Bank of America Corp. and Citigroup Global Markets Inc. were the top underwriters of debt and equity offerings, respectively, by equity real estate investment trusts in the first half of 2018.
Both firms retained leads they held at the end of the first quarter. Bank of America also held onto its lead as the year's top equity REIT IPO underwriter, while Citigroup climbed to second place among underwriters of REIT debt offerings, from fifth place at the end of the first quarter.
J.P. Morgan Securities LLC was the second-most active REIT common equity underwriter for the first half, while Morgan Stanley led underwriters of REIT preferred equity offerings, retaining its top spot from the end of the first quarter.
Citi was the top underwriter of REIT debt during the quarter, with $853.9 million in deal credit across nine completed offerings in the period. Debt transactions included a pair of $500 million offerings from Gaming and Leisure Properties Inc., a pair of $450 million offerings from Alexandria Real Estate Equities Inc. and two offerings, worth $300 million and $400 million, from Prologis Inc.
REIT equity capital raises in the second quarter included a $398.5 million offering by Easterly Government Properties Inc. and a C$299.0 million offering by Allied Properties REIT.
The lone REIT IPO completed during the second quarter was a $135 million offering by BSR Real Estate Investment Trust.
Among real estate management and development companies, there were no debt or preferred stock offerings in the second quarter, and one common equity transaction — a $455 million offering from Essential Properties Realty Trust Inc.
Bank of America held the top spot among equity underwriters in the space in the first half, with $197.6 million in deal credit on two offerings, and underwrote the only debt deal of the half, a $250 million offering by Kennedy-Wilson Holdings Inc.
Raymond James & Associates Inc. and UBS Investment Bank retained the lead among underwriters of real estate management and development companies' preferred equity offerings.