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US equity REITs raise $2.14B through at-the-market offerings in Q3

Forty-two U.S. equity real estate investment trusts raised about $2.14 billion through their common stock at-the-market offering programs during the third quarter, a 14.4% decline from the $2.50 billion raised in the prior quarter, but a 16.1% jump year over year.

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By property sector, office REITs raised the most capital through ATM programs during the quarter, at $396.0 million. Alexandria Real Estate Equities Inc. raised $199.0 million, while TIER REIT Inc. and City Office REIT Inc. raised $115.9 million and $43.6 million, respectively.

Single-tenant retail-focused Realty Income Corp. raised the most capital of any U.S. equity REIT during the quarter, collecting $290.9 million through common stock ATM offerings. On Nov. 5, Realty Income launched its new ATM program, with capacity to sell up to 28,961,855 common shares.

Data center REIT Equinix Inc. raised the second-largest amount of capital through its ATM program for the quarter, at $265.7 million in net proceeds.

Thirty-nine new ATM programs have been announced by U.S. equity REITs year-to-date, representing more than $14.65 billion in total capacity.

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Healthcare REIT Ventas Inc. and multifamily-focused AvalonBay Communities Inc. each announced programs with $1 billion in capacity, the largest year-to-date. Essex Property Trust Inc. announced a $900 million ATM program in early October.

Year-to-date, 43 unique sales agents were involved in newly announced ATM programs. Merrill Lynch Pierce Fenner & Smith Inc. worked on 21 REIT deals, the most of any agent. Jefferies LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC followed, each working on 18 REIT deals.

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