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U.S. Equity REITs' Capital Raising Activity Down 15% Y-O-Y At Mid-February

Publicly traded U.S. equity REITs raised approximately $9.01 billion via capital offerings through Feb. 15, about 15.0% less than the $10.59 billion raised over the same period in 2015.

US REIT Capital Raises 2016 vs. 2015

Specialty REITs continue to lead all REIT sectors, with a total of $4.34 billion of capital raised midway through February. Retail REITs and office REITs followed, with $1.35 billion and $1.00 billion, respectively.

US REIT Capital Raises By Property Sector 2016 YTD

Common equity

Year-to-date through Feb. 15, publicly traded U.S. equity REITs raised $1.91 billion through five follow-on offerings, four at-the-market offerings and a single private placement, far from the $4.81 billion raised during the same period in 2015.

Publicly traded U.S. equity REITs raised approximately $9.01 billion via capital offerings through Feb. 15
 US REIT Common Equity Offerings By Type 2016 YTD

Between Feb. 1 and Feb. 15, student housing REIT American Campus Communities Inc. completed the largest common equity offering for the year, raising around $740.0 million on Feb. 1.

US REIT Common Equity Offerings

Senior debt

Year-to-date through Feb. 15, publicly traded U.S. equity REITs raised $6.80 billion through senior debt offerings, roughly 19% more than the $5.72 billion raised during the same period in 2015.

Between Feb. 1 and Feb. 15, Senior Housing Properties Trust raised $250 million through a senior debt offering completed Feb. 10.

US REIT Senior Debt Offerings

Preferred equity 

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There were no preferred equity offerings completed between Feb. 1 and Feb.15

Public Storage completed the sole preferred equity offering of the year, raising $300 million through an offering completed Jan. 12.

US REIT Preferred Equity Offerings