Editor's note: S&P Global Market Intelligence has reclassified industries according to the Global Industry Classification Standard. The league table data dispatch articles are now based on the new industry classification and are not comparable with 2017 and prior league table data dispatch articles.
The top underwriters of equity and debt offerings by equity real estate investment trusts in the first half of 2018 held on to their leads through the third quarter, according to S&P Global Market Intelligence data.
As of the end of the quarter, Citigroup Global Markets Inc. held the year-to-date lead among underwriters of equity offerings by equity REITs, with US$2.18 billion in deal credit across 14 offerings. Citi was followed by J.P. Morgan Securities LLC, Bank of America Corp. and RBC Capital Markets LLC. The rankings for the top seven underwriters in the category did not change from the end of the second quarter.
There was one equity REIT initial public offering completed in the third quarter: a C$230.0 million offering by Minto Apartment Real Estate Investment Trust, for which TD Securities Inc. and BMO Nesbitt Burns Inc. served as book managers.
Other significant equity deals during the quarter included a US$1.10 billion offering by Digital Realty Trust Inc. and a US$1.05 billion offering by Americold Realty Trust.
The top equity REIT debt underwriter of 2018's first half, Bank of America, kept that spot through the third quarter, with US$2.29 billion in deal credit across 25 offerings for the year. Citi, which was in second place in the category at midyear, dropped to fourth place in the third-quarter rankings. J.P. Morgan, the quarter's busiest debt underwriter, climbed to second place, followed by Wells Fargo Securities LLC.
Notable equity REIT debt deals during the third quarter included three offerings by Welltower Inc., totaling US$1.30 billion, and a pair of offerings by Gaming and Leisure Properties Inc. totaling US$1.10 billion.
Morgan Stanley remained the top underwriter of equity REITs' preferred equity offerings, holding onto a lead it built in the first half.
Among real estate management and development companies, significant third-quarter deals included the $879.8 million IPO by Cushman & Wakefield plc. Through the first three quarters, Bank of America led underwriters of both debt and equity by real estate management and development companies.
Raymond James & Associates Inc. and UBS Investment Bank retained the lead among underwriters of real estate management and development companies' preferred equity offerings.