2023-04-24 10:30:27 ET
REITs' capital offering activity fell 46.8% in March from last year to $4.60B, according to a recent report.
The activity fell 17% M/M from $5.59B in February, S&P Global Market Intelligence data showed .
All the capital raised during the month came from debt issuances, according to the data.
American Tower's ( AMT ) $1.3B Secured Tower Revenue Securities, Series 2023-1, Subclass A, offering and Simon Property Group's ( SPG ) $1.3B notes issuances were the major capital offerings in March.
Extra Space Storage's ( EXR ) public offering of $500M senior notes also made news.
The sector has seen a steady decline in capital raising activities, with the activity decreasing by ~71% in Q1.
For further details see:
REITs' March capital offerings fall ~50% Y/Y