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10 equity REITs join publicly traded market in 2018; Americold stands out

Ten equity real estate investment trusts joined the publicly traded market in 2018, with combined market capitalizations of about $19.82 billion as of Jan. 11.

Since making their public debut, four of the REITs generated positive returns for shareholders. Cold-storage-focused Americold Realty Trust logged the largest return, at 76.9%, since its IPO on Jan. 19, 2018, 72.6 percentage points above the SNL U.S. REIT Equity index's return over the same period.

Casino REIT VICI Properties Inc., which spun off from Caesars Entertainment Corp. and then held its IPO on the NYSE on Feb. 1, 2018, was the next-best-performing new REIT stock. Since its IPO, VICI Properties has generated a 6.5% total return, topping the SNL U.S. REIT Equity index by 4.3 percentage points.

Single-tenant landlord Essential Properties Realty Trust Inc. and Spirit Realty Capital Inc.-spinoff Spirit MTA REIT have also recorded positive returns since joining the publicly traded REIT market.

Hotel REIT CorePoint Lodging Inc.'s share price has plummeted since its debut on the NYSE, logging a negative 52.1% return. CorePoint Lodging spun off from La Quinta Holdings Inc. on May 31, 2018, prior to Wyndham Hotels & Resorts' acquisition of the company's hotel franchise and management business.

Regional mall landlord Brookfield Property REIT Inc. was the largest new entrant by market capitalization to end up in the red since its public debut, with a total return of negative 12.8%. Brookfield Property REIT began trading on the Nasdaq on Aug. 28, 2018, following Brookfield Property Partners LP's acquisition of GGP Inc.

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