According to MTS Research Advisors, non-listed REITs acquired over $8 billion worth of commercial real estate (CRE) properties during the fourth quarter of 2013. Property types included medical offices, net lease retail, hotels, apartments, office buildings, and retail shopping centers.
For the year, non-listed REITs amassed a record of over $23 billion in core CRE assets. The analysts from MTS anticipate another active year due to large cash balances and recycled capital from several expected liquidity events.
One of those liquidity events was the listing of American Realty Capital New York Recovery REIT, which listed on the NYSE April 15th and is now known as New York REIT, Inc. (NYSE: “NYRT”). This REIT happens to have been the most active during Q4 of 2013 with over $1.3 billion in acquisitions.
For the top ten acquirers, see the chart below.
|Acquisitions ($ in millions)||4Q 2013||FY 2013|
|American Realty Capital NY Recovery REIT||1,337||1,760|
|Cole Corporate Income Trust||847||2,054|
|Griffin Capital Essential REIT||608||851|
|Cole Credit Property Trust IV||582||1,655|
|Griffin-American Healthcare REIT||555||1,461|
|KBS Real Estate Investment Trust III||547||951|
|Steadfast Income REIT||398||946|
|Inland American Real Estate Trust||384||1,216|
|Phillips Edison – ARC Shopping Center REIT||367||913|
|CNL Healthcare Properties||343||737|
|Other Non-Listed REITs||3,821||11,100|
|Total – All Non-Listed REITs||8,452||23,644|
This information is reprinted with permission from MTS Research Advisors.