Andrii Yalanskyi
The capital market activity by U.S. equity REITs continued on its downward trajectory in August, having fallen by ~15% from last month.
Equity REITs raised $1.88B during the month, compared to $2.2B in July and $3.76B in August 2022, according to the National Association of Real Estate Investment Trusts.
During the month, the sector raised $500M through secondary debt offering and $1.38B through equity issuance.
NNN REIT’s (NNN) $500M public offering of senior unsecured notes was a notable debt offering for the month.
Other notable offerings include Safehold’s (SAFE) underwritten public offering of 6.5M shares for gross proceeds of $139.1M and Realty Income’s (O) sales agreement to sell up to 120M shares.
The data, however, differs from S&P Global Market Intelligence data that cites U.S. REIT capital offerings nosedived 85% on a monthly basis in August.
The sector raised a total of $702.3M during the month, compared to $4.68B in July and $1.42B a year ago, according to Market Intelligence.