U.S. equity REITs raised $65.48 billion in 2013, slightly
less than the $65.75 billion raised in 2012.
The capital raised by both common equity and preferred
equity offerings in 2013 was less than the capital raised for each respective
type in 2012. In 2013 U.S. equity REITs raised $30.80 billion and $5.15 billion
through each equity type, respectively, as compared to $31.98 billion and $9.11
billion for each type in 2012. It was only senior debt offerings in 2013 that
exceeded the prior year's amount raised, recording a total of $29.53 billion in
2013 as compared to $24.65 billion in 2012.
In terms of property sector performance, retail REITs raised
the most capital in 2013, totaling $13.98 billion. Specialty REITs and health
care REITs followed with $9.93 billion and $9.28 billion raised, respectively.
Looking closer at common equity offerings, Health Care REIT
Inc. raised the largest amount in 2013 with its $1.69 billion offering,
completed May 8. The proceeds from the offering were intended for the repayment
of indebtedness and for general corporate purposes that may have included
investments in health care and seniors housing properties. Single-family REIT
American Homes 4 Rent raised the next largest amount, with an aggregate of
$1.63 billion raised through five common equity offerings, one of which was an
$812 million IPO completed July 31. The proceeds of the IPO were intended for
the acquisition and renovation of single-family properties as well as the
repayment of the company’s debt under its credit facility. The company
completed two subsequent offerings on March 14 and stated its intention to use
the funds to acquire and renovate single-family homes.
Source: RedHotLocations.com
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