Health Care Property
Investors
Los Angeles, Calif.
($ millions)
Current market cap899
Starting market cap100
Year it went public1985
Type of REITHealth care
Health Care Property Investors has not done any director placements or joint ventures. "The opportunity hasn't cropped up," said James Reynolds, chief financial officer. The company raises money in debt offerings with insurance companies and from mutual funds, Mr. Reynolds said.
Pension fund investors in the common stock: California State Teachers' Retirement System, Teacher Retirement System of Texas, IBM Corp. and TIAA.
Health and Retirement
Properties Trust
Newton, Mass.
($ millions)
Current market cap1,130
Starting market cap63
ear it went public1986
Type of REITHealth care
Health and Retirement Propeties Trust hasn't done a direct equity placement or co-invested with a pension fund, said David Hegarty, president. "We would, but we have never come across the situation," Mr. Hegarty said about placing stock directly with a pension fund.
Pension fund investors in the common stock: Atlantic Richfield Co., California State Teachers' Retirement System, Howard Hughes Medical Institute, IBM Corp. and University of Delaware endowment.
Kimco Realty Corp.
New Hyde Park, N.Y.
($ millions)
Current market cap969
Starting market cap275
Year it went public1991
Type of REITCommunity shopping centers
Kimco Realty Corp. has not done any direct placements, but is interested in exploring joint ventures with pension funds, said Milton Cooper, chairman.
Pension fund investors in the common stock: Florida State Board of Administration, University of Texas Systems, California State Teachers' Retirement System, New York State Teachers' Retirement System and IBM Corp.
Meditrust
Needham, Mass.
($ millions)
Current market cap1,966
Starting market cap23
Year it went public1985
Type of REITHealth care
Lisa McAlister, chief financial officer, said Meditrust never has had a direct placement or joint venture with a pension fund.
Pension fund investors in the common stock: California State Teachers' Retirement System, Teachers Insurance Annuity Association-College Retirement Equities Fund, Kentucky Teachers' Retirement System, IBM Corp. and the University of Texas Systems.
Merry Land & Investment Co.
Augusta, Ga.
($ millions)
Current market cap736
Starting market cap60
Year it went public1987
Type of REITApartments
Merry Land & Investment Co. was spun off from a public brick manufacturer called Merry Co. Inc. in 1981, said Peter Knox, chairman. Merry Land became a REIT in 1987.
The company executed a direct placement with J.P. Morgan Investments that might have included pension funds, said Mr. Knox. The company has not done any joint ventures. "That is not to say we won't consider it," Mr. Knox said. "To this point we haven't done it."
Pension fund investors in the common stock: California State Teachers' Retirement System, College Retirement Equities Fund, Colorado Public Employees' Retirement Association, General Motors Investment Management Corp., IBM Corp. and University of Texas Systems.
New Plan Realty Trust
New York, N.Y.
($ millions)
Current market cap1,181
Starting market capn/a
Year it went public1962
Type of REITDiversified
New Plan Realty Trust was the first REIT to become self-administered and self-managed.
Two foreign pension funds - the Merchant Navy Officers Pension Fund, United Kingdom, and Stichting Pensioenfonds ABP of the Netherlands - are large shareholders via a direct placement, said Arnold Laubich, president.
The company has not done a joint venture with any institution.
Pension fund investors in the common stock: California State Teachers' Retirement System, College Retirement Equities Fund, IBM Corp. and New York State Teachers' Retirement System. Also, the endowment of Harvard University is an investor.
Post Properties
Atlanta, Ga.
($ millions)
Current market cap701
Starting market cap500
Year it went public1993
Type of REITApartments
Post Properties has not done a direct placement or joint venture with an institution since it went public, said Timothy Peterson, senior vice president. The company did joint venture developments with insurance companies when it was a private company, Mr. Peterson said.
Post views a direct placement as more attractive than a joint venture, he said.
Pension fund investors in the common stock: California State Teachers' Retirement System, College Retirement Equities Fund, Florida State Board of Administration, General Motors Investment Management Corp., New York State & Local Retirement Systems, State Teachers Retirement System of Ohio.
Public Storage Inc.
Glendale, Calif.
($ millions)
Current market cap1,338
Starting market capn/a
Year it went publicn/a
Type of REITSelf-storage
Public Storage Inc. went through a name change in November 1995 as a result of a merger between a public company, Storage Equities Inc., and Public Storage, then a private company, said Harvey Len
