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Why Public REITs Are Going Private

Published Thursday, December 01, 2005

During the early 1990s, private real estate companies with large portfolios rushed to become public real estate investment trusts. Now the pendulum has swung. In the past two years alone, eight public REITs have sold to private investors. Recent transactions include Gables Residential Trust, which was sold to ING Clarion for $2.8 billion, and Prime Group Realty Trust, which went to Lightstone Group for $900 million. “The market moves through cycles. Sometimes it makes sense to go public, but right now there are incentives to go private,” says Mike Acton, director of research for Boston-based AEW Capital Management, ...

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