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US equity REITs pull in $104B in capital offerings in 2020

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Capital Markets View – January 2021


US equity REITs pull in $104B in capital offerings in 2020

Editor's note: This article is updated on a monthly basis. Click here for a spreadsheet listing the offerings completed in 2020 by publicly listed U.S. equity real estate investment trusts.

U.S. equity real estate investment trusts raised a total of $104.01 billion in 2020 through capital offerings, an increase of 2.0% from $101.94 billion collected in 2019.

Majority of the capital raised in 2020 came from senior debt offerings at $78.80 billion, while $22.74 billion and $2.47 billion were collected through common equity and preferred equity offerings, respectively.

The specialty real estate sector — advertising, casino, communications, data center, energy infrastructure, land, prison and timber — raised the majority of the total capital in 2020 at $43.49 billion, followed by the retail and industrial sectors at $17.09 billion and $10.96 billion, respectively.

Communications-focused American Tower Corp. raised the most capital in 2020, pulling in an aggregate $7.96 billion. Data center REIT Equinix Inc. followed with a total of $6.47 billion, while industrial REIT Prologis Inc. raised $5.69 billion.

Capital market activity by U.S. equity REITs fell 45.8% month over month in December to $4.79 billion, the third-lowest monthly total in 2020.

Most of the capital raised in December was raised through common stock offerings, at $2.59 billion, while $2.11 billion came through senior debt offerings and $88.4 million through preferred equity offerings.

Retail-focused Realty Income Corp. raised the most capital in December totaling $1.38 billion through two senior debt offerings and a common stock offering.

Temperature-controlled warehouse REIT Americold Realty Trust followed with a total of $1.17 billion raised through three common equity private placements. Diversified REIT Global Net Lease trailed behind with its $500 million senior debt offering, tied with hotel REIT Pebblebrook Hotel Trust’s $500 million offering of 1.75% convertible senior unsecured notes due Dec. 15, 2026.

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