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CHARLOTTESVILLE, VA-At-the-market, or ATM, offerings are analternative capital raising strategy that has turned into a steadyresource for REITs, according to new figures from SNLFinancial. Year to date, 13 REITs have announced suchprograms, SNL analyst Andy Pierce tellsGlobeSt.com.
The largest of these was launched by UDR,registering 20 million shares for sale April 4. In the firstquarter, these offerings brought in more than $1.4 billion. Piercesays it is difficult to compute a year-to-date dollar amount ofcommon equity sold via ATMs because REITs usually disclose suchsales only in their quarterly reports. “However, I can tell you ithas become an important financial strategy for many REITs in thepast few years,” he says.
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