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Canadian REIT capital offerings nosedived YOY in Q3'22

Editor's note: This article is updated on a quarterly basis and was last published July 22.

Publicly traded Canadian real estate investment trusts raised C$156.4 million through capital offerings in the third quarter, far below the C$2.23 billion collected a year earlier, and almost 90% lower than the amount raised in the prior quarter.

Debt offerings accounted for C$155.3 million of capital raised, while common equity offerings brought in the remaining C$1.1 million.

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Retail REITs get the highest share of total capital YTD

Retail-focused REITs, including shopping centers and other retail property, pulled in 44.1% of the total capital raised year-to-date, at C$1.49 billion. The industrial and multifamily sectors have collected the next largest amounts at C$873.3 million and C$406.5 million, respectively.

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* Click here for a spreadsheet listing the offerings completed year-to-date in 2022 by publicly traded Canadian real estate investment trusts.
* For further capital offerings research, try the Global Real Estate Capital Offerings Activity Template.

NorthWest Healthcare Properties collects over C$150 million in Q3

Healthcare REIT NorthWest Healthcare Properties REIT raised the largest amount of capital, as it sold C$155.3 million of 6.25% convertible unsecured subordinated debentures maturing on Aug. 31, 2027. The company intends to use the proceeds to repay its short-term floating rate debt and for general corporate purposes.

Office-focused True North Commercial REIT pulled in a total of C$1.1 million from the settlement of 112,600 shares of common stock in respect to its April 2022 equity distribution agreement. The REIT intends to use the net proceeds from the sale to fund potential future acquisitions and for general trust purposes.

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Industrial REIT Dream Industrial REIT collected the biggest amount of capital year-to-date at C$584.9 million, through a senior debt and three common stock offerings. Choice Properties REIT follows at C$500.0 million, through a senior debt offering.

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