trending Market Intelligence /marketintelligence/en/news-insights/trending/pVv3wI18xkRnvAI3QUoL5w2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Morgan Stanley rides big share sale to top REIT equity underwriter spot in 2019

Street Talk - Ep. 64: Coronavirus jumpstarts digital adoption

Street Talk Podcast

Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4

Street Talk Podcast

Street Talk - Ep. 62: 'Brutal' outlook for oil demand offers banks in oil patch no relief

Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove Investments

Morgan Stanley rides big share sale to top REIT equity underwriter spot in 2019

Morgan Stanley vaulted into the top spot for underwriters of equity real estate investment trusts' stock offerings in 2019 after serving as the sole underwriter on a massive sale of shares of a single-family rental housing REIT by The Blackstone Group Inc.

J.P. Morgan Securities LLC was the leading REIT debt underwriter.

Morgan Stanley was the lone book manager on Blackstone's offering of 57.6 million shares of the single-family rental owner Invitation Homes Inc. for gross proceeds of $1.73 billion. The transaction marked Blackstone's exit from its investment in the REIT, which started as a privately held investment platform at the private equity giant. Morgan Stanley's work on the deal catapulted it upward from fourth place in the equity REIT equity underwriter standings as of the 2019 third quarter.

Citigroup Global Markets Inc., the leading equity REIT stock underwriter through the first three quarters of 2019, dropped to third place at year-end.

Other equity REIT stock transactions in the 2019 fourth quarter included a $1.06 billion offering from Medical Properties Trust Inc. and a $937.5 million offering from MGM Growth Properties LLC.

Among equity REIT debt underwriters, J.P. Morgan retained its third-quarter lead at year-end, followed by Morgan Stanley, which made a strong push into second place, and Wells Fargo Securities LLC.

Public debt deals by REITs in the fourth quarter included three offerings by Equinix Inc. for a total of $2.8 billion, and a pair of offerings from casino landlord VICI Properties Inc. for a total of $2.25 billion.

BMO Capital Markets Corp. was the leading underwriter of equity REIT initial public offerings in 2019, with $54.8 million in deal credit across two transactions. The firm served as one of four book managers for the November debut of Alpine Income Property Trust Inc.

Wells Fargo, Bank of America Securities and Morgan Stanley topped the league table for underwriters of preferred equity offerings by equity REITs.

SNL Image