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Citigroup takes equity REIT stock offering underwriter lead through Q3'19

Citigroup Global Markets Inc. jumped into the 2019 lead among underwriters of stock offerings by equity real estate investment trusts, passing Bank of America Merrill Lynch, which held the top spot through the first half of the year.

Citi had $3.93 billion in deal credit across 19 offerings through the first three quarters of 2019, compared to $3.90 billion on 23 offerings for Bank of America Merrill Lynch. Citi's $1.87 billion in deal credit in the third quarter more than doubled that of its next-busiest competitor for the period, Morgan Stanley.

Notable equity raises during the third quarter included a $1.24 billion offering from Invitation Homes Inc. and an $887.2 million offering from VEREIT Inc.

No initial public offerings by equity REITs closed in the third quarter, so the underwriter ranking for the full-year remained unchanged.

Among debt underwriters, J.P. Morgan Securities LLC retained its lead after three quarters with $6.46 billion in deal credit on 67 offerings, while Wells Fargo Securities LLC climbed into the second-place spot, ahead of Bank of America Merrill Lynch, with $4.99 billion in deal credit on 61 offerings.

Significant equity REIT debt deals during the third quarter include multiple offerings from Prologis Inc. and two pairs of offerings from Alexandria Real Estate Equities Inc.

Wells Fargo, which was in a three-way tie with Bank of America Merrill Lynch and Morgan Stanley among equity REIT preferred equity offering underwriters through the first two quarters of 2019, jumped ahead in the third quarter, with a total of $270.3 million in deal credit on four offerings for the year.

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