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US REIT capital offering down over 70% MOM in October

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

Capital market activity by U.S. equity REITs plunged 73.3% month over month in October to $3.20 billion, the second lowest monthly total in 2020 to-date.

Half of the capital was raised through senior debt offerings, at $1.60 billion, while the other $1.60 billion came through common stock offerings.

Manufactured home-focused Sun Communities Inc. raised the most capital in October through its $1.23 billion common stock offering.

Healthcare REIT Omega Healthcare Investors Inc. followed with its $700 million senior debt offering, while diversified REIT W. P. Carey Inc. sold $500 million of unsecured notes due February 1, 2031.

The offerings in October bring the year-to-date total to $87.77 billion, up 6.7% from the capital raised during the first ten months of 2019.

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 at $39.75 billion, followed by the retail and industrial sectors at $12.31 billion and $8.41 billion, respectively.

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