Inside the Vault

June 17, 2020

Nontraded REIT capital raise totaled approximately $3.64 billion in the fourth quarter of 2019. How does this capital raise total compare to the amount raised in the third quarter of 2019?

Answer: Capital raise for the industry increased from $3.24 billion in the third quarter of 2019 to $3.64 billion in the fourth quarter of 2019, an increase of...

June 16, 2020

Of the 28 listed REITs that track the value of previously nontraded REITs that have had full-cycle events via mergers with listed firms or have listed themselves, which listed REIT is the only one to have had a share price increase from June 12, 2019 to June 12, 2020?

Answer: Prologis, a listed REIT that acquired DCT Industrial Trust, Inc. in 2006 for 1.02 shares of Prologis for each share of DCT Industrial Trust, a nontraded...

June 2, 2020

Which nontraded REIT has by far the most AUM and recently announced that their annual stockholders meeting will be held virtually due to the COVID-19 pandemic?

Answer: Blackstone Real Estate Income Trust, Inc. (“BREIT”) announced on May 22 that its 2020 Annual Meeting of Stockholders will be held as a virtual-only meeting...

May 27, 2020

In which quarter did the total assets of open nontraded REITs for the first time exceed the total assets of closed nontraded REIT programs?

Answer: In Q4 2019 the total assets of open nontraded REIT programs of $52.8 billion exceeded the total assets of closed nontraded REIT programs of...

May 19, 2020

What are some of the asset types that were mentioned as particularly recession-resistant in presentations at the Blue Vault Bowman Alts Week 2020?

Answer: The following asset types were presented as particularly recession-resistant: self-storage, necessity retail, and...

May 13, 2020

Which two trends already taking place in their businesses were mentioned by virtually all asset managers as having been accelerated by the COVID-19 crisis?

Answer: Two trends that have been accelerated by the COVID-19 crisis that all asset managers discussed: 1) technology to make alts investment processes more...

April 28, 2020

How many alts industry professionals are registered for Alts Week as of April 28?

Answer: There are currently 321 attendees registered for Alts Week. Alts Week will be held virtually, May 4-8. All industry professionals are encouraged to attend.

April 22, 2020

The nontraded BDC industry raised approximately $582 million in gross offering proceeds in 2019. What percentage of these offering proceeds came from Owl Rock Capital Corporation II?

Answer: Owl Rock Capital Corporation II raised approximately $534.5 million in 2019, representing approximately 91.8% of the total industry capital raise...

April 14, 2020

Which type of fee charged by nontraded REIT sponsors has the most important impact on shareholder returns over the life of the REIT?

Answer: The asset management fee charged annually by nontraded REIT sponsors has by far the most important impact on shareholder returns. While upfront loads are important...