MAY 5, 2014

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Three U.S. REITs raise a combined $747m in 2014 IPOs

by Reg Clodfelter

To date, three U.S. REITs have gone public in 2014, matching the number of IPOs at this time last year and raising a combined $747.2 million, according to data from SNL Real Estate. Two of the three newly minted REITs are targeting specialty property sectors, including billboards and farmland.

The capital haul was led by CBS Outdoor Americas, which was not only the first REIT to complete its IPO in 2014, on March 27, but also the largest, raising $644 million — approximately 86 percent of the capital raised from the three IPOs. Furthermore, CBS Outdoor, which leases outdoor advertising sites and structures, was the only one of the three REITs that outperformed the SNL US REIT Equity Index, besting it by 4 percentage points by posting a total return of 7.18 percent between the close of its IPO and April 25.

Of the three REITs, none struggled m

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