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US equity REIT capital offering activity improves in August

Editor's note: This article is published monthly with current data available at that time.

Capital market activity by U.S. equity real estate investment trusts increased in August, pulling in a total of $1.17 billion, following the preceding month's decline. It was a large improvement in comparison to the $3.1 million raised in July, but it was still the third-lowest monthly total so far in 2022. On an annual basis, the amount of capital raised in August is 82.0% below the amount raised the year prior.

The majority of capital raised in August came through senior debt offerings, at $950 million, while common equity offerings accounted for the remaining $221.7 million.

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Kimco Realty amassed more than half of August's total offerings

Shopping center REIT Kimco Realty Corp. collected the most capital during the month, raising $650 million through an offering of senior debt due Feb. 1, 2033. The company intends to use the net proceeds to redeem its outstanding April 2023 notes and June 2023 notes and use the additional proceeds for general corporate purposes.

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

Single-tenant-focused Agree Realty Corp. followed, selling about $300.0 million of unsecured notes due Oct. 1, 2032.

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Casino REIT VICI Properties Inc. attracted the most capital year-to-date through several senior debt and common stock offerings for a total of $8.73 billion, followed by American Tower Corp. at $3.65 billion.

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Specialty sector tops year-to-date capital offerings

The offerings in August brought the year-to-date total to $35.15 billion, 50.7% lower than the capital raised during the first eight months of 2021.

The specialty sector — advertising, casino, communications, datacenter, energy infrastructure, land and timber real estate — accounts for the largest share of total capital raised year-to-date at $15.72 billion, followed by the retail and residential sectors at $6.80 billion and $4.40 billion, respectively.

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