REITs

Market-Defining Capital Markets Deals

The underwriters in the $772 million IPO of American Healthcare REIT, the first of three REIT IPOs completed in 2024.
The underwriters in the $2 billion IPO of Blackstone Digital Infrastructure Trust, the third-largest REIT IPO to date.
The underwriters in the $288 million IPO of FrontView REIT, one of only three REIT IPOs completed in 2024.
Highwoods Properties in its $350 million public offering of senior notes and other follow-on offerings of equity and debt securities, raising more than $4.3 billion.
The underwriters in the $5.1 billion IPO of Lineage, the largest IPO of 2024 and the largest REIT IPO in history.
Nuveen Farmland REIT in its $3 billion continuous offering of common shares and Form 10 registration with the Securities and Exchange Commission.
STAG Industrial in its $205 million IPO and numerous follow-on offerings of common and preferred stock, raising more than $5 billion, including shares sold on a forward basis.
Sunstone Hotel Investors in its $1.3 billion refinancing, consolidating multiple debt facilities into a streamlined capital structure.

Transformational M&A Transactions

AXA Investment Managers in its $1.2 billion acquisition of NorthStar Realty Europe.
Morgan Stanley, as lead financial advisor to Equity Residential, in its all-stock merger of equals with AvalonBay Communities, creating a combined company with an expected enterprise value of approximately $69 billion.
Morgan Stanley, as exclusive financial advisor to Compass, in its all-stock combination with Anywhere Real Estate, creating a combined company with an expected enterprise value of $10 billion, and the related $750 million financing commitment.
Hatteras Financial in its $1.5 billion cash/stock merger with Annaly Capital Management.
LaSalle Hotel Properties in its $5.2 billion cash/stock merger with Pebblebrook Hotel Trust.
Regency Centers in its $357 million portfolio acquisition of five premier shopping centers, with the purchase price funded with a combination of OP units, debt assumption and cash consideration.
Related Fund Management in its $91 million multifamily acquisition; Cardinal Group in its $36 million student housing acquisition; and ACORE Capital in its $85 million preferred financing for a $1.2 billion hotel consolidation.
STORE Capital in its $15 billion acquisition by affiliates of GIC and Oak Street Capital, a division of Blue Owl Capital.

Leadership in ATM and Forward-Sale Offerings

The sales agents in American Healthcare REIT’s $1.75 billion ATM offering, including a forward sale component.
The sales agents in American Homes 4 Rent’s $1.0 billion ATM offering, including a forward sale component.
The sales agents in Blackstone Mortgage Trust’s $500 million ATM offering.
Highwoods Properties in its $300 million ATM offering, including forward sale and warrant components.
The sales agents and forward purchasers in FrontView REIT’s $75 million ATM offering, including a forward sale component.
The sales agents in Innovative Industrial Properties’ $500 million ATM offering of common and preferred stock, including a forward sale component.
The sales agents in Gaming & Leisure Properties’ $1.25 billion ATM offering, including a forward sale component.
The sales agents in LTC Properties’ $400 million ATM offering, including a forward sale component.
STAG Industrial in its $750 million ATM offering, including a forward sale component, and $386 million public offering of common stock, including primary and forward sale shares.
The sales agents in Sun Communities’ $1.25 billion ATM offering, including a forward sale component.
Terreno Realty in its $500 million ATM offering.
UMH Properties in its $150 million ATM offering of common stock and $100 million ATM offering of preferred stock.

Trusted Advisor to the Leading Financial Institutions

The underwriters in public offerings by American Healthcare REIT, including Morgan Stanley, Citigroup and KeyBanc Capital Markets in its $819 million public offering of common stock on a forward basis, BofA Securities in its $820 million public offering of common stock on a forward basis and RBC Capital Markets in its $445 million public offering of common stock on a forward basis.
BofA Securities, J.P. Morgan, Citigroup and Morgan Stanley, as lead underwriters, in American Homes 4 Rent’s $900 million public offering of common shares, including primary and forward sale shares.
Citigroup, BofA Securities, Barclays, J.P. Morgan, Morgan Stanley and Wells Fargo, as joint book-running managers, in Blackstone Mortgage Trust’s $340 million public offering of convertible senior notes.
Morgan Stanley and J.P. Morgan, as lead initial purchasers, in Compass, Inc.’s upsized $1.0 billion private offering of convertible senior notes and related capped call transactions.
Wells Fargo, Citizens Capital Markets, Fifth Third Securities and Truist Securities, as lead underwriters, in Gaming & Leisure Properties’ $1.3 billion public offering of dual-tranche senior notes.
BofA Securities, BMO Capital Markets and J.P. Morgan, as lead underwriters, in Invitation Homes’ $600 million public offering of senior notes.
J.P. Morgan, BofA Securities and Wells Fargo, as initial purchasers, in Lineage’s $500 million offering of senior notes and €700 million offering of senior notes.

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