REITs said to have reported a surge in capital raising activities in May

Real estate investment trusts saw their capital raising activities jump to ~$9.88B in May from $2.11B in April and $7.63B in the year-ago month, a report by S&P Global Market Intelligence showed.

The sector raised about $8.18B through debt offerings and nearly $1.69B via equity offerings, the report said.

The sector's equity offering activities are said to have been concentrated in the data center REIT Digital Realty Trust's (DLR) underwritten registered public offering of 10.5M shares.

Hotel REIT Service Properties Trust (SVC) raised the most through debt offering, having priced underwritten public offerings of $700M of 8.375% Senior Guaranteed Unsecured Notes due 2029 and $500M of 8.875% Senior Guaranteed Unsecured Notes due 2032.

Telecom tower REIT American Tower (AMT) was the next on the list, having raised more than $1B through senior unsecured notes offering.

REITs reportedly issued capital offering instruments worth $28.93B in the first five months of 2024, down 1.7% on a yearly basis.