Editor's note: This article is updated on a quarterly basis and was last published April 19, 2018. Click here for a spreadsheet listing 2018 offerings completed year-to-date by Canadian real estate companies.
Canadian real estate companies raised C$1.65 billion through capital offerings in the second quarter, down 15.8% compared to the C$1.96 billion raised in the second quarter of 2017 and 57.4% lower than the C$3.87 billion raised in the first quarter.
In the first half, Canadian real estate companies raised C$5.51 billion, up 61.9% from the C$3.41 billion raised during the first half of 2017.
Senior debt offerings accounted for C$3.43 billion of the total capital raised during the half, or roughly 62.2%. Common equity offerings totaled C$1.67 billion, or 30.3%, while subordinated debt and preferred equity offerings represented 7.5% of the amount raised.
The retail sector, comprising shopping center and other retail real estate companies, raised the most capital during the first half at C$2.50 billion. The diversified and multifamily sectors followed, raising C$1.19 billion and C$713.8 million, respectively.
Allied Properties REIT completed the largest offering during the quarter on June 22, raising C$299 million through a follow-on common equity offering.
Retail REIT Choice Properties Real Estate Investment Trust completed four senior debt offerings in the first half totaling C$1.95 billion, the most capital raised by a single Canadian real estate company.
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