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Monday, 25 July 2011 10:46

Warning: During an IPO, the previous owners are usually attempting to raise capital for expanding the business, cash out their interest for estate planning, or any other myriad of reasons that all result in one thing: a premium price that offers little chance for buying your stake at a discount, and some hiccup in the business could cause the stock price to collapse within a few months or years, giving the value minded investor an opportunity to load-up (Benjamin Graham).





There were 12 IPOs in 2013 that raised USD$4.6bn:

1.       Cryrus One/CONE data centres (Cincinnati Bell/CBB spin-off), raised USD$360m.

2.       Gladstone Land/LAND, the first farmland REIT raised USD$57m.

3.       Aviv/AVIV Chicago offices raised USD304m.

4.       Armada Hoffler Prop/AHH with a diversified office, retail and multi-family portfolio of about 25 properties in the Mid-Atlantic focused on Virginia that raised USD$190m.

5.       American Residential Prop/ARPI is focused on single-family residentials, and raised USD$287m.

6.       Rexford Industrial Realty/REXR is concentrated on California and raised USD$230m.

7.       Physicians Realty/DOC for physicians facilities, hospitals and health care delivery properties, raised USD$135m.

8.       American Homes 4 Rent/AMH is focused on single-family residentials, and raised USD$812m.

9.       Independence Realty/IRT is focused on multi-families, and raised USD$34m.

10.   Empire State Realty/ESRT, owner of about 20 New York offices with approx 5.9m sqft of space, which that includes the Empire State Buildingraised USD$930m.

11.   QTS Realty/QTS data centres raised USD$296m.

12.   Brixmore Property Grp/BRX owns shopping centres (formerly Centro and acquired by Blackstone in 2011 for over USD$9bn), raised $825m.



1.       Extended Stay America/STAY hotels raised USD$565m.

2.       Hilton Worldwide Hldgs/HLT raised USD$2.6bn.

3.       Cole Real Estate Inv/COLE (formerly the private non-traded Cole Credit Property Trust III), raised USD$4.7bn, a few months before being merged with America Realty Capital / ARC Properties/ARCP in a USD$11.2bn deal making the largest net lease REIT worth USD$21.5bn.

4.       Chambers Street Grp/CSG is focused on big-box industrials with a portfolio of approx 130 properties with around 35m sqft of space (25m sqf of industrials & 10m sqft of offices),with a handful in the UK and Germany, worth about USD$3.3bn, raised USD$608m.

5.       Columbia Prop/CXP (formerly Wells REIT II), invests in offices in primary US cities with a portfolio of approx 80 properties nationwide with around 21m sqft worth about USD$5.7bn which raised an undisclosed amount at IPO.

6.       Gaming and Leisure Properties Inc/GLPI spun-off Penn National Gaming/PENN with about 20 casinos, raising approx USD$300m.




Potentials IPOs:

1.       Red Lobster

2.       Sears/SHLD

3.       JC Penney/JCP

4.       Lamar Advertising/LAMR

5.       Iron Mountain/IRM

6.       CBS Outdoor Advertising

7.       Equinix/EQIX



Potentials IPOs:

1.       Keppel Telecommunications & Transportation/KPTT data-centres & logistics to become a REIT and raise approx S$500m at IPO.




Last Updated on Tuesday, 18 March 2014 05:19