Non-Traded Public REITs

REITs, or Real Estate Investment Trusts, were created by Congress in 1960 to allow average investors the opportunity to invest in large-scale, income-producing real estate. To qualify as a REIT and enjoy preferential tax treatment from the IRS, a REIT must annually distribute at least 90% of its taxable income in dividends to its shareholders. In other words, REITs "pass through" most of their income directly to shareholders and in turn, pay no taxes on this income at the REIT level. In the same way shareholders benefit by owning stocks of other corporations, shareholders of REITs earn a pro-rata share of the income produced through ownership of real estate.

A REIT is a company that owns and operates income-producing real estate such as office buildings, apartments, shopping centers, hotels, and warehouses. Many of these REITs are public companies and listed on national stock exchanges (NYSE, AMEX, NASDAQ), while others are not publicly listed and are referred to as "non-traded" public REITs.

Since the year 2000, more than 2 million investors have purchased upwards of $80 billion in non-traded public REIT shares. These REITs in turn have purchased billions of dollars of income-producing real estate for their shareholders.

Non-traded public REITs are intended to be long-term investments and shareholders are advised in advance that REIT shares have limited liquidity. Given the large number of shareholders of non-traded public REITs, some shareholders will at some point need to liquidate their REIT holdings. REITbid helps these shareholders sell their shares in an effective and efficient manner.

The list to the right identifies a number of the largest non-traded public REITs. For each REIT listed, REITbid has created a REIT Profile containing information for buyers and sellers to consider:

  1. Share value information, including
    1. Original Share Price
    2. Book Value per share (most recently published Shareholders' Equity divided by number of Shares)
    3. Recent Secondary Market Trading Prices
    4. Net Asset Value ("NAV"), if disclosed by the REIT
  2. Historic Dividends
  3. Historic Funds From Operations ("FFO"), reflecting the REIT's historic cash flow

From this information, buyers and sellers can determine how shares are being valued by the REIT if the NAV is provided, and by the secondary market if past secondary market trading has occurred. They can also determine historic dividend yields and to what degree dividends have been covered by the REIT's cash flow (FFO).

Non-Traded REITS

Public REITs

  • AEI Capital Corporation LPs
  • American Realty Capital Healthcare Trust
  • American Realty Capital New York Recovery REIT
  • American Tax Credit Properties LPs
  • Apartment Trust of America
  • Apple REITs Nine - Ten
  • Behringer Harvard REIT I
  • Behringer Harvard Opportunity REIT I, II
  • Boston Capital LPs
  • Capital Realty Investors LPs
  • Carey Watermark Investors
  • Carter Validus Mission Critical REIT
  • CB Richard Ellis Realty Trust
  • Century Properties LPs
  • CNL Healthcare Trust
  • CNL Lifestyle Properties
  • Cornerstone Core Properties REIT
  • Del Taco Restaurant Properties I, II, III, IV
  • DiVall LPs
  • Dividend Capital Diversified Property Fund
  • DSI Realty LPs
  • Global Growth Trust
  • Global Income Trust
  • Griffin Capital Net Lease REIT
  • Griffin-American Healthcare REIT II
  • Hines Global REIT
  • Hines REIT
  • Independence Tax Credit LPs
  • Industrial Income Trust
  • INREIT Real Estate Investment Trust
  • InvenTrust Properties
  • KBS Legacy Partners Apartment REIT
  • KBS Real Estate Investment Trust I, II, III
  • KBS Strategic Opportunity REIT
  • Lightstone Value Plus REIT I, II
  • National Tax Credit LPs
  • Nexregen Real Estate Investment Trust I
  • NorthStar Real Estate Income Trust
  • Rancon Realty LPs
  • Realmark Property Investors LPs
  • Resource Real Estate Opportunity REIT
  • Retail Properties of America
  • Sentio Healthcare Properties
  • Steadfast Income REIT
  • Strategic Storage Trust
  • TNP Strategic Retail Trust
  • Uniprop LPs
  • United Development Funding IV
  • Wells Core Office Income REI
  • WNC Housing Tax Credit LPs