Some called 2004 the year of the REIT IPO, and rightfully so as 29 companies completed initial public offerings during the year. Even though 2005 couldn’t match that level, the 11 companies going public last year still represented the industry’s highest total (other than 2004) since 1998. Of the 11 offerings, four were in the commercial financing sector, two in office, two in health care, and one apartment, lodging and diversified company. The average offering price per share was approximately $14, with the highest being the $24 a share for KKR Financial (NYSE: KFN) and the lowest, ECC Capital Corporation (NYSE: ECR), priced at $6.75 a share.

Company	Ticker Symbol	Chairman	Month Completed		Total Raised*
Education Realty Trust, Inc.	EDR	Paul Bower	January	$16.00	$349.60
ECC Capital Corporation	ECR	Steven Holder	February	$6.75	$443.90
DiamondRock Hospitality Company	DRH	William McCarten	May	$10.50	$312.75
KKR Financial Corporation	KFN	Paul Hazen	June	$24.00	$910.00
Deerfield Triarc Capital Corporation	DFR	Nelson Peltz	June	$16.00	$460.00
Columbia Equity Trust, Inc.	COE	Oliver T. Carr III	June	$15.00	$252.00
Medical Properties Trust Inc.	MPW	Edward K. Aldag, Jr.	July	$10.50	$146.10
JER Investors Trust Inc	JRT	Joseph E. Robert, Jr.	July	$17.75	$249.50
Cogdell Spencer Inc	CSA	James W. Cogdell	October	$17.00	$113.39
Newkirk Realty Trust, Inc.	NKT	Michael Ashner	November	$16.00	$276.00
Republic Property Trust	RPB	Mark R. Keller	December	$12.00	$276.00

*Dollars in millions, includes greenshoe options

Source: NAREIT