This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

For a Hot New REIT, Go to Chambers Street

NEW YORK ( TheStreet) -- On May 21, dividend investors will have a new option for owning REIT shares in a triple-net wrapper.

Like many of the other leading freestanding REITs such as Realty Income (O), W.P. Carey (WPC) and American Realty Capital Properties (ARCP), Chambers Street Properties (with a new ticker of CSG) is set to unleash around $125 million in common stock that is targeted to trade at a price between $10.10 and $10.60 a share.

With operating fundamentals that compare favorably with W.P. Carey and Lexington Realty Trust (LXP), Chambers Street owns and invests in larger box assets, primarily office (25%) and industrial (25%). With assets under management of around $3.2 billion, Chambers Street has built a well-aligned portfolio that consists of 129 properties and around 34 million square feet.

The majority of Chambers Street properties are located in the U.S. and no market represents more than 10% in the company's portfolio. Many of the properties are located in gateway markets such as metropolitan New York City and the Washington, D.C., metro area.

In addition, Chambers Street has around 9% exposure in Europe -- 4.1% in Europe and 4.9% in Germany (the combined European portfolio has 13 properties valued at around $335.8 million). Chambers Street's largest tenant (by exposure) is Amazon (AMZN) with around 6.6% concentration.


Chambers Street has many nationally recognized tenants that conduct operations in 25 distinct industries. This diverse tenant base provides for an attractive mix of defensive industries including pharmaceutical and health care, consumer products, and defense and aerospace.

It's important to recognize that Chambers Street is not a new REIT. The company has actually been around since 2004 when it operated under the name of CB Richard Ellis Realty Trust. The initial capitalization was commenced when the company was an externally managed REIT with an initial $55 million private placement (common shares placed by Wells Fargo (WFC)).

Since that time, Chambers Street has grown from $47 million to over $3.14 billion today. Most of the growth (89%) occurred after 2007 when the company acquired around $2.8 billion in assets (as a non-traded REIT).

I like Chambers Street and I believe the management team, led by founder, President and CEO Jack Cuneo, will be a fine addition to the public REIT space.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs