The $5.7 billion REIT, Columbia Property Trust, went public last week, but despite the real estate market's post-2008 recovery, older non-traded real estate investment trusts are still struggling. Jason Kephart writes in a recent article from InvestmentNews that Columbia REIT was filled with supposed Class A properties, and began raising money at the start of the real estate boom in 2004. They went public last week at $22.50 a share, offering long-term investors a liquidity event to exit the fund.
Before its public listing, the REIT had 4-for-1 share split, which put its price around $29 a share, from just over $7.33. So investors who bought in at $10 a share, essentially were offered the opportunity to cash out at a net asset value of around 45% less than the price they paid at their initial purchase. The Columbia REIT has cut its distributions twice since 2009. Investors have lost about 30% since purchasing shares of the REIT in 2009.
If you were an investor who purchased Columbia Property Trust REIT at the recommendation of your broker/dealer who may have told you that it was a safe, low risk investment, and placed a substantial portion of your portfolio in this very risky investment, you may be able to recover your losses. For a free consultation on how to potentially recover your losses, with an attorney, call Soreide Law Group at 888-760-6552.
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