What REITs Raised
Commercial Observer
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Real estate investment trusts raised more than $23 billion from secondary debt and equity offerings in the third quarter of 2024, an increase from the quarter before. There are some caveats. Also for today: Multifamily development is booming in the Bronx — so much so that there is worry about demand keeping up with supply.
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— Tom Acitelli, Deputy Editor
U.S. REITs Raise $23B From Public Markets in Third Quarter
Investors continued their dive into the CRE landscape, as real estate investment trusts (REITs) raised more than $23 billion from secondary debt and equity offerings in the third quarter of 2024, according to new data from the National Association of Real Estate Investment Trusts (Nareit). U.S. REITs raised $15.4 billion from secondary debt offerings — corporate debt — and $2.8 billion from common equity and preferred equity, or stock offerings, in the second quarter of 2024. An additional $5.1 billion came from the initial public offering (IPO) of Lineage, owner of 480 temperature-controlled warehouses across the globe. The IPO is the largest ever recorded for a U.S. REIT. This heady activity in the public markets compares to the $12.5 billion from secondary debt offerings and $4.1 billion from equity stock offerings that REITs raised in the second quarter of the year.
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Bronx Multifamily Development Is Booming — But Can Demand Keep Up?
Something’s cooking in the Bronx. The borough has seen a sudden burst in market-rate multi-family development and affordable housing construction in recent months — and a lot of it is due to the Bronx’s growing opportunity and affordability, as well as the extension of the 421a tax incentive and its looming successor, 485x. All signs may be pointing upward for the Bronx, but one question remains: Will people moving to the Bronx stay in the Bronx? “Infrastructure in the Bronx makes it a very likely candidate for new development,” Bob Knakal, chairman and CEO of BKREA, told Commercial Observer. “There’s a lot to take advantage of there, and that bodes very well for the future of the Bronx. But, like all areas, quality of life is a very important issue.”
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