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REITS CASH IN ATMS
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At-the-market (ATM) programs catch fire in the apartment realm and are increasingly being utilized as a substitute for fully marketed, underwritten follow-on public offerings. At least eight multifamily REITs, including Company Removed, Company Removed and Company Removed recently joined the coterie and put ATMs in place, some as low as $50M, while others dabble around $150M. Some even look to sell as much as seven million shares that could easily surpass $300M in proceeds. With nearly all REIT management teams having ATMs on the books, expect to see fewer new near-term announcements until current offerings are exhausted. Home Properties Inc. could be next as it just wrapped up its $150M ATM. Word is nearly a third of all REIT equity is currently in ATM programs.
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apartment, At-the-market programs, ATM programs, current offerings, multifamily REITs, REIT equity, REIT management teams, underwritten follow-on public offerings |
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The Apartment Report
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