CHARLOTTESVILLE, VA—US equity REITs have raised $44.86 billion year-to-date as of Sept. 12, SNL Financial reports, with debt issuance the strongest mode.

Last year REITs raised $46.44 billion during the same time period, a high water mark for the industry.

This year, retail REITs have led the way in capital raising, with $11.39 billion raised. Specialty REITs and health care REITs followed in second and third place, respectively, with $8.9 billion and $6.92 billion raised.

Debt was the clear preference for companies this year, especially compared to last when common equity offerings was the more popular mode. According to SNL, this year capital raised via common equity amounted to $13.84 billion, senior debt offerings generated $29.05 billion and preferred equity offerings raised $1.97 billion. During the same period in 2013, REITs had raised $23.54 billion from common equity offerings, $18.36 billion from senior debt issuances and $4.54 billion from preferred equity offerings.

Equity offerings of note this year include:

Physicians Realty Trust's single common equity offering that was worth almost $153 million and that completed Sept. 9.

Chesapeake Lodging Trust, which completed the second-largest common equity offering, with a total of $144.3 million raised in an offering completed Sept. 3.

Pebblebrook Hotel Trust raised $131.6 million through a single common equity offering completed Sept. 3.

American Realty Capital Properties, which has raised the most capital through a single equity offering year-to-date, with $1.66 billion raised in an offering completed May 21.

Health Care REIT, which completed the second-largest single common equity offering year-to-date in 2014, with just more than $1 billion raised in a May 28 deal.

CBS Outdoor Americas, which completed its IPO on March 27, raising $644 million.

Significant debt deals so far include:

Simon Property Group's two senior debt offerings that raised a total of $1.3 billion with both offerings completed Sept. 3.

Iron Mountain, whose senior debt offering was worth almost $646 million.

Brandywine Realty Trust raised a total of $500 million through two senior debt offerings, both completed in September, that were worth $250 million each.

Instant Insights /

US REITs Raise $45B YTD

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