As of April 4, U.S. equity REITs had generated $13.33 billion in capital year-to-date, markedly less than the $19.45 billion raised over the same period in 2013.
U.S. equity REITs had raised a total of $13.33 billion in capital year-to-date as of April 4, compared to $19.45 billion raised during the same period in 2013.
The capital raised via common equity amounted to $3.31 billion, senior debt offerings generated $9.42 billion and $602.5 million was raised through preferred equity offerings through April 4. During the same period in 2013, REITs had raised $9.33 billion from common equity offerings, $7.08 billion from senior debt issuances and $3.04 billion from preferred equity offerings.
An examination of capital-raising efforts by property type shows that retail REITs led the pack with $4.50 billion raised through April 4. Specialty REITs and health care REITs followed in second and third place, respectively, with $3.11 billion and $1.41 billion raised.
Between March 22 and April 4, CBS Outdoor Americas Inc. (REIT) completed the largest common equity offering among all U.S. equity REITs. Pricing March 27, the initial public offering generated $644 million in proceeds and facilitated the separation of the outdoor advertising division of CBS Corp. and the beginning of the new REIT’s existence.
Realty Income Corp. completed the second-largest common equity offering during the March 22-April 4 period, raising $551.5 million March 26. The company plans to use the proceeds to repay a portion of the borrowings under its $1.5 billion acquisition credit facility.
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