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URL:  http://boards.fool.com/revised-reit-common-share-dilution-29175398.aspx

Subject:  Revised REIT common share dilution Date:  3/16/2011  2:25 PM
Author:  yodaorange Number:  67868 of 77724

*****************Revised 3/16/11*********************
Corrected Q4, 2007 Shares outstanding data

Last week a question came up about "Net Payout Yield" (NPY) and whether it was 
a useful metric to evaluate REIT commons with. One of the tenets of NPY is
that it includes a calculation for share repurchases that were common
amongst "growth" stocks. I suspected that share repurchases were NOT
common amongst REITS, particularly during the last few years. Many REITS
have done secondary offerings to raise more capital. 

I decided to get the facts. I compared the number of outstanding REIT 
common shares at the end of Q4 2007 to the number of shares outstanding 
at the end of Q3 2010. The goal was to capture any dilution that occurred 
during the credit crisis and subsequent recovery. (For the sake of argument, 
I will avoid debating whether the secondary diluted FFO/share or not.)

I was concerned about the numbers in my database, so I did a second look
at all companies, specifically looking for stock splits. I found 7 
REIT commons that had stock splits since 2007. In all of those cases,
it appears that the share statistics are properly adjusted for the splits.
Stated differently, the data quality looks good.

Here is the summary:

Number of companies that increased shares >=5.0%	121

Number of companies that kept number of shares
flat (>-5.0 to <5.0)					29

Number of companies that reduced shares <=-5.0%		11


By these numbers, 121/161 or 75% of REIT commons DILUTED
their shareholders. 

As Xot noted last week, the champion for reducing the number
of shares was Ashford Hospitality (AHT) which did a share
buyback.

BOTTOM LINE is that as a class, REIT share count only
goes one direction: UP!!!!

Note on the data: While I think the data is correct,
I did not go and individually verify all of the numbers.
If you want to use this data to assist in buy/sell decisions,
you should check the data on those specific REITS to make
sure it is correct.

Thanks,

Yodaorange 


company				ticker	Q4 2007 Q3 2010  Percent 
					Shares	Shares	 Increase	
							 in Shares


New York Mortgage Trust, Inc.	NYMT	1.81	9.43	421.0%	SPLIT
Hatteras Financial Corp.	HTS	8.37	38.77	363.2%	
Cogdell Spencer Inc.		CSA	11.06	50.08	352.8%	
Hersha Hospitality Trust	HT	40.72	138.64	240.5%	
MFA Financial, Inc.		MFA	90.61	281.18	210.3%	
Capstead Mortgage Corporation	CMO	22.95	70.13	205.6%	
Redwood Trust, Inc.		RWT	27.93	77.9	178.9%	
Anworth Mortgage Asset Corpora	ANH	46.48	117.92	153.7%	
American Campus Communities, I	ACC	24.19	59.17	144.6%	
Medical Properties Trust, Inc.	MPW	47.77	110.05	130.4%	
Two Harbors Investment Corp	TWO	11.6	26.07	124.7%	
Deerfield Capital Corp.		DFR	5.16	11.4	120.9%	SPLIT
Kite Realty Group Trust		KRG	28.91	63.29	118.9%	
Glimcher Realty Trust		GRT	37.34	79.97	114.2%	
Resource Capital Corp.	R	SO	24.61	52.27	112.4%	
CBL & Associates Properties, I	CBL	65.69	137.37	109.1%	
Developers Diversified Realty	DDR	120.88	249.14	106.1%	
Annaly Capital Management, Inc	NLY	297.49	611.9	105.7%	
Pacific Office Properties Trus	PCE	0.19	0.39	105.3%	
Strategic Hotels & Resorts Inc	BEE	75.08	151.64	102.0%	
Education Realty Trust, Inc.	EDR	28.1	56.36	100.6%	
Lexington Realty Trust		LXP	64.91	126.54	94.9%	
Cousins Properties Inc		CUZ	51.86	100.12	93.1%	
Associated Estates Realty Corp	AEC	16.87	31.91	89.2%	
Government Properties Income T	GOV	19.95	36.37	82.3%	
Ramco-Gershenson Properties Tr	RPT	17.85	32.44	81.7%	
LaSalle Hotel Properties	LHO	39.85	71.25	78.8%	
Gramercy Capital Corp.		GKK	27.97	49.92	78.5%	
ProLogis			PLD	256.87	446.05	73.6%	
BioMed Realty Trust, Inc.	BMR	65.3	112.91	72.9%	
Entertainment Properties Trust	EPR	26.93	46.51	72.7%	
AMB Property Corporation	AMB	97.19	167	71.8%	
Alexandria Real Estate Equitie	ARE	29.67	49.81	67.9%	
CapitalSource, Inc.		CSE	191.7	321.07	67.5%	
DuPont Fabros Technology, Inc.	DFT	35.38	58.74	66.0%	
Sunstone Hotel Investors, Inc	SHO	59	97.25	64.8%	
Macerich Company, The		MAC	79.33	130.21	64.1%	
DiamondRock Hospitality Compan	DRH	94.2	154.59	64.1%	
Winthrop Realty Trust		FUR	13.17	21.41	62.6%	
Duke Realty Corporation		DRE	139.26	225.71	62.1%	
Kilroy Realty Corporation	KRC	32.38	52.27	61.4%	
Kimco Realty Corporation	KIM	252.13	405.85	61.0%	
Colonial Properties Trust	CLP	46.36	74.41	60.5%	
U-Store-It Trust		YSI	57.5	91.5	59.1%	
Health Care REIT, Inc.		HCN	78.86	123.02	56.0%	
First Potomac Realty Trust	FPO	24.05	37.27	55.0%	
Monmouth R.E. Inv. Corp.	MNR	21.05	32.58	54.8%	
Senior Housing Properties Trus	SNH	83.17	127.42	53.2%	
Retail Opportunity Investments	ROIC	27.2	41.57	52.8%	
Cedar Shopping Centers Inc	CDR	44.19	65.84	49.0%	
HCP, Inc.			HCP	207.92	309.45	48.8%	
Investors Real Estate Trust	IRET	53.06	78.65	48.2%	
Brandywine Realty Trust		BDN	87.27	129.07	47.9%	
Omega Healthcare Investors, In	OHI	65.86	95.7	45.3%	
Digital Realty Trust, Inc.	DLR	60.53	87.91	45.2%	
Weyerhaeuser Company		WY	559.44	809.6	44.7%	
First Industrial Realty Trust,	FR	44.09	63.1	43.1%	
Dynex Capital, Inc.		DX	12.14	17.23	41.9%	
Weingarten Realty Investors	WRI	85.5	119.98	40.3%	
MHI Hospitality Corporation	MDH	6.84	9.54	39.5%	
Parkway Properties, Inc.	PKY	15.48	21.44	38.5%	
Washington Real Estate Investm	WRE	45.91	62.89	37.0%	
CapLease, Inc.			LSE	40.74	55.1	35.2%	
Extra Space Storage, Inc.	EXR	64.9	87.48	34.8%	
Arbor Realty Trust, Inc.	ABR	19.02	25.48	34.0%	
BRT Realty Trust		BRT	10.52	14.08	33.8%	
SL Green Realty Corp.		SLG	58.74	78.23	33.2%	
Walter Investment Management C	WAC	19.87	26.37	32.7%	SPLIT
Hospitality Properties Trust	HPT	93.11	123.4	32.5%	
Inland Real Estate Corporation	IRC	65.28	85.79	31.4%	
Simon Property Group, Inc	SPG	223	292.83	31.3%	
Healthcare Realty Trust Incorp	HR	47.54	62.37	31.2%	
Sovran Self Storage, Inc.	SSS	20.96	27.49	31.2%	
Tanger Factory Outlet Centers	SKT	61.64	80.23	30.2%	SPLIT
Nationwide Health Properties I	NHP	90.63	117.4	29.5%	
Ventas, Inc.			VTR	122.6	156.63	27.8%	
Capital Trust, Inc.		CT	17.57	22.39	27.4%	
Equity Lifestyle Properties, I	ELS	24.09	30.62	27.1%	
Equity One, Inc.		EQY	73.09	92.18	26.1%	
Corporate Office Properties Tr	OFC	46.53	58.66	26.1%	
Highwoods Properties, Inc.	HIW	56.93	71.63	25.8%	
Host Hotels & Resorts, Inc.	HST	522.1	654.5	25.4%	
Agree Realty Corporation	ADC	7.65	9.58	25.2%	
Pennsylvania R.E.I.T.		PEI	37.58	47.06	25.2%	
National Retail Properties, In	NNN	66.15	82.53	24.8%	
Northstar Realty Finance Corp.	NRF	61.51	75.54	22.8%	
DCT Industrial Trust Inc.	DCT	168.36	206.1	22.4%	
Apartment Investment and Manag	AIV	95.11	116.06	22.0%	
Liberty Property Trust		LRY	91.2	111.05	21.8%	
UMH Properties, Inc		UMH	10.54	12.8	21.4%	
Essex Property Trust, Inc.	ESS	24.55	29.69	20.9%	
Newcastle Investment Corp.	NCT	51.37	62.02	20.7%	
BRE Properties, Inc.		BRE	50.74	60.46	19.2%	
Vornado Realty Trust		VNO	153.13	182.46	19.2%	
Acadia Realty Trust		AKR	33.6	40.02	19.1%	
RAIT Financial Trust		RAS	61.4	72.9	18.7%	
Mack-Cali Realty Corp.		CLI	67.03	79.3	18.3%	
Regency Centers Corporation	REG	68.95	81.52	18.2%	
Boston Properties, Inc.		BXP	118.84	138.78	16.8%	
Mid-America Apartment		MAA	25.3	29.54	16.8%	
CommonWealth REIT		CWH	53.59	62.22	16.1%	SPLIT
PS Business Parks, Inc.		PSB	21.31	24.46	14.8%	
Camden Property Trust		CPT	58.14	66.5	14.4%	
One Liberty Properties, Inc.	OLP	10.07	11.48	14.0%	
EastGroup Properties Inc.	EGP	23.56	26.76	13.6%	
Supertel Hospitality Inc.	SPPR	20.2	22.88	13.3%	
Home Properties, Inc.		HME	33.13	37.36	12.8%	
UDR, Inc.			UDR	134.02	150.97	12.6%	
Franklin Street Properties Cor	FSP	70.65	79.47	12.5%	
American Realty Investors, Inc	ARL	10.23	11.49	12.3%	
Mission West Properties, Inc.	MSW	19.63	21.98	12.0%	
Post Properties, Inc.		PPS	43.49	48.54	11.6%	
Douglas Emmett, Inc.		DEI	112.65	123.08	9.3%	
Federal Realty Inv. Trust	FRT	56.11	61.22	9.1%	
AvalonBay Communities, Inc.	AVB	78.68	84.97	8.0%	
Sun Communities, Inc.		SUI	17.94	19.32	7.7%	
Roberts Realty Investors, Inc.	RPI	9.56	10.28	7.5%	
Piedmont Office Realty Trust,	PDM	160.7	172.66	7.4%	
LTC Properties, Inc.		LTC	23.22	24.93	7.4%	
FelCor Lodging Trust Incorpora	FCH	61.6	65.73	6.7%	
American Spectrum Realty, Inc.	AQQ	2.75	2.93	6.5%	SPLIT



Getty Realty Corp.		GTY	24.77	25.96	4.8%	
MPG Office Trust, Inc.		MPG	46.75	48.87	4.5%	
Universal Health Realty Income	UHT	11.82	12.32	4.2%	
Saul Centers, Inc.		BFS	17.59	18.32	4.2%	
Rayonier Inc.			RYN	77.57	80.26	3.5%	
Taubman Centers, Inc.		TCO	52.97	54.68	3.2%	
First Real Estate Investment T	FREVS	6.75	6.94	2.8%	
W. P. Carey & Co. LLC		WPC	38.11	39.18	2.8%	
Origen Financial, Inc.		ORGN	25.32	25.93	2.4%	
Transcontinental Realty Invest	TCI	7.95	8.11	2.0%	
IMPAC Mortgage Holdings, Inc	IMH	7.61	7.76	2.0%	
Alexander's, Inc.		ALX	5.04	5.11	1.4%	
Potlatch Corporation		PCH	39.47	40	1.3%	
Urstadt Biddle Properties Inc.	UBA	25.26	25.51	1.0%	
Gyrodyne Company of America, I	GYRO	1.28	1.29	0.8%	
Equity Residential		EQR	279.41	279.86	0.2%	
NovaStar Financial Inc.		NOVS	9.33	9.34	0.1%	
HMG/Courtland Properties	HMG	1.02	1.02	0.0%	
Income Opportunity Realty Inve	IOT	4.17	4.17	0.0%	
NTS Realty Holdings LP		NLP	10.67	10.67	0.0%	
Pittsburgh & West Virginia Rai	PW	1.51	1.51	0.0%	
Blue Ridge Real Estate Co	BLRGZ	2.45	2.45	0.0%	
Gladstone Commercial Corporati	GOOD	8.57	8.56	-0.1%	
Public Storage			PSA	169.34	169.01	-0.2%	
Realty Income Corp		O	100.2	99.99	-0.2%	
National Health Investors Inc	NHI	27.7	27.64	-0.2%	
Excel Trust, Inc.		EXL	15.6	15.51	-0.6%	
PMC Commercial Trust		PCC	10.76	10.56	-1.9%	
Hudson Pacific Properties Inc	HPP	22.91	21.95	-4.2%	



Vestin Realty Mortgage I Inc.	VRTA	6.87	6.47	-5.8%	
Boardwalk REIT (USA)		BOWFF	56.25	52.58	-6.5%	
InnSuites Hospitality Trust	IHT	9.19	8.57	-6.7%	
Plum Creek Timber Co. Inc.	PCL	174.5	161.6	-7.4%	
Eastern Light Capital, Incorpo	ELC	0.38	0.35	-7.9%	
Care Investment Trust Inc.	CVTR	20.87	18.9	-9.4%	
Vestin Realty Mortgage II, Inc	VRTB	14.91	13.43	-9.9%	SPLIT
Maxus Realty Trust, Inc.	MRTI	1.4	1.23	-12.1%	
Presidential Realty Corporatio	PDL.B	3.9	3.39	-13.1%	
iStar Financial Inc.		SFI	126.8	94.17	-25.7%	
Ashford Hospitality Trust, Inc	AHT	105.79	50.91	-51.9%	

Anthracite Capital Inc.		ACPIQ	NA	NA	NA	
American Capital Agency Corp.	AGNC	NA	35.5	NA	
American Mortgage Acceptance C	AMOAQ	NA	NA	NA	
Apollo Commercial Real Est. Fi	ARI	NA	11.33	NA	
Chimera Investment Corporation	CIM	37.4	883.15	NA	
Chatham Lodging Trust		CLDT	NA	NA	NA	
Colony Financial, Inc.		CLNY	NA	14.63	NA	
CoreSite Realty Corp		COR	NA	19.46	NA	
Crexus Investment Corp		CXS	NA	18.12	NA	
ECC Capital Corporation	E	CRO	NA	NA	NA	
Horizon Group Properties, Inc.	HGPI	NA	NA	NA	
Invesco Mortgage Capital Inc	IVR	NA	26.05	NA	
Pebblebrook Hotel Trust	P	EB	NA	34.07	NA	
PennyMac Mortgage Investment T	PMT	NA	16.8	NA	
Royal Invest International Cor	RIIC	9.67	150.21	NA	
Starwood Property Trust, Inc.	STWD	NA	47.84	NA	
FFP Partners, L.P.		XXFPL	NA	NA	NA

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