Interesting Tidbits from the 10Qs
I finished the going through the 10Qs for some select non-traded REITs. CNL Income Properties, as a subsequent event (to September 30, 2008), entered into a $100 million line of credit and withdrew all of it for future acquisitions and working capital. This puts its cash position at nearly $300 million. One of its tenants, EAGLE Golf is having financial problems.
Wells REIT II has a $351 million line of credit due May 9, 2009. It has $45 million in cash and has been raising equity at a rate of approximately $60 million per month. I would not be surprised if a big chunk of the $351 million is converted to permanent debt. With the line of credit and term loan, Wells REIT II's leverage ratio is 26%, lower than the other REITs I reviewed. Wells REIT II did not provide FFO data this quarter.
Dividend Capital Total Realty Trust is sitting on $541 million in cash with only $11 million in short term debt.