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US REIT at-the-market usage remains high in Q3'19, grows to $3.36B

Editor's note: Beginning with S&P Global Market Intelligence's second-quarter 2019 analysis of at-the-market program usage by real estate investment trusts, S&P Global Market Intelligence included forward ATM sales settled during the respective quarter as part of the total capital raised. Forward sales conducted during the quarter but not yet settled as of quarter-end were not included in the quarterly total. These offerings were instead added in a separate table. Because of this methodology change, prior quarterly totals presented in this article may not match historical articles published by S&P Global Market Intelligence. Click here to download these charts in Excel format.

At-the-market program usage by U.S. equity REITs remained high in the third quarter of 2019.

Forty-nine U.S. equity REITs used their common stock ATM programs in the recent quarter, collecting nearly $3.36 billion in total proceeds — a 4.1% increase over the $3.22 billion raised the quarter prior and 49.6% above the year-ago quarter's usage.

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Proceeds raised by single-tenant retail REITs totaled $733.1 million. Realty Income Corp. sold 7,663,383 common shares through its ATM program during the quarter for $570.3 million in gross proceeds, the most of any equity REIT. Other single-tenant retail REITs that used their ATM programs during the quarter included Essential Properties Realty Trust Inc. at $75 million, National Retail Properties Inc. at roughly $46.5 million and Agree Realty Corp. at $33 million.

The healthcare sector followed, at $719.6 million. Medical Properties Trust Inc. raised the second-most capital of any REIT through its ATM program during the quarter, selling 13.5 million common shares for $250 million in net proceeds.

Industrial REIT Duke Realty Corp. rounded out the top three, raising roughly $182 million through its ATM program.

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Also from the healthcare sector, Welltower Inc. used the forward provisions under its ATM program to allow for the sale of an additional 2,958,083 common shares, with maturity dates in the fourth quarter and in 2020. As of Sept. 30, Welltower's outstanding forward-sales agreements totaled 5,152,658 shares, and the healthcare REIT expects to physically settle the shares for cash proceeds.

Five other U.S. REITs used the forward provisions under their ATM programs to allow for the sale of common stock at a future date.

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Regency Centers Corp. entered into forward-sale agreements under its ATM program to allow for the sale of 1,894,845 common shares at an average offering price of $67.99 apiece. The shares may be settled at any time prior to the settlement date of Sept. 12, 2020.

Other REITs to use their forward-sale agreements included UDR Inc., Healthpeak Properties Inc., QTS Realty Trust Inc. and AvalonBay Communities Inc.

Since S&P Global Market Intelligence's prior update on Aug. 23, 12 U.S. REITs announced new ATM programs.

Single-tenant REIT STORE Capital Corp. announced the largest new ATM program during the period, at $900 million. Physicians Realty Trust, Kimco Realty Corp. and Americold Realty Trust also started new ATM programs with $500 million of capacity each.

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