James Sprow | Blue Vault |
Blue Vault received October sales totals for ten nontraded REIT program offerings as of November 12, 2021. Sales reported by those ten NTRs totaled $420.8 million, down 3.7% from $437.0 million in September, but up 248% from the $169.9 million in sales in October 2020. Among reporting nontraded REITs, Jones Lang LaSalle Income Property Trust led the group with $122.2 million in sales, up 85.5% from the sales by the REIT in September. Nuveen Global Cities REIT reported $80.4 million in October sales, up 2.6% from $78.4 million in September. FS Credit Real Estate Income Trust was next with $68.2 million compared to $75.5 million in September. Hines Global Income Trust was fourth with $66.5 million, up 54.7% from $43.0 million in September.
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 period 9/15/21 through 10/15/21, Blackstone REIT raised approximately $1.6 billion through the issuance of over 112 million shares. For the same period, Starwood REIT issued over 26 million shares, raising approximately $710 million.
Nontraded BDC Sales
Only one nontraded BDC was raising funds and reported to Blue Vault in October 2021. Owl Rock Core Income Corp. had $328.2 million in equity capital raised in October, up 71.7% from the September total of $191.4 million, and up 146% from the August total of $133.6 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 six listed REITs that issue nontraded preferred stock. Leading the group was Bluerock Residential Growth REIT with $50.0 million in preferred stock issuances, up 44% from the September total. Prospect Capital issued $29.1 million in nontraded preferred stock, up 5.0% from the September total. For all six listed REITs that issued nontraded preferred, the total was $93.1 million, up 20.7% from the September total of $77.2 million.
Interval Fund and Closed-End Fund Capital Raise Reported to Blue Vault Decreases 1.9%
Eleven interval funds reported their October 2021 capital raise to Blue Vault, totaling $490.1 million, down 1.9% from the $499.7 million reported by the same 11 funds for September. The highest total was reported by Bluerock Capital Markets for their Total Income+ Real Estate Fund at $177.8 million, up 20.4% from $147.6 million in September. Next was Griffin Institutional Access Real Estate Fund with $105.5 million in October, down 24.4% from $139.5 million in September.
Source: SEC, Blue Vault
