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US REIT at-the-market offering activity down 56.4% YOY in Q1

U.S. equity real estate investment trusts raised $375.4 million through at-the-market offerings in the first quarter, a 56.4% decline from the $860.9 million raised in the first quarter of 2017 and an 82.6% decrease from the $2.16 billion raised in the fourth quarter of 2017.

Seventeen REITs used their ATM programs in the first quarter, compared to 30 REITs in the year-ago quarter and 36 REITs using ATM programs in the 2017 fourth quarter.

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Data center REIT CyrusOne Inc. raised the most capital through ATM offerings during the quarter, at $144.7 million. Diversified REIT STORE Capital Corp. followed, with $100.8 million raised through ATM offerings.

Seventeen REITs announced new at-the-market programs year-to-date as of May 30, representing $6.62 billion in total capacity.

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Multifamily REIT AvalonBay Communities Inc. announced its new $1 billion ATM program Feb. 23, the largest program announced year-to-date. Communications REIT Crown Castle International Corp. announced the second-largest program April 6 at $750 million in total capacity.

Thirty-four sales agents were involved in ATM programs announced year-to-date. Merrill Lynch Pierce Fenner & Smith Inc. and Wells Fargo Securities tied for the top spot, each working on nine deals.

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