Inside the Vault

August 16, 2018

Which AR Global-sponsored nontraded REIT had a book value of equity per share as of June 30, 2018, of $14.35 and a most recent estimated net asset value per share of $20.25?

Answer: Healthcare Trust, Inc., formerly American Realty Capital Healthcare Trust II, Inc.

August 8, 2018

Which four nontraded REITs have very low vulnerability to rising interest rates?

Answer: These four nontraded REITs have very low vulnerability to rising interest rates because they each have less than 10% of debt maturing in 2018 or 2019 and less than 10% of total debt at unhedged variable interest rates as of March 31, 2018: American Realty Capital New York City REIT, Inc.; Highlands REIT, Inc.; Inland…

August 6, 2018

Which three nontraded REITs have 100% of their debt at unhedged variable rates as of March 31, 2018, and over 20% of their debt principal due in 2018 or 2019?

Answer: Benefit Street Partners Realty Trust, Inc., Cole Office & Industrial REIT (CCIT III), Inc., and KBS Strategic Opportunity REIT II, Inc.

August 1, 2018

According to a filing with the SEC, what is the name of a limited partnership in Israel that owns over $100 million in nontraded REIT shares in the United States and recently concluded a tender offer for shares of Cole Office & Industrial REIT (CCIT II), Inc.?

Answer: Comrit Investments Ltd. is a real estate investment fund that was formed in 2015 and currently owns over $100 million in nontraded REIT securities in the United States. On July 30, 2018, the company accepted 56,691 Class A shares that were tendered and following the purchase of all of the tendered shares will own an…

July 25, 2018

Which nontraded REITs have listed a portion of their common shares and delayed the listing of the remaining shares for up to 18 months to reduce potential selling pressure on the first listing date?

Answer: Whitestone REIT in 2012; Inland Western Retail Real Estate Trust, Inc. in 2013; Healthcare Trust of America, Inc. in 2013; Catchmark Timber Trust, Inc. (formerly Wells Timerland REIT, Inc.) in 2015; and American Finance Trust, Inc. in 2018. On July 19, 2018, American Finance Trust, Inc. listed only Class A shares, with Class B-1…

July 19, 2018

What is the median debt ratio for open and closed nontraded REIT programs?

Answer: The median debt ratio for all open nontraded REIT programs as of March 31, 2018, was 39%, compared to a median debt ratio of 45% as of March 31, 2017. The median debt ratio for all closed nontraded REIT programs as of March 31, 2018, was 51%, compared to a median debt ratio of 48%…

July 18, 2018

Of the Interval Funds covered by Blue Vault, which fund reported the highest six-month return for the period ending March 31, 2018?

Answer: Total Income+ Real Estate Fund reported total six-month returns of 4.14% (Class A), 3.75% (Class C), 4.20% (Class I) and 3.83% (Class L), outpacing the remaining Interval Funds covered by Blue Vault.

July 9, 2018

Which Interval Fund covered by Blue Vault has 100% of its portfolio invested in a single asset type?

Answer: Vertical Capital Income Fund invests 100% in residential mortgages. The fund has raised net proceeds of $133.2 million through March 31, 2018.

July 5, 2018

Which three nontraded REITs have the most total assets?

Answer: As of March 31, 2018, among all nontraded REITs, Blackstone Real Estate Income Trust, Inc. had the most total assets at $6.95 billion. Next was Cole Credit Property Trust IV, Inc. at $4.70 billion in total assets. Ranking third in total assets among nontraded REITs was Corporate Property Associates 17 - Global Incorporated at $4.59 billion.