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% | ||||
