J.P. Morgan nabs top spot among real estate debt underwriters in 2021

J.P. Morgan Securities LLC clinched the top position in 2021 as lead underwriter of debt offerings by publicly traded equity real estate investment trusts with $6.54 billion in deal credit across 91 offerings.

BofA Securities Inc. was in second place with almost $6 billion in deal credit.

Initial public offerings by equity REITs in 2021 show BMO Capital Markets Corp., BofA Securities, Goldman Sachs & Co. LLC, J.P. Morgan Securities, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC tied at the top owing to Phillips Edison & Co. Inc.'s IPO.

In equity REIT common stock offerings, BofA Securities took over the top position among underwriters with $3.46 billion in deal credit for the year. J.P. Morgan Securities ranked second.

Notable common stock offerings during the quarter included Public Storage's three-tranche senior debt offering for $1.75 billion as well as $435 million through a preferred share offering.