Jim Eccleston: Columbia Property Trust IPO Struggles | Investors
Columbia Property Trust (“Columbia Property”), formerly a non-traded REIT, went public recently, and the results were not good for investors. Despite the post-2008 recovery, older non-traded real estate investment trusts still are struggling with debt, high offering and operating expenses and the aftermath of the real estate downturn.
Columbia Property is a $5.7 billion REIT that, since 2004, has purchased so-called Class A properties. This “liquidity event," after reverse splits along the way, is netting investors a 45% loss on their initial investment (plus distributions, which Columbia Property has cut twice since 2009).
By comparison, public REITs, as measured by the iShares U.S. Real Estate ETF (IYR), has more than doubled in price over the past several years.
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