James Sprow | Blue Vault |
Blue Vault received March 2022 sales totals for ten nontraded REIT program offerings as of April 12, 2022. Sales reported by those ten NTRs totaled $774.8 million, up 27.2% from $609.4 million in February, and up 197% Y-O-Y from the $261.0 million in sales in March 2021. Among reporting nontraded REITs, FS Credit Real Estate Income Trust led the group with $191.9 million in sales, up 3.3% from the sales by the REIT in February. Hines Global Income Trust reported $190.8 million in sales, up 84.4% from $103.5 million in February. Nuveen Global Cities REIT was next with $154.5 million in March sales, up 30.7% from $118.2 million in February. Ares Industrial Real Estate Income Trust (formerly Black Creek Industrial REIT IV) was next with $111.5 million, up 60.0% from $69.7 million in February. Ares Real Estate Income Trust had sales of $48.5 million, up 60.4% from $30.2% in February.
∗All capital raise figures for these nontraded REITs include DRIP proceeds.
Y-O-Y NTR Capital Raise Comparisons
Year-over-year comparisons show capital raised by reporting nontraded REITs was up 197%.
Sales by Blackstone REIT and Starwood REIT Estimated
Although neither Blackstone REIT nor Starwood REIT are reporting monthly sales to Blue Vault, 424b3 SEC filings by these two continuously offered nontraded REITs give data on the status of their public offerings. Using these data, we can estimate their common stock issuances both from the offerings and DRIP reinvestments. By far the largest nontraded REIT is Blackstone, raising a large majority of all capital being raised in the sector. The charts below show the shares issued in their offering. Because the capital raised is reported only in billions, the monthly totals are inexact, but the overall magnitude of their capital raise is evident. For the reports filed 2/14/22 through 3/11/22, Blackstone REIT raised approximately $2.4 billion through the issuance of approximately 220 million shares. For reports dated 2/11/22 through 3/15/22, Starwood REIT issued over 28.5 million shares, raising approximately $716 million.
Nontraded BDC Capital Raise thru March 2022
Only one nontraded BDC was raising funds and reported to Blue Vault in March 2022. Blue Owl Capital Inc. (formerly Owl Rock Capital Advisors) had $482.7 million in equity capital raised in March 2022, up 39.7% from the February total of $345.4 million. Blackstone’s nontraded BDC was also raising capital but did not report its sales to Blue Vault. Quarterly capital raise for the four reporting nontraded BDCs are shown below.
Listed REITs with Nontraded Preferred Stock Issuances
Blue Vault has received sales reports from five listed REITs that issued nontraded preferred stock in March. Leading the group was Prospect Capital with $58.9 million in preferred stock issuances, up 17.5% from the $50.2 million February total. Gladstone Land issued $14.3 million in nontraded preferred stock, up 3.4% from the February total. Braemar Hotels & Resorts issued $11.8 million, up 68.5% from $7.0 million in February. For all five listed REITs that issued nontraded preferred and reported to Blue Vault, the total was $88.2 million, up 15.9% from the February total of $76.1 million reported by seven listed REITs.
Sources: SEC, Blue Vault
