REIT at-the-market program usage falls to $3.12b raised in Q1 2023

At-the-market offering activity by U.S. equity real estate investment trusts declined in the first quarter, reported S&P Global Market Intelligence. In total, 22 REITs utilized their common stock at-the-market (ATM) programs in the first quarter, collecting $3.12 billion in aggregate proceeds. The quarterly total represents a 46.8 percent drop from the $5.86 billion raised the quarter prior and a 7.4 percent decrease year over year.

By property sector, single-tenant retail REITs raised the most capital through their ATM programs in the first quarter, at $968.5 million. While Realty Income accounted for the majority of the single-tenant total, Getty Realty Corp. also collected $83 million in net proceeds through the settlement of 2,714,136 shares from forward-sale agreements.