diversified 14.40 11.40 26%
1/18/13 CyrusOne  Diversified 24.65 21.20 16%
7/19/13 Rexford Industrial Realty  Diversified 14.30 14.04 2%
5/9/13 American Residential Properties   Diversified 19.07 21.00 -9%
5/1/13 Ellington Residential Mortgage REIT    Diversified 17.24 19.21 -10%
5/8/13 Armada Hoffler Properties    Diversified 9.75 11.50 -15%
2/8/13 ZAIS Financial  Diversified 16.64 19.95 -17%







Average % Change all 19 Diversified REITs


7%






12/9/09 Pebblebrook Hotel Trust  Hotel/Motel 36.77 20.45 80%
1/22/10 Chesapeake Lodging Trust  Hotel/Motel 30.24 19.00 59%
4/16/10 Chatham Lodging Trust  Hotel/Motel 22.72 20.50 11%
5/11/11 RLJ Lodging Trust  Hotel/Motel 28.54 17.68 61%
2/9/11 Summit Hotel Properties  Hotel/Motel 10.57 9.69 9%







Average % Change all 5 Hotel/Motel REITs


44%






2/10/10 Terreno Realty  Industrial 19.36 18.65 4%
4/15/11 STAG Industrial  Industrial 23.93 12.50 91%
10/9/13 QTS Realty Trust    Industrial 28.42 21.00 35%







Average % Change all 3 Industrial REITs


44%






6/30/11 AG Mortgage Investment Trust   Mortgage Investment 18.78 19.64 -4%
5/10/12 Western Asset Management Capital  Mortgage Investment 15.01 18.80 -20%
10/3/12 JAVELIN Mortgage Investment  Mortgage Investment 13.56 19.60 -31%
6/26/09 Invesco Mortgage Capital Mortgage Investment 17.74 19.42 -9%
6/12/09 CYS Investments Mortgage Investment 8.83 11.55 -24%







Average % Change all 5 Mortgage Investment REITs

-18%






6/2/09 Government Properties Income Trust  Office 25.55 19.47 31%
9/23/10 CoreSite Realty  Office 33.04 16.01 106%
6/24/10 Hudson Pacific Properties  Office 25.70 17.40 48%
2/10/10 Piedmont Office Trust Realty  Office 18.88 15.60 21%







Average % Change all 4 Office REITs


52%






7/30/09 PennyMac Investment Trust  Residential 21.85 19.10 14%
7/22/11 Apollo Residential Mortgage  Residential 16.98 18.65 -9%
12/14/12 Silver Bay Realty Trust  Residential 16.59 18.24 -9%
8/1/13 American Homes 4 Rent   Residential 17.88 13.50 32%
10/3/13 Cherry Hill Mortgage Investment  Residential 19.98 18.48 8%
3/22/13 Five Oaks Investment  Residential 11.31 14.50 -22%







Average % Change all 6 Residential REITs


2%






1/13/11 American Assets Trust  Retail 34.52 21.25 62%
4/5/12 Retail Properties of America  Retail 15.43 8.75 76%
7/27/12 AmREIT  Retail 18.02 14.02 29%
10/30/13 Brixmor Property Group  Retail 22.32 20.40 9%







Average % Change all 4 Retail REITs


44%






7/19/13 Physicians Realty Trust  Healthcare Facilities 14.20 11.67 22%
12/12/13 CatchMark Timber Trust   Timber 13.34 13.50 -1%
4/1/11 Preferred Apartment Communities  Apartments 9.00 9.85 -9%







Average % Change all 49 REITs


17%