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Displaying 11-20 out of 30 results for "non-traded REITs".

Equipment Leasing DPPs

(Nov 2014)

We've written extensively about the evils of non-traded REITs. You can read through our other non-traded REIT blog posts. As bad as non-traded REITs are - and they're so bad no one should ever buy one - registered, non-traded Equipment Leasing Direct Participation Programs (DPPs) are worse.

Examples of equipment leasing DPPs include the series of LEAF and ICON trusts we discuss below. Equipment leasing DPPs provide a stark illustration of the DPP deceit which infects non-traded REITs,...

Monogram Residential Trust's Proposed Listing is Further Evidence That Even the Non-Traded REITs Winners Are Losers

(Sep 2014)

The non-traded REIT, Monogram Residential Trust, rebranded from the Behringer Harvard Multifamily REIT I this April, is "exploring a potential listing on a national securities exchange", Monogram's CEO Mark Alfieri wrote in a letter to investors last month. Monogram's managers and senior advisors are optimistic that such a liquidity event will "maximize shareholder value". They claim that the REIT's main problem has been a lack of monetization. We disagree.

We have analyzed all of Monogram's...

United Development Funding IV Left Investors $34.8 Million Worse Off

(Jun 2014)

On Wednesday last week, another non-traded REIT listed on a public exchange. United Development Funding IV (ticker: UDF), which sold as a non-traded REIT for $20 per share, closed its first day of trading on the NASDAQ at $19.60. As we have argued extensively in the past, we think that non-traded REITs are a very bad deal for investors, and UDF IV was no exception.

We have gone through all of UDF IV's SEC filings and applied the gross proceeds, distributions, and other cash flows to a liquid,...

Non-traded REITs' Annualized Returns Were 4.82% Compared to Traded REITs' 10.44%.

(May 2014)

We have posted previously about how non-traded REITs which have had "liquidity events" have destroyed $27.7 billion in investor wealth compared to traded REITS. See our other blog posts on Non-Traded REITs. In this post, we calculate that the 27 non-traded REITs we discussed in prior posts have an internal rate of return (IRR) of 4.82%, which is 5.62 percentage points lower than the 10.44% IRR of a liquid, diversified REIT mutual fund over the same time period, with the same cash flows.

To...

How is NYRT Doing?

(May 2014)

We've posted extensively about the evils of non-traded REITs. You can find those previous posts on our blog. Two weeks ago we posted the summary results of our investigation into the performance of 27 non-traded REITs which had had a liquidity event by December 31, 2013. We found that investors are $27.7 billion worse as a result of investing in these 27 REITs rather than investing in a diversified portfolio of traded REITs. To learn more, read our blog post titled "Retail Investors Have...

This is How We Determined Investors Lost $27.7 Billion Investing in Non-Traded REITs

(Apr 2014)

Earlier this week we posted the summary results of our investigation into the performance of 27 non-traded REITs which had had a liquidity event by December 31, 2013. We found that investors are $27.7 billion worse as a result of investing in these 27 REITs rather than investing in a diversified portfolio of traded REITs. The post titled "Retail Investors Have Lost at Least $27.7 billion as a Result of Non-Traded REITs" is available on our blog.

Figuring out this $27.7 billion shortfall...

Retail Investors Have Lost at Least $27.7 billion as a Result of Non-Traded REITs

(Apr 2014)

As part of our effort to help investors avoid non-traded REITs, we have written over 25 blog posts on this defective investment type. We have noted in our research that because of high costs, illiquidity, lack of transparency and conflicts of interest, non-traded REITs should underperform liquid, low-cost traded REITs. A number of our blog posts including our post on the early trading in NYRT last week, titled "NYRT's Listing is More Evidence That Even the Non-Traded REITs Winners Are...

NYRT's Listing is More Evidence That Even the Non-Traded REITs Winners Are Losers

(Apr 2014)

The non-traded REIT, American Realty Capital New York Recovery REIT, Inc., renamed New York REIT, became a listed REIT this week. It opened at $10.70 and closed at $10.75 on April 15, 2014. Yesterday, April 16, 2014, it closed at $10.55 and today it closed at $10.62. We've posted extensively about the evils of non-traded REITs. You can find our previous blog posts on Non-Traded REITs to learn more.

The April 16, 2014 Wall Street Journal's "New York REIT Starts Fast" quotes Nicholas Schorsch...

The Inland Group's Non-Traded REITs Destroyed $11.9 Billion of Investor Wealth

(Feb 2014)

Last week we wrote about how investors in a non-traded REIT, Inland Diversified Real Estate Trust, had lost $200 million compared to traded REITs even though it announced a merger with a traded REIT, covered in our blog post"More Non-Traded REIT Carnage: Inland Diversified's Investors Have Lost 40%, Not Gained 31%".

Continuing our blog posts and working papers on non-traded REITs, today we report on how investors fared in five non-traded REITs sponsored by affiliates of The Inland Real...

More Non-Traded REIT Carnage: Inland Diversified's Investors Have Lost 40%, Not Gained 31%

(Feb 2014)

As we have explained in several blog posts and working papers, non-traded REITs are illiquid, poorly diversified real estate investments that destroy investor's wealth compared to liquid, diversified real estate investments.

Inland Diversified Real Estate Trust, Inc. ("Inland Diversified") is a non-traded REIT that invests in retail properties, office properties, industrial properties, and multi-family properties. Yesterday, Inland Diversified announced that it was merging with Kite Realty...

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