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US REIT capital offering shrunk over 90% MOM in October

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US REIT capital offering shrunk over 90% MOM in October

Editor's note: This article is updated on a monthly basis. Click here for a spreadsheet listing the offerings completed in 2021 by publicly listed U.S. equity real estate investment trusts.

Capital market activity by U.S. equity REITs nosedived by 91.6% month over month in October to $2.06 billion, the lowest monthly total so far in 2021.

The majority of capital raised in October came through senior debt offerings, totaling $1.78 billion, while common equity offerings accounted for the remaining $286.9 million.

Healthcare REIT Physicians Realty Trust raised the most capital during the month, as it sold $500.0 million of unsecured notes due Nov. 1, 2031.

Diversified REIT EPR Properties and student housing-focused American Campus Communities Inc. followed, as both raised $400 million through senior debt offerings. EPR Properties had one senior debt offering due Nov. 15, 2031, while American Campus Communities Inc. had one offering due Jan. 15, 2029.

The offerings in October bring the year-to-date total to $91.29 billion, slightly up 0.8% from the capital raised during the first ten months of 2020.

The specialty sector — advertising, casino, communications, data center, energy infrastructure, land, prison and timber real estate — raised the majority of the total capital year-to-date to $27.47 billion, followed by the retail and healthcare sectors at $12.84 billion and $9.99 billion, respectively.

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