Columbia Property Trust, which was formerly named Wells REIT II, just filed an 8-K that notified investors it has hired investment bankers and attorneys to prepare the REIT for listing on a national exchange. As part of the preparation, Columbia has suspended its dividend reinvestment plan and share repurchase plan. These steps are normal as a non-traded REIT moves to liquidity.
Columbia announced a net asset value per share of $7.33 late last year. It's my opinion that Columbia's valuation process is one of the most conservative - little management input on value calculations - of non-traded REITs, and I'm curious to see market reaction to the listing. Columbia has approximately $5.4 billion of investor equity (~$6.1 billion in its offering, less ~$700 million of share redemptions), and originally offered its shares at $10.00 per share.
Today's notice to investors did not give any information on timing, although suspension of share repurchase and dividend reinvestment indicates to me a listing sooner rather than later; nor did it mention whether a listing would be immediate or staged over time in tranches, like Piedmont Office Realty Trust (Wells REIT I) used when it listed; or whether Columbia plans to use some form of tender offer to support the listing price.