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DECEMBER 31, 2013

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REITs pile into public market in 2013

by Loretta Clodfelter

It seems 2013 has been a banner year for initial public offerings of U.S. REITs. As the year comes to an end, a score of REITs have gone public, according to data from the National Association of Real Estate Investment Trusts — more than twice the annual IPO total of the past few years.

Through November 2013, 18 REITs had gone public, raising more than $5.5 billion. Eight REITs went public in 2012, raising $1.8 billion.

October was the most active month, with four REITs going public and raising nearly $2.5 billion. The month included two of the most anticipated IPOs of the year: Empire State Realty Trust, which has New York City’s Empire State Building as its flagstone asset, and Brixmor Property Group, a retail REIT sponsored by The Blac

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