2023-04-06 14:52:03 ET
Real estate investment trusts' capital raising activity decreased by ~71% during the quarter ended March 31.
During Q1, U.S. REITs raised $6.76B in capital from 19 capital offering instruments, compared to $23.62B raised in Q1'22 from 68 instruments, according to a recent report by the National Association of Real Estate Investment Trusts.
On other hand, the sector had raised merely $2.46B in total capital from 5 instruments during Q4'22.
For Q1, the sector issued 10 instruments of common shares to raise a total of $2.87B, 4 instruments of preferred shares to raise $685M and 5 instruments of unsecured secondary debt to raise a total of $3.2B.
Notable issuances of the quarter include American Tower's ( AMT ) $1.5B senior note offering and $1.3B securities offering , Simon Property Group's ( SPG ) $1.3B senior notes offering , Extra Space Storage's ( EXR ) $500M debt offering , Arbor Realty Trust's ( ABR ) $95M notes placement and Plaza Retail REIT's $40M bought deal offering , among others.
For further details see:
REITs' capital raising activity falls by ~71% in Q1