Cole Shares Debut Amid a Decline in Single-Tenant Landlords
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Cole Real Estate Investments Inc., the owner of more than 1,000 U.S. properties and manager of nonlisted real estate investment trusts, debuted as a publicly traded company today as shares of single-tenant property landlords slumped with climbing interest rates.
The Phoenix-based company, formerly a nontraded REIT known as Cole Credit Property Trust III Inc., listed its shares on the New York Stock Exchange after buying the company that sponsored it. Cole, which owns single-tenant retail, office and industrial properties, is ready for higher interest rates because most of its debt is long-term, and annual tenant rent increases will help counter higher borrowing costs, Chief Executive Officer Marc Nemer said.