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A Peek at the Largest Real Estate Investment Trusts

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By Hellen Zaboulani

Most of Manhattan real estate is known to be owned by large scale businesses. A large portion of this is in the form of Real Estate Investment Trusts (REITs), which allow individuals to invest in professionally managed real estate portfolios thereby reaping Income and dividend yields. Assets owned by these REITs typically include office buildings, shopping malls, apartments, hotels, resorts, self-storage facilities, warehouses, and even loans. Many REITs are publicly traded, and registered by the SEC.

A recent article in Crain’s NY business, ranked the top five largest REITs. The ranking is based on the amount of square footage of space each REIT owns in the New York area.

First on the list is Vornado Realty Trust, which is led by Chairman Steven Roth, and is publicly traded on the NY Stock Exchange as VNO. The company was formed in Maryland in 1982, and headquartered in NYC. It boasts 3,928 employees and more importantly it owns 32.61 million sq ft. in the NY area, spanning across 82 properties. In 2018, Vornado made $2.164 billion in revenue, and had $776.4 million in funds from operations. Notable NYC buildings owned by Vornado include 731 Lexington Avenue, the 1,345,489 sq ft mixed-use glass skyscraper in Midtown; the 40-story commercial building at 330 Madison Avenue; and the popular Marriott Marquis hotel at 1535 Broadway.

Next on the list of largest REITs is SL Green Realty Corp. Traded as SLG on the NYSE, the company was founded by Stephen L. Green. Marc Holliday serves as Chairman and CEO. The fund prides itself for investing in NYC office buildings and shopping centers. The fund owns 30.69 millions square feet of property in the NY area, across 68 properties, as per Crain’s NY. In 2018, the company had $1.279 billion in revenue and $605.7 million in funds from operations. Properties include the prestigious Manhattan addresses: One Vanderbilt Avenue, 1515 Broadway, 280 Park Avenue, 100 Park Avenue, 625 Madison Avenue, and 1350 Avenue of Americas.

Third on the list is Mack- Cali Realty Corp, traded as CLI. Founded in 1997, it is headquartered in Jersey City, NJ and specializes in premier office space, and multi-family complexes. The company owns 17.74 million square feet of space in the NY area, spanning across 51 properties. It made $548 million in revenue for 2018, and had $170.4 million in funds from operations.

The fourth largest REIT, as ranked by Crain’s, is Boston Properties Inc, traded as BXP. The company, founded in 1970, is known as is one of the largest owners, managers and developers of Class A office properties in the U.S. It owns 10.49 million square feet, in just 8 NY area properties. The company made $2.72 billion in revenue in 2018, and had $1.084 billion in funds from operations.

Last on the top five list, is AvalonBay Communities Inc, traded as AVB. It owns 10.14 million sq ft of real estate in the NY area, throughout 43 properties. In 2018, the company made 2.289 billion in revenue, and had an impressive $1.21 billion in funds from operations.

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