The historical stock market prices of these US REITs were obtained from the following two excellent internet resources .... Google Finance and MarketWatch Big Charts.
To illustrate the increased interest in new REITs formulated, the number of new publicly-held US REITs with Stock Market Capitalizations above $100 mil currently have really accelerated with the 24 new US REITs created in just the year 2013 being nearly triple the annual number created in each of the years 2009 through 2012. Both the comparatively much more attractive annual yields on REITs in the US Federal Reserve-driven extremely low interest rate environment and the very attractive tax benefits from REITs contributed to this substantial increase in new REIT formulation.
Of these 70 new US REITs since early 2009, 50 of them were Initial Public Offerings (IPOs) and nearly all of the other 20 were spinoffs of mostly the Real Estate or the Real Estate Mortgage Investment assets of a company into a new publicly-traded US REIT.
To qualify as a US REIT under the Internal Revenue Service (IRS) Code, the Company must have at least 75% of its Total Assets being either Real Estate Assets or Real Estate Mortgage Investments, including US Government Agency Real Estate Related Investments.
When you combine these 70 new US REITs created in the most recent five and a half years with the 130 that existed at the end of 2008, that makes a total of 200 publicly-held US REITs with Market Capitalizations above $100 mil each currently.
These 200 large publicly-held US REITs do not include the Mutual Funds and ETFs which only invest in US REITs.
The US Internal Revenue Service has reported that there are about 1,100 REITs which have filed tax returns. This much higher 1,100 number than the above 200 is no doubt due mainly to the many privately-held REITs and also to the publicly-held REITs with Market Capitalizations of $100 mil or less. And there are also probably some US REITs that are not classified as such in the US Government SEC Classification System.
It wouldn't surprise me if you see both the number and total assets of US REITs continue their rapid ascent. The tax benefit of being a US REIT is just so huge. And the Real Estate assets, including Real Estate Mortgage Investments held by US Businesses, are just so huge.
By creating a US REIT, a Company holding a lot of Real Estate which has appreciated in value will be able to monetize these now hidden assets. It could even sale and leaseback these real estate assets and derive additional future annual earnings from amortizing the Deferred Gain resulting from the Sale-Leaseback transaction with the US REIT.
Also, the IRS definition of qualifying Real Estate Assets of US REITs has grown to be extremely broad to include even such things as Cell Towers, For-Profit Prisons, Storage Facilities, Data Centers, Outdoor Signs, Pipelines, Underground Fiber Cables and many other assets.
Furthermore, if the US Government were to decide to move some of Fannie Mae's and Freddie Mac's massive amounts of Real Estate Mortgage Investments to the private sector, I think it only makes sense that many of them will go to new and existing US REITs because the tax benefits of US REITs are so huge. US REITs avoid the double income taxation of Regular C Corps since if REITs are properly designed, they are not taxed at the Trust level if they distribute as dividends at least 100% of their taxable income in each year.
These 70 new publicly-held US REITs created in the most recent five and a half years with Market Capitalizations above $100 mil each generated an equally-REIT-weighted average market price increase of 18% from the First Day of Trading's Closing Market Price to the most recent July 3, 2014. In addition, these 70 US REITs also generated nice cash dividends, particularly so since in order to retain their tax free status, they must distribute as cash dividends at least 90% of their taxable income in each year.
Generally, the longer these 70 US REITs were outstanding, the higher the average market price increase. For instance, below here are the average market price increases through the most recent July 3, 2014 of the new US REITs created in each of the most recent four and a half years:
- New US REITs created in 2010.....Average Market Price Increase of 52%
- New US REITs created in 2011.....Average Market Price Increase of 25%
- New US REITs created in 2012.....Average Market Price Increase of 13%
- New US REITs created in 2013.....Average Market Price Increase of 9%
- New US REITs created in 1st Half 2014.....Average Market Price Change of 0%
Below here are the stock market prices of each of these 70 US REITs on both July 3, 2014 and on the close of the first day's trading, broken down by the year the US REIT was created:
| 1st Day | |||||||
| Trade | |||||||
| First | 7-3-14 | Closing | |||||
| Trade | Market | Market | % | ||||
| Date | US REIT | HQs | REIT Industry | Price | Price | Change | |
| $ | $ | ||||||
| 2009 New REITs | |||||||
| 12-9-09 | Pebblebrook Hotel Trust | Bethesda | MD | Hotel/Motel | 37.10 | 20.45 | 81% |
| 6-2-09 | Government Properties Income Trust | Newton | MA | Office | 25.24 | 19.47 | 30% |
| 8-11-09 | Starwood Property Trust | Greenwich | CT | Mortgage Investment | 23.13 | 20.00 | 16% |
| 9-24-09 | Colony Financial | Santa Monica | CA | Diversified | 23.03 | 19.66 | 17% |
| 7-30-09 | PennyMac Investment Trust | Moorpark | CA | Mortgage Investment | 22.20 | 19.10 | 16% |
| 6-26-09 | Invesco Mortgage Capital | Atlanta | GA | Mortgage Investment | 17.11 | 19.42 | -12% |
| 9-24-09 | Apollo Commerical Real Estate | New York | NY | Mortgage Investment | 16.41 | 18.50 | -11% |
| 6-12-09 | CYS Investments | Waltham | MA | Mortgage Investment | 8.71 | 11.55 | -25% |
| Average % Change all 8 new REITs in 2009 | 14% | ||||||
| 2010 New REITs | |||||||
| 11-5-10 | Howard Hughes Corp | Dallas | TX | Diversified | 154.74 | 38.00 | 307% |
| 9-23-10 | CoreSite Realty | Denver | CO | Industrial | 33.55 | 16.01 | 110% |
| 1-22-10 | Chesapeake Lodging Trust | Annapolis | MD | Hotel/Motel | 30.04 | 19.00 | 58% |
| 6-24-10 | Hudson Pacific Properties | Los Angeles | CA | Diversified | 25.24 | 17.40 | 45% |
| 12-17-10 | Potlatch | Spokane | WA | Timberland | 41.82 | 32.36 | 29% |
| 8-26-10 | Whitestone REIT | Houston | TX | Diversified | 14.84 | 11.50 | 29% |
| 2-10-10 | Piedmont Office Trust Realty | Johns Creek | GA | Office | 18.70 | 15.60 | 20% |
| 4-16-10 | Chatham Lodging Trust | Palm Beach | FL | Hotel/Motel | 21.85 | 20.50 | 7% |
| 2-10-10 | Terreno Realty | San Francisco | CA | Industrial | 19.25 | 18.65 | 3% |
| 4-23-10 | Excel Trust | San Diego | CA | Retail | 12.96 | 13.30 | -3% |
| 10-14-10 | Campus Crest Communities | Charlotte | NC | Residential | 8.63 | 12.51 | -31% |
| Average % Change all 11 new REITs in 2010 | 52% | ||||||
| 2011 New REITs | |||||||
| 4-15-11 | STAG Industrial | Boston | MA | Industrial | 23.90 | 12.50 | 91% |
| 5-11-11 | RLJ Lodging Trust | Bethesda | MD | Hotel/Motel | 29.05 | 17.68 | 64% |
| 1-13-11 | American Assets Trust | San Diego | CA | Diversified | 34.61 | 21.25 | 63% |
| 12-28-11 | Rouse Properties | New York | NY | Retail | 17.86 | 12.00 | 49% |
| 2-9-11 | Summit Hotel Properties | Austin | TX | Hotel/Motel | 10.66 | 9.69 | 10% |
| 8-4-11 | American Capital Mortgage Investment | Bethesda | MD | Mortgage Investment | 19.57 | 18.41 | 6% |
| 9-7-11 | American Realty Capital Properties | New York | NY | Diversified | 12.42 | 12.75 | -3% |
| 6-30-11 | AG Mortgage Investment Trust | New York | NY | Mortgage Investment | 18.54 | 19.64 | -6% |
| 4-1-11 | Preferred Apartment Communities | Atlanta | GA | Residential | 8.97 | 9.85 | -9% |
| 7-22-11 | Apollo Residential Mortgage | New York | NY | Mortgage Investment | 16.46 | 18.65 | -12% |
| Average % Change all 10 new REITs in 2011 | 25% | ||||||
| 2012 New REITs | |||||||
| 4-5-12 | Retail Properties of America | Oak Brook | IL | Retail | 15.31 | 8.75 | 75% |
| 9-20-12 | Spirit Realty Capital | Scottsdale | AZ | Diversified | 11.27 | 7.87 | 43% |
| 3-7-12 | Select Income REIT | Newton | MA | Diversified | 29.97 | 21.74 | 38% |
| 7-27-12 | AmREIT | Houston | TX | Retail | 18.86 | 14.02 | 35% |
| 6-6-12 | Healthcare Trust of America | Scottsdale | AZ | Healthcare Facilities | 11.91 | 9.92 | 20% |
| 12-14-12 | Silver Bay Realty Trust | Minnetonka | MN | Residential | 16.19 | 18.24 | -11% |
| 5-10-12 | Western Asset Mortgage Capital | Pasadena | CA | Mortgage Investment | 13.83 | 18.80 | -26% |
| 10-3-12 | JAVELIN Mortgage Investment | Vero Beach | FL | Mortgage Investment | 13.85 | 19.60 | -29% |
| 4-26-12 | Ares Commercial Real Estate | Chicago | IL | Mortgage Investment | 12.51 | 18.00 | -31% |
| Average % Change all 9 new REITs in 2012 | 13% | ||||||
| 2013 New REITs | |||||||
| 7-1-13 | Owens Realty Mortgage | Walnut Creek | CA | Diversified | 19.05 | 8.55 | 123% |
| 10-9-13 | QTS Realty Trust | Overland Park | KS | Industrial | 28.98 | 21.00 | 38% |
| 8-1-13 | American Homes 4 Rent | Malibu | CA | Residential | 18.09 | 13.50 | 34% |
| 4-18-13 | Hannon Armstrong Sustainable Infrastructure Capital | Annapolis | MD | Mortgage Investment | 14.59 | 11.40 | 28% |
| 10-2-13 | Empire State Realty Trust | New York | NY | Diversified | 16.55 | 13.10 | 26% |
| 3-21-13 | Aviv REIT | Chicago | IL | Healthcare Facilities | 28.08 | 22.55 | 25% |
| 7-19-13 | Physicians Realty Trust | Milwaukee | WI | Healthcare Facilities | 14.26 | 11.67 | 22% |
| 8-13-13 | Independence Realty Trust | Philadelphia | PA | Residential | 10.13 | 8.45 | 20% |
| 1-18-13 | CyrusOne | Carrollton | TX | Industrial | 24.91 | 21.20 | 18% |
| 10-30-13 | Brixmor Property Group | New York | NY | Retail | 23.20 | 20.40 | 14% |
| 10-10-13 | Columbia Property Trust | Atlanta | GA | Office | 25.68 | 22.60 | 14% |
| 10-3-13 | Cherry Hill Mortgage Investment | Moorestown | NJ | Mortgage Investment | 19.78 | 18.48 | 7% |
| 7-19-13 | Rexford Industrial Realty | Los Angeles | CA | Diversified | 14.27 | 14.04 | 2% |
| 12-12-13 | CatchMark Timber Trust | Norcross | GA | Timberland | 13.56 | 13.50 | 0% |
| 5-2-13 | New Residential Investment | New York | NY | Mortgage Investment | 6.29 | 6.76 | -7% |
| 2-14-13 | Orchid Island Capital | Vero Beach | FL | Mortgage Investment | 13.28 | 14.80 | -10% |
| 5-9-13 | American Residential Properties | Scottsdale | AZ | Residential | 18.37 | 21.00 | -13% |
| 10-14-13 | Gaming and Leisure Properties | Wyomissing | PA | Industrial | 35.56 | 41.20 | -14% |
| 5-1-13 | Ellington Residential Mortgage REIT | Old Greenwich | CT | Mortgage Investment | 16.55 | 19.21 | -14% |
| 5-8-13 | Armada Hoffler Properties | Virginia Beach | VA | Diversified | 9.64 | 11.50 | -16% |
| 11-20-13 | Ashford Hospitality Prime | Dallas | TX | Hotel/Motel | 17.57 | 21.14 | -17% |
| 2-8-13 | ZAIS Financial | Red Bank | NJ | Mortgage Investment | 16.27 | 19.95 | -18% |
| 5-21-13 | Chambers Street Properties | Princeton | NJ | Diversified | 8.02 | 10.00 | -20% |
| 3-22-13 | Five Oaks Investment | New York | NY | Mortgage Investment | 11.25 | 14.50 | -22% |
| Average % Change all 24 new REITs in 2013 | 9% | ||||||
| First Half of 2014 New REITs | |||||||
| 3-28-14 | CBS Outdoor Americas | New York | NY | Industrial | 32.25 | 29.50 | 9% |
| 5-21-14 | BRT Realty Trust | Great Neck | NY | Diversified | 7.37 | 7.07 | 4% |
| 4-7-14 | American Realty Capital Properties Healthcare Trust | New York | NY | Healthcare Facilities | 10.78 | 10.55 | 2% |
| 4-15-14 | New York REIT | New York | NY | Diversified | 10.91 | 10.75 | 1% |
| 3-24-14 | CNL Lifestyle Properties | Orlando | FL | Residential | 5.45 | 5.45 | 0% |
| 6-3-14 | Caretrust REIT | Mission Viejo | CA | Healthcare Facilities | 19.90 | 20.66 | -4% |
| 1-22-14 | Starwood Waypoint Residential Trust | Oakland | CA | Residential | 26.50 | 28.50 | -7% |
| 5-28-14 | Prime Group | Bethesda | MD | Retail | 19.22 | 21.03 | -9% |
| Average % Change all 8 new REITs in First Half of 2014 | 0% | ||||||
| Average % Change all 70 new REITs in 2009-First Half 2014 | 18% | ||||||
Of the 70 US REITs, the largest category at 18 of them was Real Estate Mortgage Investments, but they generated an average market price decline of 8% from the first day of trading's closing market price to the most recent July 3, 2014.
The REIT Industries with the highest average market price appreciation for the short period of time from when they were created to the most recent July 3, 2014 were:
- 15 Diversified REITs, up 44%
- 7 Industrial REITs, up 36%
- 6 Hotel/Motel REITs, up 34%
- 6 Retail REITs, up 27%
- 3 Office REITs, up 21%
- Howard Hughes Corp, up 307%
- Owens Realty Mortgage, up 123%
- CoreSite Realty, up 110%
Below here are these 70 US REITs, sorted alphabetically by REIT Industry:
| 1st Day | |||||||
| Trade | |||||||
| First | 7-3-14 | Closing | |||||
| Trade | Market | Market | % | ||||
| Date | Company | REIT Industry | Price | Price | Change | ||
| $ | $ | ||||||
| Diversified | |||||||
| 11-5-10 | Howard Hughes Corp | Dallas | TX | Diversified | 154.74 | 38.00 | 307% |
| 7-1-13 | Owens Realty Mortgage | Walnut Creek | CA | Diversified | 19.05 | 8.55 | 123% |
| 1-13-11 | American Assets Trust | San Diego | CA | Diversified | 34.61 | 21.25 | 63% |
| 6-24-10 | Hudson Pacific Properties | Los Angeles | CA | Diversified | 25.24 | 17.40 | 45% |
| 9-20-12 | Spirit Realty Capital | Scottsdale | AZ | Diversified | 11.27 | 7.87 | 43% |
| 3-7-12 | Select Income REIT | Newton | MA | Diversified | 29.97 | 21.74 | 38% |
| 8-26-10 | Whitestone REIT | Houston | TX | Diversified | 14.84 | 11.50 | 29% |
| 10-2-13 | Empire State Realty Trust | New York | NY | Diversified | 16.55 | 13.10 | 26% |
| 9-24-09 | Colony Financial | Santa Monica | CA | Diversified | 23.03 | 19.66 | 17% |
| 5-21-14 | BRT Realty Trust | Great Neck | NY | Diversified | 7.37 | 7.07 | 4% |
| 7-19-13 | Rexford Industrial Realty | Los Angeles | CA | Diversified | 14.27 | 14.04 | 2% |
| 4-15-14 | New York REIT | New York | NY | Diversified | 10.91 | 10.75 | 1% |
| 9-7-11 | American Realty Capital Properties | New York | NY | Diversified | 12.42 | 12.75 | -3% |
| 5-8-13 | Armada Hoffler Properties | Virginia Beach | VA | Diversified | 9.64 | 11.50 | -16% |
| 5-21-13 | Chambers Street Properties | Princeton | NJ | Diversified | 8.02 | 10.00 | -20% |
| Average % Change all 15 Diversified REITs | 44% | ||||||
| Healthcare Facilities | |||||||
| 3-21-13 | Aviv REIT | Chicago | IL | Healthcare Facilities | 28.08 | 22.55 | 25% |
| 7-19-13 | Physicians Realty Trust | Milwaukee | WI | Healthcare Facilities | 14.26 | 11.67 | 22% |
| 6-6-12 | Healthcare Trust of America | Scottsdale | AZ | Healthcare Facilities | 11.91 | 9.92 | 20% |
| 4-7-14 | American Realty Capital Properties Healthcare Trust | New York | NY | Healthcare Facilities | 10.78 | 10.55 | 2% |
| 6-3-14 | Caretrust REIT | Mission Viejo | CA | Healthcare Facilities | 19.90 | 20.66 | -4% |
| Average % Change all 5 Healthcare Facilities REITs | 13% | ||||||
| Hotel/Motel | |||||||
| 12-9-09 | Pebblebrook Hotel Trust | Bethesda | MD | Hotel/Motel | 37.10 | 20.45 | 81% |
| 5-11-11 | RLJ Lodging Trust | Bethesda | MD | Hotel/Motel | 29.05 | 17.68 | 64% |
| 1-22-10 | Chesapeake Lodging Trust | Annapolis | MD | Hotel/Motel | 30.04 | 19.00 | 58% |
| 2-9-11 | Summit Hotel Properties | Austin | TX | Hotel/Motel | 10.66 | 9.69 | 10% |
| 4-16-10 | Chatham Lodging Trust | Palm Beach | FL | Hotel/Motel | 21.85 | 20.50 | 7% |
| 11-20-13 | Ashford Hospitality Prime | Dallas | TX | Hotel/Motel | 17.57 | 21.14 | -17% |
| Average % Change all 6 Hotel/Motel REITs | 34% | ||||||
| Industrial | |||||||
| 9-23-10 | CoreSite Realty | Denver | CO | Industrial | 33.55 | 16.01 | 110% |
| 4-15-11 | STAG Industrial | Boston | MA | Industrial | 23.90 | 12.50 | 91% |
| 10-9-13 | QTS Realty Trust | Overland Park | KS | Industrial | 28.98 | 21.00 | 38% |
| 1-18-13 | CyrusOne | Carrollton | TX | Industrial | 24.91 | 21.20 | 18% |
| 3-28-14 | CBS Outdoor Americas | New York | NY | Industrial | 32.25 | 29.50 | 9% |
| 2-10-10 | Terreno Realty | San Francisco | CA | Industrial | 19.25 | 18.65 | 3% |
| 10-14-13 | Gaming and Leisure Properties | Wyomissing | PA | Industrial | 35.56 | 41.20 | -14% |
| Average % Change all 7 Industrial REITs | 36% | ||||||
| Mortgage Investment | |||||||
| 4-18-13 | Hannon Armstrong Sustainable Infrastructure Capital | Annapolis | MD | Mortgage Investment | 14.59 | 11.40 | 28% |
| 7-30-09 | PennyMac Investment Trust | Moorpark | CA | Mortgage Investment | 22.20 | 19.10 | 16% |
| 8-11-09 | Starwood Property Trust | Greenwich | CT | Mortgage Investment | 23.13 | 20.00 | 16% |
| 10-3-13 | Cherry Hill Mortgage Investment | Moorestown | NJ | Mortgage Investment | 19.78 | 18.48 | 7% |
| 8-4-11 | American Capital Mortgage Investment | Bethesda | MD | Mortgage Investment | 19.57 | 18.41 | 6% |
| 6-30-11 | AG Mortgage Investment Trust | New York | NY | Mortgage Investment | 18.54 | 19.64 | -6% |
| 5-2-13 | New Residential Investment | New York | NY | Mortgage Investment | 6.29 | 6.76 | -7% |
| 2-14-13 | Orchid Island Capital | Vero Beach | FL | Mortgage Investment | 13.28 | 14.80 | -10% |
| 9-24-09 | Apollo Commerical Real Estate | New York | NY | Mortgage Investment | 16.41 | 18.50 | -11% |
| 7-22-11 | Apollo Residential Mortgage | New York | NY | Mortgage Investment | 16.46 | 18.65 | -12% |
| 6-26-09 | Invesco Mortgage Capital | Atlanta | GA | Mortgage Investment | 17.11 | 19.42 | -12% |
| 5-1-13 | Ellington Residential Mortgage REIT | Old Greenwich | CT | Mortgage Investment | 16.55 | 19.21 | -14% |
| 2-8-13 | ZAIS Financial | Red Bank | NJ | Mortgage Investment | 16.27 | 19.95 | -18% |
| 3-22-13 | Five Oaks Investment | New York | NY | Mortgage Investment | 11.25 | 14.50 | -22% |
| 6-12-09 | CYS Investments | Waltham | MA | Mortgage Investment | 8.71 | 11.55 | -25% |
| 5-10-12 | Western Asset Mortgage Capital | Pasadena | CA | Mortgage Investment | 13.83 | 18.80 | -26% |
| 10-3-12 | JAVELIN Mortgage Investment | Vero Beach | FL | Mortgage Investment | 13.85 | 19.60 | -29% |
| 4-26-12 | Ares Commercial Real Estate | Chicago | IL | Mortgage Investment | 12.51 | 18.00 | -31% |
| Average % Change all 18 Mortgage Investment REITs | -8% | ||||||
| Office | |||||||
| 6-2-09 | Government Properties Income Trust | Newton | MA | Office | 25.24 | 19.47 | 30% |
| 2-10-10 | Piedmont Office Trust Realty | Johns Creek | GA | Office | 18.70 | 15.60 | 20% |
| 10-10-13 | Columbia Property Trust | Atlanta | GA | Office | 25.68 | 22.60 | 14% |
| Average % Change all 3 Office REITs | 21% | ||||||
| Residential | |||||||
| 8-1-13 | American Homes 4 Rent | Malibu | CA | Residential | 18.09 | 13.50 | 34% |
| 8-13-13 | Independence Realty Trust | Philadelphia | PA | Residential | 10.13 | 8.45 | 20% |
| 3-24-14 | CNL Lifestyle Properties | Orlando | FL | Residential | 5.45 | 5.45 | 0% |
| 1-22-14 | Starwood Waypoint Residential Trust | Oakland | CA | Residential | 26.50 | 28.50 | -7% |
| 4-1-11 | Preferred Apartment Communities | Atlanta | GA | Residential | 8.97 | 9.85 | -9% |
| 12-14-12 | Silver Bay Realty Trust | Minnetonka | MN | Residential | 16.19 | 18.24 | -11% |
| 5-9-13 | American Residential Properties | Scottsdale | AZ | Residential | 18.37 | 21.00 | -13% |
| 10-14-10 | Campus Crest Communities | Charlotte | NC | Residential | 8.63 | 12.51 | -31% |
| Average % Change all 8 Residential REITs | -2% | ||||||
| Retail | |||||||
| 4-5-12 | Retail Properties of America | Oak Brook | IL | Retail | 15.31 | 8.75 | 75% |
| 12-28-11 | Rouse Properties | New York | NY | Retail | 17.86 | 12.00 | 49% |
| 7-27-12 | AmREIT | Houston | TX | Retail | 18.86 | 14.02 | 35% |
| 10-30-13 | Brixmor Property Group | New York | NY | Retail | 23.20 | 20.40 | 14% |
| 4-23-10 | Excel Trust | San Diego | CA | Retail | 12.96 | 13.30 | -3% |
| 5-28-14 | Prime Group | Bethesda | MD | Retail | 19.22 | 21.03 | -9% |
| Average % Change all 6 Retail REITs | 27% | ||||||
| Timberland | |||||||
| 12-17-10 | Potlatch | Spokane | WA | Timberland | 41.82 | 32.36 | 29% |
| 12-12-13 | CatchMark Timber Trust | Norcross | GA | Timberland | 13.56 | 13.50 | 0% |
| Average % Change all 2 Timberland REITs | 15% | ||||||
| Average % Change all 70 new REITs in 2009-First Half 2014 | 18% | ||||||
