REITs’ Recent Performance
Commercial Observer
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Real estate investment trusts had a generally strong second quarter of 2024, according to new data. REITs raised $12.5 billion from secondary debt offerings and $4.1 billion from common and preferred equity. Get more statistics herein. Also find out about the acquisition of a $2 billion, Atlanta-based owner/operator specializing in mixed-use projects on the East Coast.
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— Tom Acitelli, Deputy Editor
U.S. REITs Raise $12.5B in Debt, $4.1B in Equity in Second Quarter
Capital markets appear to have found their footing, at least in the world of publicly traded U.S. real estate investments trusts (REITs). U.S. REITs raised $12.5 billion from secondary debt offerings — corporate debt — and $4.1 billion from common equity and preferred equity (or stock offerings) in the second quarter of 2024, according to new data from the National Association of Real Estate Investment Trusts (Nariet). Year-to-date, REITs have issued $25.4 billion in secondary debt, with second quarter debt issuance increasing by $2.6 billion from where it was in the second quarter of 2023. “The key theme here, or the big takeaway, is that capital markets are very much open for REITs,” said John Worth, executive vice president of research and investor outreach at Nariet.
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Jamestown to Acquire $2B Atlanta Subsidiary of North American Properties
Jamestown is acquiring a unit of North American Properties (NAP) with an intention to boost the firm’s footprint in suburban community development projects, Commercial Observer has learned. The real estate investment firm announced Tuesday it will be acquiring the Atlanta subsidiary of Cincinnati-based NAP, which has $2 billion in assets under management as of June 2024. The owner/operator specializes in mixed-use properties in suburban East Coast markets. Terms of the deal were not disclosed. Michael Phillips, president of Jamestown, said NAP will complement its goal of creating community-centric projects through placemaking.
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