REIT Issuance Increase
[May/June 2005]
In 2004, the lead issuer for REIT common and preferred stock offerings was Citigroup, with 30 common stock deals totaling $4.1 billion and 17 preferred stock deals totaling $1.1 billion, according to Thomson Financial data. Citigroup was also the lead issuer of common stock offerings in 2003 with 15 deals totaling $2.3 billion. The overall amount of REIT common stock offerings totaled $25 billion in proceeds, spread across 177 deals. REIT preferred stock offerings totaled $5.7 billion, and included 62 deals.
UBS ranked second in common stock offerings in 2004 with 36 deals raising $2.7 billion, according to Thomson Financial. Coming in third place was Friedman, Billings, Ramsey Group with 12 deals totaling $2.6 billion.
For preferred stock offerings, Morgan Stanley, which held second place in 2003, took second again in 2004 with 10 deals equaling $918 million, according to Thomson Financial. Wachovia Securities landed third place with 16 deals totaling $854 million.
| REIT Preferred Stock Issuance |
| Lead Manager |
Proceeds Amount
(U.S. $ in millions) |
Market
Share |
Number of
Deals |
| Citigroup |
1,147.1 |
20.1 |
17 |
| Morgan Stanley |
918.8 |
16.1 |
10 |
| Wachovia Corp |
854.8 |
15.0 |
16 |
| Bear Stearns & Co Inc |
633.9 |
11.1 |
10 |
| Merrill Lynch & Co Inc |
448.5 |
7.9 |
8 |
| Friedman Billings Ramsey Group |
407.2 |
7.2 |
9 |
| UBS |
389.0 |
6.8 |
6 |
| Lehman Brothers |
207.6 |
3.6 |
3 |
| Credit Suisse First Boston |
140.5 |
2.5 |
4 |
| Deutsche Bank AG |
130.6 |
2.3 |
2 |
| Industry Total |
5,698.7 |
100.0 |
62 |
| Source: Thomson Financial (Data from Jan. 1, 2004 through Dec. 31, 2004) |
| REIT Common Stock Issuance |
| Lead Manager |
Proceeds Amount
(U.S. $ in millions) |
Market Share |
Number of Deals |
| Citigroup |
4,061.2 |
16.2 |
30 |
| UBS |
2,775.3 |
11.1 |
36 |
| Friedman Billings Ramsey Group |
2,644.7 |
10.6 |
12 |
| Merrill Lynch & Co Inc |
1,447.9 |
5.8 |
15 |
| Deutsche Bank AG |
1,134.4 |
4.5 |
6 |
| Goldman Sachs & Co |
1,052.0 |
4.2 |
7 |
| Lehman Brothers |
1,049.5 |
4.2 |
7 |
| Morgan Stanley |
1,048.8 |
4.2 |
8 |
| JP Morgan |
941.3 |
3.8 |
13 |
| Nomura |
880.6 |
3.5 |
3 |
| Wachovia Corp |
803.0 |
3.2 |
8 |
| Daiwa Securities SMBC |
774.8 |
3.1 |
1 |
| Credit Suisse First Boston |
699.6 |
2.8 |
4 |
| RBC Capital Markets |
608.4 |
2.4 |
10 |
| Mitsubishi Tokyo Fin’l Group |
486.0 |
1.9 |
3 |
| Raymond James Financial Inc |
433.6 |
1.7 |
2 |
| Banca Intesa |
431.5 |
1.7 |
3 |
| MCC |
345.2 |
1.4 |
2 |
| Banc of America Securities LLC |
318.3 |
1.3 |
3 |
| HSBC Holdings PLC |
279.2 |
1.1 |
1 |
| AG Edwards & Sons Inc |
274.2 |
1.1 |
3 |
| CIBC World Markets Inc |
271.1 |
1.1 |
6 |
| TD Securities Inc |
266.3 |
1.1 |
5 |
| Macquarie Bank |
253.8 |
1.0 |
8 |
| Scotiabank-Bank of Nova Scotia |
236.3 |
.9 |
4 |
| Industry Total |
25,030.3 |
100.0 |
177 |
| Source: Thomson Financial (Data from Jan. 1, 2004 through Dec. 31, 2004) |
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