James Sprow | Blue Vault |

Blue Vault received January 2022 sales totals for ten nontraded REIT program offerings as of February 13, 2022. Sales reported by those ten NTRs totaled $531.3 million, down 1.1% from $537.4 million in December, but up 282% Y-O-Y from the $139.1 million in sales in January 2021. Among reporting nontraded REITs, FS Credit Real Estate Income Trust led the group with $133.8 million in sales, up 1.5% from the sales by the REIT in December. Black Creek Industrial REIT IV was next with $106.9 million, up 37.5% from $77.7 million in December. Hines Global Income Trust reported $91.6 million in sales, up 21.9% from $75.2 million in December. Nuveen Global Cities REIT was next with $74.4 million in January sales, down 25.4% from $99.7 million in December. Jones Lang LaSalle was fifth with $57.5 million compared to $80.6 million in December, a decrease of 28.7%.

All capital raise figures for these nontraded REITs include DRIP proceeds.

Y-O-Y NTR Capital Raise Comparisons

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 1/18/21 through 2/14/22, Blackstone REIT raised approximately $1.8 billion through the issuance of approximately 129.5 million shares. For reports dated 1/18/22 through 2/11/22, Starwood REIT issued over 23 million shares, raising approximately $615 million.

Nontraded BDC Sales

Only one nontraded BDC was raising funds and reported to Blue Vault in January 2022. Owl Rock Core Income Corp. had $391.7 million in equity capital raised in January 2022, up 15.9% from the December total of $337.9 million. Blackstone’s nontraded BDC was also raising capital but did not report its sales to Blue Vault.

Quarterly Nontraded BDC Capital Raise

Listed REITs with Nontraded Preferred Stock Issuances

Blue Vault has received sales reports from eight listed REITs that issue nontraded preferred stock. Leading the group was Prospect Capital with $28.5 million in preferred stock issuances, down 32.7% from the $42.3 million December total. Braemar Hotels & Resorts issued $17.4 million, up 119.8% from $7.9 million in December. Gladstone Land issued $10.4 million in nontraded preferred stock, up 30.9% from the December total. For all eight listed REITs that issued nontraded preferred, the total was $64.6 million, up 1.5% from the December total of $63.6 million.

Source:  SEC, Blue Vault